The quiet shift happening in market data conversations

March 23, 2026 | Charles Ashwanden, Co-Founder & CEO

Over the past year, the tone of market data conversations has begun to change. Not dramatically, not in ways that are immediately obvious, but the shift is noticeable. Historically, most discussions centered around cost: How much are we paying? Where can we negotiate? Which vendors are increasing pricing?

Those questions still exist, and they’re still important — but increasingly, they’re no longer the whole conversation. More firms are asking something different: Are we actually making better decisions? Are we getting value?

This is a subtle shift – but and important one.

Cost optimization was the starting point

For years, the primary lens for managing market data was financial. This made sense. Market data is often a significant expense, and it’s visible. It appears in budgets, vendor invoices, and procurement discussions. Optimizing cost provided clear, measurable outcomes.

But over time, many organizations realized something unexpected: reducing spend didn’t necessarily reduce complexity. Operational friction remained. Decision cycles stayed slow. Visibility gaps persisted. Reducing cost solved one dimension — but not the entire problem, and importantly, it didn’t answer a deeper question: Was the spend actually delivering value?

Decision velocity is hot

More organizations are now evaluating how quickly they can:

• Approve new datasets
• Understand vendor exposure
• Identify duplication
• Forecast spend changes
• Respond to business requests

These aren’t purely financial metrics — they’re operational ones, and they matter because market data environments are becoming more dynamic. New vendors emerge, usage expands, business units evolve, and governance models are tested.

In this environment, speed of understanding becomes as important as cost control. But even decision velocity is only part of the picture. Faster decisions are helpful — but only if they lead to better outcomes.

The rise of cross-functional pressure

Another factor driving this shift is increased cross-functional involvement. Market data decisions now touch:

• Investment teams
• Operations
• Procurement
• Finance
• Compliance
• Technology

Each group brings different priorities. Without shared visibility, alignment becomes difficult. Decisions slow down and complexity increases. Organizations are realizing that the challenge isn’t just managing vendors — it’s coordinating perspectives and understanding how data contributes across the organization. This is where value becomes critical. When stakeholders align around outcomes rather than just cost, conversations shift from negotiation to strategy.

Visibility is becoming strategic

This is where the conversation is quietly evolving. Firms are beginning to recognize that visibility itself is strategic. Not just knowing what exists — but understanding relationships:

• Who is using what
• Why it was purchased
• How usage is evolving
• Where dependencies exist
• What risks are emerging
• Where value is actually being realized

This kind of clarity doesn’t just reduce cost — it improves decision-making across the entire organization and it creates the foundation for evaluating value in a meaningful way.

The shift isn't about technology

Importantly, this shift isn’t driven by technology alone — it’s driven by organizational maturity. As firms scale, spreadsheets become harder to maintain. Informal workflows become harder to coordinate. Institutional knowledge becomes harder to retain. What once worked operationally begins to introduce friction, and as complexity increases, organizations naturally move from asking “how much” to asking “how effectively” — and ultimately, “how valuable.”

A different kind of optimization

The next phase of market data management isn’t just about optimizing spend — it’s about optimizing understanding and value. Organizations are beginning to ask:

• Can we see the full picture quickly?
• Can we make decisions confidently?
• Can we reduce uncertainty?
• Can we align stakeholders faster?
• Can we understand where value is being created?

These aren’t traditional procurement questions. They’re strategic ones. They reflect a broader shift — from managing cost to managing intelligence, and from managing intelligence to managing value.

It’s happening quietly. But it’s happening.