Will Cowling | https://www.linkedin.com/in/will-cowling-58451451/LinkedIn

Understanding the EU Market Data Regulation Changes - with Will Cowling

In this episode, David Anderson is joined by Will Cowling to break down the upcoming changes in EU market data licensing and regulation, focusing on the RTS and RCB standards that come into effect in August 2026. This discussion covers the impact on exchanges, vendors, and end-users, highlighting practical steps for preparation and compliance.

Key Topics:

• Overview of the EU RTS (Regulatory Technical Standards) and RCB (Reasonable Commercial Basis)
• Timeline for implementation and key dates (notably August 23, 2026)
• Major articles causing industry change, including Article 5.1d (client fee categories) and Article 15 (audit provisions)
• How exchanges like AQUIS, BME, CBOE, Deutsche Börse, Euronext, and others are adapting their policies
• Implications for different market participants, including client firms and vendors
• The importance of updating inventory and application management systems
• The shift towards ongoing, live audits and entitlement reporting
• Cross-border effects and applicability outside the EU
• Practical recommendations for firms to prepare and potential pitfalls to avoid

Note:

For clients and vendors, this podcast highlights critical actions: update inventory and entitlement systems, review exchange policies, and prepare for continuous audit requirements to ensure compliance by August 2026. Stay vigilant for further updates from regulators and exchanges.

DAVID ANDERSON -- https://www.linkedin.com/in/atradia/

https://www.linkedin.com/in/yousafhafeez/
https://tnsi.com/resource/waypoint/tns-financial-markets-business-and-radianz-combine-to-form-waypoint-trading-solutions-press-release/

This podcast features a discussion between David Anderson and Yousaf Hafeez regarding the evolution of BT Radiance into its new identity, Waypoint, following a merger with TNS International. Hafeez explains that their core mission is providing a managed infrastructure that simplifies market data connectivity, replacing expensive "do-it-yourself" models with a single, resilient connection to global exchanges. The conversation highlights key industry trends, such as the demand for ultra-low latency services, increasing regulatory compliance like DORA, and the expansion into emerging markets such as India and the Middle East. Furthermore, they address the intersection of cloud technology and AI, stressing that high-quality data is the essential foundation for effective machine learning models. Ultimately, Waypoint serves as a comprehensive solution for financial participants seeking efficient, end-to-end access to a vast array of global trading applications and raw data feeds.

DAVID ANDERSON -- https://www.linkedin.com/in/atradia/

Introduction: In a rapidly changing financial landscape, market data remains a cornerstone for trading and investment strategies. In a recent podcast, David Anderson engages with Alastair Richardson from AMD to explore the transformative shifts in market data, the role of technology, and the importance of understanding latency profiles.
Understanding Market Data
Market data has always been essential in the trading world. Alastair Richardson highlights that over the last two decades, the need for reliable and timely market data has only increased. The journey from traditional data platforms to the modern era of electronification has been significant. Alastair notes that while large firms initially dominated the space with their robust market data platforms, the industry has witnessed remarkable innovation with the emergence of smaller firms and startups.
Consolidation and Innovation
One of the key themes discussed in the podcast is the consolidation within the market data industry. Alastair references companies like ExaG, NX, and NovaSparks, which have either merged or transformed over time. This consolidation, while often seen as a challenge, has also led to the integration of valuable technologies across different firms. Alastair emphasizes the exciting prospects brought by new players who are leveraging hardware advancements to democratize access to market data technologies.
The Spectrum of Latency
A critical point of discussion is the segmentation of the market based on latency needs. Alastair outlines that while ultra-low latency services cater to high-frequency traders and hedge funds, the majority of market participants operate outside this realm. He explains that many traders are not seeking the absolute fastest execution speeds but rather efficient and reliable data delivery suited to their trading strategies. The conversation underscores that latency is not just about speed; it also affects the capability to handle more transactions in a given time frame, which can be crucial for various trading applications.
The Role of Technology
The podcast delves into the evolving role of technology in market data. Alastair argues that technology is not solely about speed but also about efficiency and cost-effectiveness. For instance, he points out that improved latency can enhance server efficiency, allowing firms to serve more customers without incurring excessive costs. As the demand for computational power continues to rise, especially with the advent of AI, firms must reassess their technology strategies to balance performance and costs.

Cloud vs. On-Premise Solutions
David and Alastair discuss the ongoing evolution of cloud computing in the context of market data. While cloud solutions offer scalability and flexibility, they can present challenges, particularly concerning costs associated with data ingress and egress. Alastair emphasizes the importance of understanding the infrastructure being used, as different cloud providers may have varying efficiencies based on their hardware and instance types. This nuanced understanding can significantly impact overall performance and cost efficiency.
Conclusion: Key Takeaways
The podcast with Alastair Richardson provides valuable insights into the current state and future of market data. As the industry continues to evolve, market participants must stay informed about the technological advancements that can enhance their trading strategies. Key takeaways include the importance of understanding latency profiles, the benefits of a hybrid approach to cloud and on-premise solutions, and the necessity of continuously adapting to the changing landscape of market data.

DAVID ANDERSON -- https://www.linkedin.com/in/atradia/