Futures broker ADM Investor Services Taps INFOmatch to Control Contracts, Costs.
LONDON, July 18, 2016 – Futures broker ADM Investor Services, a full service investment brokerage company, has signed a deal with global market data inventory and usage monitoring platform vendor Screen INFOmatch to help manage the firm’s market data and IT contracts. The firm has enlisted Screen INFOmatch to help it to move to a more efficient process for managing data contracts and invoices. For ADM, the days of managing data contracts in spreadsheets will soon be a thing of the past.
Paul Weygang, head of IT at ADM, says that when he joined the broker 18 months ago, all contractual aspects of data management were managed using spreadsheets. “That was a big issue. There was no proper in-depth management… [of] contracts, and costs were at a very high level.”
ADM issued a Request For Information (RFI) to several vendors, and after approaching INFOmatch at the start of last year, the firm began implementing Screen INFOmatch’s platform at the end of December.
Weygang says ADM selected Screen INFOmatch as the product has features that others did not, such as support for Fidessa invoices, and reporting tools, such as the ability to display costs as heatmap displays.
He says Screen INFOmatch has also introduced a new feature that allows the firm to control and track the flow of data that feeds into its applications. “Before, this was a manual thing where you had to go off and ask people every time and keep a note somewhere about that on a spreadsheet. Now that’s incorporated. More exchanges are coming out with application data license requirements. It’s the next big struggle. Keeping track of users was one thing. Then they all started coming in with their own rules of where the data can go, to what applications, and so on, and now INFOmatch allows for that management.”
INFOmatch will also help ADM handle its invoices, which he says were previously reconciled largely by hand using spreadsheets “There wasn’t a procurement department here as such; invoices were handled by technical staff. That alone was taking up valuable resource time,” as IT staffers had to go back to different business units to collect and confirm their costs, which was a time-heavy task, Weygang says, adding that contract renewals, also a manual task, were also difficult to keep abreast of. “The contract expiry dates and details were very difficult to get a hand on. What INFOmatch will provide is one very clear reminder of when contracts are coming up,” he says.
Weygang says the platform also helps with the breakdown of costs. “Before, brokers would just see a market data cost; they wouldn’t really see what the exchange was costing them, or what the different trading platforms were costing them.” The new service makes it easier to cross-charge infrastructure costs, and to spread costs across all users of each trading platform, rather than simply charging all against the firm’s IT budget. Not only does this improve transparency and make budgets much easier to manage, but it should stop the common ‘Why is this is costing me so much?’ conversation, which would require someone to “go off for a week and prove that it cost that much in the first place,” he says, whereas now, data consumers can log into a web portal and see reports of exactly what their costs are, with any changes highlighted within the platform.
Read more (article as published in Inside Market Data on July 18, 2016)
The Screen Group offers a range of specialised services and solutions for the professional financial information services industry since 1990. The labels that represent this unique suite of complementary services are Screen INFOmatch, Screen Consultants and Screen Markets.
Screen INFOmatch offers INFOmatch, a suite of market data management solutions that is used by market data business professionals around the globe. It assists our clients manage their market data costs, processes and workflows more efficiently.
Screen Consultants is the leading boutique consulting firm with a special focus on market & reference data and investment management solutions. Screen Consultants is an independent specialist with a track record of assisting financial institutions globally with managing business processes, market & reference data management challenges, selection & implementation of specialised information systems, technology and risk & regulatory compliance issues.
Screen Markets is responsible for Screen Consultants’ established events business and the name for Europe’s premier Financial Information Services events. Recognised for bringing together the user and vendor communities in major financial centers, the Screen Markets events offer a unique opportunity to be briefed on the latest developments.
For further information please contact:
Mr. Roel Mels
Tel: +31 73 6122 940