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 the full article – ADM Taps INFOmatch to Control Contracts
(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 services industry.
At the foundation of the company Screen built a unique consultancy practice that has made Screen the global leader for market and reference data advisory services. Through benchmarking, user profiling and requirements inventory Screen assists user firms in optimising their market data spend, as well as in researching, selecting and implementing software applications and solutions.
To inform the Financial Services Industry of new vendors and industry trends, Screen has been organising one day trade shows, Screen Events, for the last 18 years.
The offering is completed with a range of in-house developed and supported software solutions, the INFOmatch suite, which allows user firms to manage market data spend, create cost transparency and reduce redundant services.
The labels that represent this unique suite of complementary services are Screen Consultants, Screen Markets and Screen INFOmatch.
For further information please contact:
Mr. Roel Mels
Tel: +31 73 6122 940