Market data conversations often get stuck in the same loop: rising costs, more vendors, less budget. But what if we stopped chasing marginal gains and rethought the entire approach?
In this candid episode of Talking Market Data, host David Anderson sits down with Leigh Walters, CEO of TRG Screen, to talk about the messy, complex and increasingly high-stakes world of market data management.
If you work in – or around – market data, this one’s worth a listen. Here's why:
1. Why your 13% budget shortfall isn’t going away, and what to do about it
Data prices are rising 15% a year. Budgets? 2%. Leigh breaks down the math and explains why traditional cost control methods can’t close the gap anymore. The problem isn’t new, but it’s getting bigger and more complex.
So, what’s the answer? Hint: it’s not a faster horse. It's a re-engineered vehicle – and probably an AI-enabled one.
“If you're just trying to run faster, it’s not going to work. And so I think that’s where we're saying to get the next frontier of savings, you need to go beyond just doing spend management.”
2. Are you sitting on untapped savings (and more importantly, value)? Usage is the next frontier
Most firms can tell you what they’re spending and with whom, but not how that data is actually being used.
Leigh explains why usage management is the biggest untapped lever for savings and performance. Are users consuming what they’re licensed for? Are licenses aligned to actual workflows? Too often, the answer is no.
“David’s got all these tools and subscriptions. He's not using half of them. And to the ones that he is using, he's not using to full capacity. So it's not even just about cost…. Data is really valuable. Make sure you're getting the best value out of it and you're getting alpha from that information, too.”
This isn’t just about cutting fat – it’s about making your market data more valuable.
3. AI is coming for your admin – but not how you think
Forget the hype. Leigh shares how TRG Screen is already using AI agents to automate complex, repetitive workflows – from invoice validation to contract processing. But it’s not a free-for-all.
“We are doing it in a very controlled, governed [way]... We’re holding information in a secure format and giving clients options... Closely managed, in lockstep with our customers.”
He compares AI adoption to the industrial revolution: it’s not just about doing things faster, but transforming how the work gets done. The future of market data management? Hear Leigh’s perspective in the podcast.
4. Outsourcing isn’t a dirty word anymore
Should your team be doing all this in-house? Leigh makes the case for market data-as-a-service and explains why even large institutions are outsourcing operational tasks that were once seen as too core to ‘let go.’
“You don’t need a faster horse. You need a car – or an AI-enabled car… We are specialists… we can do things faster, better... That makes it a valuable proposition... You break down the market data assembly line... and we're already automating elements of it.”
With talent gaps widening and internal bandwidth stretched thin, firms are shifting their mindset – from cost-cutting to value creation.
Onshore, nearshore, offshore – it’s not about location. It’s about leverage. And TRG Screen is helping clients turn outsourcing into a source of strategic advantage.
5. Standardization won’t save you. But smart taxonomy might
Waiting for a universal metadata standard? Don’t hold your breath.
“It’s a great idea that probably won’t happen,” Walters admits.
But that doesn’t mean firms are stuck in chaos. Instead of hoping for global alignment, smart firms are building internal taxonomies, with translation layers that bring structure, clarity and scalability to their environments.
Think of it as a common language, not a universal law. TRG Screen is helping firms clean up the mess behind the scenes – normalizing naming conventions, mapping metadata and unlocking the consistency needed to make automation and AI actually deliver.
Because without structure, you can’t scale efficiently.
Interested in the full podcast?
This isn’t just another market data podcast. It’s a blueprint for what’s next and a reality check for anyone trying to do more with less.
