Have you ever switched banks for your personal banking accounts? Was it painful? Did you regret your decision?
Chances are that if your answer to the first question was yes, then the answers to the next two were: ‘Not as bad as expected’ and ‘A resounding no!'
Let’s face it, if you get to the point that you are sufficiently disappointed with the service you are receiving from your current supplier that you’d actually consider switching, any pain would be worth it if you emerged from the other side happy.
So when is the right time to consider replacing your market data provider?
The devil you know
As with changing bank, the prospect of swapping out your primary market data service may be unappetizing. After all, you’ve grown used to how it works. It sits at the centre of many of your work flows and processes. And, well, better the devil you know…
But wasn’t that how you felt when you’d grown sick of your bank? And at some point, you put sentiment aside and started to really assess the value they delivered.
Are you satisfied with the price you are paying, with service levels, flexibility of usage? Is your provider making use of state-of-the-art technologies? Are you confident that you aren’t being over-charged for third-party data through, for example, markups on exchange fees?
Time to bite the bullet For many of the clients we talk to, the answer had become that resounding no. Enough is enough, they said. It’s time to bite the bullet and make the change.
Some used the occasion of contract renewal as the trigger for a wholesale re-evaluation of their market data usage, needs and budget. Tired of negotiations that focused solely on price and usage restrictions, they started to look around for a different approach.
What they found, in short, is that they could meet their data requirements – in terms of depth and breadth of coverage – at a fraction of what they were paying their incumbent providers. There merely remained the pain of making the switch…
And therein lies the kicker.
At Infront, we consider our administration system an important part of the overall service offering. A USP, in fact.
Our admin system creates a straightforward migration path, and combined with our flexible commercial arrangements – including flexible end-user agreements that support nimble access to new data types – Infront makes it painless to come aboard.
Like changing your bank, changing your data vendor can be a daunting prospect. But once you’ve changed, you’ll never regret that you did.
So perhaps it’s true there’s always a good time to switch from legacy data services.
Are you ready to switch?
Now might be the right time to look at a new market data vendor. Find out how we can help make the process smoother.
Contact us to learn more.