There is a growing call in the market data industry for a common data taxonomy and granular data product identification in the form of a data catalog that can serve both vendors and consumers of data. The aim of the data catalog is to provide a standardized, normalized, and neutral platform where vendors can control their data specifications, and consumers can search, access, and use data product identification and information effectively.
- A common data catalog and data identification would address many industry challenges, including interoperability, data lineage, and data usage rights.
- The use of common identifiers and a granular taxonomy is vital to describe and tag datasets in a standardized manner, allowing for more efficient data management.
- The data catalog can play a crucial role in addressing regulatory compliance, risk management, and contractual usage rights, ultimately benefiting the industry as a whole.