The VendEx Ecosystem gives market data vendors and market data consumers digital tools to eliminate or minimize frictions. The company continues to light up new tools in the ecosystem, creating the centralized hub for the market data industry.
VendEx is leveraging technology to digitize the market data industry, starting with the following solutions:
Digitized Contracts: A market data contract mapping and digitization platform, centralizing all documents relating to any vendor to expedite understanding of contractual terms and conditions for data usage.
Regulation: Market data regulatory mapping, providing a dashboard of vendor reliance and vendor exposure used to meet discreet regulatory requirements.
Digital Vendor Directory: a dynamic catalog of market data vendors, products, and services, enabling data consumers to understand existing vendor services and search for competitive services.
Vendor Platform: standard and premium toolsets for vendors to share information about products and services through the VendEx Solutions centralized hub.
With VendEx’s dynamic digital catalog, the vendor platform, and the proprietary alphanumeric taxonomy that fuels the ecosystem, the building blocks for market data consumers and vendors are in place. As the ecosystem expands, consumers and vendors will both benefit from the streamlined efficiency of digital tools for contract management, inventory management dashboards, and regulatory products.
Centralized Standard Identifier for Services: A common market standard for categorizing vendors’ products and services to expedite sourcing of vendor services, tied to regulatory needs. Services identifiers will be embedded in contracts and invoices, minimizing the need for invoice reconciliation and maximizing understanding of services.
Centralized Standard Identifier for Data Usage: An alphanumeric taxonomy that assigns data usage rights to exact services, created at the contract level, and facilitates audit trails. As services are assigned to business unit end users, data usage identifiers can flow through for immediate understanding of data usage rights.
Inventory Management: An integrated vendor management portal with dashboards for management of assigned/unassigned product licenses and analyzing vendor spend at global, regional, and business lines, as well as calendaring for contract duration, renewals, and auto-renewals.
More to come!