Market Data Analyst

 At a company like Substantive Research, a Market Data Analyst plays a specialized role that sits at the intersection of fintech, procurement, and investment operations.

Unlike a typical "Market Analyst" who studies stock trends, an analyst here focuses on the market for data itself. Substantive Research specializes in bringing transparency to the often opaque world of how much financial firms (like asset managers and hedge funds) pay for their data feeds, indices, and research.¹

Here is a breakdown of what a Market Data Analyst does in this specific environment:

1. Data Normalization and "Apples-to-Apples" Comparison²

The biggest challenge in this industry is that every vendor (like Bloomberg, MSCI, or LSEG) has different pricing models.³ One firm might pay per user, while another pays based on Assets Under Management (AUM).⁴

• What the analyst does: You take raw, messy contract data from clients and "normalize" it. You break down complex agreements into granular "pricing drivers" (e.g., number of licenses, geographic locations, and specific data modules).⁵

• The Goal: To ensure that when you compare two firms' spending, you are comparing identical services.⁶

2. Benchmarking and Peer Analysis⁷

Substantive Research's core product is its proprietary benchmarking database.⁸

• What the analyst does: You match a client’s spend against the wider market and specific peer groups.⁹ You identify if a client is overpaying by 20% for a specific ESG data set or if they are getting a "wholesale" discount compared to firms of a similar size.

• The Goal: To provide the client with "leverage" for their next contract renewal.¹⁰

3. Vendor Trend Tracking

Vendors constantly change their products and pricing structures (e.g., moving from one-off fees to "consumption-based" models).

• What the analyst does: You monitor the major providers—Index providers, Rating agencies, and Research platforms.¹¹ You track which vendors are gaining market share and which ones are aggressively increasing prices.¹²

• The Goal: To alert clients to "inflationary" trends in data costs before they hit their budgets.

4. Client Advisory and Reporting

Since Substantive Research was acquired by Euronext, there is a greater emphasis on integrated technology and high-level reporting.¹³

• What the analyst does: You prepare "Spend Analytics" reports that visualize where a firm's money is going.¹⁴ You might join calls with a Head of Market Data or a Chief Procurement Officer to explain why their costs are rising and which vendors offer the best "value for money."

• The Goal: To turn raw numbers into a narrative that helps a firm save hundreds of thousands of dollars.

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Core Skills You’ll Use

• Expert Excel/Data Skills: You’ll spend a lot of time in spreadsheets or data visualization tools (like Tableau or Power BI) managing large datasets.

• Knowledge of the "Financial Plumbing": Understanding what an ISIN is, how an index is constructed, and the difference between "terminal" and "data feed" pricing.

• Attention to Detail: Because your analysis is used in multi-million dollar negotiations, a small error in a "per-user" calculation can ruin the firm's credibility.

Why this role is unique

At a traditional bank, you are a consumer of data. At Substantive Research, you are a market expert. You see the "bill" for the entire industry, giving you a bird's-eye view of the financial information economy that very few people have.