In February 1998, there was a Traders article on the market-data industry which stated that it was undergoing a paradigm shift, “moving like the rest of Wall Street from terminals and boxes to systems that are open, fast and more malleable”. Tom Norby, Head of Nasdaq trading at Portland-based Black & Co., cited in the article, said that “when he is selecting a market-data system, his top priority is the unique information the service provides”.

Fast forward to 2022 and we look into the current state of the market-data industry, outline current traders’ needs and see how they choose their market-data providers, as well as provide outlook for the industry.