Introduction

The world’s largest bank, with a vast global presence and a diverse portfolio of financial services, faced a challenge that many might deem insurmountable. Despite their stature in the banking industry, they grappled with escalating market data costs. With a renewal on the horizon, they sought our expertise to achieve a more favorable financial outcome.

Problem

The bank’s primary concern was the monopoly held by the market data provider. This monopoly had consistently leveraged its position to impose high fees, making it challenging for even an institution of the bank’s caliber to negotiate effectively. The impending renewal threatened to further escalate these costs, impacting the bank’s operational efficiency and bottom line.

Solution

Our approach was rooted in deep market expertise:

• In-depth Market Analysis: We conducted a comprehensive analysis of the market data landscape, identifying key areas where costs could be optimized without compromising on data quality or coverage.

• Strategic Negotiation: Using our insights from the market analysis, we engaged with the market data monopoly. Our deep understanding of the market dynamics allowed us to challenge the monopoly’s pricing model effectively.

• Leveraging Alternatives: We showcased potential alternatives in the market data space, emphasizing the bank’s willingness to explore other options. This strategy was instrumental in forcing the monopoly’s hand.

Results

Our strategic intervention and expert negotiations led to:

• A successful renegotiation of the bank’s contract with the market data provider.

• A significant 15% reduction in market data costs for the bank, translating to substantial annual savings.

Conclusion

This case study underscores the power of expertise and strategic negotiation in challenging monopolistic practices. By leveraging deep market insights and showcasing potential alternatives, we were able to achieve significant cost savings for the world’s largest bank. The bank’s decision to trust our expertise not only resulted in financial benefits but also set a precedent for challenging market monopolies.