Market Data Procurement & Sourcing, MD

Who we are looking for

The Market Data Sourcing and Category Strategy Head (Managing Director) is an important role within State Street’s Global Third Party Management team. This role will lead a team that creates and drives the Market Data strategy which is to ensure the businesses have the most cost effective and optimal Market Data products and services to help enable and drive their business strategies.  In addition, this role will be responsible for leading the preparation, analysis, negotiation and execution of market data contracts including commercials and terms and conditions.

This leader will partner with the businesses as well as the legal and risk organizations to ensure current and future business needs are met, policies and procedures are followed, and risks are identified and mitigated – all in compliance with regulatory guidelines.

This role will report into the Global Head of Market Data and will be based in US.

Why this role is important to us

The team you will be joining plays an important role in the overall success of the organization. Across the globe, our clients rely on us to help them manage risk, respond to challenges, and drive performance and profitability.  In your role you will strive for cutting-edge solutions, that are straightforward and scalable. You will help us build resilience and execute day-to-day deliverables at our best.

Join us if making your mark in the financial services industry from day one is a challenge you are up for.

What you will be responsible for

Primary Category Strategy areas of responsibility include:

• Develop product/service strategy across the Market Data categories which includes Pricing, Reference Data, Index Data, Desktop terminals, Exchange Fees, and Research/News
• Develop vendor strategy which is aligned with the product/service strategy
  • Develop preferred list of vendors which have the right balance of product/service capabilities and reasonable cost
• Partner with Businesses and Corporate Areas (Investment Services, Global Advisors, Global Markets, Enterprise Risk Management, Finance) to understand their Client and Product strategy in order to anticipate and meet their Market Data needs
• Help the business optimize their spend by analyzing and eliminating unnecessary demand, vetting and utilizing lower cost alternatives, ensuring recovery of certain expenses from clients, and ensuring IT strategy optimizes consumption
• Identify, initiate, and project manage initiatives to successful completion that significantly reduce the expense base

Primary Sourcing areas of responsibility include:

• Understand the Market Data needs of the Business and Source the required products and services from the optimal vendors at optimal price points
  • Perform direct negotiations and regularly manage large and complex Market Data agreements
  • Use a white glove approach in stakeholder management to provide advice and guidance within Market Data sourcing
  • Analyze data to identify opportunities to reduce existing cost base
  • Work with process partners to mitigate risks and realize opportunities
  • Solution requests and issues in a timely manner and perform daily problem solving
• Review, negotiate and draft Market Data contracts including commercials and terms and conditions
  • Partner with legal and business to ensure that contracts properly represent negotiated commercial terms as well as usage rights and other terms and conditions
  • Identify and mitigate any potential risks in contract language
  • Ensure end-to-end contracting process is completed in a timely manner
  • Keep all stakeholders informed throughout the procurement lifecycle
• Collaborate with Third Party Risk Management (TPRM) teams to support appropriate policies and ensure procedures are followed and used consistently throughout the acquisition process to identify and mitigate 3rd party risk
• Perform all duties in accordance with prescribed regulatory compliance guidelines

What we value

These skills will help you succeed in this role

• A smart, challenging and energetic leader, with a passion and deep understanding of Market Data Category Strategy and Sourcing across Global organizations.
• 10+ years Market Data procurement/sourcing experience preferred
• Expertise should include experience in all market data categories (i.e. pricing, reference, index, etc.) and experience working with major market data suppliers.
• A detailed level of understanding of the language and structure of market data contracts with experience in the review, negotiation and drafting of such agreements
• High intellect, decisiveness and the drive and flexibility to operate in a constant changing envi