During a market data audit, an exchange or data vendor—or a third party acting on their behalf—conducts an in-depth assessment of the data a firm uses from them. The goal is to ensure the end-user is using the data in accordance with its contract and license. That may range from counting how many human recipients can display a particular source’s data on their workstations, or tracking data from server to server, checking whether data is being used anywhere outside the scope of their agreement—for example, in a non-display app that likely has a different fee structure than for display on a terminal.
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