『Episode 53 Andrea Young of KingsleyWood』のカバーアート

Episode 53 Andrea Young of KingsleyWood

Episode 53 Andrea Young of KingsleyWood

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David has a conversation with Andrea Young a lawyer specilising in Market Datahttps://www.linkedin.com/in/andrea-c-e-young/https://www.kingsley-wood.com/This episode explores how market data licensing has become more complex, why a legal perspective matters, and where AI is starting to reshape both contracts and compliance. David Anderson speaks with Andrea Young, a lawyer building a market data practice, about the practical problems facing suppliers and data consumers. We discuss why legacy agreements are so hard to manage, why standardization remains elusive, and why AI is likely to force faster modernization across the industry.Key topics• Andrea Young explains her path into market data over the past five years, moving from corporate compliance into data compliance after working in Bermuda and London.• She shares why lawyers are still rare in market data and why the industry cannot be learned from textbooks alone.• David and Andrea discuss the gap between legal drafting and real market data use cases, especially when in-house legal teams do not fully understand licensing nuance.• Andrea describes why simplified licensing is best practice and why one exchange’s streamlined approach stood out as a model.• They unpack how decades of addendums, schedules, and outdated MSAs have created compliance chaos, especially when contracts still reference CD-ROMs and floppy disks.• The conversation covers why audit pressure makes the market more adversarial and why vendors often prefer ambiguity that strengthens their position.• They examine why industry-wide standards are unlikely, since exchanges and vendors monetize data differently and define terms like non-display use differently.• AI becomes the major focus toward the end, especially how it affects licensing, derived data, storage, distribution, attribution, and purge obligations.• Andrea argues that AI needs its own separate policy rather than being bolted onto existing non-display or derived data terms.• They discuss practical AI issues such as external versus internal models, training versus inference, retrieval augmented generation, and whether data can ever truly be purged from a model.• The episode closes on pricing pressure, with David arguing that AI will make more data valuable and more contentious, while Andrea warns that suppliers and consumers both need to stay proactive. Timestamps00:00 - Welcome and Andrea Young’s market data background01:25 - From corporate compliance to market data licensing03:15 - Why lawyers are rare in market data04:11 - Building a market data practice inside a law firm05:52 - How legal and M&A work intersect through relicensing06:54 - Drafting contracts versus compliance after the fact08:18 - Why clarity is the best licensing practice09:31 - Why market data contracts became so messy11:15 - Old MSAs, addendums, and unreadable contract archives13:25 - When messy licensing may benefit vendors in audits17:01 - Why standard contracts are unlikely to happen18:08 - Why definitions like non-display use still vary20:17 - Digital rights management and why automation is still far off23:31 - Why AI cannot yet read legacy licensing cleanly25:58 - Why advice depends on whether you serve suppliers or consumers26:44 - How audits are making the market more adversarial27:36 - Streamlining licensing for long-term business value28:46 - Advice for newer businesses and FinTechs30:34 - Why even large institutions often lack data governance visibility31:12 - The two AI buckets: business usage and operational usage33:13 - How AI is changing the legal field already34:15 - Why AI touches derived data, redistribution, and storage all at once37:03 - Why AI needs its own licensing policy38:36 - Training versus inference, and where RAG fits in40:12 - Purge clauses and the problem of deleting model-trained data41:32 - Whether contracts will need to name technologies like LLMs and RAG44:50 - How vendors are starting to package AI-specific data offerings46:25 - Attribution, watermarking, and AI-generated content47:27 - Copyright questions around AI-generated text48:25 - Why AI is useful but still needs human judgment49:52 - Using AI for search, productivity, and everyday work50:42 - The risk of losing junior talent if AI replaces entry-level work52:45 - The pricing question: whether AI makes older data more valuable55:13 - Why AI could make the market even more contentious56:44 - Why legal expertise in market data is becoming more important58:16 - Final advice: stay proactive, don’t wait for audits or AI incidents59:26 - Training the next generation of lawyers in market data60:50 - Closing thoughts and thanksDAVID ANDERSON -- https://www.linkedin.com/in/atradia/
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