Market Data and Transaction Cost Analysis in Nigeria: Buying Guide

A market-data project should begin with the decisions and reports the information must support. Real-time prices, order-book data, reference data and execution analytics serve different purposes and may have different licence terms. Wigmore Trading accepts research and procurement-coordination enquiries. Feed coverage, delivery, redistribution rights and performance need written confirmation from the actual authorised data provider.

Define the data scope precisely

List the venues, instruments, fields, timestamps, update frequency and history required. A latest price is not necessarily an executable quotation; an indicative rate is not proof that a trade could have occurred. Level-two or market-depth terminology can vary by provider and venue. Request a field dictionary and sample data before using a feed in a pricing model, report or customer application.

Reference data protects the whole lifecycle

A security-master record links identifiers and instrument attributes across front-office, risk, post-trade and accounting systems. Establish an accountable source and controlled change process. Test identifier mappings, currency fields, calendars and event updates. An accurate price associated with the wrong security or stale terms can still produce an incorrect exposure or report. Preserve the effective date and source of corrections.

What does transaction cost analysis measure?

TCA compares execution outcomes with a defined benchmark and cost framework. A procurement brief should specify the benchmark time, included fees, currency treatment, partial fills and cancelled orders. Market conditions and available data affect interpretation. Ask the responsible professionals to explain the method and limitations. A favourable comparison does not prove that future execution will outperform or that every alternative venue was accessible.

Read liquidity analytics in context

Bid-ask spread, displayed depth, traded volume and estimated price impact describe different aspects of a market. Establish consistent calculation windows and distinguish observations from forecasts. Do not equate displayed liquidity with guaranteed capacity for a large order. For issuer programmes, compare the reporting methodology with the actual market-making appointment and review unusual outcomes rather than rewarding artificial turnover.

Test data quality before deployment

Use known events and controlled samples to check timestamps, ordering, duplicates, missing records and corrections. Document the behaviour when a feed stops, a security changes identifier or a vendor revises history. Require visible quality flags and an escalation owner. Compare supplier evidence against the intended use instead of accepting a generic data-completeness percentage.

Commercial terms and data governance

Request separate prices for access, history, users, non-display use, derived products, storage and onward distribution where relevant. Clarify audit rights, incident notification, data deletion and export on termination. Provider access or a technical API key does not automatically permit resale. Your legal and compliance teams should confirm the applicable contractual and regulatory obligations before production use.

Discuss your market-data requirement

Send a non-confidential list of markets, fields, reporting needs, user types and project dates. Wigmore can discuss available research and procurement support and identify specialist dependencies. This guide does not claim a proprietary live feed, exchange redistribution licence or guaranteed data coverage. Do not attach live account records, confidential orders or credentials to the first enquiry.