The annual report, compiled between May and June 2026, includes responses from 73 buy-side and sell-side firms. These are based in the USA, the UK, and Europe, including asset managers, wealth advisors, and private banks as well as investment banks and broker-dealers. The 'Market Data Study' has now been conducted for the fourth time. It examines how the demands on the usage, procurement, and provision of market data are changing.
Reliable data is crucial for AI adoption
The use of AI is already widespread: 86% of respondents already use AI in their workflows or are currently exploring its use. Nearly nine out of ten respondents (88%) believe that market data providers can help ensure the accuracy and reliability of artificial intelligence (AI). As companies increasingly move toward practical application, the study's findings suggest that the demands on the data underpinning these systems are also increasing. Approximately 73% of respondents cite high-quality, accurate, and comprehensive data as one of the most important ways market data providers can support market participants in adopting AI. At the same time, 62% point to transparent data sourcing and methodology.
AI systems also need sufficient context to interpret what the data represents, how it was classified, and within which parameters it should be used. Without this framework, even accurate raw data can lead to misleading outcomes. This is gaining importance as companies explore new ways to link AI applications directly to data. Around 58% are considering or already using the Model Context Protocol (MCP). Among those who use it, 57% are either utilizing or testing an MCP server. MCP could facilitate access but also increases the demands for the information provided to be well-structured, governed, and appropriately contextualized.
Market data providers face increasing pressure on performance and costs
The sourcing and provision of market data are becoming increasingly diverse. While vendors and redistributors remain the most common source and are used by 67% of respondents, 60% also buy directly from exchanges. Delivery models are also evolving: streaming APIs are now used by 84% of respondents, while 86% expect more direct access to market data via the cloud in the next three to five years. This requires providers to support a broader range of access models and infrastructure requirements.
Alongside this shift, expectations on performance are also increasing. 56% use real-time data throughout the day. Trade execution represents the most common use case at 67%, while 78% are willing to pay for lower latency. 60% expect budgets for market data to rise. Nevertheless, the report notes that costs are becoming increasingly significant, as market participants scrutinize their utility while still expecting high performance.
Changes in market structure create new data demands
The European market structure is also changing companies' data needs. 70% of respondents are considering expanding their existing mix of market data with a European consolidation service provider. Among the expected advantages are improved market transparency and enhanced investor confidence. Nearly half also believe that increased transparency could lead to stronger pan-European trading activity and higher trading volumes over time. This points to a broader demand for datasets that provide clearer and more detailed insights into market activity.
Overall, the findings indicate increasingly diverse demands regarding access to and provision of market data. At the same time, expectations for quality, latency, and added value remain high. This increases the pressure on providers to support various use cases – including AI workflows – and infrastructure models without compromising performance.
Matthew Nurse, Head Market Data, Financial Information, SIX emphasizes: 'AI is bringing a stronger focus on what trustworthy market data needs to look like in practice. Accuracy remains fundamentally important, but companies also need to know where data comes from, how it is managed, and in which context it should be interpreted. As AI applications become more directly linked to market data through technologies like MCP, getting these fundamentals right will be increasingly crucial. Equally, providers must meet the increasingly diverse customer demands for data quality, latency, and types of data access while demonstrating the value of data. All these factors create a more dynamic and open market data landscape, where providers will increasingly distinguish themselves by trust, quality, and flexibility.'
David Easthope, CFA, Head of FinTech, Market Structure & Technology, Crisil Coalition Greenwich adds: 'This year’s study shows how high expectations companies now have from market data providers – from supporting AI applications to meeting the demands of real-time trading. As companies reconsider their approach to acquiring and accessing data, providers need to adapt to changing needs for performance and cost. At the same time, they can capitalize on the opportunities arising from changes in the European market structure.'
Further information is available in the full market data study (English).
Julian Chan
+41 58 399 2508
julian.chan@six-group.com