MDSL's Market Data Expert (MDX) outsourced managed services offering has been selected by three asset and investment management firms with offices in New York and Boston to manage their market data costs.

Officials with MDSL (News - Alert) said that MDX will work with an asset management firm's new in-house team to establish relationships with key data providers and contain spend. MDSL is a provider of market data management (MDM) and telecom expense management (TEM) solutions.

Staff turnover was another key driver for one of the financial firms to use MDX, as most of the organization's relationships and institutional knowledge were at risk.

Company officials said that the MDX team will establish in-house best practices, ensure consistency and provide service optimization and cost containment. A leading investment and advisory firm will use MDX as a change agent to consolidate all market data operations globally.

"Smaller funds and financial services firms now require market data teams with the same skill set and expertise as the larger firms, but this can be very difficult when you only have one headcount," said Ben Mendoza (News - Alert), CEO, in a statement.

Mendoza said that increasingly the market is realizing that MDX can provide much more value for cost versus internal staffing.

"We are able to meet the needs of smaller firms for a complete market data team by delivering quality services and most importantly, cost savings that were either not obvious or being recognized because of lack of systems," he said.

Simon Thomson (News - Alert), COO, North America said that typically this level of service optimization and expense management is much more than one person can execute.

"Two of these new clients had been users of our software and ASP for a number of years. Yet, they were attracted by the breadth of services they could obtain from one source, MDX. They were most impressed that they are now going to be able to access quality staff on an as-needed basis," said Thomson.