Fw: Minutes of the W3C Rights Automation Community Group 2020-05-27

Hi Renato,

"Non-Display Use" is a long-standing term of the trade.

Long ago, market data would be displayed to an individual person - perhaps a trader. A person can only consume so much data in a day, so data usage was easy to count.

Then the machines came. The Economist magazine estimates that today up to a third of capital allocation in Western markets is done by automated systems. How much data do they consume? And how should it be charged for?

So the commercial model for market data came to distinguish between Display Use (i.e. data that is displayed to a person who then acts on it) and Non-Display Use (i.e. data that is not displayed to people but used by machines).

As the data providers looked to maximise their revenue, and share in the value created by their data, they further discriminated between different types of Non-Display Use with actions like automated trading, calculating indices, and deriving new financial instruments, and priced them accordingly.

Yet even the distinction between Display Use and Non-Display Use is not always clear. If I do a simple automated transposition, say changing currencies, before displaying the data to a (human) user, is that Non-Display Use? Probably not, but over time the terminology has become confused and difficult to predict.

So one of the objectives of the Community Group is to stabilise these meanings and make them more predictable. To do so will require combinations of permissions, prohibitions, actions, duties, and constraints to unpick their real meaning and intent.

Ben




________________________________
From: Renato Iannella <r@iannel.la>
Sent: 28 May 2020 13:59
To: public-md-odrl-profile@w3.org <public-md-odrl-profile@w3.org>
Subject: Re: Minutes of the W3C Rights Automation Community Group 2020-05-27

In the below document, the term “Non-Display Use” is proposed as an Action.

This seems to conflate a prohibition (the ’non-‘) in the operation.

Is this intentional?

Cheers - Renato


On 28 May 2020, at 02:19, Jo Rabin <jo.rabin@db.com<mailto:jo.rabin@db.com>> wrote:

Engaging the exchanges

<benws_> https://w3c.github.io/market-data-odrl-profile/NewTerms.html<https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fw3c.github.io%2Fmarket-data-odrl-profile%2FNewTerms.html&data=02%7C01%7Cbenedict.whittamsmith%40refinitiv.com%7Cae5fdde8b6334aa2b92008d803071560%7C71ad2f6261e244fc9e8586c2827f6de9%7C0%7C0%7C637262676266895903&sdata=Z%2FPUPTNYeBPwhbTTjCd4a3Kq5vcGWNIkW4de%2BgWJJ30%3D&reserved=0>