Most participants in the market-data industry would identify two major types of data. One category is called reference data, and the other is called market data. We use these terms because they are widely accepted, but both terms are unsatisfying because they are subject to misunderstanding and also because they ignore important types of data that do not fit within the common definitions.

Most of all, these two data categories are used primarily for data that is commercially available from vendors and ignores data that is produced and then consumed within entities. Therefore, to these two categories, we add a third that we term process data—information that is generated and consumed within entities. Finally, we add a subcategory of identifiers ...

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