Market-data management company TRG Screen has introduced Activity Monitor, a tool intended to show financial institutions which functions on premium terminals employees actually use. The 29 October announcement targets a familiar cost-control problem at trading firms: a terminal can be formally assigned and fully billed even if a user relies on only a narrow part of its functionality.[1]
The provider says the monitoring results can be examined alongside spending data to inform renewals, vendor negotiations and decisions about changing a user's product level. The announced functionality goes beyond a simple login counter, because evidence about which terminal features were accessed can support more granular decisions than whether a user opened an application at all.[1]
How a terminal audit differs from a subscription inventory
An inventory says what the firm has licensed and the associated commercial commitment. Utilisation information asks how a named entitlement relates to day-to-day work. A trading desk might use a price-discovery screen heavily but rarely touch an embedded analytics tool; an investment team may have the reverse pattern. Neither case proves an entitlement can immediately be removed without disrupting responsibilities.[1][2]
Licence terms still matter. Some vendor agreements impose minimum periods, named-user rules or market-data redistribution and reporting obligations that survive a downgrade. Internal monitoring can supply the evidence for a commercial discussion, but it does not amend the contract. Firms would also need to assess data-collection permissions, employee privacy and how low-frequency but business-critical uses appear in a monitoring window.[1]
Evidence needed before removing a terminal seat
| Input | Decision supported |
|---|---|
| Assigned entitlements | Which tools and users are billed |
| Feature-level activity | What functions are actually used |
| Contract and data terms | Whether downgrade or removal is permitted |
| Critical-process check | Whether rare use still supports a necessary workflow |
What remains unproven
TRG Screen frames Activity Monitor as a way to identify hidden savings and demonstrate the impact of spending decisions. Its public announcement does not provide a controlled before-and-after comparison showing an average percentage reduction in terminal bills, nor a guaranteed payback period. Any cost calculation for a particular broker must use its own actual vendor rates, permitted licence changes and critical-workflow requirements.[1]
For multi-asset brokers and institutional desks, the news is the availability of a more detailed measurement tool, not proof that expensive terminals are unnecessary. The defensible procurement outcome is a documented entitlement-by-entitlement decision that pairs observed activity with contractual rules and operational risk.[1]
Sources & further reading
- TRG Screen brings terminal usage into focus with Activity Monitor TRG Screen / The Realization Group · 29 Oct 2026 · Accessed 30 Oct 2026
- Market-data spend management and subscription inventory TRG Screen · Accessed 30 Oct 2026