Cboe Global Markets

David Brent

Market Intelligence Authority

Selling Outcomes, Not Just Data

Working in data and analytics sales teaches you quickly that the product is rarely the story — the outcome is. Clients across global markets don't buy data; they buy better decisions, alpha generation, competitive edge, better risk management, or operational efficiency. I encourage my salespeople to spend far more time understanding a client's business model,  regulatory environment and strategic pressures before ever discussing a solution. In global markets specifically, you also learn that "value" is highly contextual — what matters to a buy-side firm in London looks very different from what a retail broker in Hong Kong needs. Cultural and commercial fluency becomes one of the most important skills you develop over time. 

Why Financial Markets Are Demanding Smarter Intelligence

A few forces are converging in a really compelling way right now. First, AI and machine learning have dramatically raised the bar for data quality and granularity — firms need cleaner, richer, more structured data than ever to feed their models effectively. Second, while raw data feeds remain important for understanding what is happening in real-time, clients increasingly want analytics embedded directly into their workflows. Where firms once tried to handle many of these analytical functions in-house, there is now a much stronger appetite to outsource to best-in-class providers.

Third — and a key focus of Cboe — is global demand for U.S. markets, the most liquid in the world. Combined with the rise of near 24x5 trading and tremendous growth in retail participation, this has driven demand for U.S. market data to levels we haven't seen before. Finally, the proliferation of alternative data has created both opportunity and noise, so clients increasingly value trusted, exchange-sourced data with clear lineage. Together, these trends are elevating the conversation from "what does this data cost?" to "what problem does this solve?" 

Turning Client Complexity Into Long-Term Growth

I actually think the tension between those two things is largely a false one — when you genuinely help a client navigate complexity, commercial growth follows naturally. The trap is treating them as competing priorities.

If you're optimizing purely for near-term revenue, you'll oversell scope or push products that don't fit, and you lose the relationship. My approach has always been to anchor commercial conversations in a clear problem statement. If we can't articulate the specific challenge a client faces and how our solution addresses it, we're not ready to talk about price. That discipline builds trust, and trust is what drives expansion, renewals, and referrals over time. It also means being willing to say "we're not the right fit for this" — which is uncomfortable in the moment but invaluable to your credibility long-term. 

Leading Through Market Shifts and Technological Change

The only certain thing in markets is change. When I started my career in electronic trading, there was genuine excitement and real fear — what would my role look like, would commissions and spreads compress to zero, would relationships stop mattering?

  ​Whenever things feel too comfortable, that's precisely the moment to challenge yourself to do more and try something new. Complacency is the enemy of longevity in this industry. The people who build enduring careers are the ones who stay curious, stay adaptable, and never stop learning.  

As that story has played out, we now know clearly that those who thrived were those who embraced change, expanded their skillsets, and all the while maintained trusted relationships with their clients. The lesson I carry from that — and pass on to my teams — is always to stay one step ahead. Whenever things feel too comfortable, that's precisely the moment to challenge yourself to do more and try something new. Complacency is the enemy of longevity in this industry. The people who build enduring careers are the ones who stay curious, stay adaptable, and never stop learning. 

Building Trust, Relationships and Discipline for Lasting Success

There are three things I’d emphasize. First, build your brand deliberately. Ask yourself early: what do you want to be known for? The market structure expert who can speak credibly to any trading desk? The highly technical analyst who can open a Jupyter notebook and work through the data shoulder-to-shoulder with a quant client? Whatever brand you choose to build, make sure it is centered around trust — you want to become a genuinely trusted partner, not just a vendor. That reputation becomes your most portable and durable asset.

Second, invest in relationships before you need them. Strong relationships are ultimately what open the next door — these are people who think of you first, who know you'll answer their call, get back to them quickly with a great answer, and make them look good in front of their boss and their clients. The financial data world is smaller than it looks, and the colleague, client, or counterpart you treat well today will very likely reappear in a different role or at a different firm—relationships built on consistency and generosity compound over time in ways that are hard to overstate.

And third, find a process that works for you and trust it. Sales do not happen accidentally. They require persistence, discipline, and the willingness to use every tool available to you — whether that's CRM data, market intelligence, or simply a rigorous cadence of outreach and follow-up. Refine your process continuously, but don't abandon it when things get hard. The best salespeople I've seen succeed are those who commit to a system, stay consistent, and treat every pipeline review as an opportunity to get sharper.