Waypoint Trading Solutions has launched Archon, an enterprise system that centralizes market-data permissions and automates reporting to exchanges.
The TNS business is targeting financial institutions and vendors that need to track which individuals and firms are entitled to receive specific exchange data. Archon can be used by one firm for internal users or by a vendor managing permissions across several customers and applications.
The product addresses a less visible part of trading infrastructure than order routing or execution speed. Entitlement records determine who may see each feed, how the usage is classified and what a firm must report and pay to the exchange or data vendor.
FinanceFeeds previously examined the operating pressures behind this category in Managing the Modern Trading Ecosystem, including the cost and complexity created as firms connect to more venues, feeds and cloud environments.
Archon Creates One Record of User Permissions
Market-data contracts often distinguish between professional and non-professional users, display and non-display use, real-time and delayed data and access by legal entity. Firms must keep those permissions aligned with exchange agreements and produce reports that support billing and audits.
Archon is designed to place individual and firm-level entitlements in one interface. Waypoint says the system also has an application programming interface, allowing a trading platform or another internal system to request and update permissions without relying solely on manual administration.
An application programming interface also makes identity lifecycle controls possible. A staff transfer, contractor departure or new desk assignment can be passed from an identity system to the entitlement record, reducing the delay between a personnel change and a market-data permission change.
Jeff Mezger, Vice President of Product Management at Waypoint Trading Solutions, said: “Archon is the first of several strategic product announcements we will be making this year.”
Mezger added that the product had been developed in response to customer demand for easier administration and lower market-data costs.
Entitlements Affect Both Compliance and Cost
A permission-management error can create two different problems. A user may receive data without the correct licence, creating an exchange-compliance issue, or a firm may continue paying for feeds and permissions that are no longer used.
Waypoint is positioning Archon alongside its Data Usage Optimizer. That product analyses consumption reports to identify unused feeds and potential subscription savings, while Archon controls and records who is permitted to receive the data.
The company did not publish pricing, implementation times or a list of exchanges supported at launch. It also did not disclose whether Archon replaces an existing entitlement platform or has already entered production with named customers.
Those details will determine how quickly institutions can calculate a return on the system. The savings case depends on the number of users, exchanges and applications involved, as well as the quality of the firm’s existing inventory and offboarding processes.
Waypoint Combines TNS and Radianz Infrastructure
Waypoint’s broader offering is divided into Radianz, Xpress and Sentinel. Radianz provides financial-network connectivity, Xpress covers managed low-latency exchange access and hosting, and Sentinel focuses on managed market-data operations.
TNS agreed to acquire Radianz from BT Group in 2025, adding the financial extranet to its existing trading infrastructure. BT reported that Radianz generated about £142 million of revenue in its 2024 to 2025 financial year. Waypoint now presents the combined capabilities under one trading-infrastructure business.
The combination puts connectivity, hosting, market-data operations and entitlement controls under the same commercial umbrella. It also increases the importance of showing that Archon can integrate with systems outside Waypoint’s own stack, since large banks typically use several network, data and trading vendors.
The company says its network connects more than 800 exchanges, venues and service providers across more than 70 countries and supports over 1,000 financial institutions. Those are company-supplied operating figures and were not accompanied by a breakdown of active Archon users.
Archon’s practical test will be whether its application programming interface can remain synchronized with trading, identity and human-resources systems as users join, leave or change roles. That is where entitlement records can diverge and where both unnecessary fees and reporting gaps tend to emerge.
Automation Does Not Remove Exchange Liability
A centralized tool can improve evidence and reduce manual work, but the institution remains responsible for classifying users and uses correctly under its contracts. Non-display applications, derived data and vendor redistribution can each carry rules that are more complex than granting a person access to a screen.
Archon therefore competes on data quality as much as interface design. Its value will depend on whether firms can reconcile declared permissions with actual consumption and produce an audit trail when an exchange challenges a report.
The distribution model is also changing as market data reaches new networks and applications. FinanceFeeds reported that SIX and BME are publishing equities data through Chainlink, an example of the additional licensing and entitlement questions created when proprietary feeds move beyond conventional terminals.
