Key trends for sell-side firms in 2013 revolved around big data and reference data strategies. Firms invested in big data to improve trading algorithms and determine pricing for high-frequency trading clients. Big data tools help firms analyze large volumes of data and manage risk on an intraday basis. As firms use big data and open-source technologies such as Hadoop to manage petabytes of data, reference data management has assumed a place of critical significance to support better enterprise risk management, reporting, and regulatory compliance.