A finance manager says that the company needs to ensure that the new system can "replay" data, up to the minute, for every exchange being tracked by the investment departments. The finance manager…

Compliance standards are externally imposed regulatory frameworks such as SOX or MiFID II - they are not statements of need articulated by internal business users.

User requirements capture what business stakeholders need a system to accomplish, expressed in non-technical language from the user's perspective. The finance manager's request to replay exchange data up to the minute and retain transaction history for five years defines specific business outcomes and operational expectations, not implementation details or external mandates. These user requirements would then be translated by engineers into formal system requirements specifying how the system will fulfill them.

Data elements refer to individual named attributes or fields within a data model, not the high-level business capabilities a manager is requesting.

Data storage is a technical implementation concern addressing where and how data is persisted, which is derived from user requirements rather than being the requirement itself.

Acceptance testing is the SDLC phase in which users verify that the delivered system meets requirements - it occurs after requirements are defined, not during definition.

An information digest is a cryptographic hash used for data integrity verification and is entirely unrelated to the requirements gathering process.

System requirements are the technical specifications engineers derive from user requirements - they describe how the system will be built, not what the business user needs.