Sep 21, 2021
We are excited to announce that Nasdaq, NYSE, OPRA, OTC, OTCM, and TSX have approved Xignite as a Vendor of Record, or Service Facilitator, as some exchanges call it, for our clients that subscribe to real-time and delayed market data. Our new Vendor of Record (VoR) service vastly simplifies the administration and reporting required by the exchanges. It eliminates the need to pay redistribution fees, potentially saving our clients thousands of dollars a month.
Maneuvering through the maze of compliance policies, such as entitlement enforcement and usage tracking, that the exchanges require to display real-time or delayed market data is not an easy feat. It can be a major pain and distraction from your actual business. Each exchange has its own unique set of regulations and compliance requirements, and clients need to prove that they have control over who receives the data, in what format, and for what use case. Xignite’s VoR service will help investment advisers, financial advisers, order management systems (OMS), and execution management systems (EMS) software providers eliminate the administrative burden of tracking these complex compliance requirements. Just another step towards our mission of “Making Market Data Easy.”
Xignite’s VoR service can also help save our clients thousands of dollars a month by eliminating the need to pay data feed redistribution fees. Regardless of the number of users, exchange fees for display data can cost upwards of $10,000 per month. For more information, read our Guide to Understanding Exchange Agreement Fees.
Xignite’s VoR service is available now for professional users with internal and display-only use cases. Xignite clients subscribed to our real-time or delayed equities, or options pricing APIs, including XigniteGlobalOptions, XigniteGlobalQuotes, XigniteGlobalRealTime, XigniteGlobalRealTimeOptions, and XigniteNASDAQLastSale, can purchase the VoR service as an add-on product.
This service can help you streamline your day-to-day operations around usage tracking and data access management. Today, you may be using either an internal in-house built system or a 3rd party entitlement management system deployed on-premise and generates much overhead. The Xignite VoR service eliminates the need for this type of software and process.
As a Vendor of Record, Xignite needs to control who receives data and in what format. We also are required to provide an audit trail of all redistributed data. We use Xignite’s cloud-native Entitlements and Usage Microservices in the VoR service providing complete control and transparency of data consumption and usage. The technology behind the VoR solution is 100% cloud-native and is extensible and scalable--meaning you don’t have to worry as your business grows. VoR service clients must install Xignite’s Gateway client software on each end-user desktop or laptop. This application monitors the type and volume of individual data requests and allows us to enforce entitlement restrictions and prevent concurrent access to ensure exchange compliance. The software is available now for Windows 7 or later. Macintosh and mobile compatibility will be available soon.
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Guide to Understanding Exchange Data Agreements and Fees
Learn why real-time and delayed exchange data can be subject to agreements and fees.