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AFTAs 2014: Best Cloud Initiative - Bank of Montreal, Implemented by Xignite

Xignite

Waters Technology FintechTopics: American Financial Technology Awards 2014 
Competition was fierce this year in the best cloud initiative category, with five products making the final cut. Challenged by BNY Mellon’s eXtreme Platform, Irish Life Investment Managers’ deployment of ITG Trade Operations Outsourcing, and a pair of entries from Northern
Trust, Bank of Montreal (BMO) managed to pull off the win thanks to its Skyway product, built on web­-based market data provider Xignite’s Enterprise data distribution platform.

The cost benefits of the cloud have always been hard to ignore, and as a result of security improvements, many large infrastructure projects in the industry are now based in the cloud, beefing up this category’s significance. Infrastructure ­as ­a­ service (IaaS) has also become one of the fastest growing segments within the cloud space itself, and many industries, including financial services, have begun contemplating how to deploy the model
across the enterprise.

For Bank of Montreal, the model provided a springboard for the firm to reconfigure the way it manages and catalogs data. The Toronto-­based firm leveraged the Amazon Web Services (AWS) cloud infrastructure, citing its high performance, scalability, reliability, and virtually unlimited storage as reasons for the decision to build BMO Skyway on top of Xignite’s Enterprise platform, which acts as a central access and cache point for all data flowing into the firm from external sources.

The result is an enterprise market and reference data management, storage and distribution system that operates across the whole business, reducing costs and rack space, and offering scalable capacity on ­demand. Skyway manages a number of external market and reference data storage vendors active throughout BMO’s organization, and allows for a secure redistribution of the information across the enterprise through sophisticated entitlement controls.

As the initiative was implemented, security was top of ­mind, and thanks to these entitlement controls, Skyway users at BMO receive accounts with access credentials and are restricted to only the data they have been given permission to access. Skyway can also track and report who has access to which data sets for compliance and reporting purposes, as well as for assessing internal cost allocation.

The cost allocation methodology of Skyway, based on a pay ­for ­what­ you ­consume model, also helped the bank reduce the cost of its centralized enterprise data management (EDM) needs. By eliminating duplicate data usage between departments and across vendors, the firm managed to reduce its market data expenses overall, and has set a new standard for creatively applying cloud’s advantages to a practical problem that continues to challenge every global bank.

Source: Waters Technology

 

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Xignite Market Data Cloud Platform

Xignite Market Data as a Service was one of the first market data services built to run in AWS and they are one of the few vendors that is an AWS Advanced Technology Partner with a Financial Services Competency.

With more than a decade of cloud expertise in building, scaling and operating cloud-based market data technology, it is no surprise that leading financial services and capital markets firms rely on this company to empower their journey to the cloud. Their Metals API Service offers real-time prices and quotes for metals including Gold, Silver, Palladium, Platinum and other base metals. In addition to real-time precious metals prices, the service provides daily London Fixing prices as well as historical precious metal prices and metal news. 

Xignite Cloud APIs are sourced from leading providers such as FactSet and Morningstar as well as Xignite’s own curated, high-quality data.

Read the article Top 3 Alternatives for Barchart Precious Metals Rates

02/25/2021

Each year, Bobsguide asks the market to vote for fintech companies they believe stand out from the competition – those who have gone the extra mile in terms of development and servicing their clients. Xignite is proud to be listed as the "Best API Management" vendor on the Bobsguide 2020 Rankings.


Read article on Bobsguide

01/26/2021

Web services data provider Xignite captured the AFTAs judges’ attention on the infrastructure front with its release of Xignite Enterprise Microservices in July 2020, a suite of cloud-based microservices for data management, storage and distribution in the cloud, designed to help financial firms migrate from monolithic legacy data architectures to more agile and less expensive cloud services and data sources.

Requires subscription to read the article on WatersTechnology

01/25/2021

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, today revealed the results of its collaboration with StockCharts, a leading technical analysis and financial charting platform for online retail investors. The collaboration involved a move from an on-premise market data provider to Xignite’s cloud-native technology hosted in Amazon Web Services (AWS). Download the case study containing the full results.

StockCharts requires vast quantities of financial data to power its visualization, charting and tracking tools, which investors use to analyze the markets to help with investment decisions. The company was frustrated by the limits of its on-premise market data center, which was forcing the team to make architectural decisions based on what its data center could handle in terms of speed and storage, not on their technology. Its previous market data provider was just starting to build out some cloud offerings, but they were far away from what the business required. StockCharts decided to migrate its infrastructure to the AWS cloud and partner with Xignite to gain access to endlessly scalable market and financial data delivered through innovative cloud APIs.

The collaboration made an immediate impact as StockCharts was able to expand its offerings and customer base by pursuing growth strategies enabled by Xignite’s cloud-based approach, which provides easy access to data and eliminates architectural limits on storage and speed.

The pandemic provided further validation. Seattle-based StockCharts was in one of the first areas hit by COVID-19 and was forced to quickly shut down its office. Pandemic-driven market volatility followed and StockCharts customers wanted to visualize what was happening. The company’s ability to scale quickly and accommodate a high volume of new requests would not have been possible without Xignite.

“The move to the AWS cloud and Xignite has unlocked tremendous new potential for us in a lot of architectural ways, and has given us a lot of data options that we could not even consider before,” said Grayson Roze, Vice President of Operations at StockCharts. “It relieved us of the burden of figuring out how to source things. Instead, we know exactly where we need to go to get the data and can access it instantly. That is a huge, huge benefit for our business.”

“We are proud to have played a role in transforming how StockCharts approaches data,” said Stephane Dubois, CEO and Founder of Xignite. “The events of this year unleashed a massive spike in retail trading and a host of other unexpected forces that reinforced the need for financial services firms to leverage the cloud. Despite the disruption of this year, StockCharts was positioned for success, and we look forward to continuing to deliver our financial and market data solutions to the industry at large.”

Xignite

Xignite has been disrupting the financial and market data industry from its Silicon Valley headquarters since 2006 when it introduced the first commercial REST API. Since then, Xignite has been continually refining its technology to help fintech and financial institutions get the most value from their data. Today, more than 700 clients access over 500 cloud-native APIs and leverage a suite of specialized microservices-delivered modules to build efficient and cost-effective enterprise data management solutions. Visit http://www.xignite.com or follow on Twitter @xignite

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