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BMO Financial Group Wins American Financial Technology Award

Xignite

Deployment of Xignite Enterprise for Cloud-Based Data Distribution Solution Named “Best Cloud Initiative”

BMO Financial Group (TSX, NYSE: BMO) and Xignite, the leading provider of market data cloud solutions, announced today that BMO has implemented Xignite Enterprise, a cloud-based data distribution solution that helps large financial institutions centralize, distribute and optimize access to market and reference data licensed by Bloomberg and other vendors. BMO’s deployment of Xignite Enterprise - dubbed BMO Skyway - was recognized as the industry’s Best Cloud Initiative at the 2014 American Financial Technology Awards ceremony on December 8th, 2014 in New York City.

BMO uses Xignite Enterprise to distribute market data licensed from several vendors throughout the organization using a private, branded on-demand market and reference data cloud. The solution helps BMO reduce market data expenses by eliminating duplicate data usage between departments and across vendors, while also driving accountability and compliance through its embedded entitlement controls and detailed usage tracking metrics. In addition, the data is readily available via REST APIs to help BMO power next-generation initiatives in several strategic areas.

Managing the volume, distribution, reconciliation and compliant use of market data feeds is increasingly becoming a challenge within the capital markets and banking sectors. Market data groups struggle to eliminate data silos and ensure that data is utilized effectively across divisions and departments. At the same time, new initiatives around digital wealth management and other key areas are pushing large financial institutions to look at not only reducing costs, but also increasing the firm’s ability to quickly respond to emerging technologies coming from Silicon Valley and other fast-emerging fintech areas.

“We subscribe to disparate feeds from many market data vendors,” said Rich Weston, Director and Global Head of Market Data at BMO. “Our data management team wanted to enhance our abilities to see how and where our market data was being consumed. We also wanted an architecture that could help us address the challenges and opportunities ahead, delivering improved time-to-market for new initiatives while effectively managing costs. BMO Skyway gives us that.”

Built on Xignite Enterprise, BMO Skyway centralizes and caches market and reference data collected from vendors in the cloud and provides employees and downstream systems with easy access to that data. Xignite Enterprise supports both native FTP format emulators for seamless and rapid migration, and next-generation REST-based APIs to fuel innovation. BMO now has greater storage capabilities, as well as access to user metrics and authentication functionality that ensures licensing compliance and helps optimize total cost of ownership (TCO) across multiple data vendors.

“Xignite created a centralized access point, which allows us to expose our catalogue of market pricing and reference data without significant re-engineering costs,” said Weston. “Our users can pull data into portals, proprietary in-house systems and applications in a matter of minutes because the data is easy to find and access. Our cost transparency has improved significantly and as a result, we can now model how our data is being used and reallocate the total cost to deliver and maintain the market data we provide as a service.”

“Easy and timely access to market data is going to be critical to the financial services industry’s ability to re-invent itself in the post-credit-crisis era,” said Stephane Dubois, Xignite CEO and founder. “Innovative organizations are realizing that they cannot entertain the status quo. They must take advantage of new technologies, such as the public cloud and APIs, to knock billions of dollars off their cost infrastructure while gaining the speed they need to compete in the new world.”

“BMO Skyway now gives us the capability to increase the value of our market and reference data resources,” said Weston. “But it is even more significant that we are now armed to innovate at the speed of a Silicon Valley startup.”

The American Financial Technology Awards, hosted by Waters magazine and WatersTechnology.com, recognize excellence in the deployment and management of financial technology within the asset management and investment banking communities. The “Best Cloud Initiative” award recognizes buy-side and sell-side firms, as well as exchanges, that demonstrate the greatest return on investment by deploying an internal cloud or integrating one or more third-party cloud environments.

About Xignite Xignite, Inc. is the leading provider of market data cloud solutions. Xignite makes sourcing and integrating real-time and reference market data into apps and devices easy and more cost-effective than alternative data feeds. The Silicon Valley-based company fuels FinTech innovation by powering web sites and apps for more than 1000 financial services, media, software and corporate clients, including FinTech standouts Betterment, Future Advisor, Personal Capital, SigFig, Stocktwits, Wealthfront, and Yodlee. The company’s Xignite Enterprise solution also powers private data distribution solutions for financial institutions, exchanges, and market data vendors including BMO, NASDAQ OMX, NYSE Technologies, and SIX Financial Information. For more information, visit http://www.xignite.com or follow on Twitter @xignite.

About BMO Financial Group Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. BMO Financial Group had total assets of $589 billion and more than 46,000 employees at October 31, 2014.

RECENT NEWS

By Max Bowie - Waters Technology

NICE Actimize has fortified the datasets available for use in its Surveil-X trade surveillance tool, using exchange prices and other data from Swiss vendor SIX, delivered via Xignite’s new suite of microservices for content distribution and data management.

The vendor is preparing to go live with the joint solution “any day now,” after completing some final data validation, says Sam Sundera, head of future business at SIX, who is based in the San Francisco Bay Area, and is responsible for dealing with partners, new technology data and initiatives, and with banks’ innovation labs.

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07/23/2020

The Two Companies Deliver Industry’s Largest Global Coverage Sourced from 1,800+ Trading Venues Via Hyper-Scalable Cloud APIs

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, and SIX, today announced a strategic partnership. Xignite and SIX are now offering real-time data from the catalog of SIX which includes 1,800+ global exchanges and trading venues via Xignite Enterprise Microservices, a suite of cloud-native market data management services built to transform how firms store, distribute, manage, and control market data in the cloud. The partnership accelerates the transition of large financial institutions and fintechs to the cloud. This is the first time such a comprehensive set of market data has been offered to the market via a native cloud solution.

Xignite’s battle-tested cloud-native solution currently serves more than 12 billion API calls per day to 750 clients around the world--making it the largest cloud API platform in capital markets. Xignite recently introduced Xignite Enterprise Microservices, a suite of vendor-agnostic services large firms can deploy to migrate their market data infrastructure and any of their existing data sources to the cloud.

“Large financial institutions have been looking for cloud-native market data solutions capable of handling their broad coverage requirements and offering a state-of-the-art customer experience.” says Stephane Dubois, CEO and founder of Xignite. “The pandemic has worsened the situation as firms want to get away from maintaining complex and expensive on-premise infrastructures that are overkill for most of their needs,” added Dubois. “We had the enterprise technology but not the coverage, so partnering with SIX made sense. We are thrilled to partner with SIX and be first to market with a true global enterprise solution.” 

SIX is one of the few market data vendors offering full coverage of the global capital markets. The Market Data Feed (MDF) from SIX delivers a steady stream of global market information that is consolidated, standardized and in real time. With MDF clients get access to over 30 million instruments across all asset classes and from more than 1,800 exchanges, OTC markets, and other trading venues. The combined solution integrates the MDF feed from SIX delivered from hosted collocation facilities to Xignite Enterprise Microservices deployed in the client’s own cloud account. The Xignite Real-Time Microservice is used to distribute real-time data internally or externally from the cloud via scalable APIs while the Xignite Entitlements and Usage Microservice provides control and transparency of data consumption and usage.

“Partnering with Xignite is a great leap for SIX in making its market data easily available to all buy-side and sell-side professionals. While making the richness, depth and wide coverage of our Market Data Feed available via Xignite’s cloud-based solution, we offer clients streamlined access to the highest quality data without a complicated acquisition process, burdensome integration or costly development,” commented John McManus, Head Sales, Financial Information, SIX.

About Xignite

Xignite Makes Market Data Easy. Xignite is leading the disruption of the market data industry with its AWS-based financial data distribution and market data management solutions. Xignite’s Market Data Cloud platform provides market data managers full transparency on the usage of a firm's first-level real-time and reference data - making it easy for data owners to entitle, control consumption, comply with licensing requirements, allocate costs, and resolve vendor audits or invoice discrepancies. Xignite also powers financial data-driven robo-advisors, online brokerages, and investing apps with its real-time, delayed, and historical pricing data offered via 500+ REST Cloud APIs. Visit http://www.xignite.com or follow on Twitter @xignite.

About SIX

SIX operates and develops infrastructure services in the Securities & Exchanges, Banking Services and Financial Information business units with the aim of raising efficiency, quality, and innovative capacity across the entire value chain of the Swiss financial center. The company is owned by its users (122 banks). With a workforce of some 2,600 employees and a presence in 20 countries, it generated operating income of CHF 1.13 billion and Group net profit of CHF 120.5 million in 2019.
 www.six-group.com

07/23/2020

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, announced today it has created a new program to assist early stage and start-up financial technology companies during the COVID-19 pandemic. To apply for this program visit https://www.xignite.com/fintech-development-program/

The costs associated with developing and launching fintech products and apps can be daunting, even in the best of times. A particularly challenging aspect can be the procurement of quality financial and market data. Hidden fees, restrictions on the use of data, poorly written APIs and exchange requirements are just some of the factors, in addition to costs, that can make it difficult for new or small fintechs to survive.

To assist early stage fintech companies, Xignite is inviting these disruptors to leverage the same technology and data APIs that have helped move the industry forward over the last decade. Through this program, companies can continue to develop their ideas and products without a significant capital commitment. Participants will be able to take advantage of development access for 60 days on Xignite’s most popular financial data APIs and enjoy significant discounts on fees for the first year. Also included in the program is access to real-time, 15-minute delayed and end-of-day stock prices, company data, currency exchange rates, indices, corporate actions and master data.

“Not only are we offering a compelling financial incentive, but companies will have access to the experts on our Product and Engineering team who not only first brought financial market data to the cloud, but also helped support and power some of the biggest disruptors in the industry such as SoFi, Robinhood and Betterment,” said Ryan Burdick, Senior Vice President and Global Head of Sales at Xignite. “By introducing this program, Xignite is able to support the next wave of entrepreneurs by helping to keep their visions moving forward as seamlessly as possible during this unprecedented time.”

About Xignite

Xignite Makes Market Data Easy. Xignite is leading the disruption of the market data industry with its AWS-based financial data distribution and market data management solutions. Xignite’s Market Data Cloud Platform provides market data managers full transparency on the usage of a firm's first-level real-time and reference data - making it easy for data owners to entitle, control consumption, comply with licensing requirements, allocate costs, and resolve vendor audits or invoice discrepancies. Xignite also powers financial data-driven robo-advisors, online brokerages, and investing apps with its real-time, delayed and historical pricing data offered via 500+ REST Cloud APIs. Visit http://www.xignite.com or follow on Twitter @xignite.

07/14/2020

NICE Actimize Gains Agility and Scalability Bringing its Real-time Market Data Infrastructure to the Cloud

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, today announced the launch of Xignite Enterprise Microservices, a powerful suite of cloud-native market data management services built to transform how firms store, distribute, manage and control market and financial data in the cloud. NICE Actimize, the leading global provider of financial crime, risk and compliance solutions is the first user of the new Real-time Microservice solution.

Microservices are an architectural approach in which core functionality is handled by loosely coupled, independently deployable components that can work together or separately. Because you can deploy microservices as separate functional units, you can pick and choose the functionality you want and scale them massively at the lowest possible cost. Microservices stand in stark contrast with monolithic platforms that require many dedicated on-premise servers which are expensive to manage, often under-utilized, can’t scale on-demand and require frequent updates and upgrades for even minor changes. Most enterprise platforms also require firms to pay for capabilities that are not needed.

The Xignite Enterprise Microservices run on Xignite’s battle-tested cloud-based architecture that currently supports more than 250 different data sources and 12 billion API calls per day for over 750 fintech and financial services clients. Financial institutions can now leverage the same cloud technology Xignite has been refining and scaling for more than 10 years to move their own financial and market data to the cloud. Xignite’s microservices are built from the ground up for the cloud, in contrast with legacy data providers that are attempting to “lift and shift” their monolithic platforms for that purpose.       

Xignite Enterprise Microservices are vendor-agnostic and can bring transformative results to any data set a firm may license or collect from vendors such Bloomberg, FactSet, ICE Data Services, SIX Financial, Vela Trading, QuantHouse and many others, as well as in-house proprietary data.

“We are incredibly excited to launch Xignite Enterprise Microservices, which we believe will truly revolutionize market data management,” said Stephane Dubois, Founder and CEO of Xignite. “The culmination of over 10 years of nonstop innovation, we have taken the cloud-native architecture that has powered some of world’s most prominent fintechs and scaled it to meet the unique requirements of institutional players that consume huge amounts of data but often have no way of integrating and optimizing it in an efficient and cost-effective way. Firms are no longer required to hitch their wagon to a single provider – instead, they can use a combination of our microservices to secure all the benefits they would get from a rigid legacy offering. We are the only vendor offering a suite of market data management microservices that clients can mix and match to create a comprehensive, infinitely scalable cloud-based solution that meets their exact needs. We firmly believe that offerings like these are the future of market data, and we are thrilled to once again take a leading role in the financial services industry’s continued digital transformation.”

The suite includes seven cloud-native microservices targeted to buy-side, sell-side and fintech firms, as well as exchanges:

  • Xignite Data Lake Microservice is a cloud-native data management and distribution solution that centralizes existing data and enables financial services firms to provide easy access to the data via highly scalable cloud APIs, reducing costs and improving efficiency by eliminating legacy infrastructure.
  • Xignite Optimization Microservice is a cloud-native pricing and reference data cost optimization solution that enables the control of large reference data sets, such as Bloomberg Data License, via intelligent caching, sophisticated entitlements and advanced analytics and reporting.
  • Xignite Entitlements and Usage Microservice is a cloud-native market data access control and reporting solution that enables financial services firms to have complete control and transparency of data consumption and usage, and provides reports of data usage across various data sets, users and applications to ensure vendor compliance.
  • Xignite Reference Microservice is a cloud-native solution that aggregates, normalizes, stores and indexes reference data from multiple vendors across all asset classes into a centralized repository and access layer, enabling centralized access across the entire enterprise and improving data consistency, completeness and timeliness.
  • Xignite Historical Microservice is a cloud-native time-series data management solution that enables financial services firms to capture historical data from different sources and integrate with security master and corporate actions data to provide a fully normalized, stitched and adjusted historical data view via highly scalable cloud APIs.
  • Xignite Real-Time Microservice is a cloud-native real-time data distribution solution that enables financial services firms to distribute real-time data internally and externally via highly scalable and flexible cloud APIs, eliminating on-premise infrastructure.
  • Xignite Fundamentals Microservice is a cloud-native data management solution that enables financial services firms to capture simple or complex time-series data structures associated with an entity such as a regional level security or issuer, and make them available via specialized and highly scalable cloud APIs.

These microservices are already transforming how the industry manages data. NICE Actimize, a leading provider of financial crime management solutions, has replaced its legacy solution with the Xignite Real-Time Microservice to onboard and manage multi-asset class, level 1 and 2 co-located feeds from multiple sources.

The launch of Xignite Enterprise Microservices is the latest highlight in what has been a hugely successful year for the firm. Last month, Xignite received a patent for its alerts technology and the company was named a SIIA CODiE Awards finalist and added to the WealthTech 100 list.

About Xignite
Xignite Makes Market Data Easy. Xignite is leading the disruption of the market data industry with its AWS-based financial data distribution and market data management solutions. Xignite’s Market Data Cloud platform provides market data managers full transparency on the usage of a firm's first-level real-time and reference data - making it easy for data owners to entitle, control consumption, comply with licensing requirements, allocate costs, and resolve vendor audits or invoice discrepancies. Xignite also powers financial data-driven robo-advisors, online brokerages, and investing apps with its real-time, delayed and historical pricing data offered via 500+ REST Cloud APIs. Visit http://www.xignite.com or follow on Twitter @xignite.

07/08/2020