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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

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

01/12/2021

Xignite, Inc., a provider of cloud-based market data distribution and management solutions for financial services and technology companies, today announced that its Market Data Management-as-a-Service solution has been named “Best New Technology Introduced over the last 12 months – Infrastructure” at the 2020 WatersTechnology American Financial Technology Awards (AFTAs). Selected by the editors of WatersTechnology, the AFTAs recognize excellence in the deployment and management of financial technology within the asset management and investment banking communities.

Xignite’s Market Data Management-as-a-Service (MDMaaS) solution enables buy- and sell-side firms to centralize the management of vendor data feeds into their own cloud environment. The solution is built around the cloud microservice-based architecture and technology stack Xignite has been refining and scaling for more than 10 years. Xignite’s technology platform has been the backbone of the company’s Data-as-a-Service business, daily supporting 12 billion API requests of financial data for their 700 fintech and financial services clients. Now Xignite is leveraging this battle-tested cloud-native data management architecture to offer buy- and sell-side firms a market data vendor agnostic offering, with connectors available for firms to load data they license from Bloomberg, Refinitiv, ICE and numerous other providers.

The MDMaaS solution includes a suite of loosely-coupled modules that enable market data user firms to control their data usage, automate entitlements, optimize their data spend and minimize liabilities by simplifying data governance and ensuring regulatory compliance.

The functionality is delivered via microservices, an architectural approach in which core functionality is handled by loosely coupled, independently deployable modules that can work together or separately. Microservices architecture stands in stark contrast with monolithic platforms that require expensive on-premise technology – that is especially hard to maintain in the context of a pandemic.

The MDMaaS microservice-delivered modules introduced in 2020 include:

Xignite Entitlements and Usage - Manage the entitlement of vendor data to users and applications to ensure compliance and eliminate excess spend.

Xignite Optimization - Streamline data consumption to avoid duplicated vendor requests, leverage cached bulk data and get recommendations to reduce data costs.

Xignite Data Lake - Centralize, catalog and connect data shapes to enable frictionless integration by consumers via unified cloud APIs.

Xignite Reference - Aggregate, normalize, store and index vendor reference data to centralize enterprise-wide access.

Xignite Historical - Provide centralized access to normalized, stitched and adjusted historical data via cloud APIs.

Xignite Real-Time - Distribute real-time vendor data via cloud APIs, eliminating on-premise infrastructure.

Xignite Fundamentals - Make simple and complex time-series data structures available via cloud APIs.

“Xignite has pioneered market data in the cloud for more than 10 years now, so we are very excited to announce – and be recognized for – our Market Data Management-as-a-Service solution,” said Stephane Dubois, CEO, and founder of Xignite. “The pandemic has reinforced the need for financial services firms to migrate to the cloud as a means of navigating disruption and enabling scalability, among other benefits. We are proud to spearhead that effort and help the industry modernize its approach to financial and market data.”

About 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 via its Data-as-a-Service and Market Data Management-as-a-Service solutions. Today, more than 700 clients access over 500 cloud-native APIs and leverage a suite of specialized microservices to build efficient and cost-effective enterprise data management solutions. Visit http://www.xignite.com or follow on Twitter @xignite

01/06/2021