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Financial cloud company Xignite on forefront of market data – LeapRate Interview with Stephane Dubois

Xignite

Article by Mike Fox

LeapRateContinuing LeapRate’s Exclusive CEO Interview Series, today we bring to you Stephane DuboisCEO of financial cloud company Xignite, a San Francisco-headquartered provider of financial market data on-demand. Xignite’s financial Web service helps build smarter websites and applications in minutes. Last month, Xignite announced that its market cloud data platform is now available for lease.

The company already has major websites using its cloud services including Seeking Alpha, Investopedia and StockTwits. With data moving into the cloud, Xignite is on the forefront in bringing the latest market data information to its end clients.

So, what does Stephane think about the future of cloud for the well-known data providers in the sector such as Bloomberg and Thomson Reuters? Where does Xignite get its pricing data from? For the Forex industry, Xignite provides a one-of-a-kind exclusive FX rate API with official data direct from central banks around the world.

You can read about all of this and more in the Q and A below:


LeapRate: Hi Stephane, thanks for joining us today…Xignite’s forex rates API, who is this made for? Traders or just data providers?

Stephane: Our XigniteGlobalCurrencies solution is currently used by more than 400 firms globally.

The XigniteGlobalCurrencies API is designed for use by a wide range of business and applications.
This includes:

– Forex websites and trading platforms.
– Currency transfer and payment solutions.
– General investor websites and mobile sites.
– Enterprise accounting and e-commerce application.

LeapRate: Can your information be programmed to display live streaming quotes data for websites?

Stephane: Yes, the XigniteGlobalCurrencies API can be used to display live streaming quote data for websites.

Developers have two options when implementing the API.

They can use our REST CloudAPIs and repetitively poll it to refresh data on the website.

Or they can use our CloudStreaming API which lets them push data updates over a very simple HTPP protocol.

Our XigniteGlobalCurrencies APIs alone serves more than 15 Billion API requests per month.

LeapRate: Where does your Forex OTC data originate from?

Stephane: Our data originates from a variety of data providers including Morningstar and others.

Contributors to the data include the world’s largest banks and trading platforms providing accurate and liquid information around the clock.

Such contributors include Allied Irish Bank, Commerzbank, Den Norske Bank, European Central Bank, Nordea Bank, SAXO, UBS, Banca D’Italia, Banco de Espana, SA, Banco de Mexico, Bank of Canada, Bank of England, Banque de France, Deutsche Bundesbank, Federal Reserve Bank, South African Reserve Bank, Swiss National Bank, and others.

Note that the XigniteGlobalCurrencies solution includes a VERY unique feature: Official exchange rates from the world’s central banks such as Bank of Canada, Banco do Mexico, the European Central Bank, the Central Bank of Russia, the National Bank of Poland, Banca Nationala a Romaniel, Magyar Nemzeti Bank, Banco Centrale de Chile, Czech National Bank, the Reserve Bank of Australia and others.

LeapRate: It was just announced that companies can now license your Market Data Cloud platform, have you had any major sign ups yet to the service?

Stephane: Yes, we do. Although the name of our first licensee is not public yet, it is major market data provider in Asia who intends to use the solution to deliver next generation market data solutions to its markets and aggressively replace competitive legacy data solutions. We expect an announcement for this customer in the early part of 2017 and expect to sign up additional customers next year as well.

LeapRate: Do you believe providers such as Bloomberg and Thomson Reuters will move to the cloud?

Stephane: I believe that it is inevitable that Bloomberg and Thomson Reuters will move to the public cloud because its cost effectiveness and scalability are just too great to ignore. While Bloomberg and Thomson Reuters falsely claim that they have “always been cloud”, they operate data centres and networks with limited computing capacity and designed on highly proprietary technology. Amazon Web Services (AWS) on the other hand, operates a massive global compute cloud based on an open standard. For comparison, Thomson Reuters runs around 30,000-40,000 servers globally while AWS operated more than 2 million servers as far back as 2014. Amazon puts every day more computing power online that it needed to operate its total business when it had 7B in revenue.

The great challenge Bloomberg and Thomson Reuters will face when moving to the Cloud that they have tied billions of dollars in proprietary technology and infrastructure that locks people into using specific devices to access the data. Be them terminals, or routers, or on-premise software.

People have built careers and job security around those devices and complex technology. If they move to the cloud, suddenly their data is unlocked. It becomes commoditized and they cannibalize their business instantly. They have no incentive to do that.

LeapRate: What does cloud financial data mean for the trading industry in the next 5-10 years?

Stephane: We believe data should be only stored once. And we believe that the public cloud is where the world’s market data will be stored. Give it a few years. It’s where data will come from. It’s where analytics will be run openly, it is where most financial applications will run as well. This will turn the industry upside down. The costs that will be removed from the equation will be staggering. The amount of transformation that this will enable will also be huge. This will enable machines to invest for us on a large scale. And the ultimate beneficiary will be the customer, the trade, the investor. The banks will benefit massively in the process of course. The role we will play in this in it is simple. We will be the layer sitting between the public cloud where the market data will reside and all the devices, all the apps, all the consumers of the data, all the analytics that distributes, tracks, controls, and manages the distribution of this data to those happy users.

LeapRate: What are the most popular asset classes Xignite offers?

Stephane: Our most popular asset classes are by far Equities and Forex followed by funds, futures, options and credit data.

LeapRate: Websites such as Seeking Alpha, Investopedia, and Stocktwits, use your data, are they already getting data from the cloud?

Stephane: Yes, they all do. Firms like SeekingAlpha even take it a step further. They let us directly deliver data to their millions of customer’s devices—savings themselves the huge headache of building and operating a large data “fanout” infrastructure. Market data is just as much about data that it is about infrastructure. And that infrastructure is moving to the Cloud. Firms like SeekingAlpha, Investopedia and StockTwits are on the forefront of this revolution.

LeapRate: Any other product evolutions from Xignite coming down the pipeline for 2017?

Stephane: Over the 6-12 months, Xignite focus will be on:

  • Respond to global on-the-ground demand in Asia in EMEA by opening offices in Singapore and Hong Kong.
  • Continuing to expand our global data offering by adding new global exchanges and global fundamental datasets, in which we’re seeing great demand from clients.
  • Grow our value-added service offering provided on top of our data by launching new open cloud analytics services and vendor of record services.
  • Promoting the use of our platform globally as an enterprise platform for large financial institutions and global data providers.
  • Continue investing in the quality and accuracy of our data sources and the scalability of our platform.

Stephane Dubois is a recognized financial data industry executive who founded Xignite to pioneer market data in the cloud. Stephane Dubois is a well-known fintech thought leader and is frequently quoted in publications, including Forbes, MarketsMedia, WallStreet & Technology, Financial News, Bob’s Guide, Inside Reference Data, and Venture Capital Journal.

Prior to founding Xignite, Stephane was Vice President of Product Management at Advent Software, the leading provider of software solutions for the investment management industry. Prior to Advent, Stephane held senior product and marketing management positions at Walker Interactive Systems and Oracle Corporation. Stephane holds an MS in Management from M.I.T. Sloan School of Management and MS and BS degrees in international management from the MBA Institute in Paris.

Source: LeapRate

RECENT NEWS

Xignite, Inc., a cloud-based market data distribution and management solutions provider for financial services and technology companies, announced a new Vendor of Record service for clients subscribing to real-time and delayed market data. The new service vastly simplifies the administration and reporting required by exchanges and often eliminates the need to pay redistribution fees, potentially saving clients thousands of dollars a month.

As an approved Vendor of Record, also called a Service Facilitator, Xignite can redistribute real-time and delayed equities and options pricing data from Nasdaq, New York Stock Exchange (NYSE), Options Price Reporting Authority (OPRA), OTC Markets (OTCM), and the Toronto Stock Exchange (TSX). 

Adhering to the complex compliance guidelines required by exchanges is extremely difficult for investment advisers, financial advisers, or order management software providers that need to display real-time or delayed data. 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 Vendor of Record service eliminates the administrative burden of tracking these complex compliance requirements.

The new service utilizes Xignite’s cloud-native Entitlements and Usage Microservices to give firms complete control and transparency of their data consumption and usage. Xignite provides data entitlements, usage tracking, and exchange reporting across various data sets, users, and applications to ensure exchange compliance. Xignite’s new service sometimes eliminates the need to pay expensive redistribution fees. Exchange fees for display data, regardless of the number of users, can cost upwards of $10,000 per month. These high fees are especially difficult for smaller financial firms with just a few real-time data users.  

“Maneuvering through the maze of required compliance policies, entitlements, usage tracking, and reporting requirements, and being subjected to frequent audits is no easy feat,” said Vijay Choudhary, Head of Product for Xignite. “Xignite’s mission is to “Make Market Data Easy.” Today’s announcement is another step towards this. We are taking away the administrative burdens and complexity of licensing market data and allowing our clients the freedom to focus on their investment and trading strategies and building innovative products.”

Xignite’s Vendor of Record service is available for professional users with internal and display-only use cases. The service is available now as an add-on service for subscribers of our real-time and delayed equities and options pricing data APIs. These include:

XigniteGlobalOptions

XigniteGlobalQuotes

XigniteGlobalRealTime

XigniteGlobalRealTimeOptions

XigniteNASDAQLastSale

About Xignite

Xignite has been disrupting the financial and market data industry from its Silicon Valley headquarters since 2003 when it introduced the first commercial REST API. Since then, Xignite has continually refined 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 to build efficient and cost-effective enterprise data management solutions. Visit xignite.com or follow on Twitter @xignite.

09/21/2021

Xignite, Inc., a provider of cloud-based market data distribution and management solutions for financial services and technology companies, today introduced XigniteGlobalETFs, a new Cloud API providing advanced analytical and full holdings data for exchange-traded funds (ETFs) globally. The popularity of ETF investing has been going through the roof and, in 2021, has broken all previous records. ETF data is critical to Xignite's digital investment manager (robo-advisor) clients, such as Betterment and SoFi, and our trading and brokerage clients, such as Robinhood and eToro, who offer their users collections made primarily of specially chosen, low-fee ETFs.

One of the prime reasons for the dramatic increase is that ETFs have become virtually free to buy and sell thanks to innovative Fintech solutions powered by Xignite market data. Robo-advisors such as Personal Capital, SoFi, Wealthfront, and WealthSimple have helped make ETFs extremely popular as an easy, low-cost way to diversify their members' portfolios.

Zero-cost trading stock brokers like Robinhood have attracted investors that use ETFs as trading vehicles. As the ETF landscape evolves, it continues to democratize hard-to-access trading strategies for retail investors. This dramatic expansion, and the complexity of the ETF landscape, make it critical for our clients to have institutional quality data to integrate into their ETF-focused financial software and mobile applications. 

The new API offers daily and historical coverage of all listed ETFs in North America, Europe, and the largest Asian markets. Sourced from CFRA Research, one of the world's largest independent investment research firms, users can analyze underlying constituents across ETFs to quantify and compare sector, factor, and other risk exposures. The Xignite's Data Quality team cross-validates the ETF data across sources and proactively detects and fixes any missing information. 

"Inflows to ETFs have already set an annual record in 2021," says Vijay Choudhary, Vice President of Product Management for Xignite. "It is critical for our wealth management, trading, risk analysis, hedge fund, and other Fintech clients to have access to in-depth research on the ETF industry to make informed decisions on behalf of their clients," added Choudhary.

Xignite APIs are cloud-native and offer a robust selection of use case-based endpoints. These endpoints are ready-to-use pieces of code that developers can easily integrate into their product or app, regardless of type, amount, or frequency of data, without the need for any complex integration logic. The available XigniteGlobalETF endpoints are:

GetHoldings - Returns all holdings sorted by percentage portfolio weight for the specified date.

GetETFCharacteristics - Returns characteristics for one or many ETFs for the specified date.

GetVolatilityStatistics - Returns average volume and volatility at the specified date.

GetFundFlows - Returns fund flows for selected ETFs.

GetFundFlowsRange - Returns fund flows for a selected ETF across the specified time range.

GetHistoricalNAVs - Returns the historical NAVs for an ETF based on a start date and end date.

GetNAVs - Returns the closing NAV for one or more ETFs for the specified AsOfDate.

GetTrailingReturns - Returns trailing returns for one or many ETFs for the specified date.

SearchETFs - Returns a list of ETFs that match the search parameters.

 

About Xignite

Xignite has been disrupting the financial and market data industry from its Silicon Valley headquarters since 2003 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 to build efficient and cost-effective enterprise data management solutions. Visit xignite.com or follow on Twitter @xignite.

08/03/2021

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 Neeva, the world’s first ad-free, private subscription search engine. Neeva has built features to deliver information in a more user-friendly manner to a general audience. One new feature is a stock tracker, enabling users to look at stock prices based on different time intervals and other key data points. The stock tracker is powered by Xignite financial data. Click HERE to download the case study containing the full results.

Neeva’s stock tracker requires significant quantities of high-quality market data to function. The company initially enlisted a legacy data provider but quickly ran into issues with data and API quality. Neeva needed to integrate quickly and required fast and reliable financial data. After a trial and receiving a recommendation from another client, Neeva identified Xignite as a provider capable of delivering large quantities of market data in a comprehensive and developer-friendly manner. 

“We were impressed by Xignite and committed to them following a successful trial,” said Stephanie Chang, Head of Marketing at Neeva. “The main factors that drew us to Xignite were the consistency of their stock ticker coverage and the granularity of their time-series ticker data, as well as the speed and reliability as well as the speed and reliability of their API,” added Chang.

Integration of the Xignite financial data APIs into Neeva’s stock widget took less than two weeks, and Neeva noticed immediate results in terms of breadth, detail, and API quality. Powered by Xignite’s global quotes and global historical APIs. Neeva presents its users with rich and desirable views of key data points for a huge variety of stocks. Users can use a time-based filtration mechanism to drill into metrics like open price, daily highs, and lows, 52-week highs and lows, volume, and market cap. 

“Xignite’s vision is to Make Market Data Easy. With our industry leading technology combined with Neeva’s user friendly search engine we have done just that,” said Stephane Dubois, CEO and Founder of Xignite. “We look forward to continuing our work with Neeva as they disrupt the search engine marketplace.” 

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. 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

About Neeva

Neeva is the world’s first ad-free, private subscription search engine. Neeva focuses entirely on the consumer, delivering only real, high-quality, trustworthy results. Neeva blocks third-party website trackers and will never sell or share customer data with any third party, especially advertisers. Neeva also makes it easy to search within personal email accounts, calendars, and cloud storage platforms surfacing the most important information from the same familiar search box. Neeva was founded by former executives from Google and YouTube. Learn more and sign up at Neeva.com.

07/15/2021

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, announced today it has enhanced the data coverage for its’ interbanks and interest rates APIs in preparation for the required transition from the London Interbank Offered Rate (LIBOR) benchmark interest rate at the end of 2021.

Used in financial products such as adjustable-rate mortgages, consumer loans, credit cards and derivatives, LIBOR has been the world's most widely used benchmark for short-term rates. But after the 2008 financial crisis the U.S. Federal Reserve recommended a new benchmark interest rate to replace the outdated and problematic LIBOR. In the U.S market the new benchmark is Secured Overnight Funding Rate (SOFR), which is based on transactions in the U.S. Treasury repurchase, or repo, market, where banks and investors borrow or lend Treasuries overnight. Other countries are introducing their own local-currency-denominated alternative reference rates for short-term lending.

Xignite banking, and Fintech customers that build apps for capital markets, investment management, financing, and foreign currency exchange purposes, require interbank and interest rates data to manage exchange and interest rate risk. Xignite enhanced its Interbanks and Rates APIs with SOFR earlier this year and has now added four of the alternative overnight risk-free rates (RFRs) recommended to replace LIBOR for currencies in respective markets. The new rates include Euro Short-Term Rate (ESTR), Swiss Reference Rates (SARON), Sterling Overnight Index Average (SONIA), and Tokyo Overnight Average Rate (TONAR). These additional rates are available now at no additional cost to customers.

“Our rates and InterBanks APIs were the first REST APIs ever released to serve the needs of the lending and banking industries. They uniquely aggregate rates that are used by dozens of firms globally in critical business processes,” said Vijay Choudhary, Vice President of Product Management for Xignite “Given the major shift the industry is experiencing regarding reference rates, it was critical for us to support those new rates to give our clients the data they need to run their businesses,” added Choudhary.

Xignite’s Interbanks API offers real-time and historical interbank and deposit rates for currencies in 40 countries. Xignite’s Interest Rates API provides interest rate data for over 600 global treasury, money market and private capital market instruments and benchmarks. The new alternative T+1 (24hr+ delayed) rates include:

  •         Europe: Euro Short-Term Rate (ESTR) is an interest rate benchmark that reflects the overnight borrowing costs of banks within the eurozone. The rate is calculated and published by the European Central Bank.
  •         Switzerland: Swiss Reference Rates (SARON) represents the overnight interest rate of the secured money market for Swiss francs (CHF). The rate is calculated and published by SIX.
  •         United Kingdom: Sterling Overnight Index Average (SONIA) is the effective overnight interest rate paid by banks for unsecured transactions in the British sterling.
  •         Japan: Tokyo Overnight Average Rate (TONAR) is an unsecured interbank overnight interest rate and reference rate for the Japanese yen. The rate is calculated and published by the Bank of Japan.

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. 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.

06/09/2021