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NASDAQ is the First U.S. Stock Exchange to Facilitate Free, Universal Access to Real-time Stock Data

Xignite

CNBC, Google, The Wall Street Journal Digital Network, Xignite to Deliver New Service
New York, NY, June 2, 2008--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced that The NASDAQ Stock Market (NASDAQ®) has launched a new service that places free real-time market data in the hands of millions of individual investors. With "NASDAQ Last Sale," NASDAQ becomes the first U.S. stock exchange to facilitate universal, free access to real-time stock quotes -- or the last quoted price -- together with CNBC, Google, The Wall Street Journal Digital Network and Xignite. "This is an important, and in many ways, overdue development in the U.S. securities markets," stated Adena Friedman, Executive Vice President, NASDAQ OMX. "With universal access to the Internet and the real-time nature of the web, investors need real time data, and now they don't have to pay for it, thanks to CNBC, Google, The Wall Street Journal Digital Network and Xignite." "This service underscores CNBC's mission to deliver news and market data that is fast, accurate, actionable and unbiased," said Scott Drake, Vice President, CNBC Digital. "CNBC has always provided its television audience with the best real-time market data. Previously, NASDAQ quotes had been operating under a 15 minute delay on the web. As of today, that is no longer the case. CNBC.com and CNBC mobile users will have access to real-time NASDAQ quotes, no matter what platform they use or where they are in the world." "Providing real-time market data on Google Finance is an important step forward in delivering useful information to our users that will help them make more informed and timely financial decisions," said Marissa Mayer, Vice President of Search Products and User Experience at Google. "Historically, real-time financial information has been out of reach for most consumers without access to brokerage accounts or subscription fees. We are pleased to be making this information freely available to all of our users on Google Finance, and other Google search properties." "Our millions of users expect and receive the most insightful news and analysis across business and finance, and now they won't have to wait for 15 or 20 minutes after the market opens to find out how news is affecting their portfolios," said Gordon McLeod, president of The Wall Street Journal Digital Network, which will offer the new service on WSJ.com, MarketWatch.com and Barrons.com. "We're also providing real-time pre- and post-market activity, which will allow us to immediately show, for example, how a company's pre-market earnings announcement is affecting the stock. Offering the best real-time data available is a benefit that will enable even better decisions, both personal and professional." NASDAQ Last Sale provides real-time data for securities listed on NASDAQ, NYSE and Amex -- including price, volume and time. NASDAQ Last Sale allows investors to make more timely and better informed investment decisions, increases market transparency, lowers trading costs, and provides equal access to the market with the deepest pools of liquidity in the U.S. NASDAQ OMX is the gold data source for all U.S. equities. NASDAQ OMX executes more volume through its trading system than any other U.S. exchange. NASDAQ Last Sale also includes trade data reported to the FINRA/NASDAQ Trade Reporting Facility*. NASDAQ Last Sale also enables firms to create dynamic stock tickers, portfolio trackers and time/price graphs products for public use. Prior to the launch of NASDAQ Last Sale, intra-day data was available without charge on many web sites but on a 15 minute delayed basis. For more information about NASDAQ OMX’s data products, visit https://data.nasdaq.com/. About NASDAQ OMX The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, and with over 3,900 companies, it is number one in worldwide listings among major markets. NASDAQ OMX Group offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; the OMX Nordic Exchange, including First North; and the 144A PORTAL Market. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and ETFs. NASDAQ OMX Group technology supports the operations of over 60 exchanges, clearing organizations and central securities depositories in more than 50 countries. OMX Nordic Exchange is not a legal entity but describes the common offering from NASDAQ OMX Group exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit www.nasdaqomx.com. About CNBC and CNBC.com: CNBC is the recognized world leader in business news, providing real-time financial market coverage and business information to approximately 400 million homes worldwide, including more than 95 million households in the United States and Canada. The network's Business Day programming (weekdays from 5:00 a.m.-7:00 p.m. ET) is produced at CNBC's headquarters in Englewood Cliffs, N.J., and also includes reports from CNBC news bureaus worldwide. Additionally, CNBC viewers can manage their individual investment portfolios and gain additional in-depth information from on-air reports by accessing www.cnbc.com. Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at nbcumv.com/cnbc/. About Google Inc. Google's innovative search technologies connect millions of people around the world with information every day. Founded in 1998 by Stanford Ph.D. students Larry Page and Sergey Brin, Google today is a top web property in all major global markets. Google's targeted advertising program provides businesses of all sizes with measurable results, while enhancing the overall web experience for users. Google is headquartered in Silicon Valley with offices throughout the Americas, Europe and Asia. For more information, please visit www.google.com About The Wall Street Journal Digital Network The Wall Street Journal Digital Network comprises business and financial news websites including The Wall Street Journal Online (www.wsj.com), the leading provider of business and financial news and analysis on the web with more than one million subscribers; Barron’s Online (www.barrons.com), the site of America’s premier financial magazine with 127,000 subscribers; MarketWatch.com, a leading investing and financial news site with 100 journalists in 10 bureaus around the world; and AllThingsD.com, a site devoted to news, analysis and opinion on technology, the Internet and media. Marketers seeking business decision-makers and affluent and influential individuals can reach more than 23 million unduplicated, unique visitors each month across The Wall Street Journal Digital Network. About Xignite Xignite (pronounced "x-ignite") is the leading provider of on-demand web services for mission-critical financial applications. Xignite offers the broadest suite of financial web services available today with more than 50 commercial-grade solutions covering quotes, news, corporate data, industry information, analytics, tools and more. As a pioneer in the field of business services available "in the cloud", Xignite's comprehensive platform brought the on-demand model popularized by Salesforce.com to the financial market data industry. Xignite fulfills more than 1 billion service requests per month, powering web sites, corporate portals, portfolio management systems, analytical engines and more. Xignite serves more than 450 global clients, including Wells Fargo, Citi, GE Commercial Finance, Cowen & Company, Skandia, ING, Marsh & McLennan, Starbucks, and Wendy's. For more information, please visit Xignite at www.xignite.com or call 1-866-XML-SOAP. Cautionary Note Regarding Forward-Looking Statements The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about NASDAQ Last Sale and NASDAQ OMX Group's other products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX Group's control. These factors include, but are not limited to factors detailed in NASDAQ OMX Group's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements *FINRA is a registered trademark of the Financial Industry Regulatory Authority and is used under license from the Financial Industry Regulatory Authority.

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Read the article on A-Team Insight Blog

By Mike O’Hara, Special Correspondent

Cloud-delivered market data was once ‘over my dead body’ territory for institutional market data managers, who understandably fretted aloud about performance, security and licence compliance issues. But Covid-19 has forced those same data managers to confront the fact that many of their professional market data users are able to work from home (WFH), in turn driving financial firms to question whether the pandemic could be the catalyst for a rethink of their expensive-to-maintain market data infrastructures, with cloud part of the data delivery solution.

For many financial firms, today’s cloud delivery and hosting capabilities offer a viable solution for supporting trading and investment teams and their support staff, accelerating demand for cloud-based market data delivery infrastructures. The thinking is that cloud may help firms with their broader aim of reducing their on-premises technology and equipment footprint, a trend that was emerging even before the Coronavirus struck.

But embracing cloud delivery introduces new challenges for market data and trading technology professionals. While WFH will doubtless continue in some form, it’s far from clear that all market data delivery can be migrated to the cloud. Essential market data functions will remain on-premise. High-performance trading applications and low-latency market data connectivity, for example, will continue to rely on state-of-the-art colocation and proximity hosting data centres.

For many financial institutions, the challenge will be how to manage these several tiers of market data delivery and consumption. Going forward, practitioners will face a three-way hybrid of on-premises, cloud-based (private/public) and collocated market data services in order to support a range of users: from work-from-home traders and support staff to trading-room-based traders, analysts and quants, to collocated electronic applications like algorithms, smart order routers and FIX engines.

Indeed, A-Team will be discussing the infrastructure, connectivity and market data delivery challenges associated with cloud adoption in a webinar panel session on November 3. The webinar will offer a ‘reality check’ that discusses best practices for embracing cloud, colo and on-prem to support this new mix of user types, with emphasis on capacity, orchestration, licensing, entitlements and system / usage monitoring.

With firms’ appetite for exploring the potential of the cloud piqued, data managers are now looking at whether they can hope to take advantage of some of the more widely recognised benefits of the cloud – flexibility, agility, speed-to-market, scalability, elasticity, interoperability and so on – as they grapple with the future market data delivery landscape.

“Market data infrastructure, in terms of data vendor contracts, servers, and data centre space, typically represents a large, lumpy, cap ex expenditure”, says independent consultant Nick Morrison. “And so having the ability to transition that to something with costs that are more elastic, is highly attractive”.

Of course, every firm has its own unique requirements and nuances in this regard. Proprietary trading firms, asset managers, hedge funds, brokers and investment banks are all heavy consumers of market data. But the volume, breadth, depth and speed of the data they need in order to operate is highly diverse. Which means that there is no ‘one size fits all’ when it comes to sourcing and distribution mechanisms (including the cloud).

Market data and the cloud – what’s applicable?

As they consider their options for including cloud in their overall data delivery plans, data managers need to assess whether and how specific data types could be migrated to a hybrid environment: Level 1 (best bid/offer), level 2 (order book with aggregated depth at each price level) or level 3 (full order book)? Historic, end of day, delayed or real-time? Streaming or on-demand? This all has a bearing on the feasibility of cloud as a delivery mechanism.

Firms also need to consider their mix of public and private cloud, or what mix or hybrid cloud solution best fits their needs. What about virtualisation? Or internal use of cloud architecture, such as building a market data infrastructure around microservices and containers?

The marketplace already has identified at least one workable use-case: the use of historical, tick or time-series market data, usually to drive some form of analytics. A growing number of trading venues (such as ICE and CME) and service providers (Refinitiv, BMLL and others) now offer full level 3 tick data on a T+1 basis, delivered via the cloud. Plenty more providers can offer historic level 1 & 2 data.

This kind of capability can be used for critical use-cases, such as back-testing trading models for signal generation and alpha capture, performing transaction cost analysis (TCA), developing and testing smart order routers (SORs), or fine-tuning trading algos to better source liquidity. In all of these cases, cloud-hosted historical tick databases can reduce on-premises footprint and cost, while offering flexible access to vast computing resource on demand, and many are finding this compelling. “When churning through such vast quantities of data, having access to a cloud environment enables you to scale up horizontally to process that data”, says Elliot Banks, Chief Product Officer at BMLL.

Where things start to get more complicated, though, is with real-time market data, where two of the biggest hurdles from a cloud delivery perspective are speed and complexity.

Deterministic speed

From a trading standpoint, speed is always going to be a significant factor. Nobody, regardless of whether they’re an ultra-low latency high-frequency trading firm or a human trader dealing from a vendor or broker screen, wants to trade on stale prices. The tolerances may be different but the principle applies across the board.

It’s a safe bet that any firm currently receiving market data directly from a trading venue into a trading server (collocated at the venue’s data centre or hosted at a specialized proximity hosting centre operated by the likes of Interxion) relies on deterministic low latency, and is therefore unlikely to consider cloud as an alternative delivery mechanism.

Clearly, HFT firms with trading platforms that require microsecond-level data delivery won’t be replacing their direct exchange feeds and often hardware-accelerated infrastructure with the cloud, as the performance just isn’t there, for now at least. This, of course, could change if and when the trading venues themselves migrate to cloud platforms, creating a new kind of colocation environment, but that’s likely some way off. “But these guys only have a few applications that really need ultra-low latency data”, says Bill Fenick, VP Enterprise at Interxion. “Most of their applications, be they middle office, settlements or risk, they’re perfectly happy to take low-millisecond latency”.

And what about other market participants? Particularly those that currently make use of consolidated feeds from market data vendors, where speed is perhaps a secondary consideration? This is where cloud delivery may have some real potential. But it’s also where the issue of complexity rears its head.

Navigating the complexity

To deal with the myriad of sources, delivery frequencies, formats and vendor connections used to feed real-time market data into their trading, risk, pricing and analytics systems, many financial firms have built up a complex mesh of infrastructure that ensures the right data gets delivered to the right place at the right time. The integration layer required to handle these data inputs may be delivered as part of the data service or may stand alone as a discrete entity. In either case, it’s unrealistic to expect that all of this infrastructure can just be stripped out and replicated in a cloud environment.

To address this challenge, some service providers are starting to offer solutions where the source of the data is decoupled from the distribution mechanism, aiming for the holy grail where either, or both, can be cloud-based.

By building individual cloud-hosted microservices for sourcing market data, processing that data in a variety of ways, and delivering it into end-user applications, such solutions can help firms migrate their market data infrastructure incrementally from legacy to cloud-based platforms. Refinitiv is starting to shift much of its infrastructure onto AWS, and other specialist cloud-centric vendors such as Xignite and BCC Group also enable internal systems to be decoupled from data sources, thus facilitating a shift towards cloud-based infrastructure. “We believe the customer should be able to easily move from source to source and get as many sources as they want. The cloud enables this kind of flexibility”, says Bill Bierds, President & Chief Business Development Officer at BCC Group.

Firms have long wanted to become more vendor-agnostic by decoupling their data integration capability from the primary data source. One investment bank in London, for example, was able to decouple Refinitiv’s TREP platform from its Elektron data feed and switch to Bloomberg’s B-Pipe for its data, delivered via the TREP framework. From a market data perspective, this has given the bank more negotiating power and less vendor lock-in, opening up greater opportunities to utilise cloud-based market data sources in the future.

Permissioning and entitlements

Perhaps one of the toughest challenges that firms face around real-time market data on the cloud is that of entitlements and usage authorisation. Firms sourcing data from the two main data vendors, Refinitiv and Bloomberg, will generally be tied into their respective DACS and EMRS entitlements systems, often augmented by data inventory and contract management platforms like MDSL’s MDM or TRG Screen’s FITS and InfoMatch.

Entitlements can be a thorny subject when it comes to cloud-based distribution of market data. Firms are wary of falling foul of their licence agreements with their various data vendors, all of whom have different commercial considerations and penalties for non-compliance. This is why accurate tracking and reporting of market data access and usage is crucial.

The cloud can be a double-edged sword in this regard. One the one hand, transitioning from a dedicated infrastructure to the cloud might trigger extra licensing costs for what is effectively an additional data centre, so they may need to go through a period of paying twice for the same data. Indeed, firms may already be facing this situation as they entitle staff to operate from home while holding enterprise licences covering only their headquarters and regional offices.

On the other hand, cloud-based services such as those offered by Xignite and others can make it easier for firms to manage entitlements across multiple data vendors from a central source via a UI. “Our entitlements microservice is integrated with our real time microservice, to make sure that any distribution and any consumption of data is authenticated and entitled properly, so that only the right users have access to the data,” says Stephane Dubois, CEO of Xignite, whose microservices suite is supporting NICE Actimize’s cloud-based market data delivery infrastructure.

Where next?

With new products, services and technologies emerging all the time, firms can be optimistic about the growing opportunities that the cloud can offer for managing market data. One particularly interesting development worth watching is the rise of Low Code Application Platforms (LCAPs), such as that offered by Genesis, which provides a cloud-based microservices framework that can be used for rapidly developing and delivering applications around real-time market data. One example is on-demand margining. “A prime broker can link to all of its customers and know exactly what their risk positions are based on real-time market data, so within minutes, they can be sending out margin calls”, says Felipe Oliviera, Head of Sales and Marketing at Genesis.

Industry behemoths such as Refinitiv, SIX and FactSet are also embracing the cloud. Refinitiv has now launched delivery of market data via AWS, is making its tick history data available on Google Cloud and has also recently announced a partnership with Microsoft Azure. FactSet has launched a cloud-based ticker plant on Amazon EC2. And SIX is partnering with Xignite for real-time market data delivery via the cloud. Bloomberg is also partnering with AWS to make its B-Pipe data feed available through the cloud. And the main cloud vendors themselves – Amazon, Google and Microsoft – have established dedicated teams to develop these markets

In conclusion, it’s clear that there are a number of challenges that firms still face when transitioning any part of their market data infrastructure to the cloud. (To register for A-Team’s free webinar on the topic, click here.) And in many cases, particularly where ultra-low latency is required, cloud is not the answer. But equally, by migrating certain elements of their market data infrastructure to the cloud, cost savings can be achieved, efficiencies can be gained and firms can potentially do more with less.

10/21/2020

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, today announced it won the Best Real-Time Market Data Initiative at the Inside Market Data & Inside Reference Data Awards.

A longtime leader in the market data cloud space, Xignite provides financial data through its innovative cloud APIs, which are developer-friendly, reliable and endlessly scalable. Xignite data is normalized and ready-to-use, eliminating common pain points with legacy providers, while maintaining global coverage and institutional quality.

This award recognized Xignite’s work with SoFi, a leading digital personal finance company. In 2019, SoFi launched SoFi Invest, a free consumer investing service, and enlisted Xignite to power the entire platform, from its robo-advisor capabilities, to financial newsfeed, to real-time market alerts and curated stock list. SoFi has identified a number of ways in which these key features are driving member engagement – for example, 10% of users who receive a market alert make a trade within an hour. For more details on this collaboration, download the case study HERE.

“We are honored to be recognized for Best Real-Time Market Data Initiative. Xignite was the first to bring market data to the cloud, and we have continued to innovate and point the way to the future of this unique subset of the industry,” said Stephane Dubois, CEO and Founder of Xignite. “The SoFi collaboration is a great example of how a firm can leverage our diverse range of APIs to build an all-encompassing platform and scale it rapidly. As we look to the future, we will continue to serve our clients through transformative offerings, including our suite of Xiginite Enterprise Microservices, which we announced in July.”

The Inside Market Data & Inside Reference Data Awards are held by WatersTechnology and recognize industry excellence within market data, reference data and enterprise data management. The award ceremony took place during the publication’s Innovation Exchange held virtually from September 9 to September 22.

This is the latest honor in what has been a fruitful year for Xignite on the awards circuit. In the spring, the firm was named an SIIA CODiE Awards finalist and included on the WealthTech 100 list.

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 the Inside Market Data and Inside Reference Data Awards
The annual Inside Market Data and Inside Reference Data Awards, now in their 17th year, play a key role in WatersTechnology’s awards program, and are the only awards that feature a mix of call-for-entry categories determined by a panel of judges and categories compiled by WatersTechnology’s journalists and voted on by the brand’s readership. This year’s awards featured 32 categories in total: 21 call-for-entry categories, 10 journalist-compiled categories, and a hall of fame (lifetime achievement) award.

09/23/2020

Over time, the market has come to embrace cloud in more and more aspects of trading technology. Processing large sets of data and calculation of computationally intense formulas (or both) are common uses of cloud. While the market may not be quite ready to move every part of the trading cycle to the cloud, market data is becoming more and more mainstream. 

Market Data + Cloud Solutions

In fact, somewhat ironically, market data is very fertile “ground” for cloud offerings. Not only are third-party cloud providers continuing to enhance their market data offerings (i.e., Bloomberg,[1] Refinitiv,[2] Xignite[3]), but exchanges are also offering access to data directly via their own cloud services or innovation partners (e.g., CBOE,[4] IEX,[5] Nasdaq[6]). In a post-COVID-19 world, cloud has only become more entrenched in the trading lifecycle across both buy-side and sell-side firms. Even looking back to views from 2019, the growing importance of cloud servicing market data needs is clear.

In fact, almost three-quarters of respondents in our 2019 Market Data Study[7] identified innovation in market data as highly important, with cloud seen as the second most impactful innovation (trailing only slightly behind artificial intelligence). 


Read entire blog post by Shane Swanson, Senior Analyst, Market Structure and Technology at Greenwich Associates.

09/22/2020

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, announced today that it recently enhanced its Bond Master API. Xignite offers several APIs that provide real-time, delayed, historical fixed income pricing and reference data for corporate and agency debt bonds. The Bond Master API enhancement increases the coverage from the United States to 190+ countries, adds additional bond types to support more than 2 million active bond issues, and increases the ease of use of the API with several new endpoints.

Unlike legacy fixed-income data solutions, Xignite’s Bond Master API is cloud-native and offers a robust selection of use-case-based endpoints. Developers can easily integrate these endpoints into their product or app, regardless of type, amount, or frequency of data, without the need for any complex integration logic. Unlike file-based data delivery solutions, the Bond Master API makes on-demand integration into downstream security master or compliance systems frictionless.

Additional detail on the enhanced Bond Master endpoints:

  • The List endpoint for bond type, issuer type, and domicile enables clients to slice and dice the bond universe differently based on use-case.
  • The ScreenBonds endpoint enables clients to dynamically and easily screen the bond universe by combining criteria based on the coupon rate, maturity date, callability, and issue convertibility.
  • The ListBondDataPoints and GetBondDataPoints endpoints enable clients to more easily pick and choose the reference data points they need to integrate into their systems.
  • The GetBondDataPoints endpoint enables access to additional reference data points without requiring changes to an existing implementation.

“Because much of the benefits of a reference data service derives from its breadth, depth and quality of coverage, these enhancements give you the added peace of mind that comes from knowing your holdings are validated against a complete universe,” said Vijay Choudhary, Vice President, Product Management, Market Data Solutions at Xignite. “These enhancements eliminate the need to maintain an on-site bond security master, which ultimately saves our clients time and eliminates significant unnecessary expenses.”

Additional bond issuer types now include: Government Agency, Government Controlled Company, State Government, Supranational

Additional new bond types now include: Bankers Acceptance, Capital Securities, Cash Management Bill, Certificate, Certificate of Deposit, Commercial Paper, Covered Bond, Debenture, Depository Receipt, Discount Notes, Loan Note, Loan Stock, Medium Term Notes, Note, Permanent Interest Bearing Shares, Preferential Security, Preferred Security, Reference Bills, Structured Product, Strip Package, Treasury Bill

Additional reference data points are also now available for all bond types:

  • Issue instrument identifiers (CUSIP, ISIN, Symbol, etc.)
  • Bond Issuer details including issuer name, domicile, unique company identifier, issuer status, industry and sector
  • Bond Issue details including maturity, coupon, coupon type, par value, dated date, distribution and amortization details, day count convention, original issue details, liquidation right, callable, convertible, guarantor, redemption, and other issue details

This is just the latest example of Xignite’s ability to innovate. Earlier this year, the firm unveiled its suite of market data management microservices and also received a patent for its market alerts technology.

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

09/16/2020