Opening Cross: Carry On Demanding


Waters Technology Market Data cloud apiData consumers are a demanding bunch, and data providers often undertake initiatives that require any significant investment only once customer demand reaches a critical mass to ensure their investment is covered. Let’s face it, some vendors would attribute less functionality and a price hike to “customer demand for streamlined products and simplified pricing,” but for the most part, data suppliers are pretty good at responding to client demand—in many cases, their ability to retain those clients depends on it.

Now, clients are demanding the ability to access more content on-demand. And data providers are responding.

For example, the Depository Trust & Clearing Corp., under the direction of chief data officer and former NYSE head of market data Ron Jordan, is putting the finishing touches to a platform that will allow it to provide access to its data on an “as-a-service” basis and create more flexible offerings and price points. This means the clearer can offer more granular datasets instead of a one-size-fits-all/take-it-or-leave-it approach of offering large datasets where few may want the entire content they contain, and provide sub-sets of that data in response to clients’ specific requirements. This not only means that clients get what they want and not what they don’t, avoiding the stress on their systems of handling large datasets when just a fraction of that will meet their needs, but it also allows them to pay only for what they want and not what they don’t.

Meanwhile, Thomson Reuters has built a family of new, open-source APIs for its real-time content and TREP (Thomson Reuters Enterprise Platform—formerly RMDS) data platform that will make it easier for firms to integrate content from the vendor and alternative suppliers alongside one another, using the same Thomson Reuters data formats, or to plug in other vendors’ transport layers yet still present the data using a consistent data format that corresponds to their existing content from Thomson Reuters. While not strictly an on-demand access initiative, the move—which officials say is not designed to fend off potential competition from web services data providers, for example, but to open up new user bases among those who may not have the resources to work with its old APIs—will certainly make it easier for clients to mix and match content and platforms in a more “on-demand” manner.

All this is a far cry from data as they knew it in John Sussex’s time on the Liffe trading floor, when the main sources of price data were the pit display boards and someone shouting a quote, when sentiment analysis was gauging the buzz of activity on the floor, and when “on-demand data” meant asking someone for a price.

In an Open Platform, Sussex describes the disruptive effect of Liffe rolling out its first electronic trading system, and the impact it had on floor traders now forced to work via computer terminals (such as trying to talk into a mouse) or to take their skills to other open-air marketplaces. This disruptive catalyst brought change for all—good for many, and tough for others. And the disruptive effect of on-demand pioneers such as Xignite has made data consumers and vendors realize that old models can change and old molds can be broken, and which has forced change.

At a conference nearly 10 years ago, I recall a presentation on the potential for pay-as-you-go data. Achieving this goal is not just a matter of vendors changing their licensing models to make it commercially possible, but also delivering the technology infrastructures to make it a reality. And while the industry isn’t quite there yet, with new vendors offering disruptive commercial models, and platform providers offering more granular datasets and API access, we’re closer than ever.

We’re also pretty close to summer vacation season, so IMD will take a break from publishing a printed issue next week, returning on July 20. But to sate your demand for market data news, keep up-to-date at, which we’ll continue to update as usual throughout the week. Bon voyage!

Source: Inside Market Data


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.

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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.

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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 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 or follow on Twitter @xignite


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 or follow on Twitter @xignite