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The 2015 Tech 50: Racers to the Edge

Xignite

The global financial technology elite sets itself apart by understanding the strategic and societal implications of high-tech advances and pushing innovation at Silicon Valley–like speed.

Fintech Leader Institutional Investor

Grounded as it is in information and money — and information about money — financial services is, was and always will be a technology business. “Good information received in a timely fashion” defined sound banking, the late Citibank chairman Walter Wriston said more than 30 years ago.

But money, banking and capital markets have come a long way from what they were in Wriston’s time, or even a year ago, because technology is advancing so quickly and changing industry and society as it goes.

That is the day-to-day reality for the Tech 50, the visionaries and innovators on Institutional Investor’s annual ranking of financial technology leaders. What sets these executives apart goes beyond their considerable understanding of software applications and system performance as components of corporate strategy. These leaders think big about the global or macro implications of technology-­driven change — from cloud computing and machine learning to emerging sensations like the Apple Watch, cryptocurrencies and the Internet of Things. They relate such developments to their organizations’ and customers’ on-the-ground challenges and opportunities; set budget, investment and R&D priorities; and come up with solutions, to use the technological term of art.

And they put a premium on speed and agility. “It’s all about speed to innovate,” says Robert Alexander (No. 24), chief information officer of Capital One Financial Corp., which last year bought a leading user-­experience design company to accelerate web and mobile app development.

Intercontinental Exchange chairman and CEO Jeffrey Sprecher, repeating in the No. 1 position, brought his company from nowhere to the top of the global exchange world in part because, he says, “technology enabled us to scale quickly.” It also can fail. ICE’s three-and-a-half-hour outage on July 8 was only the latest to affect a major market platform — and demonstrate the importance of two other differentiating qualities: resiliency and recovery.

Catherine Bessant (No. 2), global technology and operations executive at Bank of America Corp., frets that the technology world at large is “moving at the speed of the consumer, not the speed of the enterprise.” The answer? “The best and brightest talent.” Bessant believes that “in conjunction with advanced-state thinking, financial services is magnetic for tech people.” But that means competing against Apple, Google and other name brands. For Bloomberg, one of the biggest and best-regarded development shops in finance, “ability to find talent is the only constraint” to hiring more technologists, says global head of R&D Vlad Kliatchko(No. 6). Citigroup chief innovation officer Deborah Hopkins (No. 8) calls the speed of change “exponential” and “almost violent,” and the necessary strategic response akin to a “lean start-up.” She views her organization’s “200 years of know-how” not as a liability but as something to be leveraged as new and “democratized” business models like the smart-phone economy and the blockchain present new opportunities.

The Tech 50 ranking was compiled by Institutional Investor editors and staff, with nominations and input from industry participants and experts. Four primary sets of attributes were evaluated: achievements and contributions over the course of a career; scope and complexity of responsibilities; influence and leadership inside and outside the organization; and pure technological innovation.

Of the 50 entries, 36 return from last year. The returnees’ 2014 ranks are shown, and the rest are designated “PNR” (previously not ranked).

The Tech 50 was compiled under the direction of Senior Contributing EditorJeffrey Kutler. Individual profiles were written by Kutler; Asia Bureau Chief Allen T. Cheng; Editorial Research Assistant Jess Delaney; Senior WritersFrances Denmark, Julie Segal and Aaron Timms; Associate Editor Kaitlin Ugolik; International Editor Tom Buerkle; and Editor Michael Peltz. •

1. Jeffrey Sprecher - Intercontinental Exchange

2. Catherine Bessant - Bank of America Corp.

3. Phupinder Gill - CME Group

4. Lance Uggla - Markit

5. Robert Goldstein - BlackRock

6. Shawn Edwards & Vlad Kliatchko - Bloomberg

7. R. Martin Chavez - Goldman Sachs Group

8. Deborah Hopkins - Citi Ventures

9. Stephen Neff - Fidelity Investments

10. Adena Friedman - Nasdaq OMX Group

11. David Craig - Thomson Reuters

12. Daniel Coleman - KCG Holdings

13. Michael Spencer - ICAP

14. Michael Bodson - Depository Trust & Clearing Corp.

15. Charles Li - Hong Kong Exchanges and Clearing

16. Chris Concannon - BATS Global Markets

17. Christopher Perretta - State Street Corp.

18. Antoine Shagoury - London Stock Exchange Group

19. Kevin Rhein - Wells Fargo & Co.

20. Neil Katz - D.E. Shaw & Co.

21. Lee Olesky - Tradeweb Markets

22. Richard Mcvey - MarketAxess Holdings

23. Seth Merrin - Liquidnet Holdings

24. Robert Alexander - Capital One Financial Corp.

25. Frank Bisignano - First Data Corp.

26. John Marcante - Vanguard Group

27. Joseph Squeri - Citadel

28. Lou Eccleston - TMX Group

29. Claude Honegger - Credit Suisse

30. Chris Corrado - MSCI

31. David Gledhill - DBS Bank

32. John Bates - Software Ag

33. Michael Cooper - BT Radianz

34. Gary Scholten - Principal Financial Group

35. Sunil Hirani - TrueEX Group

36. Hauke Stars - Deutsche Börse

37. Brian Conlon - First Derivatives

38. Jim Minnick - Evestment

39. Lars Seier Christensen & Kim Fournais - Saxo Bank

40. Tyler Kim - MaplesFS

41. Jim Mcguire - Charles Schwab Corp.

42. Steven O'hanlon - Numerix

43. Sebastián Ceria - Axioma

44. Yasuki Okai - NRI Holdings America

45. Stephane Dubois - Xignite

46. Mazy Dar - OpenFin

47. Brian Sentence - Xenomorph Software

48. Mas Nakachi - OpenGamma

49. John Lehner - BNY Mellon Technology Solutions Group

50. Jock Percy - Perseus

Source: Institutional Investor

RECENT NEWS

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

Xignite, Inc., a provider of cloud-based market data distribution and management solutions for financial services and technology companies, today introduced XigniteGlobalCorporateActions, a new advanced API providing detailed corporate actions data for events such as stock splits, dividends, mergers, and spinoffs. The COVID-19 pandemic has led to a dramatic increase in corporate actions, annual meetings canceled, dividend payouts suspensions, and an accelerated company mergers and acquisitions rate. Knowing when a company plans to offer a split or undertake an acquisition is critical for buy-side and sell-side firms.

Corporate action processing is one of the “last frontiers of pain” for investment management, and one of the most manual and complex parts of back-office operations. The lack of uniformity and standards makes it difficult to identify and interpret information correctly. Obtaining accurate and timely information is challenging, and errors can result in painful financial losses. The XigniteGlobalCorporateActions is the first cloud-based REST API to eliminate the pains and complexity caused by legacy data feed and files. The API provides a single-source data stream with consistent information gathered from more than 190 exchanges and over 30,000 U.S. mutual funds.

The recent split of TSLA and AAPL stock on the same day illustrates the complex and far-reaching impact of corporate actions. If a firm does not do this correctly, it will show on historical charts, and their customers will notice. Xignite’s Data Quality team cross-validates our corporate actions data across sources and proactively detects and fixes any missing information. This prevents missing issues such as the TSLA and AAPL splits.

“The industry is facing a ‘perfect storm’”, says Vijay Choudhary, Vice President of Product Management for Xignite. “On one hand you have a massive wave of corporate actions fueled by the pandemic and the rising markets, and on the other you have millions of new retail investors eyeballing their investment applications all day long. One bad corporate action can send your customer service department into a tailspin,” added Choudhary. Additional detail on the Corporate Actions API endpoints:

GetDistributions - Returns cash and stock dividends as declared by the company for a requested security and date range.

GetDistributionsByExchange - Returns cash and stock dividends as declared by the company for a requested exchange and date.

GetEventSummaries - Provides a high-level overview of events for a requested security and date range.

GetMergers - Returns merger events for a given identifier and date range.

GetSpinoffs - Returns spinoff events for a given identifier and date range.

GetSplits - Returns the stock split history for a security for a specified date range.

GetTakeovers - Returns takeover events for a given identifier and date range.

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 specialized microservices-delivered modules to build efficient and cost-effective enterprise data management solutions. Visit http://www.xignite.com or follow on Twitter @xignite

05/18/2021

In the foreign metal market and the world of international rates, currencies play the crucial role of acting as the medium of exchange in the transactions that take place.

Currencies like the United States dollar, the Euro, or the British Pound are commonly used around the world in order to get a metal rate. Some companies that offer precious metal live and historical rates have exposed their APIs (Application Programming Interfaces) to allow developers to integrate current and historical metal rates, currency conversion, or other capabilities into their applications.

In order to know about precious metals live and historical rates, there’s a lot of APIs available online, and if you want to try one, Barchart is going to be one of your first options. But if you take a look at what else is in the market, you’ll find alternatives so many great alternatives:

Xignite Market Data Cloud Platform

Xignite Market Data as a Service was one of the first market data services built to run in AWS and they are one of the few vendors that is an AWS Advanced Technology Partner with a Financial Services Competency.

With more than a decade of cloud expertise in building, scaling and operating cloud-based market data technology, it is no surprise that leading financial services and capital markets firms rely on this company to empower their journey to the cloud. Their Metals API Service offers real-time prices and quotes for metals including Gold, Silver, Palladium, Platinum and other base metals. In addition to real-time precious metals prices, the service provides daily London Fixing prices as well as historical precious metal prices and metal news. 

Xignite Cloud APIs are sourced from leading providers such as FactSet and Morningstar as well as Xignite’s own curated, high-quality data.

Read the article Top 3 Alternatives for Barchart Precious Metals Rates

02/25/2021