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Xignite: Inspiring the Future of Finance with Easy and Speedy APIs

Xignite

Are companies like Xignite the key drivers of financial innovation?

Within minutes of his company’s keynote at FinDEVr this fall, Xignite founder and CEO, Stephane Dubois had already dropped the names of StockTwitsPersonal Capital, and Robin Hood. All headline-grabbing fintech companies that have chosen Xignite to supply the crucial market data that makes their innovations work.

Sharing the stage with software engineer Anand Viswanathan, Dubois used a real stock purchase to take the us from financial social network to PFM/investment advisory to trading platform, connecting the dots of a real fintech ecosystem with Xignite at the center.
Xignite the Market Data Cloud
From Xignite’s perspective what makes them the resource of choice for so many innovative fintech startups is that Xignite understands two key things about innovation in a competitive technology marketplace. First, it doesn’t matter how good your product or service is if you can’t get it to market before your competitors. Second, don’t make developers spend any more time on  the “financial market data piece” as Dubois calls it, than is absolutely necessary.
“Individual developers have an idea, a vision of building something unique,” Dubois explained.
“By creating something that developers can look at and say, ‘I can code this today’ it makes it easier for them to create and innovate,” Dubois said.
 
Ready, Set – Xignite!
It’s worth remembering that there was a time when getting access to market data itself was a challenge. “Historically sourcing and integrating market data has been very painful,” Dubois said from the stage at FinDEVr this fall. “It’s very complex area, its full of quirks and its littered with legacy technologies.” He recounted a story of Wealthfrontfounder Adam Rachleff, who became frustrated with legacy data providers, and decided instead to turn to Xignite for market data. 
Xignite Stephane Dubois
“We helped Andy build Wealthfront,” Dubois told developers. “And we can help you build your business.”
Founded in 2003 and headquartered in San Mateo, California, Xignite’s story has been about more than just building a better market data delivery mousetrap.  By 2008, the media had begun to pick up on how, in the words of TechCrunch’s Jeff Widman, Xignite was a “case study” in how a wide range of businesses – in this case Forbes.com – could take advantage of cloud-delivered data and free themselves from the costs and technology issues of legacy financial market data providers. 
As Dubois explained in an interview earlier this year, the previous generation of APIs assumed two things: slower networks than we have today, and applications that stored data. “Now the networks are faster and apps ask for data repeatedly rather than storing it,” he said.
This is what has allowed for “massive cloud ecosystems” such as Amazon Web Services, which Xignite leverages in order to support its own ecosystem of fintech builders and innovators.
Xignite Market Data APIs
Today Xignite offers a wide array of fintech solutions. Its Market Data Cloud provides real-time, historical, and reference financial data on instruments in all asset classes. Its Market Data Distribution solution is used by exchanges and vendors such as NASDAQ to provide transaction data especially through Xignite’s on-demand APIs. Large FIs can take advantage of Xignite’s Enterprise Data Distribution solution, which helps organizations clean up data redundancies, as well as provide data through a private, branded API catalog.
Xignite currently processes more than 15 billion API calls a month from more than 45 countries. Its FI partners include BlackRock, Charles Schwab, BNY Mellon, Natixis, andTD Ameritrade, and exchanges like the Nasdaq OMX and the NYSE both use Xignite to sell their data.
 
The Technology
Xignite calls itself a design company rather than a “market data” company. It’s another way of saying that in addition to accurately delivering data quickly, Xignite has to provide that data in ways that are easy for developers to deal with. “Market data is especially complex,” Dubois explained. “We demystify it so they can build apps super quickly. We also have everything they need in one place – a one-stop shop – and what they’ll need for tomorrow.”
Some of what makes Xignite help developers get their projects finished easier and to market faster may seem like minutiae to non-builders. But according to Vishwanathan, its the minutiae that matters. He points to the layout of Xignite’s Product Catalog, which offers “tons” of API operators for individual services such as Get GlobalDelayed Quote. This gives developers the maximum ways to get the data they need. The API test forms in Xignite APIs can be customized so that developers can see only the outputs they are interested in, and in-line documentation helps make sure that builders are know both exactly what they are getting and exactly how to integrate it into their projects.
Xignite Market Data Cloud
Xignite and the Fintech Gold Rush
Dubois thinks we are living in a “fintech gold rush”. And as such its Xignite’s job to provide prospectors with the shovels, pans, and dredges. Newly queued up is FactSet, which provides financial information and analytics to more than 50,000 customers via desktop analytics, mobile apps, and data feeds. Xignite announced earlier this month that its customers will have access to FactSet’s global fundamental market data via its APIs as early as Q4 of this year.
In making the announcement about FactSet, Dubois referred the challenge of “keep(ing) pace with innovation.” It’s a telling acknowledgement and heartening to hear for fans of the platform. After all, it was a change in the way that data moved and was used – from slow
er and locally stored to faster and distributed from the cloud – that helped give Xignite the advantage it has. It is impossible to know the next evolution in data, the form it takes or the way the apps of tomorrow will consume it. But in either event, it will be worth watching to see how Xignite grows and adapts to stay at the forefront of change.
What’s not likely to change any time soon, however, are the number of companies discovering providers like Xignite and deciding that cloud-based financial market data delivery is a better alternative.
“Whether you are a startup trying to topple the world order, or working for a large company and trying to hold on to what you’ve got, what you need is speed,” Dubois said. “We have the largest, fastest, most powerful set of RESTful APIs that will help developers get their products to market faster.”
 

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