News

Xignite Joins NASDAQ OMX FinQloud to Enhance Data Storage and Computing Resources

Xignite

First Market Data Vendor to Join Financial Services Cloud Ecosystem

NEW YORK, Nov. 4, 2013 (GLOBE NEWSWIRE) -- Xignite, Inc. a leading provider of financial market data cloud solutions, announced today that they will use NASDAQ OMX FinQloud, a cloud computing platform designed exclusively for the financial services sector and powered by Amazon Web Services (AWS). Xignite will leverage FinQloud for all storage and elastic computing resources used by its Market Data Cloud platform, including its financial data APIs, and its Market Data Distribution and Enterprise Data Distribution solutions.

A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=21997

"NASDAQ OMX uses the Xignite platform for their NASDAQ Data-on-Demand historical stock quote service, and we have large financial institutions who are using our Market Data Cloud platform to develop private financial data clouds, so the decision to partner with NASDAQ OMX FinQloud was an easy one," said Stephane Dubois, Xignite CEO and Founder. "We welcome NASDAQ and Amazon's initiative to make cloud computing an increasingly reliable and secure solution that even our largest bank, broker and fund manager customers can trust and rely upon."

"FinQloud provides Xignite and its clients with a highly scalable environment for storing, processing and serving large amounts of market data," said Julia Sears, Associate Vice President of FinQloud at NASDAQ OMX. "It is our mission to continue supporting Xignite as they provide customers the ability to leverage their market data distribution cloud services, further expanding the FinQloud ecosystem. Xignite's move to FinQloud represents a key step forward in transforming how the financial services industry stores and distributes market data from the cloud."

About Xignite:

Xignite, Inc. is the leading provider of Market Data Cloud solutions. Xignite offers more than 40 financial APIs providing real-time, historical, and reference data across all asset classes and fulfills more than 6 billion requests per month. Xignite CloudAPIs power mobile financial applications, websites, and front-, middle- and back-office functions for more than 1000 clients worldwide, including Computershare, Investopedia, Personal Capital, Charles Schwab, Seeking Alpha, Stocktwits, Starbucks, and NetSuite. The company also powers private-label, on-demand data distribution solutions for exchanges and data vendors, including NASDAQ OMX. For more information, visit http://www.xignite.com.

About FinQloud:

NASDAQ OMX FinQloud, powered by Amazon Web Services, is a cloud computing platform designed exclusively for the financial services sector. FinQloud offers a suite of storage and compute services, including R3 which combines AWS cloud computing expertise with enhanced security from NASDAQ OMX to provide cost-effective and efficient management, storage and processing of financial data. FinQloud helps firms significantly reduce the operational costs and complexities associated with data and infrastructure management – enabling more effective deployment of scarce resources.

A product of NASDAQ OMX's unique financial technology domain expertise and Amazon's flexible and cost-effective cloud infrastructure, R3 enables financial market participants to benefit from the economic and performance advantages of cloud computing, in a manner designed to comply with regulatory and security requirements. Flexible, reliable and highly scalable, FinQloud is fully-managed and designed to immediately help firms reduce their technology burden, and refocus resources on revenue driving activities, even as data volumes and regulatory initiatives continually rise. To learn more visit www.nasdaqomx.com/FinQloud or contact FinQloud@nasdaqomx.com

About NASDAQ OMX:

The inventor of the electronic exchange, The NASDAQ OMX Group, Inc., fuels economies and provides transformative technologies for the entire lifecycle of a trade - from risk management to trade to surveillance to clearing. In the U.S. and Europe, we own and operate 26 markets, 3 clearinghouses and 5 central securities depositories supporting equities, options, fixed income, derivatives, commodities, futures and structured products. Able to process more than 1 million messages per second at sub-40 microsecond speeds with 99.99% uptime, our technology drives more than 70 marketplaces in 50 developed and emerging countries into the future, powering 1 in 10 of the world's securities transactions. Our award-winning data products and worldwide indexes are the benchmarks in the financial industry. Home to approximately 3,400 listed companies worth $6 trillion in market cap whose innovations shape our world, we give the ideas of tomorrow access to capital today. Welcome to where the world takes a big leap forward, daily. Welcome to the NASDAQ OMX Century. To learn more, visit nasdaqomx.com. Follow us on Facebook (http://www.facebook.com/NASDAQ) and Twitter (http://www.twitter.com/nasdaqomx). (Symbol: NDAQ and member of S&P 500)

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 FinQloud and NASDAQ OMX'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's control. These factors include, but are not limited to factors detailed in NASDAQ OMX'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.

NDAQG

The photo is also available via AP PhotoExpress.

CONTACT: Xignite Media Contact:

Kerry Langstaff

+1 (650) 242-4466 (office)

+1 (408) 472-6433 (mobile)

klangstaff@xignite.com

NASDAQ OMX Media Contact:

Robert Madden

+1 (646) 441-5045 (office)

+1 (347) 740-0191 (mobile)

Robert.Madden@NASDAQOMX.com

RECENT NEWS

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

Read the entire article at Business Insider

The Department of Justice has officially sued Visa to block its $5.3 billion acquisition of Plaid — and the fintech world is scrutinizing what this might mean for the industry.

Business Insider spoke with Xignite's CEO and Founder Stephane Dubois, and other legal and industry experts on how they see the DoJ's lawsuit shaking out — and what this means for the fintech world.

If the Justice Department wins in court, the merger could be scuttled
Stephane Dubois, the CEO of financial data provider Xignite, thinks that the fact that the DOJ sued suggests that it does probably have a solid legal basis for its allegations.

Unless Visa — which has been represented by powerhouse law firm Skadden in connection with the deal — can fight the DOJ's lawsuit on a legal basis and argue successfully that the government's argument is too speculative, that they're not anticompetitive, he doesn't think the acquisition will go through.

Otherwise, Visa would need to comply with conditions set by the DOJ — for example, lower fees on credit cards, or breaking up its business — to make itself non-competitive. But he's not sure if Visa would be willing to do that.

Dubois said such a lawsuit could be a "cold shower" for fintechs that are considering mergers and acquisitions given the massive $200 million Plaid paid for its API competitor, Quovo, in January 2019, not to mention the $5.3 billion price tag of Visa's acquisition of Plaid.

The DOJ's lawsuit could fail and Visa's acquisition could go through, but with diverging possible outcomes for Plaid and other fintechs

Dubois sees several possible outcomes playing out should the DOJ's lawsuit fail. The acquisition would go through and Visa could continue to make Plaid available to fintechs, but in a way that it doesn't "cannibalize" its own business — for example, by charging 3% fees to competitor services that Plaid enables.

It's also possible that Visa shuts down Plaid after a successful acquisition, essentially squashing competition for the market, something Dubois called a "worst case scenario."

11/05/2020

Yugabyte, the leader in open-source distributed SQL databases, today announced that market data distribution and management solutions provider Xignite has selected YugabyteDB as its database of choice to power its cloud-native financial data distribution and management solutions. Xignite selected Yugabyte’s distributed SQL database based on YugabyteDB’s high performance, on-demand scalability, and operational ease. 

“Due to the nature of our business, performance and scalability are the two most important factors we look for in a database solution,” said Dr. Qin Yu, VP of Engineering, Xignite. “Financial data is ever-changing and we need to capitalize on that data to give our customers the most accurate, real-time view of the markets. The performance and scalability of YugabyteDB allows us to provide granular data in real-time to our high-profile clientele, combined with the Yugabyte Platform, which greatly simplifies operations and management. In addition, we have come to rely on the Yugabyte as key partners, providing us with a best-in-class distributed SQL platform and support.”  

Xignite provides customers with a scalable way to manage, control, and optimize real-time and reference data across traditional systems and cloud applications. It does this through its cloud-native market data platform that unifies financial data consumption and market data management—delivering clients a real-time view of market activity as a service via the cloud. However, serving financial services and fintech customers like Robinhood, SoFi, Investopedia, and BlackRock requires scaling as their data requirements change and grow, while still providing the high availability and high performance they need and expect.  

“When you’re building a leading market data management platform like Xignte, data accuracy and availability are absolutely imperative,'' said Karthik Raganathan, CTO and Co-Founder, Yugabyte. “Making sure customers have always-on access to real-time and reference data in a market with high–and continuously growing–volumes, sources, and types of data puts extensive demands on the scalability and performance of a database and the teams that support it. We are thrilled to be a partner to Xignite, eliminating their database pain points and enabling the Xignite team to invest more time and money in building new features for their customers.” 

As Xignite’s business grows, so does the amount and granularity of data, creating the need to quickly scale the database tier. Scaling Microsoft SQL Server on AWS with Amazon RDS was very challenging, requiring manual partitioning of data at the application layer, which was time-consuming and increased complexity. After trying MySQL and considering NoSQL solutions, Xiginite turned to Yugabyte to address its need for a database provider that could easily scale on-demand, future-proofing the company for continued growth. Yugabyte has seamlessly handled Xignite’s performance requirements for both reads and writes, and enabled the company to add capacity and scale quickly, with operational ease and no downtime.

Moving to YugabyteDB has enabled Xignite to scale to more than 11 terabytes of data, unlock new use cases that would not have been possible with the older technology stack, and achieve an overall cost savings of approximately 50% compared to SQL Server.

For further information on Xignite’s work with Yugabyte visit www.yugabyte.com/success-stories/xignite/

About Yugabyte
Yugabyte is the company behind YugabyteDB, the open source, high-performance distributed SQL database for building global, internet-scale applications. YugabyteDB serves business-critical applications with SQL query flexibility, high performance and cloud native agility, thus allowing enterprises to focus on business growth instead of complex data infrastructure management. It is trusted by companies in cybersecurity, financial markets, IoT, retail and e-commerce verticals. Founded in 2016 by former Facebook and Oracle engineers, Yugabyte is backed by Lightspeed Venture Partners and Dell Technologies Capital. www.yugabyte.com.

11/05/2020