SAN MATEO, CA - June 2, 2011 - Xignite, Inc., the leading cloud services provider of on-demand market data distribution technologies, announced today that it was nominated for three prestigious awards, securing two wins overall, at the 2011 Incisive Media Awards Banquet. The awards included "Contract Win of the Year" for its work with CME Group on CME DataCloud and "Most Innovative Market Data Project" for its work with NASDAQ OMX on the NASDAQ Data On-Demand project, an honor conveyed to the team at NASDAQ OMX. The XigniteOnDemand platform was also considered in a tight race for the "Best New Data Product" award.
Xignite won "Contract Win of the Year," for establishing and fostering the relationship necessary to build and manage CME DataCloud, a new on-demand market data delivery solution that provides all new OTC asset pricing and reference data sets, including OTC Energy and Credit Default Swaps. In the case of the "Most Innovative Market Data Project" award, Xignite partnered with NASDAQ OMX to deliver NASDAQ Data-On-Demand, a cloud-based solution that provides flexible and cost effective access to massive amounts of historical Level 1 tick data.
"These awards demonstrate that on-demand cloud-based technology is gaining recognition and acceptance among market data professionals," said Stephane Dubois, President and CEO of Xignite. "We faced formidable competition this year, but Xignite emerged as a clear winner. I look forward to competing again next year."
"Hosted by Inside Market Data and Inside Reference Data, these awards recognize industry excellence with market data, reference data and enterprise data management," said Lee Hartt, Publisher at Incisive Media. "Our readers at financial institutions select winners by participating in our survey covering twenty-two separate vendor categories."
While cloud computing in general has received much justifiable concern in the financial technology community, these awards validate the belief that market data in particular is uniquely suited to the cloud for three reasons.
- Market data is unconstrained by the privacy concerns of personal data.
- Cloud economies can lower the total cost of ownership of market data infrastructure by up to ninety percent when compared to on-premise solutions.
- Cloud-based development significantly increases business agility and can reduce time to market for new applications by up to ninety percent.
Consider the growing amount of market data that the average financial services firm needs to manage, developing a new modern solution such as mobile applications, using a traditional data feed can take hundreds-of-thousands of dollars and three to six months to deliver. Contrast that approach with a cloud-based implementation. The cloud can deliver a comparable solution for tens-of-thousands of dollars in less than a month.
Xignite is the leading cloud services provider of on-demand financial market data and award-winning on-demand data distribution solutions. Xignite's market data cloud fulfills more than five billion service requests per month and offers more than 50 financial Web Services providing real-time, historical and reference data for global equities, commodities, currencies, options, fixed income, mutual funds, derivatives and OTC instruments. Xignite solutions power mission-critical applications for front, back and mid-office, investor relations, dashboards, e-commerce, wireless applications and financial websites for more than 900 clients in 47 countries, including Citi, GE, Wells Fargo, Computershare, ING, BNY Mellon, Natixis, Dow Jones, Forbes.com, SeekingAlpha, ExxonMobil, Starbucks, and Barrick Gold. The award-winning XigniteOnDemand cloud platform also powers on-demand market data distribution solutions for stock exchanges, trading venues, OTC brokers and market data originators including the CME Group, NASDAQ OMX, BgCantor and Pearson. For more information, please visit www.xignite.com
or call 1-866-XML-SOAP.
mcanul [at] xignite.com