Cloud-based financial data solutions provider scales to meet client demand amid heightened volumes and volatility.
Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, announced today that it has seen a dramatic increase in API requests over the past few months. In April alone, Xignite saw over 365 billion API hits, or more than 12 billion a day, setting a record for the firm and underscoring the need for a scalable and battle-tested platform to satisfy the needs of clients during an unprecedented time.
Since February, skyrocketing market volumes and volatility, along with economic uncertainty, have significantly increased demand for fast and reliable financial and market data from which trading and investment decisions are made. For example, investors have been riveted to their screens following the markets, driving demand for more quotes, and wealth managers have had a much greater need for historical quotes which are needed to test and build new investment strategies and models. As a result, requests of real-time data have grown by 280% during the period, while requests for historical equity data have increased by 50%.
“The past two-and-a-half months have been difficult both within our industry and in the wider world,” said Stephane Dubois, CEO and Founder of Xignite. “It is reassuring to know that we’ve been a reliable source for our clients in these trying times. There is enough to worry about right now and nobody wants their market data providers to be part of that. Our record number of API hits is a testament to the power of our true cloud-native technology and the scalability it affords us. We look forward to continuing to be a reliable partner through thick and thin to our more than 700 finserv and fintech clients throughout the industry.”
The strong numbers are just the latest validation in what has been a hugely successful year for Xignite. The firm was included on the WealthTech 100 list for the second year in a row and was named a SIIA CODiE Awards finalist.
Xignite Makes Market Data Easy. Xignite is leading the disruption of the market data industry with its AWS-based financial data distribution and market data management solutions. Xignite’s Market Data Cloud Platform provides market data managers full transparency on the usage of a firm's first-level real-time and reference data - making it easy for data owners to entitle, control consumption, comply with licensing requirements, allocate costs, and resolve vendor audits or invoice discrepancies. Xignite also powers financial data-driven robo-advisors, online brokerages, and investing apps with its real-time, delayed and historical pricing data offered via 500+ REST Cloud APIs. Visit http://www.xignite.com or follow on Twitter @xignite.