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Xignite and Telekurs ink corporate actions data distribution deal

10 December 2007  |  1387 views  |  0 Source: Xignite

Xignite, the leading pure-play provider of financial web services for mission-critical corporate applications, today announced a partnership with Telekurs Financial, a division of the Telekurs Group and one of the leading international providers in the area of acquisition, refinement and distribution of international financial information.

The partnership will provide reciprocal services integrating Xignite's financial web services with Telekurs Valordata Feed (VDF). Xignite will enhance the accuracy of its existing XigniteMaster and web service by using Telekurs VDF's master data and corporate actions data as a validation and complementary data source. In return, Telekurs will be able to take direct advantage of streamlined XML/SOAP delivery and integration using XigniteGlobalMaster, an extended global version of Xignite's web service.

Xignite offers the only on-demand security master database, delivered as a SOAP-based web service. On-demand financial web services feature easy integration, require no infrastructure to operate, and are available on a pay-as-you-go subscription basis. Financial services firms can obtain up-to-date security master and corporate action information in minutes to speed new application projects, and then pay only for the data they need. Xignite also plans to offer a simpler web service version of XigniteGlobalMaster to emerging financial institutions with simpler needs.

"Financial institutions are demanding more and more flexibility in the way they receive market data," said Barry Raskin, President of Telekurs (USA). "With the further deployment of SOA inside financial institutions, some are demanding the option to receive Telekurs data in XML format, and we believe that Xignite's intelligent use of SOAP as a transport layer will be a revolution for our customers. Telekurs is excited to partner with Xignite as the pioneer of web services in the financial market data industry. Xignite will help create new opportunities to integrate our data directly into service-oriented financial applications. And their technology will help us address some of the present requirements of our own clients."

"Xignite is delighted to work with Telekurs Financial, given its worldwide reputation for quality and extensive coverage of security information," said Stephane Dubois, president and CEO of Xignite. "We have already been providing Telekurs global historical pricing information within our web services with great success. The ability to enhance the quality and breadth of our offering using Telekurs data opens up new opportunities. Over the next 10 years, financial institutions are going to replace a lot of their aging data and system-centric infrastructure and replace it with service- and people-oriented applications. On-demand service platforms like Xignite will play a crucial role in powering this new generation of on-demand applications."

Telekurs VDF is one of the most comprehensive data ranges in the world for securities administration, risk management, portfolio management and trading divisions. It delivers master data and corporate actions data in a structured, encoded form as well as valuation prices on nearly 4 million financial instruments. With over 50 message types and approximately 1,500 data fields, VDF offers an extraordinary depth of financial data, with historical events and data up to ten years old.

Security master information is the central pillar of most financial applications. Keeping accurate record of active securities, splits, dividends, and of complex corporate actions such as mergers, split-offs, and acquisitions is critical to every financial institution. Just as many organizations have chosen to use on-demand software-as-a-service platforms to power their key business processes, firms are increasingly looking at on-demand web services to automate processes like security master data maintenance.

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