BGCcantor to offer market data on-demand via Xignite Web platform
03 February 2010 | 1675 views | 0
Source: BGCantor Market Data
BGCantor Market Data L.P., (BGCantor Market Data), a leading provider of fixed income, credit and derivatives market data and subsidiary of BGC Partners, Inc. (Nasdaq: BGCP), in association with Xignite, Inc., a leading cloud services provider of on-demand financial market data and web services, today announced that BGCantor Market Data is now offering its data directly to customers through BGCantor On-Demand, a new on-demand financial web services solution powered by the XigniteOnDemand platform. BGCantor On-Demand offers BGCantor's market data available directly over the Internet.
Companies are increasingly using web services technology to streamline their access to financial market data. Web services let market data providers deliver market data on an on-demand basis, providing only the data that is needed in real-time just when it is needed. The data is designed to be application-ready, eliminating the time and cost of on-site data management.
BGCantor On-Demand is designed to provide a wide range of fixed income and derivatives data, including benchmark treasury, fixed income, foreign exchange, emissions, futures and credit derivatives data, and combining easy access to these data sets with pay-as-you-go pricing.
With the launch of the BGCantor On-Demand product, BGCantor Market Data plans to open new channels for distributing its data while aiming to provide more value for their existing customers. BGCantor Market Data plans to use BGCantor On-Demand to provide an affordable solution to middle office asset managers and portfolio managers who require timely market data but do not require a full data feed. BGCantor Market Data's front office customers will also be able to augment their existing data feeds with additional data by taking advantage of the flexible usage-based pricing model of BGCantor On-Demand.
"We're truly excited to be able to offer our customers a new way to access our market data," said Bernie Weinstein, Executive Managing Director and head of BGCantor Market Data. "Our customers depend on us to deliver the data they need, when they need it and using an innovative technology like web services we can provide even more flexibility. Xignite has provided a turnkey solution, which is quick and easy to implement, enabling us to respond efficiently to our customers' demands."
BGCantor Market Data leveraged the XigniteOnDemand platform to accelerate its time to market, developing web services with the high performance and scalability of cloud computing. The sales process is further supported with the provision of an i of an integrated website and a turnkey administrative portal for managing both the technology and customer accounts.
Xignite launched its XigniteOnDemand platform in 2009 to help exchanges and other financial marketplaces further expand their reach by serving previously untapped markets and delivering greater value to customers. The platform turns traditional flat files and data feeds into application-ready web services available on the cloud. Cloud-based delivery eliminates the need for expensive and time-consuming data management infrastructure allowing financial IT departments, application developers, portfolio managers, asset managers, and other users of market data to reduce costs and accelerate application development. Giving exchanges and other financial marketplaces a better way to serve a large, untapped market, Xignite's on-demand market data distribution platform offers the potential to accelerate their revenue growth by leveraging cloud computing technology.
The XigniteOnDemand platform supports BGCantor Market Data's aim to help customers reduce costs and enhance the value of the data it provides by on-demand delivery, serving exactly the right amount of data just when it is needed directly over the Internet.
"BGCantor Market Data has proven its leadership once again," according to Stephane Dubois, CEO, Xignite. "It's the first company in its space to offer market data on-demand over the Web to its customers using Xignite's private-label platform. BGCantor Market Data will leverage the new platform to expand its business by making its data more accessible, easier to integrate, and further cost effective and that's a win-win for BGCantor Market Data and its customers."
BGCantor Market Data and Xignite plan to work closely together to continue to add value for BGCantor's customers by building innovative market data solutions into BGCantor On-Demand.