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CME Group taps Xignite for OTC market data distribution

04 May 2010  |  2210 views  |  0 Source: Xignite

Xignite, the leading provider of on-demand global financial market data and on-demand data distribution technologies, today announced that CME Group (NASDAQ: CME), the world's leading and most diverse derivatives marketplace and the parent company of CME, Cbot and Nymex, has selected the XigniteOnDemand platform to support new on-demand over-the-counter (OTC) market data products and services.

The new on-demand platform will launch in the third quarter of 2010 and provide a new way for CME Group to distribute OTC data offerings quickly and cost effectively.

"With the ongoing development of our multiple OTC product and service offerings, and the need to deliver this data to customers with continued market transparency, the Xignite platform will be a quick and cost-effective way to get OTC pricing and reference data to our global market participants," said Brian McElligott, Managing Director of Information Products at CME Group.

CME Group plans to offer on-demand access to end-of-day OTC settlement, volume and open interest data to support markets available through CME ClearPort®, a set of flexible clearing services open to OTC market participants to substantially mitigate counterparty risk and provide neutral settlement prices across asset classes. CME ClearPort currently clears more than 500,000 contracts daily, including Credit Default Swaps (CDS), energy, metals, agricultural commodities and foreign currencies. The service brings together more than 10,000 global users across the world including banks, hedge funds, trading entities, Inter Dealer Brokers (IDBs), Future Commission Merchants (FCMs), and clearing firms.

"Xignite is excited to be working with an innovative industry leader like the CME Group," said Stephane Dubois, CEO and Founder of Xignite. "Traditional files and feeds no longer solely address the data delivery requirements of the market. Firms need data that is easier to integrate and more cost effective to manage. We look forward to helping CME Group bring those benefits to their clients across their vast market data portfolio."

XigniteOnDemand is a turnkey private label solution designed specifically to help exchanges and other financial marketplaces grow their market data businesses and accelerate product launches. Xignite will use XigniteOnDemand to build and manage high-performance, cloud-based market data Web services for CME Group. XigniteOnDemand will also allow CME Group to market, sell and support its new market data offering entirely online through the CME Group-branded Web site.

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