The Nasdaq OMX Group (Nasdaq:NDAQ) today announced it has acquired the business of RapiData LLC, a leading provider of machine-readable economic news to trading firms and financial institutions.
With this acquisition, NASDAQ OMX will deliver U.S. government and other economic news directly from the source to customers interested in receiving information in an electronic feed.
RapiData delivers dozens of U.S. government and other economic indicators to a variety of market participants, giving them instant access to events that are incorporated into algorithmic trading systems. Potential beneficiaries include trading firms that incorporate macroeconomic news into their trading algorithms, conventional traders who use machine-readable news to manage risk, and institutional investors who seek long-range strategies, liquidity opportunities and target investments.
"With the acquisition of the RapiData business, NASDAQ OMX will deliver key economic indicators directly from the source, using our industry-leading technology," said Brian Hyndman, Senior Vice President, NASDAQ OMX Global Data Products. "The addition of RapiData offerings to our existing lineup of data products and services is part of our strategy to give customers more efficient access to the tools needed to compete in the marketplace."
"NASDAQ OMX's acquisition of the RapiData business is ultimately a win for the financial services industry and its clientele," said Matthew Edelstein, Chief Operating Officer of RapiData. "We are proud to be part of NASDAQ OMX, a world-renowned company that has defined itself through innovation and success."
RapiData has proprietary, patent-pending technology that allows it to distribute U.S. economic data in a machine-readable format to customers using a low-latency feed. Currently, RapiData has access to more than three dozen U.S. economic indicators and other economic data, representing a wide variety of information including statistics from the Departments of Labor, Treasury and Commerce. For more information about RapiData and the economic data it delivers, visit www.rapidatallc.com.