New York, April 14, 2020 (GLOBE NEWSWIRE) -- Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, today published a new white paper using data provided by Greenwich Associates, a leading global provider of data and analysis to the financial services industry.
Entitled Cut the Cord on Market Data: Embrace the Power of the Cloud, this nine-page white paper includes research from Greenwich Associates on current trends in the financial industry regarding market data spending and planned adoption of the cloud for market data management as a replacement for on-premise legacy technology.
Additionally, the white paper dispels the myth that the cloud cannot handle real-time market data, provides a list of key questions that should be asked of any market data cloud vendor and identifies numerous benefits of moving market data management to the cloud including:
- Controlling real-time and reference market data from a central hub
- Eliminating paying for duplicate data requests
- Allocating costs to the correct department based on individual usage
- Ensuring compliance with data provider licensing agreements
- Analyzing data usage patterns to unearth and eliminate unused data
- Shifting spending from CapEx to OpEx
“93% of market data professionals we interviewed said they plan to use the cloud to manage their market data,” said Dan Connell, Managing Director, Market Structure and Technology at Greenwich Associates. “This comes as no surprise to us as financial institutions are focusing more now on profitability than revenue and the cloud has proven its ability to lower costs and bring firms gains in operational efficiency.”
“We’ve been in the public cloud since 2007, so it’s taken a long time for the industry to catch on to the trend. But now, the benefits are clear and even the largest financial institutions are not holding back. Moving market data onto a single platform in the cloud provides transparency, control and drastically reduces costs,” said Stephane Dubois, Founder and Chief Executive Officer of Xignite. “By 2025, nobody will want to still operate on-premise market data infrastructure and we expect most of it to have migrated to the public cloud by then.”
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The white paper can be downloaded at https://www.xignite.com/resources/cut-the-cord-on-market-data/
About Xignite
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.