Eidosearch Begins Sales of Core Engine, to Meet Quant Demand

Inside Market Data June 22, 2015 waterstechnology.com/imd Volume 30, Number 33 Icap Bolsters QA Ops to Handle Data Growth EXCHANGE WATCH 3 Data Glitches Hit Moscow Icap Information Services, the market data busi- mation services Kevin Taylor, who estimates Exchange ness of interdealer broker Icap, has made sig- that the broker’s data arm now processes 450 nificant investments in quality assurance within million data updates per day via its platforms, ORGANIZATION & STRATEGY its organization, to handle higher data vol- compared to 30 million updates five years ago. 5 Estimize Hires for Global umes resulting from growth of electronic fixed “The processing power, storage requirements Product Expansion income and foreign exchange trading, as well and infrastructure required just to maintain our as an increase in content sourced from partner- existing data services had been tremendous, so CONTENT FOCUS ships with third-party data providers. now we have expanded our investment in our 6 DataYes Adds Chinese Over the past year, Icap has ramped up staff entire global structure,” including new tick his- Financial, Risk Indicators to and infrastructure dedicated to creating robust tory databases to store increasingly electronified Quandl Search Engine processes around data monitoring to handle an information, third-party monitoring tools to ongoing “explosion of data” from internal and ensure the quality of inbound and outbound DELIVERY TECHNOLOGIES external sources, says Icap global head of infor- data, and additional hires in Icap’s global >3 7 Database Vendor Quasardb Targets Wider Financial Reach with Keys, Tags for EidoSearch Begins Sales of Core Engine, to Data Search, Storage Meet Quant Demand for Predictive Analytics CONTENT FOCUS 8 1010Data Taos D&B for Boston-based predictive analytics vendor firms for predictive capabilities—and to apply Credit Data, Analytics EidoSearch has begun providing its core analyt- these to a growing range of datasets—led many ics engine to customers as a packaged platform firms to ask the vendor for “unfettered access” offering, to make its analysis functions more to the analytics engine itself, says David Kedmey, accessible to the most demanding data scientists New York-based president and co-founder of COLUMNS at hedge funds, in response to demand for tools EidoSearch. that can interrogate growing and increasingly “Ever since we started marketing our signals, 4 OPENING CROSS diverse third-party and proprietary datasets. we would get requests for the engine itself…. From Predictive to The vendor unveiled its predictive analytics The user interface is a great way to see the data- Productive: Practical desktop in 2013, and last year added the option sets for portfolio managers taking a fundamental Applications of Analytics of receiving its data and signals via a datafeed. approach, and the datafeed is the next step for However, increasing demand from buy-side quants who maybe have 10 functions >3 5 HERD

6 SCROLLING NEWS BSO Preps Managed Connectivity Bundles for Emerging Markets Data Access

BSO Network Solutions, a telecom provider with managed connectivity, including BSO’s specializing in providing low-latency connec- Market Data Connect service, which provides tivity for financial services firms, plans to offer traders with market data without the need for a a series of market-specific bundled data and dedicated connection to the exchange. connectivity services—leveraging a model origi- “The deal with DGCX is our first step into nally developed with the Dubai Gold and higher-value services, compared to only provid- Commodities Exchange—to maximize the ing the pipes and the nuts and the bolts for our vendor’s footprint in emerging markets under- clients to do their business. We have been able served by other connectivity providers. to… guarantee their clients low latency, but The plan stems from BSO’s April partnership to also let them connect to DGCX for both with DGCX to provide the exchange’s clients market data and order routing through >8 THANK YOU FOR YOUR VOTE.

THOMSON REUTERS WINS SIX INSIDE MARKET DATA AND INSIDE REFERENCE DATA AWARDS These prestigious awards reinforce our position as the leading source of intelligent information for the world’s businesses and professionals, providing you with competitive advantage to help make decisions faster. Thomson Reuters is proud to serve more than 40,000 companies and 400,000 customers worldwide with our ﬁ nancial and risk solutions.

• Best News Provider • Best Data Networking and Infrastructure Provider • Best Data Provider for Derivatives • Best Data Provider for Foreign Exchange • Best Real-Time Market Data Initiative • Best Evaluated Prices Service Provider

<1 quality assurance group, Taylor says. power third-party indexes, and plans for <1 they use to rank stocks…. Specifically, Icap has expanded its quality more analytics around raw data—though But then there is a natural evolu- assurance group beyond traditional execu- Taylor says the broker is also sourcing tion into not just a product, but a tion centers in London, New York and and redistributing more third-party data- methodology and a set of statistical Hong Kong to a new location in Manila feeds to support the growing complexity learning tools for quants and others in the Philippines to provide proactive data of its business, adding that all these new who are exploring new datasets,” monitoring and analytics, with three shifts sources require the broker to perform qual- Kedmey says. “To explore these covering Asia, European and US hours. ity checks. new datasets, firms can’t just dou- The new staff in Manila are all new hires “We cover 100,000 different instru- ble their data scientist headcount…. rather than transfers from other locations, ments across 30 countries and 60 offices, It can be incredibly challenging to and will enable Icap to operate a 24/5 QA so there is a significant amount of variety find people with the right skills.” environment, Taylor says. In addition, each between the locations that we are collecting After an 18-month development staffer—many of whom have a background data from and where we are distributing it effort to “package” the platform, in QA functions in the financial markets to. We feel strongly that global, proactive the vendor now has a handful of and speak multiple languages—has access monitoring of inbound data from our exe- “the world’s largest hedge funds” to information from Icap’s execution plat- cution platforms and data sent externally actively using the platform, plus a forms, third-party datafeeds, and market ensures the highest integrity of our services pipeline of “dozens more” in nego- monitoring applications, as well as third- across the range of our OTC products and tiation to use it to incorporate new party monitoring tools. services,” he says. factors into their trading and risk The primary driver for the new resources Icap Information Services captures and management activities. is to process and perform quality checks normalizes data from the broker’s execu- EidoSearch provides standard on the growing volumes of data gener- tion platforms via a global middleware datasets, such as prices, rates, and ated by Icap’s fixed income and foreign platform, and stores it in a central historical earnings data, but firms are increas- exchange execution systems—for example, repository, with each region communicat- ingly looking to apply analytics to an upcoming European government bond ing via a Wide Area Distribution Network understand fundamental datasets or data product for its Brokertec fixed income to enable delivery of data products from new types of data that they have platform, historical tick data for euro swaps multiple locations to the broker’s customer collected themselves, from senti- on its iSwap OTC interest rate derivatives base worldwide. ment values to operating metrics platform, demand for more raw data to Faye Kilburn such as point-of-sales data. The vendor will offer the analytics engine via three deployment EXCHANGE WATCH models: For those comfortable providing their data to EidoSearch, Data Glitches Hit Moscow Exchange the vendor can upload clients’ proprietary datasets—though keeping ;OL 4VZJV^ L_JOHUNL YLWVY[LK [^V VM ;\LZKH` 1\UL [OL L_JOHUNL these segregated and private from ZLWHYH[LTHYRL[KH[HKPZ[YPI\[PVUPZZ\LZ L_WLYPLUJLK PU[LYY\W[PVUZ PU [OL [YHUZ other users of the engine—and VUJVUZLJ\[P]LKH`ZSHZ[^LLRHMMLJ[PUN TPZZPVU VM KH[H MYVT P[Z -? THYRL[ blend these with its own datasets, Z\IZJYPILYZ [V KH[H MYVT P[Z KLYP]H[P]LZ )L[^LLU !HT HUK !HT VUL then work with clients to set their HUKMVYLPNUL_JOHUNLTHYRL[Z VMZP_ZLY]LYZ[OH[[OLL_JOHUNL\ZLZ[V desired parameters and analyze the 6U 4VUKH` 1\UL [OL L_JOHUNL KPZ[YPI\[L-?THYRL[KH[H\ZPUN[OL-(:; results. For “more sophisticated” ^HYULK PU]LZ[VYZ HUK THYRL[ WHY[PJP -0? (KHW[LK MVY :[YLHTPUN 7YV[VJVS firms that want to perform that task WHU[Z[OH[ZVTLVM[OLYLMLYLU[PHSTHYRL[ L_WLYPLUJLK PU[LYY\W[PVUZ PU P[Z KH[H themselves, EidoSearch can set up KH[H KPZWSH`LK PU P[Z -69;: KLYP]H[P]LZ KPZ[YPI\[PVU ^OPJO VMMPJPHSZ ZHPK JV\SK a dedicated instance of the engine [YHKPUN WSH[MVYT ^HZ MV\UK [V IL PUJVY OH]L JH\ZLK MPYTZ ^P[O UV JVUULJ[PVU running in the Amazon Web Serv- YLJ[ HM[LY [OL LUK VM PU[YHKH` JSLHYPUN [V -(:; IHJR\W ZLY]LYZ [V L_WLYPLUJL ices cloud. For firms that want the 0U H Z[H[LTLU[ VMMPJPHSZ ZHPK [OH[ [OL PZZ\LZ ^P[O [OLPY KH[H YLJLW[PVU 0U H entire process in-house, EidoSearch THQVYP[`VMKH[HPU[OLZ`Z[LT·Z\JOHZ Z[H[LTLU[ VMMPJPHSZ ZHPK [OL V[OLY MP]L can deploy an on-premise, installed J\YYLU[VWLUPU[LYLZ[HUKIHSHUJLZ·^HZ ZLY]LYZJVU[PU\LKVWLYH[PUN^P[OV\[HU` version of the engine running inside JVYYLJ[HUK[OH[[YHKPUNJVU[PU\LKPU[LY PZZ\LZHUK[OH[4VZJV^,_JOHUNL»Z-? the firm’s firewall. Y\W[LK I\[ [OH[ MPLSKZ PUJS\KPUN VWLU [YHKPUNHUKJSLHYPUNWSH[MVYTZJVU[PU\LK Clients can either use their own PU[LYLZ[H[[OLZ[HY[VM[OL[YHKPUNZLZZPVU [VVWLYH[LUVYTHSS` tools or standard software packages HUK[OLU\TILYVMJVU[YHJ[ZIV\NO[HUK 6MMPJPHSZ KPK UV[ YLZWVUK [V M\Y[OLY such as R or MatLab to access the ZVSK^LYLPUJVYYLJ[ YLX\LZ[ZMVYJVTTLU[I`WYLZZ[PTL engine via its API. ;OLUMVYHIYPLMWLYPVKVU[OLTVYUPUN 4H_)V^PL Max Bowie

waterstechnology.com/imd June 22, 2015 3 OPENING CROSS From Predictive to Productive: Practical Applications of Analytics

;OLYL»Z HU VSK ZH`PUN [OH[ [OVZL ÔV [VOVZWP[HSILMVYL[OLÒH]LHOLHY[H[[HJR Z[VYT VM JPYJ\TZ[HUJLZ H MPYT JV\SK MVYNL[ [OL WHZ[ HYL KVVTLK [V YLWLH[ P[ I`HUHSàPUNWH[[LYUZVML]LU[Z[OH[SLK\W JOHUNL [OL ZLY]LY ^P[OV\[ PU[LYY\W[PVU )\[[OLYLHYLZVTLPUZ[HUJLZÔLYL`V\ [VOLHY[H[[HJRZPUV[OLYWH[PLU[Z ÔPSL[OLZ[VYTPZZ[PSSIYL^PUNYH[OLY[OHU TH`HJ[\HSS`^HU[[VYLWLH[[OLWHZ[HUK (UK L]LU ^P[OPU [OL MPUHUJPHS THYRL[Z ^HP[PUN\U[PSP[»ZHSYLHK`H[M\SSMVYJLHUK[OL ÔLYLYLTLTILYPUN[OLZWLJPMPJZVMÔH[ [OLYL HYL ZPTPSHY HWWSPJH[PVUZ IL`VUK PTWHJ[ILJVTLZJYP[PJHS VJJ\YYLKPZJYP[PJHS[VHJOPL]PUN[OH[ WH[[LYU HUHS`ZPZ [V Z\WWVY[ [YHKPUN HUK ;OPZ HWWYVHJO TH` OLSW WYL]LU[ PUJP ( JHZL PU WVPU[ PZ WYLKPJ[P]L HUHS`[PJZ PU]LZ[TLU[ Z[YH[LNPLZ Z\JO HZ TVUP KLU[ZSPRL[OVZLH[[OL4VZJV^,_JOHUNL Z\JO HZ [OVZL VM )VZ[VUIHZLK ,PKV [VYPUN[OLILH[PUNOLHY[VML_JOHUNLZHUK ÔPJO Z\MMLYLK [^V KH[H NSP[JOLZ VU :LHYJO ÔPJO ZJHUZ OPZ[VYPJHS KH[H MVY THYRL[WSHJLZ·[OH[ PZ [OL [LJOUVSVN` JVUZLJ\[P]LKH`ZSHZ[^LLR6U4VUKH` WH[[LYUZ [OH[ TH[JO J\YYLU[ L]LU[Z VY WSH[MVYTZVUÔPJO[OL`Y\U [OL L_JOHUNL ZWV[[LK LYYVULV\Z KH[H ZWLJPMPJL]LU[ZVY[PTLMYHTLZZWLJPMPLKI` ;OLYL HYL WSLU[` VM [VVSZ [V TVUP[VY ILPUN KPZWSH`LK PU P[Z -69;: KLYP]H[P]LZ \ZLYZPKLU[PMPLZ[OLPTWHJ[VM[OVZLZHTL Z`Z[LTZ HUK WLYMVYTHUJL PU YLHS [PTL [YHKPUN WSH[MVYT Z\JO HZ VWLU PU[LYLZ[ WH[[LYUZ PU [OL WHZ[ HUK JVTW\[LZ H HSSV^PUN UL[^VYR HKTPUPZ[YH[VYZ [V ZLL HUK ]VS\TLZ (UK VU ;\LZKH` VUL VM WV[LU[PHSV\[JVTLMVY[OLJ\YYLU[WH[[LYU ÔLU [YHMMPJ VU H UL[^VYR VY ZLY]LY PZ ZP_ ZLY]LYZ \ZLK [V KPZ[YPI\[L KH[H MYVT IHZLKVU[OVZL>OPSLH[YHKLYTH`YLJHSS ILJVTPUNKHUNLYV\ZSÒPNO0UMHJ[PU[LY [OLL_JOHUNL»ZMVYLPNUL_JOHUNLTHYRL[ [OL JVYYLSH[PVU IL[^LLU JLY[HPU TV]L KLHSLYIYVRLY0JHWOHZPU]LZ[LKZPNUPMPJHU[ Z\MMLYLKPU[LYY\W[PVUZV]LYHZL]LUTPU\[L TLU[Z HUK V\[JVTLZ PU ZWLJPMPJ Z[VJRZ LMMVY[ZPUL_WHUKPUNP[ZKH[HX\HSP[`M\UJ WLYPVK;OLL_JOHUNLOHKIHJR\WZLY]LYZ VUS` ]HZ[ JVTW\[PUN WV^LY JHU Y\U [YPS [PVU[VLUZ\YLP[JHUOHUKSLL]LYPUJYLHZPUN [VTPUPTPaLHU`PTWHJ[VUJSPLU[ZI\[PU SPVUZ VM JVTWHYPZVUZ V]LY H T\S[P[\KL VM ]VS\TLZVMPUJVTPUNHUKPU[LYUHSS`NLULY [OLVY`PUHZP[\H[PVUSPRL[OPZHUL_JOHUNL Z[VJRZSVVRPUNH[KH[HV]LYTHU``LHYZ H[LK KH[H ZL[[PUN \W HU VMMZOVYL JLU[LY JV\SK \ZL WYLKPJ[P]L HUHS`[PJZ [V MHPSV]LY :VWV^LYM\SPZ[OLWV[LU[PHSVM[OPZHUHS PU4HUPSH[VTVUP[VYKH[HX\HSP[`NSVIHSS` [VIHJR\WZLY]LYZILMVYLHUPUJPKLU[HUK `ZPZ[OH[,PKV:LHYJOOHZILN\UZLSSPUNP[Z PU JVUQ\UJ[PVU ^P[O PTWSLTLU[PUN ]HYPV\Z YLWHPY[OLUZLHTSLZZS`Z^P[JOIHJR[V[OL \UKLYS`PUNHUHS`[PJZLUNPULPUHKKP[PVU[V PUOV\ZLHUK[OPYKWHY[`HUHS`ZPZ[VVSZ WYVK\J[PVUZLY]LYZ [OL MYVU[LUK HUK KH[HMLLK [OH[ JHYY` P[Z )\[ [OLYL»Z HSZV H JHZL MVY WYLKPJ[P]L )` THRPUN ILZ[ \ZL VM WYLKPJ[P]L ZPNUHSZZVOHYKJVYLX\HU[P[H[P]LHUHS`Z[Z HUHS`ZPZ[VWYLLTW[L]LU[OLZL[VVSZ·MVY [VVSZPUJPKLU[ZSPRL[OPZZOV\SKSHZ[ZL]LU JHUPU[LYYVNH[LP[KPYLJ[S`HUKL]LU\WSVHK L_HTWSLSVVRPUNMVYOPZ[VYPJHSWH[[LYUZPU ZLJVUKZ·VY L]LU IL[[LY UL]LY HYPZL· [OLPYVÛWYVWYPL[HY`KH[HZL[Z[VHUHSàL YLHS[PTL[OH[^V\SKMVYL_HTWSLJVYYLSH[L YH[OLY[OHUZL]LUTPU\[LZ \ZPUN[OL]LUKVY»ZWSH[MVYT THYRL[HJ[P]P[`HUKL]LU[Z^P[OPUMYHZ[Y\J >OPSL ,PKV:LHYJO»Z THPU MVJ\Z PZ VU [\YLWLYMVYTHUJLHUKZOV^ZVTLVUL[OL MPUHUJPHS THYRL[Z [OLYL HYL KPZ[PUJ[S` SPRLSPOVVKVMHUPU[LYY\W[PVUZSV^KVÛVY ]HS\HISL HWWSPJH[PVUZ VM [OPZ [LJOUVSVN` V\[HNL IHZLK VU J\YYLU[ THYRL[ JVUKP V\[ZPKL VM >HSS :[YLL[ -VY L_HTWSL P[Z [PVUZ ILMVYL [OL PZZ\L HYPZLZ HSSV^PUN [LJOUVSVN`PZ\ZLKIÒVZWP[HSZ[VHUHSàL [OLT[VWYV]PZPVUHKKP[PVUHSYLZV\YJLZVY ]HZ[ HTV\U[Z VM WH[PLU[ KH[H [OH[ HYL JOHUNLVY\WNYHKLHJVTWVULU[ILMVYL JVSSLJ[LK I\[ UV[ HUHSàLK Z[H[PZ[PJHSS` P[ILJVTLZV]LYÔLSTLK-VYPUZ[HUJLPM VY HNHPUZ[ OPZ[VYPJHS PUMVYTH[PVU MYVT H `V\JHUZWV[[LSS[HSLZPNUZ[OH[HZLY]LY· YLSH[LKWLLYNYV\W;VW\[[OPZPUWLYZWLJ KLZWP[L HWWLHYPUN [V M\UJ[PVU WLYMLJ[S` Max Bowie [P]LPTHNPULILPUNHISL[VÔPZRZVTLVUL ^LSS·TH` MHPS \UKLY H JLY[HPU WLYMLJ[ [email protected] Inside Market Data Max Bowie, Editor Katie Palisoul, Publisher Incisive Media Tel: +1 646 490 3966 Tel: +44 (0)20 7316 9782 55 Broad Street, 22nd Floor, New York, NY [email protected] [email protected] 10004, USA Tel: +1 646 736 1888 Faye Kilburn, Deputy Editor Colin Minnihan, Global Commercial Director Tel: +1 646 490 3967 Tel: +1 646 755 7253 Incisive Media [email protected] [email protected] Haymarket House, 28–29 Haymarket London SW1Y 4RX, United Kingdom Joanne Faulkner, European Reporter Dan Cloghessy, Business Development Executive tel: +44 (0)20 7316 9000 Tel: +44 (0) 20 7316 9338 Tel: +1 646 736 1887 [email protected] [email protected] Incisive Media 14th Floor (Unit 1401-3), Devon House, Taikoo Place Lauren Magliocca, Business Development Executive 979 King’s Road Quarry Bay, Hong Kong Tel: +1 646 490 3983 Tel: +852 3411 4900 [email protected] Subscription Sales Tom Riley, Business Development Executive Monazer Rashid, Enterprise License Manager Tel: +44 (0) 20 7316 9780 Tel: +44 (0)20 7316 9537 [email protected] [email protected] Published by Incisive Risk Information Ltd & Incisive RWG Inc. Copyright Incisive Risk Information (IP) Ltd & Lee Hartt, Group Publishing Director Incisive Media Customer Services Incisive RWG Inc. Unauthorized photocopying or facsimile E-mail: [email protected] distribution of this copyrighted newsletter is prohibited. Elina Patler, Head of Editorial Operations Tel (UK): 0870 787 6822 All rights reserved. ISSN 1047-2908. Constantina Sammoutis, Marketing Assistant Tel (International): +44 (0)1858 438421

4 June 22, 2015 waterstechnology.com/imd ORGANIZATION & STRATEGY HERD

Estimize Hires for Global Product Expansion DataYes Says Yes to Yan *OPULZL KH[H ]LUKVY +H[H@LZ OHZ New York-based crowd-sourced estimates responsible for developing investment OPYLK :OLSSL` @HU HZ <: I\ZPULZZ provider Estimize has made a number strategies based on corporate events in US KL]LSVWTLU[ THUHNLY IHZLK PU :HU of hires across its core content, business equities, prior to which he was co-founder -YHUJPZJV YLZWVUZPISL MVY I\PSKPUN development, and engineering teams to of Dentity, an automated contacts book J\Z[VTLY YLSH[PVUZOPWZ HUK PKLU[PM`PUN help the vendor prepare for anticipated and group directory, and spent nearly I\ZPULZZVWWVY[\UP[PLZ@HUQVPULK[OL growth and a planned expansion of its seven years as a swaps trader at HSBC. ]LUKVY»Z<:VWLYH[PVU[OPZTVU[OHM[LY products to cover international markets. In addition, the vendor is still looking to MPUPZOPUN HU 4)( KLNYLL MYVT <* Estimize has hired Jeremy Baksht as hire heads of enterprise marketing, digital )LYRLSL` /HHZ :JOVVS VM )\ZPULZZ senior vice president of business develop- marketing and sell-side user acquisition, as WYPVY [V ÔPJO ZOL OLSK H YHUNL VM ment, responsible for forging partnerships well as additional salespeople. “It is critical YVSLZ PU [OL JHWP[HS THYRL[Z ZLJ[VY with brokerages, data providers and media for us to fill these roles as we look to build PUJS\KPUNZLUPVYTHUHNLYH[:OHUNOHP outlets to distribute Estimize’s data via out our premium features and broaden 1PHV`\U(ZZL[4HUHNLTLU[*VTWHU` their platforms. Baksht was most recently our current data offering,” says Christine HUK JSPLU[ YLSH[PVUZOPW THUHNLY YPZR executive vice president of business devel- Short, senior vice president of media and HUHS`Z[ HUK VWLYH[PVUZ THUHNLY H[ opment and sales at financial networking PR at Estimize. “The future of Estimize *OPUH+L]LSVWTLU[)HURPU:OHUNOHP platform Trusted Insight, and was previ- includes several different platforms that HUKIHSHUJLZOLL[HK]PZVYH[)HYJSH`Z ously vice president of business and prod- collect different strategic datasets, a central 0U]LZ[TLU[)HURPU3VUKVU uct development at private stock place- sales team, and a central quant team. More ment marketplace Ace Portal, prior to than ever, we see these datasets as being Gow to Grow Activ US Base which he held various roles, including vice strategically valuable to the market.” 4PJOHLS.VÔHZQVPULKSV^SH[LUJ` president of the global industrials group at In particular, the product expansion will THYRL[ KH[H WYV]PKLY (J[P] -PUHUJPHS Citigroup, and an associate in the diversi- create international versions of its existing HZZHSLZKPYLJ[VYYLZWVUZPISLMVYKL]LS fied industrials group at JP Morgan Chase. products to meet demand for international VWPUN UL^ WYVZWLJ[Z MVY [OL ]LUKVY The vendor has also hired Kieren Dwyer datasets, where data can be limited and .V^ ^HZ WYL]PV\ZS` KPYLJ[VY VM ZHSLZ as content director, responsible for devel- expensive, Short says, adding that dif- H[ (a\S :`Z[LTZ H WYV]PKLY VM 1H]H oping analytical research and content ideas ferent reporting frequencies, accounting Y\U[PTL ZVS\[PVUZ ÔLYL OL ^VYRLK to attract more users. Dwyer will also gen- standards, and market size and depth may ^P[O<:HUK*HUHKPHUMPYTZ[VPTWYV]L erate editorial content for the company’s all prove challenging to obtaining a repre- [OLWLYMVYTHUJLVM[OLPY1H]HHWWSPJH blog, and will work to build relationships sentative sample size of accurate data. [PVUZHUKILMVYL[OH[ZWLU[MP]L`LHYZ with third-party content providers. Dwyer However, she says the potential oppor- H[ 5@:, ;LJOUVSVNPLZ HZ H KPYLJ[VY was previously a private client advisor at tunities of having international data out- YLZWVUZPISL MVY ZLSSPUN NSVIHS JVSVJH Shaw Stockbroking in Australia. weigh the challenges of collecting it. [PVU :-;0 JVUULJ[P]P[` THYRL[ KH[H Ashish Singal also recently joined “Hedge funds, institutional money man- HUK ZVM[^HYL 7YPVY [V QVPUPUN 5@:, Estimize as quantitative data engineer, agers, and other clients of ours have a PU .V^ ZWLU[ MV\Y `LHYZ HZ working closely with the vendor’s sales global focus and request this data from YLNPVUHSKPYLJ[VYH[;OVTZVU-PUHUJPHS team to help hedge fund and asset man- us regularly, mainly from Japan, China MV\Y `LHYZ HZ YLNPVUHS ZHSLZ THUHNLY ager clients understand how the vendor’s and the UK… which is why we will likely H[-HTL0UMVYTH[PVU:LY]PJLZHUKMV\Y data is structured, and to find action- expand into Asia first. No one has a purely `LHYZ H[ 9L\[LYZ HZ H MP_LK PUJVTL able signals in the data. Singal was most domestic focus anymore. We have to think ZHSLZ ZWLJPHSPZ[ )HZLK PU *OPJHNV recently a quantitative strategies analyst at globally,” she says. .V^ YLWVY[Z [V )LU *VSSPUZ NSVIHS hedge fund Applied Financial Research, Max Bowie OLHKVMZHSLZH[(J[P]-PUHUJPHS

waterstechnology.com/imd June 22, 2015 5 CONTENT FOCUS WALLBOARD DataYes Adds Chinese Financial, Risk June 23: Toronto Financial Information Indicators to Quandl Search Engine Summit. Toronto. Organized by Incisive Media. Details at: Chinese information provider DataYes provider MSCI’s preparations to include waterstechnology.com/events has expanded the datasets available on Chinese A-Shares in its benchmarks, and Toronto-based economic and financial the Shanghai-Hong Kong Connect trad- June 24: Asia-Pacific Trading search engine Quandl’s data portal, in ing link are opening access to China, and response to demand from hedge funds for will likely result in more demand from US Architecture Summit. Singapore. predictive indicators on Chinese stocks. funds for research on Chinese stocks. In February, Quandl incorporated fun- “The China/Asia market is one of the Organized by Incisive Media. Details at: damental data from DataYes on 2,500 most heavily traded, but the problem is listed companies, including as-reported the accessibility to foreign investors. The waterstechnology.com/events and most recent data from income state- Chinese government has been working ments, balance sheets and cash flow state- on that over the years with a series of June 25: Buy-Side Technology Asian ments, as well as earnings estimates for measures to open the market… such as Chinese companies, Chinese bond and the Shanghai-Hong Kong Connect and Summit. Singapore. Organized by fund prices, and macroeconomic factors. clarification on the capital gains tax rules. Incisive Media. Details at: Since then, DataYes has counted 24 China definitely wants to be included in million downloads of its data via Quandl, the world, and this will drive international waterstechnology.com/events and has added more databases, includ- capital in its direction, and lots of firms ing sales volumes of Chinese companies will want to have data on China once the July 16: Waters Rankings. New York. on e-commerce websites and corporate market is open,” Yan says. actions data. In addition, the vendor will Clients can access a limited amount of Organized by Incisive Media. Details at: add a range of financial and risk indica- batch download data for free via Quandl. tors later this month that are designed to Once they reach their limit, the vendor waterstechnology.com/events complement its existing transition data, requires them to pay for a three-month Sept. 15: such as price/earnings ratios and social trial. As well as the data it distributes European Financial media sentiment. via Quandl, DataYes also provides direct Information Summit. London. “We have lots of experts in-house who data licenses for a range of other data- used to work in investment research, who sets, including Asian futures and options, Organized by Incisive Media. Details at: have been able to generate unique indica- private company data, and sell-side ana- tors for fund use,” from price momentum lyst positions on Chinese stocks, which waterstechnology.com/events to earnings, risk indicators and market are available on a pay-as-you-go model. sentiment, says Shelley Yan, US business Under the vendor’s data licenses, firms Oct. 7: Buy-Side Technology North development manager at DataYes. are entitled to a trial period of one or two The vendor is adding the indicators now months, where they download the data American Summit. New York. in response to growing demand for more via FTP, after which the customer signs an Organized by Incisive Media. Details at: granular data on the Chinese market, Yan annual data license. Faye Kilburn says. For example, initiatives such as index waterstechnology.com/events

SCROLLING NEWS

>>Barchart Launches Grains Market, >>Sentiment Analytics Vendor Market HUHS`[PJZ HUK THYRL[ YLZLHYJO WSH[MVYT MVY Data Portal Prophit Taps Nasdaq for Trade Data PU]LZ[VY YLSH[PVUZ WYVMLZZPVUHSZ ;OL WSH[ (NYP*OHY[Z[OLHNYPJ\S[\YHSJVTTVKP[PLZKH[H 5L^ @VYRIHZLK ZVJPHS TLKPH ZLU[PTLU[ MVYT WYV]PKLZ ZPUNSLZV\YJL MPUHUJPHS KH[H I\ZPULZZ VM *OPJHNVIHZLK KH[H ]LUKVY HUHS`ZPZ WYV]PKLY 4HYRL[ 7YVWOP[ OHZ PUJVY HUHS`[PJZ HUK THYRL[ YLZLHYJO KL]LSVWLK )HYJOHY[ OHZ SH\UJOLK .YHPUZJVT HU WVYH[LKYLHS[PTL[YHKLKH[HMYVT5HZKHX»Z KPYLJ[S` MVY :PUNHWVYL SPZ[LK JVTWHUPLZ VUSPULTHYRL[[OH[JVUULJ[ZNYHPUWYVK\JLYZ 3HZ[:HSLKH[HMLLKHZHUPUW\[[VP[ZLX\P[PLZ ;OYV\NO 09-HJ[Z 09 WYVMLZZPVUHSZ JHU ^P[O NYHPU LSL]H[VYZ [V ]PL^ IPKZ HUK V[OLY THYRL[HUHS`[PJZWSH[MVYT5HZKHX3HZ[:HSL TVUP[VY THYRL[ [YLUKZ JVUZLUZ\Z HUK KH[H HUK HYYHUNL KLHSZ MVY [OLPY JYVWZ PUJS\KLZWYPJL[PTLHUK]VS\TLMVY[YHKLZPU KL[HPSLK LZ[PTH[LZ UL^Z HUK RL` KL]LSVW -HYTLYZJHU\ZL[OLZLY]PJL[VJOLJRYLHS <:SPZ[LKZLJ\YP[PLZ4HYRL[7YVWOP[^PSS\ZL TLU[Z HUK [HYNL[ PU]LZ[VYZ ]PH H ZPUNSL [PTL VY KLSH`LK M\[\YLZ WYPJLZ HUK JOHY[Z [OL KH[H [V WYV]PKL WYPJPUN MVY P[Z HUHS`[PJZ WSH[MVYT YLHS[PTLHNYPJ\S[\YHSUL^ZHUK^LH[OLYKH[H WSH[MVYT MVYLJHZ[ZHUKTHWZ]PHKLZR[VWJVTW\[LYZ >>Marex Spectron Spins Spectrom- VY TVIPSL KL]PJLZ HUK JHU Z\ITP[ VMMLYZ >>S&P, SGX Launch IR Research Tool eter Web for Energy Data [V ZLSS JVYU ZV`ILHUZ HUK ^OLH[ JYVWZ [V : 7*HWP[HS08HUK[OL:PUNHWVYL,_JOHUNL .SVIHS JVTTVKP[PLZ IYVRLY 4HYL_ :WLJ LSL]H[VYZ OH]LSH\UJOLK09-HJ[ZHUPU[LNYH[LKKH[H [YVU OHZ SH\UJOLK :WLJ[YVTL[LY >7

6 June 22, 2015 waterstechnology.com/imd DELIVERY TECHNOLOGIES Database Vendor Quasardb Targets Wider Financial Reach with Keys, Tags for Data Search, Storage

French in-memory database provider have a rela- “Our software solves two big Quasardb will launch version 2.0 of its tional data- Quasardb XTP (eXtreme Transaction base, but problems in finance: First, to create Processing) real-time market data man- you should a very fast market data store, and agement solution this summer as part of a definitely second, to be able to do distributed bid to target more clients among financial consider computing when you have to services firms. having a distribute data on many, many Version 2.0 of XTP builds on the capa- key-value CPUs for regulations or... analytics.” bilities of the “key-value store” in the store to previous version, which enable users to store mar- Edouard Alligand, chairman and chief technical officer, Quasardb look up data values by a unique “key” ket data... (data field) by adding support for transac- it fits the schema very well when you have To support its growth plans in financial tions—using several keys at once—and generally one identifier to identify market services, the vendor is also looking at tags, which enable users to look up data data and you want to access it very fast,” expanding its global presence by targeting values based on tags assigned to the values, he says, adding that two financial firms are clients in New York. “After our success in rather than searching by keys. already testing the new version. “The big Paris and a foot in London, it makes per- “Our unique innovation [in version 2.0] selling point is that the database is very fect sense to have New York in the line of is that you can look up by tag, and that simple to use and understand because of sight. Some of our customers have offices this tagging is defined by the user,” says the key values and tags. Anyone can very in NYC, and this could be a good starting Quasardb chairman and chief technical quickly understand how it works—there’s point,” he adds. officer Edouard Alligand. “Our technol- no complex language. It’s very easy to set Once Quasardb has fully rolled out ver- ogy enables you to have millions and up, and it’s very, very fast because we do sion 2.0, the vendor will look to integrate millions of tags for millions and millions only simple things.” time-series content for all data types into of entries, while still delivering top-of-the- Quasardb’s clients also include a large the database as part of its next release, in line performance. The competition either Paris-based bank, which has used the response to client demand for the ability imposes you to have a rigid schema or to database since 2013, but the vendor aims to search for data covering specific time do automatic indexing, which is slow and to extend its user base in finance further periods. Alligand says this capability—a often irrelevant. With tagging, you have this year. “We currently have very good “recurring request from clients that will full control over what the database does.” contacts with two banks in France and deliver “great value to our customers”— The previous version of XTP has been one in London. Our software solves two will be released in September. used by clients, including Paris-based big problems in finance: First, to create a “We want to be the best key-value investment firm Exane Derivatives, to sup- very fast market data store, and second, to store there is, but we don’t try to be, for port activities such as value-at-risk compu- be able to do distributed computing when example, a relational database. We think a tation and intraday exotic product pricing, you have to distribute data on many, modern infrastructure should have more Alligand says. many CPUs for regulations, or just to do than one kind of database,” he says. “In your set of tools, you might already analytics computation,” Alligand says. Joanne Faulkner

SCROLLING NEWS

<6 >LI H UL^ IYV^ZLYIHZLK THYRL[ MVY[OL(SHJYHVU+LTHUKHKOVJWH`HZ >>TMX launches ‘Innovation Lab’ for KH[HZLY]PJL[OH[NP]LZJSPLU[ZHJJLZZ[VHSS `V\NV YLZLHYJO ZLY]PJL [OH[ P[ SH\UJOLK Tech, Analytics Development VM [OL IYVRLY»Z LUKVMKH` WYPJL \WKH[LZ PU -LIY\HY` -PYTZ \ZPUN [OL ZLY]PJL [V *HUHKPHU L_JOHUNL VWLYH[VY ;4? .YV\W HUK OPZ[VYPJHS KH[H HJYVZZ H YHUNL VM VMM WYV]PKL VUKLTHUK J\Z[VT YLWVY[Z HUK OHZ\U]LPSLKHUL^[LJOUVSVN`PUP[PH[P]L[OL L_JOHUNLLULYN`MYLPNO[HUKNYLLUTHYRL[Z HUHS`ZPZ VU [VWPJZ YHUNPUN MYVT JYVZZ L?WSVYL;4?0UUV]H[PVU3HI[OH[^PSSKL]LSVW :WLJ[YVTL[LY>LIMLH[\YLZKH[HVUUH[\YHS IVYKLY TLYNLYZ HUK HJX\PZP[PVUZ [V ZOHYL THYRL[ [VVSZ HUK )PN +H[H HUHS`[PJZ ZLY] NHZWV^LYJVHSLTPZZPVUZ<:HUK,\YV OVSKPUN TVTLU[\T HUK JYLKP[ YLZLHYJO PJLZ [V OLSW PU]LZ[VYZ HUK [YHKLYZ UH]PNH[L WLHU M\LS VPS LULYN` VW[PVUZ <: YLUL^H [V Z\WWVY[ PU]LZ[TLU[ KLJPZPVUZ PUJS\KL [OL*HUHKPHUJHWP[HSTHYRL[Z;OLZLY]PJLZ ISLZHUK[HURLYZ;OLZLY]PJLHSZVPUJS\KLZ HZZL[ THUHNLYZ OLKNL M\UKZ HUK WYP]H[L ^PSS SL]LYHNL ;4?»Z WYVWYPL[HY` [LJOUVSVN` PUI\PS[JOHY[PUN[VVSZ LX\P[`MPYTZ;OL]LUKVYZV\YJLZKH[HMYVT HUKPUW\[MYVT[OPYKWHY[`JVU[LU[Z\WWSPLYZ ;OVTZVU 9L\[LYZ JYLKP[ YH[PUN HNLUJPLZ [V ¸I\PSK VU RUV^SLKNL¹ ILPUN KL]LSVWLK >>Alacra Claims 50 Clients in Five THYRL[ YLZLHYJO W\ISPZOLYZ HUK WYV]PKLYZ HJYVZZ MPUHUJPHS ZLY]PJLZ YLZLHYJO ;OL MPYZ[ Months for On-Demand Research VM LJVUVTPJ KH[H HUK YLZLHYJO HUK JHU WHY[ULYZHYL[OL-PLSKZ0UZ[P[\[LMVY9LZLHYJO 5L^ @VYRIHZLK PUMVYTH[PVU WYV]PKLY IL\ZLKHZULLKLK[VYLK\JLWYLZZ\YLVU PU 4H[OLTH[PJHS :JPLUJL HUK [OL *HWP[HS (SHJYH OHZ ZPNULK \W I\`ZPKL JSPLU[Z PUOV\ZLYLZLHYJO[LHTZ 4HYRL[Z0UZ[P[\[LH[[OL

waterstechnology.com/imd June 22, 2015 7 CONTENT FOCUS DELIVERY TECHNOLOGIES 1010Data Taps D&B for BSO Preps Connectivity Bundles Credit Data, Analytics <1 their network without having between Europe, Asia, the Middle to co-locate in Dubai and make big East, South Africa, and India, with +H[H H )PN +H[H WSH[MVYT HUK JVU[LU[ investments in hardware and human connectivity to 70 datacenters and WYV]PKLY ZLY]PUN PUZ[P[\[PVUHS HUK OLKNL M\UK resources,” says BSO co-founder and exchanges in nearly 40 countries. PU]LZ[VYZ L_WLJ[Z [V WYVK\JL UL^ TLHUPUNM\S chief executive Michael Ourabah. However, bringing this type of PUZPNO[Z MYVT H UL^ WHY[ULYZOPW ^P[O +\U Now, the vendor is looking at managed service to these markets )YHKZ[YLL[ developing similar services for other is complicated both from a reg- ;OL WHY[ULYZOPW ^PSS IYPUN ¸L_JP[PUN KH[H [OH[ exchanges, including the Moscow ulatory and a finance perspective, V\YJSPLU[ZKVU»[OH]L[VKH`HUKOLSW[OLTNL[ Exchange, Johannesburg Stock where firms find themselves “hit- PUZPNO[Z [OL` UL]LY OHK ILMVYL¹ ZH`Z 5H[HSPL Exchange, Borsa Istanbul, the Bei- ting the wall in terms of budget :LPKTHU]PJLWYLZPKLU[VMKH[HWHY[ULYZOPWZHUK rut Stock Exchange, and other and resources,” Ourabah says, add- VUSPULPUZPNO[ZH[+H[H exchanges in Dubai and India. ing that BSO intends to leverage + ) ^PSS WYV]PKL JVU[LU[ PUJS\KPUN KLYP]LK “We’re looking at a similar prod- this demand and “hand hold” to JYLKP[ ZJVYLZ HUK HUHS`[PJZ WYVK\J[Z MYVT P[Z uct to help bring to these exchanges get client connectivity projects off I\ZPULZZPUMVYTH[PVUZLY]PJLZ more trading and more people to the ground, only seeking return on ¸>L»YL W\[[PUN Z[YH[LNPJ KH[H HZZL[Z VU [OLPY these markets which are very much investment once they are in full pro- WSH[MVYT [OH[ ^L \ZL V\YZLS]LZ PU JVTPUN \W left alone by most global traders duction. “It makes sense to bring ^P[O HUHS`[PJZ HUK ZJVYLZ ILJH\ZL ^L [OPUR because of the lack of understanding this new strategy to emerging mar- [OL`»YL [OL TVZ[ ]HS\HISL MVY [OL X\HU[ NYV\W in them,” Ourabah says. “The world kets—they can lower costs and be [VSVVRH[HUKMVYHZZL[THUHNLYZ[VSVVR[VKV is not only limited to London, New more efficient.” ZVTLWYLKPJ[PVUZHUKV[OLYHUHS`[PJZVUPU]LZ[ York and Paris—there are hundreds In later stages of the service, BSO TLU[ WLYMVYTHUJL¹ ZH`Z 4H[[ *VSSPUZ ZLUPVY of cities and exchanges where banks will provide information on trading- ]PJL WYLZPKLU[ VM J\Z[VTLY ZVS\[PVUZ THYRL[PUN can invest, instead of relying on big related regulations for each country H[+ );OLHZZL[ZPUJS\KLKH[HVUJVTWHUPLZ» market data providers.” in which it provides managed con- JYLKP[ VISPNH[PVU WLYMVYTHUJL HUK ILOH]PVYHS Ourabah says BSO does not plan nectivity. “A client who may not want PUMVYTH[PVUOLHKKZ to compete with market data pro- to go full steam at the beginning may +H[H^PSSVMMLY[OL+\U )YHKZ[YLL[KH[HHZ viders—many of whom are BSO still need to open a local company in HZ[HUKHSVULWYVKH\J[[OV\NOVWWVY[\UP[PLZTH` clients—globally, but sees opportu- that country, and will need to meet SH[LYHYPZL[VJVTIPULP[^P[OV[OLYKH[H:LPKTHU nities in emerging markets where the regulations,” Ourabah says, add- ZH`Z ¸;OLYL PZ H NYLH[ KLHS VM PUZPNO[ [OH[ V\Y existing connectivity providers are ing that this allows clients to move JSPLU[Z JHU NL[ MYVT [OL +\U )YHKZ[YLL[ KH[H not focusing their efforts. BSO’s into new markets without needing I`HUHS`aPUN[OPZKH[HVUV\YWSH[MVYT¹ZOLHKKZ core service is its point-to-point net- to make large up-front investments. 4PJOHLS:OHZOV\H work, which offers “unique routes” Joanne Faulkner

.,;469,(; waterstechnology.com/imd