Inside Market Data September 7, 2015 waterstechnology.com/imd
Volume 30, Number 41 IEX Slams NYSE’s Unbundled Last Trade EXCHANGE WATCH 3 Data Vets McElligott, Plan, Citing Data Disparity with CTA Feed St. George Exit CME New Jersey-based alternative trading system IEX which allows vendors, broker-dealers and oth- DATA DISPLAY & ANALYTICS has criticized the New York Stock Exchange for ers to make available on a real-time basis the 5 Thomson Reuters Adds unfairly favoring consumers of the exchange’s same last sale information that the Exchange Japanese Support to TRNA proprietary feeds, after NYSE filed plans to publishes via the Consolidated Tape Association amend its NYSE Trades feed to provide more (CTA) Plan consolidated data streams. DATA DISPLAY & ANALYTICS granular last sale market data, without making Currently, the NYSE Trades feed includes the 6 Platts Launches China Oil similar changes to the data available via its Tape real-time last sale price, time and size informa- Analytics A consolidated feed of NYSE-listed securities. tion, bid/ask quotes, and a stock summary mes- On July 30, NYSE filed a submission with sage for each security traded on the exchange. CONTENT FOCUS the US Securities and Exchange Commission Under the new proposals, NYSE plans to 7 Macrobond Adds Fitch to amend the NYSE Trades market data feed, remove the bid/ask data and instead >3 CDS Prices
DATA DISPLAY & ANALYTICS Bloomberg Pumps OTCGH Gas Data into Terminal 8 Recommind Launches Axcelerate 5.5, IM Analysis Bloomberg is making intraday volatility data for a wider and more accurate view of the market. natural gas options from EOX Holdings, the OTCGH’s Natural Gas Implied Volatility ORGANIZATION & STRATEGY market data arm of over-the-counter energy Surfaces are derived from liquidity on the bro- 9 Kx Embarks on Middle- and commodities broker consortium OTC ker’s proprietary EOXLive trading platform, Office Expansion Global Holdings (OTCGH), available via its which represented 66 percent of volume in the Bloomberg Professional terminal, to provide Henry Hub natural gas benchmark as of Aug. 3. DATA DISPLAY & ANALYTICS brokers and traders with a better indication of “By offering this exclusive set of natural gas 10 Mosaic Smart Data Adds where the natural gas options market is trading. data on the Bloomberg Professional service, Predictive Algo Currently, Bloomberg publishes its own intra- energy traders will benefit from the addition of day Natural Gas market implied volatility sur- this information into their real-time workflow DELIVERY TECHNOLOGIES faces every 15 minutes to support valuation, in order to better manage their risk exposure 10 Velocimetrics Ramps Up hedging and trading strategies, and risk man- across the forward curve,” says Carl Daucher, TipOff Storage Capacity agement, but added OTCGH’s Natural Gas global head of commodities at Bloomberg, in Implied Volatility Surfaces to help users obtain a statement. >3 DATA DISPLAY & ANALYTICS 11 Social Alpha Eyes Banks Post-Innovation Lab Program Under CSC, Fixnetix Eyes Bigger Client Wins UK-based data and trading infrastructure pro- despite the company’s rapid growth, he says. COLUMNS vider Fixnetix is targeting larger client wins, Fixnetix, which CSC acquired for an undis- an increased international presence, and more closed amount (IMD, Aug. 12), will enable 4 OPENING CROSS regional staff to support local clients, follow- the IT firm to offer capital market clients an Forza Monza! ing its acquisition by IT services giant CSC, expanded range of as-a-service front office Forza Market Data! officials say. capabilities, addressing client demand for The acquisition will enable Fixnetix to grow greater outsourcing capabilities. 5 HERD geographically much faster, says Fixnetix chief Once the deal is complete, Fixnetix plans to executive Hugh Hughes. “The company was rapidly expand its front-office managed infra- 5 SCROLLING NEWS set up in 2006, and we now have 130 people, structure proposition, Hughes says, adding but the deals were getting bigger, and bigger, that while outsourcing has been popular in the and we needed a [bigger] balance sheet and middle and back office for some time, it’s also geographical spread, which we didn’t have,” a “no-brainer” for the front office. “You >12 FREE attendance for qualified end-users
15th September, London Victoria Park Plaza Inside Market Data and Inside Reference Data are delighted to announce our annual flagship event, the European Financial Information Summit, will be taking place on Tuesday 15th September 2015 at the Victoria Park Plaza hotel in London. Attracting over 400 market and reference data executives, the Summit will address key issues faced by data leaders as they continue to navigate the challenges of the unpredictable financial market.
Bringing together market and reference data decision makers to discuss critical IT challenges, identify profitable strategies and explore innovative solutions to address current business needs.
Market data Analytics Reference data Governance
Regulation Utilities Costs and contacts Vendor relationships
Keynote Speaker: Panel Speakers:
JP Rangaswami, Ed Flynn, Chief Data Officer, Vice President, Global DEUTSCHE BANK Market Data Sourcing, MORGAN STANLEY
How to register: Chris Johnson, Head of Product Management, financialinformationsummit.com/eu Market Data Services, [email protected] HSBC SECURITIES SERVICES +44 (0)207 316 9098 Edward Boag, Chief Data Officer, PIONEER INVESTMENTS
For sponsorship opportunities please contact Tom Riley on [email protected] or call +44 (0)207 316 9780
Lead sponsors: Presentation Panel sponsors: Co-sponsors: Coffee/ Cocktail sponsor: sponsor:
Hosted by: financialinformationsummit.com/eu EXCHANGE WATCH CONTENT FOCUS IEX Slams NYSE’s Unbundled Last Trade Bloomberg–OTCGH
Plan, Citing Data Disparity with CTA Feed <1 EOX already provides end- of-day forward curves for its gas, <1 provide the individual orders that A consolidated feed, especially as the pro- power and natural gas liquids markets make up each reported trade. prietary feeds are available at a higher cost. to Bloomberg, but this is the first For example, if an arriving order of “One reason this granularity has value time the vendor has provided intraday 1,000 shares executes against five resting is that it makes the average trade size look data to the Professional terminal. The orders of 200 shares each, NYSE currently larger than it otherwise would be. Average surfaces are updated every five min- reports a completed trade of 1,000 shares. trade size is a metric that a lot of buy- utes and delivered to Bloomberg via a However, the exchange now proposes to side investors rely on to know where the proprietary Bloomberg API. provide information on all five executions liquidity is. For example, some subscrib- “We have been working with of 200 shares, with the same timestamp for ers might want to execute against a sin- Bloomberg’s formats so that we can each individual component of the trade. gle counterparty to reduce processing or load data in and then arrange it According to the proposal, this change minimize information leakage, but clearly in a way that is digestible. Typi- would align NYSE Trades with last sale people aren’t always agnostic to which cally, we provide our data in a data- datafeeds offered by other exchanges. of those two things they prefer,” says base, so we’ve met them halfway “As we upgrade the NYSE Trades data- John Ramsay, chief market policy officer and written to their API so we can feed to our new standard market data plat- at IEX, and former head of the SEC’s push the data straight through,” says form, in order to harmonize our offering Division of Trading and Markets. “NYSE Campbell Faulkner, chief data ana- with other exchanges, we are proposing should change the method of reporting lyst at OTCGH, who was a propo- that our proprietary datafeeds will begin to the Tape and not create a two-tier nent of the deal after noticing that providing the individual executed orders market,” Ramsay adds, though he admits OTCGH’s volatility surface could that make up each reported trade,” a it is unlikely that NYSE has any “nefarious provide Bloomberg users with addi- NYSE spokesperson says. motives” for the change. tional insight into actual natural gas However, alternative trading venue IEX Indeed, the NYSE spokesperson says that trading levels. “We’ve had the abil- has filed a response, calling NYSE’s plan to as the exchange continues its upgrades, it ity to provide intraday surfaces for provide more granular last trade informa- may yet make the more granular data avail- a while, and now we have over 60 tion on its proprietary feeds but not on the able via the CTA, adding that bundling percent of the gas options market. We consolidated tape, “a fundamental issue the last trade information together is an can leverage that volume to provide about fairness and transparency.” established historical practice. a high quality estimate of where the IEX was founded in 2013 with the “We will continue our long-standing market is,” he adds. explicit objective of providing a fairer practice in reporting to the SIP [Securities The volatility surfaces on Bloomb- market. For example, IEX uses a “Magic Information Processor for CTA data], and erg are likely to appeal to traders and Shoebox” of 38 miles of coiled fiber to as we roll out our new technology plat- investors who are not active in the introduce an set artificial delay of 350 form, Pillar, we are considering providing options market but still need to know microseconds into its market data distri- the individual orders of the executed trade what the market is doing, as opposed bution for all participants to discourage for the SIP,” the NYSE spokesperson adds. to large brokers who are already active speed-driven structural arbitrage strategies. The SEC will continue to seek commen- on EOXLive and are aware of the In a letter to the SEC, IEX says it is tary on the NYSE proposal for the next market’s position. “This data is tar- fundamentally unfair for NYSE to provide few weeks, and is required to act within geted at those who don’t execute as granular last trade information via its pro- 45 days of the proposal being published. often…. They might have to hedge prietary last sale feed but not on the Tape Faye Kilburn for a portfolio they manage, so obvi- ously they care what the pricing is, EXCHANGE WATCH but they are not in contact with the market every day,” Faulkner says. Data Vets McElligott, St. George Exit The data, which is not subject to additional fees beyond users’ current CME Amid Exchange-Wide Staff Cuts Bloomberg subscriptions, is available via the OTCG
waterstechnology.com/imd September 7, 2015 3 OPENING CROSS Forza Monza! Forza Market Data!
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4 September 7, 2015 waterstechnology.com/imd DATA DISPLAY & ANALYTICS HERD
Thomson Reuters Adds Japanese- VWD Taps FactSet, Thomson Vet Gijssel for CEO Language Support in News Analytics 4.0 -YHURM\Y[IHZLK THYRL[ KH[H ]LUKVY =>+ .YV\W OHZ HWWVPU[LK 4HY[PU Thomson Reuters plans to roll out a series market will respond well,” he says. .PQZZLSJOPLML_LJ\[P]LLMMLJ[P]L:LW[ of enhancements to its Thomson Reuters The vendor has also made significant .PQZZLS ^PSS IL YLZWVUZPISL MVY [OL News Analytics (TRNA) sentiment anal- improvements to the amount of enti- V]LYHSS Z[YH[LN` VM [OL JVTWHU` HUK ysis system when it releases version.4.0 of ties the system can score by harnessing MVYOLHKPUNP[ZZHSLZHUKJVTT\UPJH the software later this year, including the the Calais natural-language processing [PVUZ KP]PZPVUZ HZ ^LSS HZ PUJYLHZPUN addition of Japanese-language sentiment technology, which Thomson Reuters P[Z MVJ\Z VU NYV^PUN ZHSLZ 7YPVY [V scoring and increased numbers of entities acquired from software vendor ClearFor- QVPUPUN =>+ .PQZZLS ZWLU[ `LHYZ that the system can score. est in 2007. Calais, which automatically H[ -HJ[:L[ 9LZLHYJO :`Z[LTZ TVZ[ TRNA, which Thomson Reuters origi- extracts semantic information from web YLJLU[S` HZ ZLUPVY ]PJL WYLZPKLU[ nally launched in 2008, scans and ana- pages, is already powering Thomson HUK THUHNPUN KPYLJ[VY VM PU[LYUH lyzes the sentiment of news stories about Reuters’ Intelligent Tagging product, [PVUHS PU]LZ[TLU[ THUHNLTLU[ ZHSLZ thousands of companies in real time, and which performs entity and topic extrac- )L[^LLU HUK .PQZZLS provides buy/hold/sell signals that can tion and event detection. HSZV OLSK YVSLZ H[ ;OVTZVU -PUHU be fed directly into firms’ quantitative “It has events, locations, people, deals, JPHS»Z +H[HZ[YLHT 0U[LYUH[PVUHS I\ZP trading strategies. relationships…. There’s over a million ULZZ^OLYLOL^HZJVUZ\S[PUNKPYLJ[VY Japanese sentiment scoring is an addi- different entities in there [and] we’ll be MVY )LULS\_ :^P[aLYSHUK [OL 5VYKPJ tion the vendor had planned to release able to provide scoring on those different YLNPVU HUK :V\[OLYU ,\YVWL WYPVY [V much sooner, says James Cantarella, glo- entities. And then we can start develop- ^OPJO OL ILNHU OPZ JHYLLY H[ +\[JO bal business manager for machine-read- ing engines that are entity-specific—so IHUR()5(TYV able news at Thomson Reuters. “Doing [for example] an engine that’s calibrated sentiment scoring in Japanese is hard, to scoring news about people, or about ENSO Appoints McMahon CTO and it has taken us some time, but we’re products or governments or locations, 5L^ @VYRIHZLK THYRL[ PU[LSSPNLUJL there,” Cantarella says. “We’re not using which again opens up to more opportu- HUK HUHS`[PJZ WYV]PKLY ,UZV -PUHU machine-translation; we’ve built the nities,” Cantarella says. JPHS 4HUHNLTLU[ OHZ OPYLK 4PJOHLS engine from the ground up in Japanese The final enhancement to TRNA is 4J4HOVU HZ JOPLM [LJOUVSVN` to analyze Japanese language, Because the addition of document-level scoring, VMMPJLY YLZWVUZPISL MVY L_WHUKPUN [OL of the difficulty, I think it will be pretty which will enable Thomson Reuters to ]LUKVY»Z UL[^VYR PUMYHZ[Y\J[\YL HUK unique in the market for a long time. run its analytics on any type of news and JVYL HUHS`[PJZ 7YPVY [V QVPUPUN ,UZV We’ve got customers in both the UK and expand the potential business oppor- 4J4HOVU ^HZ THUHNPUN KPYLJ[VY H[ US who are waiting for us to do this.” tunities that the vendor can address. )HUR VM 5L^ @VYR 4LSSVU ^OLYL OL Cantarella says clients in Japan and “Right now, we’re scoring equities news, SLK ZL]LYHS LUNPULLYPUN HUK HYJOP[LJ throughout Asia have welcomed the company news, commodities and energy [\YL [LHTZ PU I\PSKPUN H )PN +H[H development. “If you’re talking about news… but document-level scoring will HUHS`[PJZWSH[MVYTMVY[OLIHURILMVYL information that’s in the news, there’s a open us up to anything—currencies, ^OPJO OL ZLY]LK HZ ]PJL WYLZPKLU[ VM lot of information in Japanese news that treasuries, rates—any news story that’s WSH[MVYT LUNPULLYPUN HUK VWLYH[PVUZ people in the English-speaking world out there, we’ll be able to score,” Can- H[ 4VYNHU :[HUSL` HUK KPYLJ[VY VM just don’t see, [and] it takes a long time tarella adds. HWWSPJH[PVU KL]LSVWTLU[ H[ .VSKTHU to get priced in—so we’re confident the Joanne Faulkner :HJOZ 0U HKKP[PVU 4J4HOVU >7
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>>S&P DJI Taps SIX Feed to Monitor >>Chart IQ, Adaptive Ally with WYV]PKLY 6WLU-PU·^OPJO HSSV^Z /;43 Index Licensing Compliance OpenFin for HTML5 Trading, Charting 1H]H 5,; HUK * HWWSPJH[PVUZ [V ^VYR : 7 +V^ 1VULZ 0UKPJLZ OHZ ILN\U \ZPUN Integration [VNL[OLY·[VJVTIPUL[OLWSH[MVYTZ PUKL_SPURLKWYVK\J[ZPUMVYTH[PVUHUK\ZHNL *OHY[08HWYV]PKLYVM/;43 JOHY[PUNHWWSP KH[H MYVT :0? -PUHUJPHS 0UMVYTH[PVU»Z=HSVY JH[PVUZOHZPU[LNYH[LKP[Z[LJOUPJHSJOHY[PUN >>Bloomberg Begins Publishing Japa- KH[H -LLK VM YLMLYLUJL KH[H ]HS\H[PVUZ WSH[MVYT ^P[O MYVU[VMMPJL ZVM[^HYL KL]LS nese IRS Data M\UKZKH[HHUKJVYWVYH[LHJ[PVUZ[VZ\WWVY[ VWTLU[ JVUZ\S[HUJ` (KHW[P]L»Z 9LHJ[P]L )SVVTILYNOHZILN\UW\ISPZOPUNWVZ[[YHKL P[ZPUKL_ZHSLZHUKSPJLUZPUNI\ZPULZZ: 7 ;YHKLY MVYLPNU L_JOHUNL [YHKPUN WSH[MVYT 1HWHULZL `LUKLUVTPUH[LK PU[LYLZ[ YH[L +10 ^PSS \ZL :0?»Z KH[H [V TVUP[VY UL^ ZV \ZLYZ JHU ZOHYL KH[H HUK ^VYRMSV^Z Z^HW THYRL[ KH[H MYVT P[Z UL^ 1HWHULZL PUKL_ SH\UJOLZ HUK JYLH[L YLWVY[Z [V [YHJR IL[^LLU[OLWSH[MVYTZHUK[VKLTVUZ[YH[L ,SLJ[YVUPJ;YHKPUN7SH[MVYT,;7HZWHY[VM SPJLUZPUNHJ[P]P[`HYV\UKP[ZV^UPUKL_LZI` [OLWV[LU[PHSVMPU[LNYH[LK/;43 ZVM[^HYL HTHUKH[LMVYIHURZHUKZLJ\YP[PLZMPYTZ[V KV^USVHKPUN KH[H MYVT [OL =HSVYKH[H -LLK MVYJHWP[HSTHYRL[Z;OLPU[LNYH[PVUSL]LYHNLZ \ZL LSLJ[YVUPJ WSH[MVYTZ MVY ZWLJPMPLK V]LY PU[VP[ZV^UKH[HIHZL [LJOUVSVN`MYVT/;43 Y\U[PTL[LJOUVSVN` [OLJV\U[LY6;*KLYP]H[P]L[YHUZHJ >6 waterstechnology.com/imd September 7, 2015 5 DATA DISPLAY & ANALYTICS WALLBOARD Platts Launches China Oil Analytics Sept. 10: FISD Issue Brief and networking reception. London.
Commodities data provider Platts has president of oil products at Platts. Organized by FISD. Details at: launched a new web-based analysis plat- The platform also features an interac- form, dubbed Platts China Oil Analytics, tive map that displays the location of each siia.net/events to help traders, energy producers and refinery in China alongside information Sept. 15: European Financial analysts to better understand China’s oil such as capacity and operational details, consumption patterns and refinery capa- including monthly processing volumes, Information Summit. London. bilities, and to predict supply and demand economic indicators vehicle sales, trade Organized by Incisive Media. Details at: trends in the Chinese domestic oil and growth and producer price indices, which petroleum markets. Platts gathers from a range of waterstechnology.com/events The platform combines a third-party sources. range of market data, analytics Platts China Oil Analytics Oct. 4: World Financial Information and visualization tools, includ- is the vendor’s first foray into Conference. New Orleans. Organized by ing domestic prices, refinery analytics, and was launched in margins, fundamental demand response to market demand for FISD. Details at: and supply data on crude oil more information on oil mar- waterstechnology.com/events and refined petroleum prod- kets in China and other Asian Stuart Wood ucts, trade flows and news on countries. Platts expects China Oct. 7: Buy-Side Technology North China’s oil markets, as well as key eco- to continue to be the largest contributor American Summit. New York. nomic indicators such as gross domestic to global growth in demand for crude oil product growth. Users can view the data for the foreseeable future, and to remain Organized by Incisive Media. Details at: in the Platts China Oil Analytics platform heavily reliant on imported crude to feed waterstechnology.com/events or download it into spreadsheets for fur- its coastal refining hubs. ther analysis. “This is a market where we can bring Nov. 6: Buy-Side Technology Awards. In addition to data, the platform pro- transparency and new analysis, building on vides a suite of analytics to help users our heritage as a pricing and fundamentals London. Organized by Incisive Media. predict future movements in the Chinese data provider,” Wood says. Details at: oil markets, including a monthly report Platts has carried out a beta trial with a produced by a team of analysts in China number of key clients, and two oil produc- waterstechnology.com/events and Singapore, which leverages Platts’ pro- ers have signed on to use the Platts China Nov. 11-12: Asia-Pacific Financial prietary content sets and internal analysis Oil Analytics platform. Meanwhile, Wood to produce supply and demand predictions says the vendor has also received interest Information Conference Organized by for crude oil and refined products with from capital markets firms that trade com- Incisive Media and FISD. Details at: two-year forecast horizons. modities. “For the first time, we can provide a “In terms of capital markets, there is a waterstechnology.com/apfic view on what’s likely to happen in the growing requirement for trade flow analyt- Nov. 17: China oil market in the future. We’ve ics, production, shipping.... We are start- European Trading Architecture always provided the factual data, but the ing to see demand for more transparency Summit. London. Organized by Incisive analytics takes us to the next phase of around the whole logistics supply chain of what’s coming up and what the outlook crude and refined products,” he adds. Media. Details at: will look like,” says Stuart Wood, vice Faye Kilburn waterstechnology.com/events
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6 September 7, 2015 waterstechnology.com/imd CONTENT FOCUS HERD
Macrobond Adds Fitch CDS Prices <5 ZLY]LK PU [LJOUVSVN`MVJ\ZLK YVSLZV\[ZPKLVMJHWP[HSTHYRL[Z)HZLK to Workstation, Datafeeds PU 5L^ @VYR 4J4HOVU QVPUZ ,UZV»Z L_LJ\[P]L[LHTHUKYLWVY[Z[VWHY[ULY Swedish time-series data and analytics McNerney says, since in this case the data HUKJVMV\UKLY+^HPUL(SSL`UL vendor Macrobond Financial is mak- will be used by end users such as econo- ing credit default swap (CDS) data from mists and strategists who use the Mac- SR Labs Hires Miller as North Fitch Solutions, the data arm of ratings robond platform for research purposes, America Sales Head agency Fitch, available on its datafeeds and whereas other vendors such as Interactive 3V^SH[LUJ` MLLK OHUKSLY HUK THYRL[ Macrobond Application data workstation, Data or SuperDerivatives use its data as KH[H WSH[MVYT WYV]PKLY :9 3HIZ OHZ to provide customers with greater trans- an input to derive evaluations that they OPYLK 9HHROLL ;OHYHUP 4PSSLYHZ parency into the global credit markets. provide to clients. OLHK VM ZHSLZ YLZWVUZPISL MVY SLHKPUN Fitch is providing Macrobond with its “The initial interest came from a large [OL ]LUKVY»Z ZHSLZ LMMVY[Z PU 5VY[O entire universe of CDS Index Benchmark Nordic client who got us involved with (TLYPJH 4PSSLY ^HZ WYL]PV\ZS` OLHK Prices—which incorporate daily consensus Macrobond… but now we are making our VM M\[\YLZ WYVK\J[ KL]LSVWTLU[ H[ CDS pricing for global entities and indi- data available to Macrobond’s client base 4HJX\HYPL ILMVYL ^OPJO ZOL OLSK vidual CDS Pricing—as well as Fitch’s pro- of economists and strategists who can use U\TLYV\Z YVSLZ H[ .VSKTHU :HJOZ prietary Liquidity Scores and 10 years of our CDS data in this charting [and] time- PUJS\KPUNNSVIHSTHUHNLYVMJSPLU[[LJO historical data. Fitch will deliver the prices series research tool,” he adds. UVSVN` ZVS\[PVUZ MVY WYPTL IYVRLYHNL at the end of each day via FTP download, Macrobond chief executive Tomas HUK KLYP]H[P]LZ JSLHYPUN SPZ[LK KLYP] which Macrobond will make available to Liljeborg says adding Fitch’s data will H[P]LZ JSPLU[ [LJOUVSVN` YLNPVUHS clients via its data workstation and feeds, equip users with greater transparency into THUHNLY HUK WYVK\J[ KL]LSVWTLU[ allowing them to use the CDS data in its the global credit markets. “Credit markets THUHNLY MVY SPZ[LK KLYP]H[P]LZ JSLHYPUN time-series charting and analysis tools. are constantly moving, so being able to ZLY]PJLZ :OL HSZV WYV]PKLK I\ZPULZZ “Users will be able to see the raw offer our users access to Fitch’s latest CDS JVUZ\S[PUN H[ :\U.HYK MVY JSPLU[Z VM data that Fitch provides—which we gather pricing and liquidity data will help to make P[Z Z[HUKHYK KLYP]H[P]LZ JSLHYPUN HUK from market makers—as tabled data on them more agile and informed when tak- ZL[[SLTLU[Z ZVM[^HYL .40 )HZLK PU the screen, and then they will be able to ing credit risk decisions,” he says. 5L^ @VYR 4PSSLY YLWVY[Z [V :9 3HIZ chart it and see the full CDS curve for that Fitch and Macrobond have no current JOPLML_LJ\[P]L1LUUPMLY5H`HY entity. We are also providing Macrobond plans to expand the deal to cover other with liquidity scores so users can see how datasets, though officials say Fitch Solu- DataLend Hires Antelmann as VP liquid the price is,” says Mark McNerney, tions is currently engaged in exploratory and Product Specialist in HK head of strategic partnerships at Fitch work to determine how to leverage other 5L^@VYRIHZLK+H[H3LUK[OLTHYRL[ Solutions. datasets for charting and analysis, includ- KH[H HYT VM ZLJ\YP[PLZ MPUHUJL [YHKPUN Macrobond is different from most data ing its ratings. WSH[MVYT ,X\P3LUK OHZ HWWVPU[LK vendors to which Fitch provides data, Faye Kilburn 9VILY[(U[LSTHUU]PJLWYLZP >9
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San Francisco, Calif.-based electronic dis- needs, using connectors deployed into In the past, Recommind has not sup- covery, information governance, enter- firms’ chat repositories. ported IM, but the rise of chat both in prise search and content categorization “What’s challenging about chat is that it and outside of capital markets means firms software provider Recommind is preparing is replete with metadata: There’s informa- must now be able to monitor chat data for to launch version 5.5 of its cloud-based tion on timestamps, logs, disclaimers… regulation and compliance, legal investiga- Axcelerate eDiscovery platform, with new and that messes up the analysis. So we’ve... tions and audits, Marcus says. functionality that will enable firms to ana- added smart processing technology to “A good example would be the Libor lyze instant messaging (IM) data. clean out the metadata and extract only scandal. A lot of critical information was The platform combines analytics, visu- the meaningful data,” says director of in the Instant Bloomberg chats that docu- alizations and machine-learning technol- product marketing Hal Marcus. mented activity around manipulation of ogy to analyze chat communications for a As well as raw usage statistics, the plat- Libor. Chats are becoming more critical, range of third-party messaging platforms, form allows firms to search chat messages and they are a treasure trove of informa- including Instant Bloomberg, Skype and not only for key words, but also for phrases tion,” he says, adding that Axcelerate is Google Chat. and contextual links between terms. designed to output analytics most likely to The chat processing technology and “When it comes to chat, you are working be needed by auditors or regulators. analytics enable legal and compliance with informal text. You don’t care about Axcelerate 5.5 will enter live production teams to filter and review IM data, while spelling. Grammar is an afterthought. in the next few weeks, and will also feature its Hypergraph technology allows them People use code names and slang. That a number of performance enhancements, to visualize IM data alongside email for does not lend itself well to search terms, including batched document retrieval at a complete picture of a firm’s commu- so we look to the broader context and twice the speed of previous versions; speed nication networks, patterns and activity see beyond literal phrase extraction. We improvements of between 40 and 50 per- levels—such as for visualizing communica- analyze how terms are used, the relation- cent for processing, indexing and produc- tion patterns and links between users. ships that terms have with each other, and tions; and a Multi-Matter Dashboard that Axcelerate can be rolled out as an on- we have predictive coding that learns what visualizes key metrics for firms to optimize demand, software-as-a-service, or on-site you’re interested in, and shows you other processes across their portfolios. deployment, depending on customer things you may find interesting,” he adds. Faye Kilburn
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8 September 7, 2015 waterstechnology.com/imd ORGANIZATION & STRATEGY HERD
Kx Embarks on Middle-Office Expansion <7 KLU[ HUK WYVK\J[ ZWLJPHSPZ[ IHZLKPU/VUN2VUN(U[SLTHUU^PSSIL Tick database provider Kx Systems is technologies out of the box.” [HZRLK ^P[O YLJY\P[PUN HUK Z\WWVY[PUN expanding into middle-office applications Since kdb+ is widely used by global UL^ HUK L_PZ[PUN J\Z[VTLYZ ^OPSL as the first step in a strategic push to banks, Sykes says there are natural conduits ^VYRPUN ^P[O JSPLU[Z [V HKHW[ UL^ find broader use cases for its kdb+ data- for cross-selling across different depart- M\UJ[PVUHSP[` HUK WYV]PKL X\HU[P[H[P]L base, spearheaded by data analytics veteran ments. “Some of our largest custom- Z\WWVY[ MVY +H[H3LUK»ZZ\P[L VM HWWSP Mark Sykes, who joined the vendor in July ers have hundreds of kdb+ applications JH[PVUZ(U[SLTHUU^PSSHSZVILYLZWVU as global market strategist (IMD, July 14). throughout their firm.... It is a perfect fit ZPISL MVY NH[OLYPUN HUK KVJ\TLU[PUN Many existing bank customers of kdb+ for situations that require real-time analysis I\ZPULZZY\SLZHUKYLX\PYLTLU[Z7YPVY have implemented the database in their and involve massive, historical datasets.” [VQVPUPUN+H[H3LUK(U[LSTHUU^HZH front or back office, with front-office appli- Kx will also leverage the salesforce of ZLUPVY I\ZPULZZ HUHS`Z[ H[ (\Z[YHSPHU cations focusing on real time, and using its majority shareholder, Northern Ire- IHUR>LZ[WHJ^VYRPUNPUNSVIHSV]LY kdb+’s in-memory database and streaming land-based data technology provider First [OLJV\U[LYKLYP]H[P]LZ)LMVYL[OH[OL capabilities, and back-office applications Derivatives and its suite of kdb+ powered ZWLU[TVYL[OHU `LHYZH[*P[PNYV\W taking advantage of its historical database products to target the middle office. PU3VUKVU-YHURM\Y[5L^@VYR/VUN capabilities, Sykes says. However, clients Sykes says he expects the potential 2VUN HUK ;VR`V PU ZLJ\YP[PLZ MPUHUJL could also use kdb+ to perform different return on investment of kdb+ to offset the [YHKPUNHUKTHUHNLTLU[/LOHZHSZV functions in other parts of their business increased spend required from any firm ILLU H YLWYLZLU[H[P]L VM [OL 7HU that also processes huge amounts of data. looking to roll out the database into new (ZPHU :LJ\YP[PLZ 3LUKPUN (ZZVJPH[PVU “We would hope that whichever case areas, such as the middle office. “Saving /LYLWVY[Z[V,X\P3LUKJOPLML_LJ\[P]L current clients have already deployed, money is a big deal in any department. It’s )YPHU3HTI some customers will be looking to re-use more a case of ‘If you’re going to spend, the investment they have already made spend in the right place,” he says. Consultancy Delta Capital Taps in the technology by using it in other In addition to expanding kbd+ uptake Tech Vet Covington for Board parts of their business,” Sykes says, adding within capital markets organizations, Sykes +LS[H *HWP[H HU 0; HUK I\ZPULZZ that kdb+’s Q time-series query language has also been tasked with expanding kdb+ JVUZ\S[HUJ` [OH[ WYV]PKLZ ZLY]PJLZ can be used as “a single unifying glue to into markets outside of finance, and is PUJS\KPUN [YHKPUN [LJOUVSVN` KL]LSVW allow data from anywhere to be seamlessly focusing on deploying the kdb+ database TLU[ KH[H HUK HUHS`[PJZ HUK [YHKL melded together and turned into action- into academic institutions. WYPJL]HSPKH[PVUOHZHWWVPU[LKPUK\Z[Y` able business information.” The City University of New York’s ]L[LYHU2L]PU*V]PUN[VU[VP[ZIVHYK With firms’ middle offices under increas- Baruch College is expanding its use of HZ H UVUL_LJ\[P]L KPYLJ[VY 0U HKKP ing pressure from regulators, clients and kdb+ this year, while the UC Berkeley’s [PVU[V+LS[H*HWP[H*V]PUN[VUPZHSZV market forces, more and more business Haas School, the Massachusetts Institute THUHNPUNKPYLJ[VYVMOPZV^UJVUZ\S[PUN applications need to be able to access Big of Technology, and UK-based Lough- MPYT *OHUNL (SSL` HUK YLTHPUZ HU Data repositories and respond to real- borough University are all leveraging the HK]PZVY[VZ`Z[LTZWLYMVYTHUJLTVUP time events, such as real-time portfolio technology in classes and for research. [VYPUN ZVM[^HYL ]LUKVY 0;9: ^OLYL risk modeling, monitoring trader activity, Kx is now reaching out to universities in OL ^HZ MVYTLYS` JOPLM L_LJ\[P]L WYPVY and reacting instantly to regime-chang- Europe, and is seeking to expand the pres- [V^OPJOOLZWLU[HSTVZ[`LHYZPU ing market events, Sykes says. “Generally, ence of kdb+ in universities elsewhere in Z[YH[LN` HUK I\ZPULZZ KL]LSVWTLU[ these types of applications require histori- the world in partnership with First Deriva- YVSLZH[);HUKP[Z:`U[LNYHI\ZPULZZ cal databases, in-memory databases, and tives over the coming year. OH]PUNWYL]PV\ZS`^VYRLKH[2SLPU^VY[ event-stream processors. Kdb has all three Joanne Faulkner )LUZVUHUK:.>HYI\YN
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waterstechnology.com/imd September 7, 2015 9 DATA DISPLAY & ANALYTICS Mosaic Smart Data Adds Predictive Algo to Analytics Platform
Data analytics vendor Mosaic Smart Data clients am I anticipating seeing in the mar- many cases, customers have aggregated has added a new machine-learning algo- ket today?’ or ‘What products do I think their data…but we can also work with rithm to its MSX trade flow analysis plat- clients will likely be trading?’” he says. them to aggregate the data—for example, form to provide sales, trading, manage- Hodgson, a former Deutsche Bank if a client wanted to have aggregation ment and compliance teams within banks’ managing director, established Mosaic globally. The key point is that nothing is fixed income, currencies, and commodities Smart Data last year to help banks’ FICC done external of the client environment,” (FICC) groups with predictive insight into groups leverage data analytics to combat Hodgson adds. their clients’ trading behavior. declining revenues, high operational costs He says a key problem with data The machine-learning algorithm ena- and compliance requirements. The MSX aggregation in the past was that vendors bles users to predict client activity. For platform aggregates a range of trade- aggregated data without a deep enough example, based on historical patterns, the related datasets—including market data understanding of what customers needed algorithm can be used to direct salespeo- feeds, negotiation data, client data, instru- to know, and adds that Mosaic Smart ple and traders to clients who have the ment data and order books—and produces Data addresses this challenge by building highest likelihood of interest in a trade, analytics on core metrics relating to client the entire process around the user. “It’s says Mosaic Smart Data founder and chief trading flows, such as product, instrument all about usability; being able to deliver executive Matt Hodgson. and venue, to allow banks to monitor cli- real-time insights on the business as it’s “The pace of change in the field of data ent trading behavior in real time. coming through the front door, rather analytics is rapid. As technology vendors To perform its analytics, MSX first runs than a rear-view mirror on the business. continue to work towards providing easy- all the data through a proprietary market In today’s environment of exponentially to-use tools that can be quickly integrated data model, to combat market and data growing data, the single most important into existing systems, it is the ability to har- fragmentation across electronic venues. objective is to maximize revenue, so you ness predictive analytics based on historical The vendor does not provide market data have to optimize market share, understand patterns that remains at the cutting edge. but rather aggregates clients’ market data client interest, and you have to take it to For a FICC-trading bank, this could pro- feeds with other trade flow information. an atomic level of understanding,” he says. vide answers to questions such as, ‘Which “We start off with our data model…. In Faye Kilburn
DELIVERY TECHNOLOGIES Velocimetrics Ramps Up TipOff Storage Capacity Real-time business flow performance and store the data for an extended period ple appliances or external data retention monitoring and analysis technology pro- of time. For example, a steady one gigabit- solutions such as NAS and SAN drives to vider Velocimetrics has launched a range per-second stream of market data ticks can achieve the same performance. of new TipOff latency monitoring appli- now be retained for more than nine weeks. “Previously, the footprint in a datacenter ances with increased storage capacity, to V205 was built at the request of an to store this amount of data was much enable firms to store up to six times as unnamed investment bank that was look- larger as it required multiple racks, more much data for analysis and back-testing. ing to store data for longer periods of time cooling, power.... Having this dense stor- The new TipOff appliances offer up to to test how its algorithms perform under age packaged into a 2U appliance means six times more storage capacity compared different trading conditions. you can have greater capacity with much to their predecessors, as a result of intro- “Every year, volumes are increasing. But lower datacenter costs,” Rodgers adds. ducing high-capacity disks, double the for compliance purposes or back-testing, The increased capacity is now avail- RAM and faster CPU speeds. it’s also useful to build a repository of data able on the TipOff latency monitoring “This range of appliances is built on that can be retained for longer,” Rodg- appliances, but in future the vendor will next-generation technology. It’s the dens- ers says. “This particular case... was based add support for upcoming releases of the est storage that we can fit into each appli- around being able to perform testing on Velocimetrics product line as well. ance. We’ve added storage disks that are algo engines. The bank uses the appliance Since acquiring an exclusive license to five or six times the capacity of previous to capture market events, and where they sell TipOff in the financial sector in 2014 disks,” says Steve Rodgers, head of engi- might be experiencing problems in rela- after UK-based latency monitoring tech- neering at Velocimetrics. tion to a particular event, they can look at nology provider TS-Associates was placed The highest-performance new appli- what happened and why, then they can get in administration, Velocimetrics has made ance, dubbed V205, will enable TipOff their algo to react a certain way next time, a number of enhancements to the prod- to retain up to 24 terabytes of raw trading to improve their performance.” uct, including leveraging new compres- data or 160TB of compressed trading data As well as providing more storage, the sion cards from AHA Products Group on a single two rack unit-sized appliance. new appliances are also likely to lower the to enable TipOff to capture 40 million It will also enable TipOff clients to decode cost of storing large volumes of data, as in market data updates per second. 48 million market data ticks per second the past customers would require multi- Faye Kilburn
10 September 7, 2015 waterstechnology.com/imd DATA DISPLAY & ANALYTICS Following Innovation Lab Program, Social Alpha Targets Banks
Social media analytics start-up Social applications. media, banks playing catch-up with other Alpha is now targeting its real-time social The vendor sectors, and more use of social media by media analytics platform at investment analyzes all investors to discuss strategies. banks, after presenting at the 2015 New Twitter chat- “Two years ago, we had to make a York Fintech Innovation Lab demo day ter around pitch as to why social media is relevant at Bank of America’s New York head- US-listed and show how much content in social quarters in June. securities in media is talking about products and The presentations were part of a real-time and brands, but now banks have trust in 12-week mentor program run by the produces a social media, and know that a massive New York Fintech Innovation Lab, range of ana- volume of the discussion is relevant and which was launched in 2010 by Accen- lytics that can Prem Melville will influence the market. It’s not ‘Do we ture, the Partnership Fund for New York be pushed care?’ but rather, “Which provider do we City and financial institutions including downstream to customers, including sen- go to?’” Melville says. Bank of America, Barclays, Citi, Credit timent, relevance scores and reliability. He adds that one of Social Alpha’s Suisse, Deutsche Bank, Goldman Sachs “We have built several out-of-the-box unique selling points is that it leverages JPMorgan, Morgan Stanley, State Street products, including a dashboard to mon- historical data and machine learning to and UBS. itor your portfolio, a widget for HTML- generate predictive rather than retroac- Since launching in 2013, Social Alpha’s based sites, email alerts driven off our tive analytics. For example, rather than main customer base has been among API, and a low-latency feed product, but just identifying Twitter users who are hedge funds using the vendor’s API to we aren’t pushing shrink-wrapped prod- posting buy or sell recommendations, stream real-time social media analytics ucts. We have made a big investment in the vendor filters users for influence and into their algorithmic trading engines. infrastructure to have the API fronting reliability. However, after presenting at the Innova- our analytics engine so firms can use it “We have a predictive model, not a tion Lab, Social Alpha is now running flexibly,” says Prem Melville, chief execu- retroactive one, so we are taking various nine pilots—supporting a range of appli- tive of Social Alpha. characteristics such as the number of cations from the trading floor to support- Prior to setting up the company, followers, and how they interacted with ing market-making, investment banking Melville worked as a data scientist at IBM others in the past, and then we use that and financial advisory groups—within Watson Labs and led social media analyt- historical data to predict the likelihood four tier-one banks and focusing on grow- ics efforts at the tech giant for over six of tweets going viral…. It’s very predic- ing its uptake among investment banks. years. He says there has been a dramatic tive compared to a page rank, and it’s a Social Alpha’s underlying Social Alpha sea change in the last two to three years paradigm shift in social media analytics,” API allows firms to integrate social media as a result of the US Securities Exchange Melville says. analytics into their existing workflows and Commission relaxing its view of social Faye Kilburn
SCROLLING NEWS
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waterstechnology.com/imd September 7, 2015 11 ORGANIZATION & STRATEGY Under CSC Ownership, Fixnetix Eyes Bigger Client Wins
<1 only have to go down to some Fixnetix will continue to operate as a office—they’re talking to the people who of the big investment banks and look at separate company, and Hughes says that run the floors, who spend the money,” he the size of their dealing rooms: There part of his responsibilities will be to ensure says, adding that the benefits were obvious are thousands of people sitting there, and Fixnetix benefits from continued auton- for both parties because there is no overlap we can outsource those and save those omy, coupled with the backing of a larger in service. “They bring to me a platform banks between 30 and 40 percent on their parent. “I want their balance sheet, and I that I can build a capital markets busi- yearly costs. We just weren’t big enough will make sure that we will be CSC people, ness on; they have relationships with the before. CSC has 70,000 people, all over but the service we will offer is the Fixnetix ‘who’s-who’ of investment banking and the world. Our new balance sheet size will service,” he says. “Our clients are happy capital markets, but they have reasonably enable us to enter into much larger trans- because they see this as… [getting] a small deals with these banks who would action sizes,” he says. bigger resource from a much bigger com- probably be interested in doing… larger Fixnetix had previously worked with pany, a much bigger balance sheet—and it deals,” which is where CSC’s larger bal- CSC last year on a project at a “sizeable” will allow them to give us more business.” ance sheet can give firms confidence in US investment bank that wanted to Fixnetix now has 85 clients, includ- expanding their use of Fixnetix. outsource its trading floor infrastructure ing “most of the big investment banks, In addition, Fixnetix’s client base will to Fixnetix and have the vendor con- hedge funds, market makers, traders and also provide potential business inroads for solidate its datafeeds, provide co-location exchanges,” Hughes says. “This acquisi- CSC into those clients, Hughes says, add- services, and perform some pre-trade tion will be a partnership: We want to ing that clients have responded positively reporting, but “didn’t want to do a make sure the clients are more efficient, to the deal, and in meetings following near-$100 million deal with a $50 mil- faster, and that they comply with new the announcement have asked what other lion company,” CSC officials say, so the regulatory rules that are coming in, as we services CSC can provide for them. firm enlisted CSC to provide services and will be able to handle the cost of change “Everyone has said ‘What else does CSC resource and program management. better than in-house resources.” do?’ For example, CSC has 2,000 people This also meant the vendors were famil- For CSC, the acquisition provided a in its cyber division... [and] one of the iar with each other prior to the deal, unique proposition, says Mike Steinharter, things they will do is come in and do a Hughes says. “They have the same values global vice president and general manager complete look at a bank or a hedge fund’s as we do, which are that clients come first, for banking and capital markets at CSC. systems, for example, and tell you whether and offering the best service as a form of “Breaking into capital markets is no easy you have the latest, is it the best, [and] is partnership. This led to them one day say- feat for an IT services company—you it performing well…. We can provide that ing ‘We’d like to invest in you even more don’t penetrate them from the back office. introduction,” Hughes says. fully,’ and the acquisition,” he says. Fixnetix’s relationships are in the front Joanne Faulkner
EXCHANGE WATCH Data Vets McElligott, St. George Exit CME in Exchange-Wide Cuts
<3 HZHZZVJPH[LKPYLJ[VYVMPUMVYTH[PVU TLU[ZHSLZHUKI\ZPULZZKL]LSVWTLU[MVY I\YLH\JYHJ`HUKPTWYV]LLMMPJPLUJ`H[[OL WYVK\J[Z YLZWVUZPISL MVY KL]LSVWPUN HUK [OL L_JOHUNL»Z +H[H4PUL OPZ[VYPJHS KH[H L_JOHUNL 0U 6J[VILY *4, HUUV\UJLK PTWSLTLU[PUNLJVTTLYJLZ[YH[LN`MVY[OL VMMLYPUN HUK SPJLUZPUN MVY KLYP]LK KH[H [OH[ P[ ^V\SK YLK\JL P[Z NSVIHS ^VYRMVYJL L_JOHUNL»Z THYRL[ KH[H HUK PUMVYTH[PVU \ZHNL 7YPVY [V *4, OL ^HZ THUHNPUN I` YV\NOS` MP]L WLYJLU[·HIV\[ WVZP WYVK\J[ZI\ZPULZZILMVYLILPUNWYVTV[LK KPYLJ[VY H[ [PJRLY WSHU[ ]LUKVY /`WLY-LLK [PVUZPU[V[HS·^P[OTVZ[J\[ZJVTPUNMYVT [VOLHKVMTHYRL[KH[HPU 12 September 7, 2015 waterstechnology.com/imd HOSTED BY 10-12 November 2015 FISD, INSIDE MARKET DATA & INSIDE REFERENCE DATA Renaissance Hong Kong Harbour View Hotel, Hong Kong The annual meeting place for Asia’s market and reference data community Hosted by FISD, Inside Market Data and Inside Reference Data, the 11th annual Asia Pacific Financial Information Conference will take place on 10-12 November 2015 at the Renaissance Hong Kong Harbour View Hotel. Bringing together over 400 market data executives from across the region, the two day conference features industry leaders and are provided in a variety of formats to enhance your learning experience, while the schedule provides ample time and opportunities to meet new contacts and renew existing relationships. Secure your passes now: Financial Institutions are eligible for free admission Non sponsoring FISD / SIIA members and IMD / IRD subscribers are eligible for exclusive discounts Non sponsoring Vendors, exchanges and consultants will be required to purchase conference passes To secure your passes and for details on savings that can be made through our group and package rates contact us today. Sally Au T: + 852 3411 4856 E: [email protected] Welcome reception sponsor: Visibility sponsors: Drinks reception sponsor: Exhibitor: Hosted by: www.siia.net/apfic The new bumper issue Inside Market Data app now available – FREE for all Inside Market Data, WatersTechnology Data and Premium Package subscribers. Download all the content from the latest weekly print issue, build your archive of issues and view them offline. To download and find out more visit waterstechnology.com/static/imd-app