Zacks Estimates Becomes First Premium Dataset on Quandl Financial Search Engine
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Inside Market Data October 27, 2014 waterstechnology.com/imd Volume 30, Number 3 FIX Market Data Protocol Nears Completion Content FoCus 3 Zacks Builds Operating Standards body FIX Trading Community is “We started out looking to make ITCH and Metrics Estimates Dataset finalizing the specification for a FIX Protocol- OUCH FIX standards. We held meetings with based market data standard that incorporates Nasdaq. Our analysis led us to conclude that Content FoCus elements of Nasdaq’s ITCH Protocol, though the industry would not be well served by simply 5 Millistream Adds GXG FIX does not plan a wholesale adoption of adopting the current Nasdaq protocols as is,” Markets Data ITCH semantics, as originally planned. Northey says, adding that “We concluded after Following analysis conducted earlier this year, extensive study that it is better to add new mes- DeLIveRy teChnoLoGIes FIX determined that building ITCH into FIX sages and a simple binary encoding to FIX and 6 McObject’s eXtremeDB was not the most suitable way to extend the to standardize on a new session layer based on Financial V6 Adds SQL, standard for market data, says Jim Northey, co- the Nasdaq protocols,” rather than standard- Python, Data Compression chair of FIX’s Global Technical Committee and izing FIX around ITCH. senior partner at LaSalle Technology Group, In May, FIX’s High-Performance Working DAtA ConsuMeRs citing limitations around expressing known val- Group began defining the functions and mes- 7 De Telegraaf Taps VWD for ues, missing fields and derivatives support. sage flows that it wanted to represent in >10 Financial Data ADMIn & MAnAGeMent Zacks Estimates Becomes First Premium 9 Reg-Room Readies Intraday Alerts for Regulatory Dataset on Quandl Financial Search Engine Tracking System Toronto-based economic and financial search and Canadian listed companies; Zacks Earn- engine Quandl has added North American ings Announcements, which offers estimated earnings estimates data from Chicago-based announcement dates, estimation parameters CoLuMns Zacks Investment Research as the first instance and supplemental data for more than 5,000 4 oPenInG CRoss of fee-liable data on its web-based platform for publicly traded companies; and Zacks Sales Esti- Raising the ‘Standard’ in financial, economic and sociological datasets. mates, which provides sales earnings estimates Terms of Cooperation The Zacks content covers four core databases: for 5,000 North American companies. Zacks Earnings Estimates, which provides daily Quandl will soft-launch the data on its web- 5 heRD consensus earnings estimates for more than site on Monday, Oct. 27, which will require 5,000 US and Canadian listed companies; Zacks a paid subscription, though the vendor will 6 sCRoLLInG neWs Earnings Surprises, which provides 10 years of allow users up to 100 “preview” accesses estimated and actual earnings for 8,000 US to the data—which Zacks compiles in >3 Canadian Advisory Firm CFSI Signs MDA, Quartet to Vendor Partner Ecosystem Canadian business development advisory firm has held senior trading and research roles at Collaborative Financial Services Inc. (CFSI) Liquidnet, ITG and TD Securities, and also has signed deals to represent two Toronto- served as a consultant to the Investment based companies—startup market structure Industry Regulatory Organization of Canada, and transaction cost analysis provider Market set up Market Data Authority (MDA) a year Data Authority and managed IT services pro- ago to provide market participants with analy- vider Quartet Service—to help both expand sis of market activity, liquidity provision and their presence and breadth of service among routing strategies. financial services clients in the region. MDA provides a cloud-based database of Chris Sparrow, former director of institu- tick data on Canadian markets that can gener- tional equities at RBC Capital Markets, who ate static reports and custom analytics >8 IMD102714.indd 1 10/24/14 1:40 PM Complete access for your entire organisation to WatersTechnology Our information solutions provide everyone in your organisation with access to the best information resource on the fi nancial market technology industry. WatersTechnology delivers: • Breaking news and in-depth analysis on the fi nancial market technology industry • Detailed features on your market and the deals and people who shape it • Video features and technical papers • A fully-searchable archive of content from WatersTechnology and from all of the other market- leading titles incorporated under the site (Buy-Side Technology, Sell-Side Technology, Inside Market Data, Inside Reference Data and Waters) • Full compatibility with any mobile device To fi nd out more about the benefi ts an information solutions package would bring, email [email protected] or call +44 (0) 20 7484 9933 / +1 646 736 1850 waterstechnology.com SWT_WT11_AD210x297.indd 1 17/06/2011 17:31 Content FoCus Zacks Estimates Becomes First Premium Dataset on Quandl Financial Search Engine <1 consultation with analysts—free of greatly to launch with rather have us maintain a database, and charge before prompting them to sub- such a well-known send out queries to that database and pull scribe. Users will still be able to use many name with a great data into applications as needed.” of the vendor’s free-of-charge features, reputation.” As well as a flexible consumption model such as API access, the ability to down- Traditionally, Zacks that enables customers to subscribe to the load data in any format, and multiple has delivered its data specific datasets they require, Quandl’s export and visualization options. to customers via flat platform also reduces the administrative Since its launch in 2013, Quandl has CSV files, but lever- burden of dealing with traditional data tammer focused on building access to more than aging Quandl’s plat- Kamel vendors, as users will not be tied in to 10 million time-series datasets, many of form will enable the multi-year contracts or lengthy vendor which are unrestricted and free of charge. vendor to deliver its data via APIs for the negotiation processes. However, Quandl founder and chief exec- first time, which will cater to startup firms “With Quandl, the way the customer utive Tammer Kamel says the ultimate and application developers who do not accesses the data is completely self-service. goal is for Quandl to be the numerical data have the resources to set up and manage They simply look to see what’s available, equivalent of Wikipedia, and to cover “all their own internal database structure, says they pick the datasets they want to sub- numerical data in the world,” including Bryant Sheehy, director of business devel- scribe to, and they don’t have to sign com- proprietary data. opment at Zacks Investment Research. plicated contracts, or talk to salespeople. To fulfill this goal, Quandl is now focus- “We’ve been getting a lot of inquiries We are pioneering a new model here that ing on building out fee-liable datasets, from startup-type companies developing is conducive to people with good ideas,” with Zacks’ consensus-based estimates financial applications for investors, both Sheehy says. representing the first set of paid premium retail and institutional, many focusing on For example, the access model is likely databases on the site. building new mobile apps for evaluating to suit hedge fund analysts who need data “Zacks brings a long-established repu- investments,” Sheehy says. “All of them to quickly test new strategies, but want to tation for quality data,” Kamel says. “It are looking to consume this data via an avoid signing “onerous” contracts with is strongly associated with earnings esti- API rather than traditional large flat CSV traditional data vendors, he adds. mates and sales estimates. It benefits us files through FTP accounts. They would Faye Kilburn Content FoCus Zacks Builds Operating Metrics Estimates Dataset Zacks Investment Research is preparing The operating metrics data is geared Over the next six to nine months, the to add more detailed company data to towards more sophisticated investors vendor will focus on building out and its collection of North American earnings who want to dig into the “nitty-gritty” standardizing the operating metrics esti- estimates databases, to better support details of each company, Sheehy adds. mates data before adding it to its data- clients’ investment decisions. The data is compiled by combining base. Zacks also plans to make the data The vendor is currently developing sell- estimates of operating metrics from available on Toronto-based economic side estimates for a range of company analysts at sell-side firms, who typically and financial search engine Quandl’s operating metrics—such as same-store carry out detailed analysis on companies web-based platform, after announcing sales, passenger revenue miles for to generate valuation models for their this week that its existing content will airlines, and backlogs for homebuilders— institutional buy-side clients. be the first instance of fee-liable data on which will be added to its Earnings Esti- Quandl. mates and Earnings Surprises databases. Consensus Metrics “We are developing more sophisticated “Operating metrics for companies are “[Sell-side analysts] have valuation datasets that I intend to plug into Quandl non-financial metrics that actually move models that are quite detailed, plus they down the road. By the by time we’re stock prices. That also includes revenue try to factor in other inputs like macr- done, there will be a very robust set segments, so breaking a company’s oeconomic inputs and trends…. We of data on there,” which will cater to a revenue down to specific products like aggregate those valuation models into a new “underworld” of start-up businesses, iPhones, iPads and Macs for Apple, and single consensus valuation model, which Sheehy says. “That’s where I see the hardware versus software for IBM,” says makes it easy for the buy side to get a growth opportunities in the financial data Bryant Sheehy, director of business devel- single Wall Street projection view of the business.” opment at Zacks Investment Research.