After launching their Surveyor app in 2014 for desktop financial enterprise users, Trillium is bringing to market a free iPhone version of the platform today. Like its desktop and more recently launched web-based brethren, the iPhone version of Surveyor offers tick by tick historical market depth quotes for US equities. Connected to a database of over two years of quote data, according to Trillium, the app offers close to one trillion data points.
A diversified financial services firm, Surveyor is a creation of Trillium’s trading technology development arm, Trillium Labs, which focuses on post trade analytics and market surveillance tools. The products currently fit a sweet spot of regulation-driven fintech demand. Stock exchanges have received regulatory pressure to integrate more market surveillance tools to monitor high frequency trading and price manipulation. In addition, the 2008/09 global financial crisis has led to financial guidelines such as BASEL III to push for standardized credit risk reporting, which has led to more demand for post-trade analysis tools.
With Surveyor, Trillium is targeting financial industry enterprise users such as broker-dealers, trading firms, regulators, and asset managers. The launch of the iPhone version fits a growing trend within the institutional sector of mobile based apps to allow users to monitor positions and risk while away from their desks as well as conduct analysis on the go.
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Interestingly, commenting on the new iPhone app, Michael Friedman, General Counsel and CCO of Trillium, stated to Finance Magnates that the product wasn’t demand driven. Rather, Friedman explained that Trillium aims to demonstrate that such market surveillance tools can be made available on an iPhone device, as he stated: “We have created a completely new type of product. We are not following the herd. We intend to show users the value of a new thing and hope they will respond by using it.”
In terms of the potential use cases that Trillium believes their customers will want to use the iPhone app for, Friedman explained that they are providing the iOS app for free with the goal of showcasing the overall benefits that can be gained from analyzing historical data. Friedman described the product: “The purpose of this mobile app is to show users how they can benefit from analyzing historical quote data. It’s a bit like using a slow motion video camera to analyze your golf swing. By advancing the markets frame-by-frame, one quote at a time, during your prior trades, you are able to notice details that will help you improve your trading next time.”
Friedman added: “Our hope is that once users get a taste of the benefits of this type of analysis, they will also want to buy our enterprise product, which expands the range of what they can do.”