First Derivatives (LON: FDP), a provider of products and consulting services to the capital markets industry, has announced a strategic partnership with Thomson Reuters for the use of its Kx technology to power the latest version of its financial Data as a Service platform, Velocity Analytics. The agreement follows a comprehensive review of real-time and in-memory technologies by Thomson Reuters and the recent £2.2 million acquisition of consulting and training expert QuantumKDB.
Velocity Analytics works by combining real-time and reference data with Thomson Reuters’ deep tick history database to provide clients with market data which can be used by quantitative analysts, traders and compliance departments across the financial services industry. It provides both pre-built and custom analytics on enriched market data from over 70 exchange, broker and vendor data sources and enables clients to create their own data repository for analytics, compliance and other use cases.
The service is currently being evaluated by a number of buy-side and sell-side firms, with several strategic customers engaged in an early adoption programme. The service will be delivered from the world’s largest private financial markets Cloud network, Thomson Reuters Elektron.
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Commenting on the new partnership, Mike Powell, managing director for enterprise capabilities, Financial & Risk, at Thomson Reuters said: “Given Thomson Reuters’ global customer footprint and the demand across the industry for streaming analytics and market insight driven by increasingly quantitative trading strategies and regulatory reporting requirements, demand should be strong for this solution. We are pleased to be working with FD to power Velocity Analytics using Kx technology.”
Our Kx technology enables real-time analytics on very large datasets.
Brian Conlon, Chief Executive Officer of First Derivatives, commented: “FD is pleased to partner with Thomson Reuters, using the ability of our Kx technology to enable real-time analytics on very large datasets to power the Velocity Analytics service. This agreement significantly increases our channel to market and the service will be rapidly deployed to customers through Thomson Reuters Elektron, which will accelerate our growth in this market.”
First Derivates has made several strategic moves over the course of the past year, allowing the company to get involved in the change lifecycle with its clients at an earlier stage. The company also recently announced continued strong trading in the second half of its financial year to 29 February 2016 with the financial performance for the full year expected to be ahead of current consensus forecasts of £109.5 million of revenue and £22.1 million of EBITDA.