With the quantity of market data increasing in the world of electronic trading, financial services firms have been exploring ways of managing their new data demands. The cloud has become an alternative for firms looking to save costs when holding their data. Xignite a provider of cloud-based financial market data has reported that it has forged a partnership with data provider FactSet to integrate FactSet’s global fundamental data, which includes company financials and estimates, into the Xignite Market Data Cloud platform. The move supports Xignite’s extensive data coverage as users look for one-stop solutions.
With the inclusion of FactSet’s data, Xignite will offer an extensive list of corporate data; FactSet has company financials for 75,000 firms, thus adding to Xignite’s multi-asset data capabilities. The firm reported that this agreement with FactSet will build on Xignite’s existing catalog of market data APIs to provide clients with an even wider selection of data points, including historical financials, company fundamentals, earnings, revenue and dividend estimates, as well as earnings calendars.
Xignite’s CEO, Stephane Dubois, commented about the new partnership in a statement, he said: “Our list of customers is growing every day and includes both the top worldwide FinTech innovators and large financial institutions, which are also trying to keep pace with industry innovation. While we already have a very large suite of market and reference data available via our Amazon Web Services-powered platform, we wanted to further enhance our offering with high quality global data from a trusted provider.
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We are extremely pleased to be the first vendor to bring the reputable FactSet Fundamentals database to the world of cloud APIs. Our clients will benefit significantly with access to the most comprehensive range of cloud data sets available.”
The new data will be available to Xignite’s client’s by Q4 of 2014. Xignite has an established client base covering over 1,000 participants in the financial and capital markets. Xignite will allow its clients to test the data in advance of the full release through a beta user program.
John Wiseman, SVP of Alliances for FactSet adds: Our partnership with Xignite will make FactSet financial data more readily accessible and allow for greater adoption by the market. As a pioneer in the use of cloud technology for market data distribution, Xignite is a natural partner in helping us tap this opportunity.”