Xignite a provider of financial market data solutions has joined the growing FinQloud data service offered by NASDAQ OMX. Through the cloud-based system Xignite will offer efficient, cost-effective data store solutions to financial services firms.
FinQloud was launched in 2011 by NASDAQ OMX, and its powered listed e-commerce firm, Amazon (Web Services). Being a member of the FinQloud service, Xignite will benefit from specific solutions geared to support financial service participants.
Xignite will leverage FinQloud for all storage and elastic computing resources used by its Market Data Cloud platform, including its financial data APIs, and its Market Data Distribution and Enterprise Data Distribution solutions.
Stephane Dubois, Xignite CEO and Founder,spoke about his firm joining the FinQloud network in a comment to the press: “NASDAQ OMX uses the Xignite platform for their NASDAQ Data-on-Demand historical stock quote service, and we have large financial institutions who are using our Market Data Cloud platform to develop private financial data clouds, so the decision to partner with NASDAQ OMX FinQloud was an easy one.
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We welcome NASDAQ and Amazon’s initiative to make cloud computing an increasingly reliable and secure solution that even our largest bank, broker and fund manager customers can trust and rely upon.”
FinQloud gives financial firms the ability to store large amounts of financial data, a crucial aspect of new regulatory reforms. Firms deploying the solution will not be required to build their own private cloud infrastructures, thus manage costs and resources more effectively.
“FinQloud provides Xignite and its clients with a highly scalable environment for storing, processing and serving large amounts of market data,” said Julia Sears, Associate Vice President of FinQloud at NASDAQ OMX in the official press briefing.
“It is our mission to continue supporting Xignite as they provide customers the ability to leverage their market data distribution cloud services, further expanding the FinQloud ecosystem. Xignite’s move to FinQloud represents a key step forward in transforming how the financial services industry stores and distributes market data from the cloud.”
Xignite has been developing itself as a key provider of data in the market that has seen trading volumes increase 20%. The firm was established in 2005 and provides solutions for firms across the board with solutions from $600.