Best Market Data Newcomer: Tradition Data
Inside Market Data & Inside Reference Data Awards 2019
At first glance it may seem unusual that Tradition Data has been named Best Market Data Newcomer in this year’s awards. After all, Tradition is one of the world’s top interdealer broking firms and is awash with data emanating from its multiple trading platforms and venues.
But, while Tradition has sold market data for many years, it wasn’t until 18 months ago that it began rebranding and relaunching the data business with Scott Fitzpatrick—previously global head of market data services at GFI Group—at the helm.
“We had a sales team that sold data being produced from our brokerage operations, but we didn’t really have a clearly defined or coordinated strategy on how to maximize our opportunity globally; the business needed an identity that consumers could relate to. When you consider the global footprint of Tradition’s brokerage business—the asset classes we cover and the countries we operate in—it is clear we have a lot to offer in the data space,” he says.
Fast-forward to today and Tradition has formalized the structure of the data business, launched and marketed a
new brand and created a new strategic approach. At a broad macro level, Tradition Data’s objective is to make the consumption of its data as easy and efficient as possible for clients.
This includes a new model that addresses a common issue faced by data consumers—being forced to buy large amounts of data and being oversubscribed for the data they actually use.
Tradition Data, instead, offers modular or ‘bite-sized’ market data packages so clients only purchase the data they need. “If a client says they only want interest rate options data for a limited set of currencies in a particular region, then we are able to do that,” Fitzpatrick says.
Previously, Tradition Data only licensed its data to third-party vendors for distribution. As part of the new strategy, it has launched Integrate, a new in-house delivery channel that offers real-time, end-of-day and historical data packages direct to customers, giving clients greater choice in how they access data.
In other developments, Tradition Data has expanded its range of distribution channels, and last year helped establish Bloomberg Capital Markets Package, a robust and dependable pricing and reference service for the interest rates swap market, with Bloomberg and BrokerTec.
The next phase of the business will be the launch of new products. “Now that we have the organizational infrastructure in place, the focus is on continuing to improve the depth and breadth of our products. We have some exciting initiatives, which we will be announcing soon, that will expand our coverage,” Fitzpatrick says.
Read more about the Inside Market Data & Inside Reference Data Awards 2019 winners
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Awards & Rankings
Witad Awards 2024: Technology innovator of the year (end-user)—Laura Hamilton, Bank of America
Laura Hamilton, global head of corporate treasury, credit risk, climate risk, and financial forecasting technology at Bank of America, wins technology innovator of the year (end-user) in the 2024 Women in Technology and Data Awards.
Witad Awards 2024: Vendor professional of the year (data and operations)—Joanna Davies, OSTTRA
Joanna Davies, head of trade processing at OSTTRA, wins vendor professional of the year (data and operations) in the 2024 Women in Technology and Data Awards.
Sell-Side Technology Awards 2024: Best sell-side front-office platform—Bloomberg
Product: Bloomberg TOMS
Sell-Side Technology Awards 2024: All the winners
Here are all 31 category winners from the 2024 Sell-Side Technology Awards.
Most read
- Sell-Side Technology Awards 2024: All the winners
- Sell-Side Technology Awards 2024: Best sell-side front-office platform—Bloomberg
- Systematic tools gain favor in fixed income