Exchange Data
Court thwarts exchanges’ petition to head off market data threat
The DC appeals court has denied a petition to void a rule that seeks to bring competition to the US consolidated tapes.
In the world of financial data, context—not content—is the new king
For years, the mantra of the market data world has been ‘content is king.’ But with trading strategies now more dependent on being able to see the big picture, the value of context could quickly overtake the data itself.
Waters Wavelength Podcast: Nasdaq’s Dague on exchange cloud strategy
Bill Dague, head of alternative data at Nasdaq, joins the podcast to discuss the forces driving exchanges to the cloud.
Memx data fees tackle professional vs. non-professional audit risk
The exchange delivers on its promise to reduce the cost of exchange data, but subscribers still face an administrative cost burden associated with the lower user fees.
2021 saw market data’s quiet revolution
This year, the SEC pulled the trigger on competing consolidated tapes and a new market data governance plan. In 2022, we will know if some of it can go ahead, or remain stymied by legal battles.
Digital rights group debuts ODRL, plans common tech framework
The community group is building a referencing architecture to test the theory that all participants in the data supply chain behave as originators, providers and users.
Waters Wrap: Nasdaq, Quandl and the next phase of the alt data craze
Anthony looks at how Nasdaq's Quandl strategy ties into other trends spreading through the market.
Six partners with BMLL for best execution analysis
The Swiss exchange is using the vendor's data and analytics to provide insight to brokers around Swiss EBBO liquidity.
This Week: CME/IHS Markit, Bloomberg, OpenExchange, Equinix, and more
A summary of some of the past week’s financial technology news.
Four years of academic study on HFT yields complicated results
A transatlantic group of researchers has examined a treasure trove of market data to see whether or not high-frequency trading is a necessary component of today’s market structure. The answer is largely ‘yes,’ but with caveats.
Waters Wavelength Podcast: Episode 236 (Market data, ESG, and interoperability)
Wei-Shen and Tony talk about WatersTech’s three biggest stories of the week.
One step closer: How exchanges are seeking tighter relationships with clients
Increasingly, exchanges are trying to get closer to their customers, in a bid to better understand how they use market data. This move may come at the expense of data vendors that are being gradually squeezed out of the exchange-client relationship.
Despite client concerns, LSE’s new Sedol fees take hold
Under the new fee policy, some of the largest users of the LSE’s identifier codes could see their Sedol spend more than double, though the exchange says the “vast majority” of clients will see no increase.
Waters Wavelength Podcast: Asian exchanges
Keiren Harris, a strategy-based market data consultant and founder of DataCompliance, joins the podcast to talk about exchanges in Asia and their data strategies.
This Week: Refinitiv; State Street/BlackRock; SteelEye; SimCorp; FEX Global/TT
A summary of some of the past week’s financial technology news.
TRG Screen acquires Jordan & Jordan’s market data compliance & reporting unit
TRG will combine J&J's six-year-old MDR managed service for data reporting with its own similar ADS declarations service.
As ASX preps Chess replacement testing phase, other data & cloud projects progress
Testing on the new DLT-based platform will begin in July. The Aussie exchange is also making progress on its DataSphere project and has addressed ASX Trade after an outage last year, according to the company’s CEO.
Broker data policies stoke fears of ‘exchange-style’ fees and audits
Interdealer brokers are looking enviously at the way exchanges have been able to grow data revenues, providing a stable stream of profits as other business lines have declined. But following the exchange model has its own challenges.
SEC’s Market Data Infrastructure Rule Not Easily Said or Done
The finalized equities market infrastructure reforms will make a difference, but some market participants are calling for additional clarity.
BMLL Now Has 5 Years of Order Book Data Available
Quants and data scientists can now access five years of Level 3 data through the vendor's Data Lab platform for use in alpha generation.
Waters Wrap: On Refinitiv and Old Rivalries (And FIGI & Data Governance)
Anthony explores some of the questions raised by Refinitiv's plan to move away from Eikon and Thomson One. He also looks at data governance trends, and asks why the FIGI is having such a tough time gaining acceptance.
ASX Presses Forward with DataSphere Buildout
The initiative's aim is to capture more of the exchange's internal data to commercialize that useful information for the investment community.
Exchanges, SEC At Odds Over Odd Lots
Industry insiders warn that the regulator’s attempts to modernize equities data by redefining trading lots will fall short of the mark if odd lot orders remain unprotected.
Multicast: The ‘Holy Grail’ for Getting Exchanges to the Cloud
Cloud providers are hunting for a way to bring multicasting to the cloud for low-latency market data distribution, unlocking the gateway for traditional exchanges to shift core infrastructure to the cloud without negatively impacting high-speed trading.