Swiss-based infrastructure services and financial information company SIX has entered into two partnership agreements that will expand the company’s data offerings. By partnering with global electronic marketplace operator Tradeweb, SIX customers will have access to municipal bond prices generated by Tradeweb Municipal AI-Price. And through a partnership with CryptoCompare, the digital asset market data provider, CryptoCompare’s cryptocurrency data will also now be available to SIX customers.
“We’re focusing our product and data strategy around three things: the extension of the use of our core assets; the democratisation of data, which is leading to more coverage, more depth, and more technology demands; and increased globalisation and more segments in terms of our client base,” says Shai Popat, Managing Director, Head Product and Commercial Strategy Financial Information at SIX. “The key thing is to overlay our proprietary content with specialised datasets from partners where we think they complement each other, to address these trends we’re seeing in the market.”
The Tradeweb partnership will enable SIX to offer US municipal bond pricing that leverages both Tradeweb’s proprietary models and data from its electronic marketplace. Tradeweb Municipal Ai-Price provides a combination of proprietary data, machine learning and other advanced data science methods, producing daily pricing on over 960,000 municipal bonds using inputs from data published by the Municipal Securities Rulemaking Board (MSRB) together with proprietary data from the Tradeweb platform. As compared to traditional municipal bond pricing services, Tradeweb’s Municipal AI-Price model dynamically fine-tunes key factors and does not rely on manual interpretation in order to predict prices.
“Through this collaboration with Tradeweb, SIX offers its clients a greater level of municipal bond data to power their operations and risk management systems,” says Popat. “Clients can receive this data in a standardized format, in conjunction with our high-quality rates, pricing and reference data, as well as our renowned corporate actions and regulatory data.”
SIX has further expanded its data coverage through a new partnership with CryptoCompare, giving SIX customers access to more than 85% of all cryptocurrency market activities worldwide. CryptoCompare is an FCA-regulated, UK-based digital asset market data provider, aggregating data from over 300 venues globally. The company has broad coverage of reference and pricing data for cryptocurrency and fiat-based trading pairs. Through the new partnership, SIX will provide real-time and historical pricing data, order book and cryptocurrency derivatives data built on CryptoCompare’s proprietary aggregate pricing methodology.
“One of the important points about the CryptoCompare partnership is that we’re targeting institutional clients,” says Berta Ares Lomban, Head Digital Assets Financial Information at SIX. “There are regulatory changes coming that will require new content, so a key part of what we’re doing is providing standardisation around codes, classification and taxonomy, preparing the data so that it can be consumed in the systems that our institutional clients currently use for traditional assets, they don’t need to do anything new. We’re also planning to extend the CryptoCompare data with some calculations of our own, to provide added-value analytics.”
“Whether you’re a software solution vendor, or a bank, or an asset manager, or whoever you might be, the need for data is just getting more sophisticated and more demanding,” concludes Popat. “And the trend we’re seeing as clients diversify their portfolios is that they have exposure to a huge number of assets. Our job is to make it easy for our clients to make it easy on their own clients. To do that we’ll continue to provide multiple datasets across multiple asset classes.”
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