Axon Financial Systems, a Belfast-based provider of technology to simplify market data reporting and administration, has released Axon Declaration Portal (ADP), a solution designed to streamline the collection of market data usage declarations.
ADP joins a suite of Axon solutions dedicated to market data usage and fills a gap in the market by automating the way exchanges receive declarations. Steve Cowler, chief operating officer at Axon, says: “The way exchanges receive declarations is difficult to manage and time consuming. The process needs updating, so we have developed the portal.”
Instead of using email to send spreadsheets back and forth before data is collated and reconciled with a billing system, ADP provides a browser-based entry form that allows data consumers to fill in and submit monthly declarations to an exchange or data vendor. Previously manual reminders and requests at various stages of the declaration process are also automated, avoiding manual mistakes and improving efficiency.
The portal is a standalone product designed for smaller exchanges and market data vendors. It allows them to see the status of client declarations, and uses a central database to feed the billing process. Cowler says: “ADP benefits exchanges as they no longer have to send emails, and collate and process data.”
The portal is up and running with one vendor and the company says more clients are in the pipeline. It adds to Axon products complementing the company’s flagship PEAR database, which includes exchange market data agreements, policies and pricing.