MarketAxess, operator of an electronic trading platform for fixed income securities and provider of market data and post-trade services for global fixed income markets, is working with DataBP, a data licensing and commercial management platform, to support and automate its data licensing and post-sales processes.
DataBP says that as data consumption methods in financial services have evolved rapidly, the opportunity to provide a broader range of services to customers, and manage an increasingly diverse community of data subscribers and redistributors, requires an increasingly sophisticated level of scale and automation. The company’s data licensing platform, which has been adopted by the majority of Tier 1 securities exchanges and a growing number of index providers and data vendors, simplifies and automates manual business processes supporting ongoing administrative workflows.
MarketAxess is using DataBP’s pricing engine and integration with Salesforce to better meet the business intelligence needs of its institutional fixed income trading clients, while at the same time increasing efficiency and reducing risk.
“DataBP’s platform provides MarketAxess the opportunity to optimise the customer experience as we develop our data services business and offer new products,” says Ryan Gwin, head of data sales at MarketAxess. “Having the tools to automate market data sales administration means we can focus on the higher value activities involved with servicing clients and developing cutting edge products.”
Mark Schaedel, CEO at DataBP, adds: “MarketAxess is, in many ways, doing to credit markets what we are doing in the market data space – introducing innovation and technology to support a transition from analog to digital. As credit markets become more automated and data driven, streamlining the workflows supporting the provision and licensing of data is an enabler for innovation. DataBP is focused on helping providers of data to rapidly introduce new products, onboard customers, and manage data licensing and subscription relations at scale.”