DataContent and Hat Trick Software today announced an exclusive joint venture partnership together with the launch of DataCompass, a new software capability providing financial institutions with superior information and market data management. DataCompass tracks and identifies data utilisation by all users and applications within an organisation irrespective of data source or delivery mechanism.
Michael Paull, CEO of Hattrick commented: “DataCompass offers unique capabilities. For the first time, financial institutions have end-to-end visibility of all sources of data use, whether end users are registered or otherwise.”
DataCompass functionality captures instrument and market data usage throughout the business hierarchy from user to global levels. One of its many unique features is the ability to identify and track derived data usage, a complex, opaque, and constantly evolving licensing and rights issue.
DataCompass goes beyond conventional inventory logging systems by acting as a strategic application providing robust compliance with all IPR sources, data vendor licences, contracts and usage policies. Coupled with DataContent’s in-depth strategic business level analysis of data usage, this ensures all aspects of market data sourcing, selection and deployment are comprehensively covered.
Rafah Hanna CEO of DataContent added: “The tsunami of information and market data needed to trade effectively in today’s complex trading environment is expanding exponentially. Managing the tidal wave of market data requires a fully automated capability delivering a complete register of all sources of data usage. Financial institutions must understand what information they are using, why they are using it and how market data can be managed to benefit the bottom line. This is what DataCompass delivers.”
DataCompass is patent protected both in the United States and internationally, with the US patent application having been published on 21st July 2011. The product is entering final testing at two proof-of-concept customer sites and is expected to be made generally available by mid-October.
