Interactive Data Corp. reported an 18% rise in first-quarter revenues, although net income was about flat. The company – whose FT Interactive Data is the market share leader in end-of-day pricing services – posted sales of $117.6 million for the first quarter, which represented a 2.2% rise net of new acquisitions and exchange rate fluctuations. The company bought the market data client base of the former PC Quote, and the Comstock data feed business from McGraw-Hill’s Standard & Poor’s Corp. The FT Interactive Data business generated revenue of $79.3 million, up 5.8% or 2.3% net of currency impact. Its North American business was up 7.8%, Europe down 1.1% and Asia roughly unchanged. Stuart Clark, president and chief executive said IDC’s sales growth came “in spite of a high level of cancellations. This had been expected in the first quarter due to the timing of a number of consolidations within our customer base. In addition, our growth was impacted by ongoing cost-containment initiatives by clients, and the previously announced closure of the Index Services business in Europe.” Clark added that “Spending by institutional customers has improved from last year at this time, and renewal rates remained at or above the 95% level.” Elsewhere, IDC reported progress in its infrastructure initiatives. “We continued to invest in our new data centre in Boxborough, Mass.,” Clark said. “We completed the facility’s build-out in January, and have since installed the equipment and network infrastructure…. Our goal of consolidating six data centres and ticker plants in the U.S. to two primary facilities is an important initiative.”
A-Team Insight Blogs
IDC First-Period Revenue Climbed 18% to $117.6 Million
The buy-side faced a barrage of regulation in 2020 and is now under pressure to make post-Brexit adjustments and complete LIBOR transition by the end of 2021. To ensure compliance and ease the burden of in-house data management, many firms turned to outsourcing and managed services. But there is more to come, as buy-side firms...
SIX has acquired ULTUMUS, a global index and exchange-traded funds (ETF) data specialist, to strengthen its ETF and managed data service offering. The companies have been partners for some time, with SIX acquiring ULTUMUS from investment firm ETFS Capital. ULTUMUS will initially operate separately to SIX and will carry on delivering index data from SIX...
This summit will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.
Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...