Interactive Data Corporation now delivers start of day reference data for North American equities at 1am EST for its Pricing and Reference Data business. This is seven hours earlier than previously available and is in advance of the opening of trading in Europe.
Marty Williams, vice president of reference data product development at Interactive Data Pricing and Reference Data, explains: “The decision to provide an earlier window was prompted by customer demand and that demand was driven by our clients globalising trading in different markets around the world and wanting to have information available to them in a more timely manner so that they can be prepared for the start of the trading day.”
An increasing number of Interactive Data’s clients have begun queuing their trades just after midnight for the start of the next day’s trading, he says. The updated reference data included in the earlier delivery comprises of IPOs, de-listings, new ticker symbols and other changes that may have occurred since the prior day’s end of trading.
“We spoke to a number of clients about what they wanted and we have a number of products in this area already that we based the service on. We discussed the attributes of our current products and what their requirements were for time limits and coverage,” Williams explains.
Interactive Data contends that earlier reference data delivery time enables clients to build and maintain more precise security master files while facilitating the flow of data through the back, middle and front offices.
“I believe clients will continue to ask us for information in as timely a manner as we can give it to them,” he continues. “This is especially as it relates to the start of the trading day, as they have set up their operations in such a way that follows the sun. They have an expectation that they will be able to get the information that they need in a similar manner to the way their operations are run.”