Financial crime, risk and compliance technology specialist NICE Actimize is using market data microservices from Xignite to support its initiative to move its real-time market data infrastructure into the cloud. The move underscores the growing interest among financial institutions in migrating mission-critical activities to the cloud in a bid to reduce on-premise overhead and take advantage of operational economies and other benefits.
NICE Actimize has replaced its legacy solution with the Xignite Real-Time Microservice to onboard and manage multi-asset class, level 1 and 2 co-located feeds from multiple sources.
For NICE Actimize, the ability to move key functions like market data into the cloud enables it to address new markets for which host solutions is particularly appealing, such as the investment management segment. Indeed, the company discussed the ongoing transformation of market surveillance on the buy side on a recent webinar hosted by A-Team Group and available to listen to free of charge here.
Xignite’s new Enterprise Microservices contains a suite of cloud-native market data management services designed to transform how firms store, distribute, manage and control market and financial data in the cloud. In taking a microservices approach – which supports core functionality using loosely coupled, independently deployable components that can work together or separately – Xignite is joining pioneers such as genesis technology in rethinking the design of financial markets application development and deployment.
Because they can be deployed as separate functional units, microservices allow users pick and choose functionality and scale massively at the lowest possible cost. This approach addresses issues with many dedicated on-premise servers, which can be expensive to manage, are often under-utilized, can’t scale on-demand and require frequent updates and upgrades for even minor changes. Most enterprise platforms also require firms to pay for capabilities that are not needed.
Xignite Enterprise Microservices are vendor-agnostic and can bring transformative results to any dataset a firm may license or collect from vendors such Bloomberg, FactSet, ICE Data Services, SIX Financial, Vela Trading, QuantHouse and many others, as well as in-house proprietary data.
The Xignite Enterprise Microservices run on Xignite’s battle-tested cloud-based architecture that currently supports more than 250 different data sources and 12 billion API calls per day for over 750 fintech and financial services clients. Financial institutions can now leverage the same cloud technology Xignite has been refining and scaling for more than 10 years to move their own financial and market data to the cloud. Xignite’s microservices are built from the ground up for the cloud, in contrast with legacy data providers that are attempting to “lift and shift” their monolithic platforms for that purpose.
The suite includes seven cloud-native microservices targeted to buy-side, sell-side and fintech firms, as well as exchanges:
- Xignite Data Lake Microservice is a cloud-native data management and distribution solution that centralizes existing data and enables financial services firms to provide easy access to the data via highly scalable cloud APIs, reducing costs and improving efficiency by eliminating legacy infrastructure.
- Xignite Optimization Microservice is a cloud-native pricing and reference data cost optimization solution that enables the control of large reference data sets, such as Bloomberg Data License, via intelligent caching, sophisticated entitlements and advanced analytics and reporting.
- Xignite Entitlements and Usage Microservice is a cloud-native market data access control and reporting solution that enables financial services firms to have complete control and transparency of data consumption and usage, and provides reports of data usage across various data sets, users and applications to ensure vendor compliance.
- Xignite Reference Microservice is a cloud-native solution that aggregates, normalizes, stores and indexes reference data from multiple vendors across all asset classes into a centralized repository and access layer, enabling centralized access across the entire enterprise and improving data consistency, completeness and timeliness.
- Xignite Historical Microservice is a cloud-native time-series data management solution that enables financial services firms to capture historical data from different sources and integrate with security master and corporate actions data to provide a fully normalized, stitched and adjusted historical data view via highly scalable cloud APIs.
- Xignite Real-Time Microservice is a cloud-native real-time data distribution solution that enables financial services firms to distribute real-time data internally and externally via highly scalable and flexible cloud APIs, eliminating on-premise infrastructure.
Xignite Fundamentals Microservice is a cloud-native data management solution that enables financial services firms to capture simple or complex time-series data structures associated with an entity such as a regional level security or issuer, and make them available via specialized and highly scalable cloud APIs.