SIX Financial Information’s announcement last month of a strategic partnership with Xignite marks a significant step-up in the relationship between the two companies and signals SIX’s intention to embrace cloud delivery for its universe of financial information. The arrangement allow clients access to SIX content via Xignite’s API and cloud distribution infrastructure, opening up opportunities for the Swiss data vendor to reach new client types particularly on the buy side.
According to San Francisco-based Sam Sundera, regional director at SIX, with responsibility for the Western US, the cloud initiative is being spearheaded by a newgroup at the firm that focuses on alternative data, advanced analytics, artificial intelligence and other ground-breaking capabilities. “This deal gives access to whatever data the client needs, through the integration of real-time and reference data and the ability to entitle for specific clients’ requirements,” he says.
Under the arrangement, SIX will make the entirety of its global security data universe available through Xignite’s delivery infrastructure. This will make SIX’s core data feeds accessible beyond its core constituency of large banking systems, risk management and corporate actions, extending its potential client base into the front and middle office of both the sell side and the buy side.
Sundera says SIX’s data feeds have been fully integrated and the company is now talking to existing clients about how to deliver data to new areas of their business, as well as targeting new clients. The solution, he says, is particularly appealing to the buy side, which have less appetite for major integration projects to accommodate high-volume feeds and historical databases.
SIX’s data universe sourced from more than 1,800 global exchanges and trading venues will be available via Xignite Enterprise Microservices, a suite of cloud-native market data management services. While SIX data was previously available via Xignite, the new arrangement is more far-reaching, offering a greater set of SIX information in a tighter relationship between the two companies.
Xignite’s recently launched Xignite Enterprise Microservices suite allows large financial institutions to migrate their market data infrastructure and any of their existing data sources to the cloud.
According to Xignite CEO Stephane Dubois, “Large financial institutions have been looking for cloud-native market data solutions capable of handling their broad coverage requirements and offering a state-of-the-art customer experience. The pandemic has worsened the situation as firms want to get away from maintaining complex and expensive on-premise infrastructures that are overkill for most of their needs. We had the enterprise technology but not the coverage, so partnering with SIX made sense.”
SIX’s Market Data Feed (MDF) is a consolidated feed covering over 30 million instruments across all asset classes and sourced from more than 1,800 exchanges, OTC markets, and other trading venues. The combined solution integrates the MDF feed from SIX delivered from hosted collocation facilities to Xignite Enterprise Microservices deployed in the client’s own cloud account. The Xignite Real-Time Microservice is used to distribute real-time data internally or externally from the cloud via scalable APIs while the Xignite Entitlements and Usage Microservice provides control and transparency of data consumption and usage