The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Telekurs’ Reference Data Via Gain Chosen by Lava Trading

Share article

Reference data is reaching all aspects of the trade lifecycle, and transaction engines are a fast-growing consumer. This was most recently demonstrated by Lava Trading’s recent adoption of AIM’s data management platform in order to incorporate Telekurs Financial’s data into its transaction engine.

New York-based Lava Trading, now owned by Citigroup (see sister newsletter Transaction Networks & Technologies, July 2004), uses the equities end of day pricing, corporate actions and options data internally to support its transaction product offering for clients, primarily to ensure clients’ positions and portfolios are balanced.

Lava Trading has used both pricing and corporate actions from Thomson Financial’s ILX, an unlikely source, but one that satisfies the firm’s primarily domestic focus, says Richard Jacobi, vice president, vendor relationships, at the firm. After deciding an additional data source was required, Lava Trading embarked on an “exhaustive review of data providers” almost a year ago. The review included Reuters, Fidelity, Thomson Financial and Interactive Data, alongside Telekurs Financial.

Says Jacobi, “We decided Telekurs was a better fit, due to their extensive range of coverage, their strength in corporate actions, and the level of attention they were giving us.” The company is working with Interactive Data on a separate options project, although this is not yet live.

It is well known, however, that Telekurs’ Valor DataFeed (VDF) is a complex feed to interface to. As such, Lava Trading has opted to use the Gain software from Austrian risk management and data management firm AIM Software.

Jacobi says, “AIM Software is an interesting company. The software is very easy to use and flexible, and has given us a leg up.” The implementation took two weeks. Gain provides a modular data feed management platform which integrates over 15 core data provider feeds, and featuring batch file requests and return exit codes for escalation purposes. Once launched, the software synchronizes the VDF security master file with the incoming delta files. Options, equity and corporate actions data for North American securities are loaded daily into Lava Trading’s SQL software environment.

Jacobi also cites another internal project at Citigroup focused on global sector codes sourced from Telekurs, where the Gain software helped them turnaround the data in a much quicker timeframe than would have been possible by integrating directly to VDF.

As well as paying for the VDF usage, Lava Trading has purchased the Gain software, and will pay regular maintenance fees.
Lava Trading provides high-performance ASP-based trading solutions, built to handle high volumes. It provides consolidated access for order execution capabilities across the major liquidity sources in the U.S., including Nasdaq, listed exchanges, ECNs and ATSs.

Related content

WEBINAR

Recorded Webinar: Entity identification and client lifecycle management – How financial institutions can drive $4 billion in cost savings

A new model in Legal Entity Identifier (LEI) issuance has created significant opportunities for financial institutions to capitalise on their KYC and AML due diligence. By becoming Validation Agents and obtaining LEIs on behalf of their clients, financial institutions can enhance their client onboarding experience, streamline their internal operations, and open the door to new,...

BLOG

A-Team Group Names Winners of Data Management Insight Awards 2020

A-Team Group has announced the winners of its prestigious Data Management Insight Awards 2020. The annual awards, now in their eighth year, recognise leading providers of data management solutions, services and consultancy to capital markets participants. The award winners were announced online across categories ranging from best sell-side and buy-side data management platforms to best...

EVENT

Data Management Summit Virtual

The Data Management Summit Virtual will bring together the global data management community to share lessons learned, best practice guidance and latest innovations to emerge from the recent crisis. Join us online to hear from leading data practitioners and innovators from the UK, US and Europe who will share insights into how they are pushing the boundaries with data to deliver value with flexible but resilient data driven strategies.

GUIDE

A-Team Group’s Valuations Vendor Directory 2009

An indispensable guide to valuations professionals seeking providers of services in the asset valuations market. A-Team Group’s latest release in its series of directories – available for FREE download – focuses on vendors of valuations data, models and analytics. But this is not just another list of firms with their telephone numbers – you can get that...