Market Data Providers Cross-Connect

Terry Flanagan

Market data providers are forming creative partnerships aimed at lowering both the costs and latency associated with data management, a critical requirement for buy side firms.

SuperDerivatives, a provider of real-time market data, risk management and valuation services, has added Fitch Solutions’ CDS Pricing Service to its market data platform, DGX.

The addition of Fitch’s CDS Pricing Service, which covers up to 3,000 single name CDS contracts, will further add to SuperDerivatives’ valuation services over the DGX platform.

“As the demand for market data continues to move away from the traditional terminal-based approach, we continuously look to improve the user experience and deliver independent and accurate data,” said David Gershon, CEO of SuperDerivatives. “This latest addition from Fitch Solutions shows our commitment to providing data from a wide range of sources.”

SuperDerivatives’ credit derivative service provides independent pricing, analytics and data for single names, indices and index tranches, sourced from a variety of top tier banks, exchanges, interdealer brokers, smaller regional banks, local brokers and data aggregators.

Fitch Solutions’ valuation tools use independent pricing data from contributing market participants who use it to mark their books. It also provides CDS pricing intelligence that can be used for valuations, regulatory, accounting and risk management purposes.

Separately, Russell Indexes and NYSE Euronext have announced enhancements to RussellTick, an index feed for real-time, intra-day values for the Russell family of global indexes, representing an additional step in the growing global alliance between Russell Indexes and NYSE Euronext. The alliance, announced in January, includes the migration of RussellTick to NYSE Technologies Global Index Feed (GIF) as well as a commitment to introduce additional products in the U.S. and Europe including index-based options.

The NYSE Euronext Global Index Feed (GIF) is the primary source of U.S. real-time index and exchange-traded product valuations data from NYSE Euronext. GIF has been created to support advanced trading methodologies and dissemination frequency required for index and exchange-traded product calculations.

“We are very excited about the work we are doing with Russell Indexes on RussellTick and the significant program enhancements we have been able to bring forward in a relatively short amount of time to clients around the world,” said Cameron MacDonald, vice president of global indices at NYSE Technologies.

The RussellTick calculation engine is now hosted and managed from NYSE Euronext’s Tier 4 data center located in Mahwah, N.J. In-house calculation of the indexes will begin on August 15 when Russell Indexes will begin handling all index calculations for RussellTick. This enhancement will lead to improved choice of indexes, faster and more frequent information updates and new content features available to RussellTick customers, delivered over NYSE Technologies’ global Secure Financial Transaction Infrastructure (SFTI) network. RussellTick clients will be required to fully migrate to the enhanced data feed by November 11.

“These program enhancements are an important step in the continued growth of the RussellTick functionality and client experience, and we are happy to deliver them with the support of NYSE Technologies,” said Ariel Rastatter, director of real-time data programs for Russell Indexes. “The enhancements to the customer experience in terms of frequency, accuracy and global coverage will be tangible and measurable.”

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