SuperDerivatives Takes on Bloomberg and Thomson Reuters with App Store Market Data Platform
SuperDerivatives is using its pricing and analytics knowledge to launch a new real-time cloud-based market data platform in the derivatives space in a bid to offer an alternative product to market leaders such as Bloomberg and Thomson Reuters.
Called DGX, the platform, which is now live and accessible through the SuperDerivatives website, removes the need for old-fashioned installed data terminals and will allow users to receive data either direct to a desktop, iPad or mobile device.
“We believe DGX is set to transform the market data space, enabling us to obtain a significant market share relatively fast and reach a large professional user base in markets across the globe,” said David Gershon, chief executive of SuperDerivatives.
“In a market environment where most participants are struggling to pay the high annual fee charged by the large market data firms, DGX leverages cutting-edge technology to deliver a cost-effective alternative.”
The system supports conferences and video chat, as well as a financial newsfeed from sources including Dow Jones, Twitter integration, live CNBC TV and market commentary. The platform also provides access to a variety of additional data sources and third party apps via the DGX store. DGX also provides coverage of cash and derivatives data from a variety of sources, including top-tier banks and inter-dealer brokers, to local brokers, data aggregators and exchanges.
DGX’s app store allows SuperDerivatives to offer a standard product to its current clients for free who use its core SDX front-office pricing and analytics product, with users then able to pay for the premium apps that suit them to increase functionality. Non-clients will also be able to sign up to the new service for free for the first 12 months before being charged $1,500 annually.
SuperDerivatives says the third party apps system will allow DGX to offer users an in-depth and sophisticated product that can compete against the likes of the Bloomberg terminal. Although it will need to get a critical mass of developers creating apps for the DGX store to truly take off. Unlike Apple’s famed apps store, DGX says that it will not charge a fee to vendors to sell their products in its store to encourage participation.
“There are a handful of market data providers that we believe DGX can compete with in the long term,” Bonnie Eshel, head of market data at SuperDerivatives, told Markets Media.
“We believe that the current technology used by market data platforms is dated, expensive and complicated, and this where DGX is unique—our system is based on free text and functionality such as video and conference chat, Twitter integration and an app store makes it modern and easy to use.
“DGX provides very wide coverage for both cash and derivatives in all asset classes, including over 800,000 bonds and over 50,000 stocks. It is a specialist service unlike some of the big market data providers. Companies often have no need for all the data provided by these types of companies, yet it all comes as part of the package with a huge price tag.”
Eshel said that the “platform is suited to anyone who needs real-time market data due to its scalability, but we have seen high demand so far from corporates, private banks and investors”.
Customers can now access an expanding library of datasets via cloud APIs.
FINRA’s Office of Financial Innovation reviewed nearly 40 broker-dealer firms.
DZ BANK, BayernLB and Deutsche Börse implemented the digital OTC derivative using DLT and cloud technology.
Firms are increasingly moving to more agile technology, microservices, and data models.
Workloads supporting retail, commercial and investment banking, and wealth management will move.