New white paper makes the case for moving market data management to the cloud and provides advice for evaluating market data cloud vendors

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, published a new white paper using data provided by Greenwich Associates, a leading global provider of data and analysis to the financial services industry.

Entitled Cut the Cord on Market Data: Embrace the Power of the Cloud, this nine-page white paper includes research from Greenwich Associates on current trends in the financial industry regarding market data spending and planned adoption of the cloud for market data management as a replacement for on-premise legacy technology.

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Additionally, the white paper dispels the myth that the cloud cannot handle real-time market data, provides a list of key questions that should be asked of any market data cloud vendor and identifies numerous benefits of moving market data management to the cloud including:

• Controlling real-time and reference market data from a central hub
• Eliminating paying for duplicate data requests
• Allocating costs to the correct department based on individual usage
• Ensuring compliance with data provider licensing agreements
• Analyzing data usage patterns to unearth and eliminate unused data
• Shifting spending from CapEx to OpEx

“93% of market data professionals we interviewed said they plan to use the cloud to manage their market data,” said Dan Connell, Managing Director, Market Structure and Technology at Greenwich Associates. “This comes as no surprise to us as financial institutions are focusing more now on profitability than revenue and the cloud has proven its ability to lower costs and bring firms gains in operational efficiency.”

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“We’ve been in the public cloud since 2007, so it’s taken a long time for the industry to catch on to the trend. But now, the benefits are clear and even the largest financial institutions are not holding back. Moving market data onto a single platform in the cloud provides transparency, control and drastically reduces costs,” said Stephane Dubois, Founder and Chief Executive Officer of Xignite. “By 2025, nobody will want to still operate on-premise market data infrastructure and we expect most of it to have migrated to the public cloud by then.”

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