BGCantor Market Data Launches On-Demand Service with Xignite Platform

BGCantor says on-demand financial market data can reduce costs for customers in the middle and back office.

Exploring a new channel, BGCantor Market Data — a subsidiary of global interdealer broker BGC Partners, Inc.— is making its data available through Xignite's hosted web service solution, to reduce costs for customers and to help speed up application development.

Operating from New York, BGCantor-On Demand solution is leveraging the XigniteOnDemand platform, which provides on-demand financial market data and Web services through the Internet.

"It certainly provides an alternative method of getting at our data," said Peter Hald, market director of BGCantor Market Data, in an interview with Wall Street & Technology. Hald said this provides a "fresh value proposition because it allows customers to get at the data over the Internet when they want to and where they want to and pay for the data that they use."

BGCantor On-Demand will cover a wide range of fixed income and derivatives data, including benchmark Treasury, European government bonds, foreign exchange, emissions, ELX futures and credit default swaps data.

The market data distribution company plans to use BGCantor On-Demand to provide an affordable solution to middle office asset managers and portfolio managers who require timely market data but don't require a full data feed. "This can be quite an enabling offering in that many people have access to the Internet, and not all people have access to internal systems where they have written to data feeds," said Hald. There's also a regulatory aspect to the on-demand offering in that firms are looking "to create transparency into what markets are doing and this is a good way to see what's going on in the IDB marketplace," said Hald.

The new BG Cantor On Demand is being run out of New York where there is a link between Xignite's data center and BGCantor's data center, said Hald. Both companies are storing the data as well.

This data comes directly out of the BGC Partners' trading systems and it's real time data as well as historical data that represents the wholesale markets, explained Hald. Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio

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