Jun 05, 2023
One of the greatest challenges of asset managers, brokers, and fintechs, is to keep their own data–be it a security master, a historical pricing database, a data lake or warehouse, or a derived analytics engine–in sync with events occurring in the world. The crude methods available until now either lack accuracy or require too much processing. But CloudNotifications, a new data delivery method launched by Xignite this month–is changing the game in this area.
CloudNotifications is a simple and standardized way to get critical data updates proactively pushed to you using a publish/subscribe model. The underlying technology itself is not new, but its application to market data management–without any proprietary infrastructure or software is truly revolutionary.
The first functionality that Xignite CloudNotifications is supporting out of the gate is symbol listings, delistings and symbol changes.
A well maintained security master is essential for any company in the financial industry. A security master is a collection of reference data on financial securities. It allows financial market participants to organize instrument data and make it available to downstream applications like trading, charting or investment analysis. It is often referred to as “glue” as it helps combine multiple data sources/types into an easily consumable format.
While simple in theory, maintaining an impeccable security master in a timely manner is challenging. It takes a high profile event to see whose systems are not up to standard. The last few years were full of such events: Robinhood Markets (HOOD) went public, Facebook (FB) changed its name and ticker to Meta (META), the New York Stock exchange delisted First Republic Bank shares.
Traditional ways to maintain a security master involve: Downloading and reprocessing a full universe of data on a regular basis, requesting and processing changes that occurred in a given time window, long polling APIs constantly to get the latest changes. While those methods can work, they require heavy lifting or processing and can lead to missing key events.
At Xignite we offer multiple products to help you stay on top of these changes in a traditional way. You can use XigniteGlobalMaster to get a full accurate list of active securities at any point in time. XigniteCorporateActions delivers the details of all the corporate events affecting a security. Other APIs such as XigniteGlobalQuotes can be used to get a fresh list of all active symbols available for trading each morning.
To streamline efficiencies and make listing data more digestible, we recently launched CloudNotifications for Symbol Changes. CloudNotifications is a push based notification for New Listings, Delistings, and Symbol Changes. The benefit of using push based notifications is that you receive the data as soon as it is available. Notifications minimize calls to our APIs and remove the need to have scheduled tasks or reprocessing whole universes of data.
CloudNotifications is available directly in AWS using AWS Simple Notification Service (SNS).It requires absolutely no new infrastructure and uses a natively available service that most cloud implementations are already familiar with. CloudNotification messages are delivered in a familiar JSON format. Developers simply need to subscribe to a certain notification topic, and the data will start flowing to the environment, with no risk of missing a message or a beat.
Xignite plans to launch new types of notifications following the same model in the near future. The opportunities abound and equally valuable: earnings announcements, dividend announcements, new corporate actions, market-wide halts, and new SEC filings.
If you have a subscription to any of these services, you can subscribe to CloudNotifications at no additional cost. Please contact your client success manager to get today started.
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