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Xignite Adds FactSet Fundamentals to On-Demand Data

Xignite

Waters TechnologySan Mateo-based web services data provider Xignite is adding fundamental data and estimates from FactSet Research Systems to its suite of on-demand datasets, to provide clients with access to global company fundamental and financial data.

Xignite will make the fundamental data from FactSet available sometime before year-end, once it has finalized the APIs for accessing the data, as well as documentation and marketing materials, having begun working on integrating the data a few months ago.

The new datasets will complement existing North American fundamental data from Chicago-based data and investment research provider Morningstar─acquired as a result of its 2007 purchase of UKbased fundamental data provider Hemscott (IMD, Jan. 4, 2008)─already available via Xignite. However, since the vendor's client base has grown worldwide and Xignite already provides access to global quotes and other data, the lack of matching global fundamental data was "the biggest gap in our offering," says Xignite chief executive Stephane Dubois.

The largest and most valuable portion of the data is FactSet's historical financial data, though the vendor will not carry every data point initially. "We don't necessarily need every data point available.... People pretty much use the same things. So we can limit it to the fields most commonly used," Dubois says.

Clients can continue to use the Morningstar data or can move to the FactSet over time, Dubois says, adding that because vendors use different data fields, "you can't just substitute one for another," so Xignite will offer both vendors' data to give customers "plenty of time" to assess both.

In fact, Xignite may move completely to offering FactSet's data if client demand shifts over time. And though the agreement currently only covers fundamental data, Dubois says he expects it to expand over time to cover other FactSet datasets, such as its global holdings data, which would complement the existing North American holdings datasets offered by Xignite.

Dubois says the agreement stems from a deal Xignite signed in summer 2013, when the vendor was competing for a contract against another data provider, where fundamental data became an important factor to winning the deal, and Xignite enlisted FactSet to provide additional content. "I think that made FactSet realize... that by leveraging our distribution channel, they could reach a broader range of customers," he says.

Dubois says pricing for the data is yet to be confirmed, but acknowledges that "it's not going to be cheap, because it's very valuable data." However, other cost-saving factors can make the data "more approachable," he says. "Because of our technology, we can eliminate a lot of the costs of onboarding this data, such as servers and databases... and we can also save money by enabling faster time to market," he adds.

Source: Waters Technology

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Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, today revealed the results of its collaboration with StockCharts, a leading technical analysis and financial charting platform for online retail investors. The collaboration involved a move from an on-premise market data provider to Xignite’s cloud-native technology hosted in Amazon Web Services (AWS). Download the case study containing the full results.

StockCharts requires vast quantities of financial data to power its visualization, charting and tracking tools, which investors use to analyze the markets to help with investment decisions. The company was frustrated by the limits of its on-premise market data center, which was forcing the team to make architectural decisions based on what its data center could handle in terms of speed and storage, not on their technology. Its previous market data provider was just starting to build out some cloud offerings, but they were far away from what the business required. StockCharts decided to migrate its infrastructure to the AWS cloud and partner with Xignite to gain access to endlessly scalable market and financial data delivered through innovative cloud APIs.

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“We are proud to have played a role in transforming how StockCharts approaches data,” said Stephane Dubois, CEO and Founder of Xignite. “The events of this year unleashed a massive spike in retail trading and a host of other unexpected forces that reinforced the need for financial services firms to leverage the cloud. Despite the disruption of this year, StockCharts was positioned for success, and we look forward to continuing to deliver our financial and market data solutions to the industry at large.”

Xignite

Xignite has been disrupting the financial and market data industry from its Silicon Valley headquarters since 2006 when it introduced the first commercial REST API. Since then, Xignite has been continually refining its technology to help fintech and financial institutions get the most value from their data. Today, more than 700 clients access over 500 cloud-native APIs and leverage a suite of specialized microservices-delivered modules to build efficient and cost-effective enterprise data management solutions. Visit http://www.xignite.com or follow on Twitter @xignite

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