Xignite: Powering the Shared Market Data Cloud

‘Technology has no limits’- This would be more of an over-optimistic statement if the data involved behind every technology is not accurately measured, condensed and valued. However, it was technology that always mattered the most and not data. “’Application Programming Interface’ (API) was just a term a decade ago, and financial ‘data’ was shunned away in the successes and growth of companies,” says Stephane Dubois, CEO and Founder, Xignite.

Xignite wanted to outdo the traditional outlook of the financial data industry, helping onlookers realize that ‘data matters the most,’ and channelizing data inflow and outflow effectively will only add value. Located in San Mateo, CA, the company sells curated market data to web and app developers, helps stock exchanges monetize their own data, and saves financial institutions millions by centralizing and distributing their reference data internally.

“The $25 billion financial data market has been saturated with traditional and existing players like Bloomberg and Thomson Reuters who let users consume data only through their proprietary terminals. We wanted to go beyond that and integrate with the cloud, and enable quicker data transmission,” says Dubois. Offering over 1000 financial data APIs, the company’s Market Data Cloud processes and fulfils more than 14 billion service requests every month.

Claiming to be one of the earliest adaptors of Amazon Web Services to deploy its services, Xignite brings together suppliers (exchanges and vendors) and consumers (developers and financial institutions) and lets them contribute and consume data efficiently than ever before; directly or indirectly serving the mobile/web market.

The process is as simple as this— Xignite aggregates and manages financial data obtained from stock exchanges and data vendors and caches it in the cloud for optimum performance and global distribution. The data is then offered to users in an easy-to-integrate API format. Clients can access the market data online and pay only for the data required—saving time, and money not dealing with legacy systems and data feeds. Clients can then start integrating the financial data into their mobile and web apps with just a few lines of code and get them to market quickly. The entire process is 10 times faster than traditional or existing methods —helping developers focus on developing apps rather than on systems or the back end infrastructure, its maintenance and data collection process. Xignite provides extensive coverage of real-time, referential, and historical financial data on global equities, commodities, currencies, options, fixed income, mutual funds, derivatives and over-the-counter instruments.

Xignite helps its clients power mobile financial applications, websites, and front-, middle- and back-office solutions, including Wells Fargo, GE, Computershare, Investopedia, Personal Capital, Charles Schwab, Seeking Alpha, Starbucks, StockTwits and NetSuite. “Understanding the value of data has helped us succeed since inception. Constantly innovating to generate value, and helping clients integrate new technologies easily with legacy systems for a faster delivery of apps and services has been the prime reason for our success,” adds Dubois. In the coming days Dubois wishes to further enhance the company’s solutions to new heights by providing the data platform for users at reduced costs.