Xignite launches microservices for financial institutions moving data management to the cloud

Xignite, a provider of market data distribution and management solutions for financial services and technology companies, has launched Xignite Enterprise Microservices, a suite of cloud-native market data management services.

The microservices were built to transform how firms store, distribute, manage and control market and financial data in the cloud. NICE Actimize, a provider of financial crime, risk and compliance solutions, is the first user of the new Real-time Microservice solution.

Microservices are an architectural approach in which core functionality is handled by loosely coupled, independently deployable components that can work together or separately. Microservices can be deployed as separate functional units, meaning that users can pick and choose the functionality they want and scale them at the lowest possible cost. This stands in contrast to monolithic platforms that require many dedicated on-premise servers which are expensive to manage, often under-utilised, can’t scale on-demand and require frequent updates and upgrades for even minor changes. Many enterprise platforms also require firms to pay for capabilities that are not needed.

The Xignite Enterprise Microservices run on Xignite’s battle-tested cloud-based architecture that currently supports more than 250 different data sources and 12 billion API calls per day for over 750 fintech and financial services clients. Financial institutions can now leverage the same cloud technology Xignite has been refining and scaling for more than 10 years to move their own financial and market data to the cloud. Xignite’s microservices are built from the ground up for the cloud, in contrast with legacy data providers that are attempting to “lift and shift” their monolithic platforms for that purpose.        

Xignite Enterprise Microservices are vendor-agnostic and can bring transformative results to any dataset a firm may license or collect from vendors such Bloomberg, FactSet, ICE Data Services, SIX Financial, Vela Trading, QuantHouse and many others, as well as in-house proprietary data.

“We are incredibly excited to launch Xignite Enterprise Microservices, which we believe will truly revolutionise market data management,” says Stephane Dubois, founder and CEO of Xignite. “The culmination of over 10 years of nonstop innovation, we have taken the cloud-native architecture that has powered some of world’s most prominent fintechs and scaled it to meet the unique requirements of institutional players that consume huge amounts of data but often have no way of integrating and optimising it in an efficient and cost-effective way. Firms are no longer required to hitch their wagon to a single provider – instead, they can use a combination of our microservices to secure all the benefits they would get from a rigid legacy offering. 

Dubois goes on: “We are the only vendor offering a suite of market data management microservices that clients can mix and match to create a comprehensive, infinitely scalable cloud-based solution that meets their exact needs. We firmly believe that offerings like these are the future of market data, and we are thrilled to once again take a leading role in the financial services industry’s continued digital transformation.”

The suite includes seven cloud-native microservices targeted to buy-side, sell-side and fintech firms, as well as exchanges:

Xignite Data Lake Microservice is a cloud-native data management and distribution solution that centralises existing data and enables financial services firms to provide easy access to the data via highly scalable cloud APIs, reducing costs and improving efficiency by eliminating legacy infrastructure.

Xignite Optimisation Microservice is a cloud-native pricing and reference data cost optimisation solution that enables the control of large reference data sets, such as Bloomberg Data License, via intelligent caching, sophisticated entitlements and advanced analytics and reporting. 

Xignite Entitlements and Usage Microservice is a cloud-native market data access control and reporting solution that enables financial services firms to have complete control and transparency of data consumption and usage, and provides reports of data usage across various data sets, users and applications to ensure vendor compliance.

Xignite Reference Microservice is a cloud-native solution that aggregates, normalises, stores and indexes reference data from multiple vendors across all asset classes into a centralised repository and access layer, enabling centralised access across the entire enterprise and improving data consistency, completeness and timeliness. 

Xignite Historical Microservice is a cloud-native time-series data management solution that enables financial services firms to capture historical data from different sources and integrate with security master and corporate actions data to provide a fully normalised, stitched and adjusted historical data view via highly scalable cloud APIs. 

Xignite Real-Time Microservice is a cloud-native real-time data distribution solution that enables financial services firms to distribute real-time data internally and externally via highly scalable and flexible cloud APIs, eliminating on-premise infrastructure.

Xignite Fundamentals Microservice is a cloud-native data management solution that enables financial services firms to capture simple or complex time-series data structures associated with an entity such as a regional level security or issuer, and make them available via specialised and highly scalable cloud APIs.

NICE Actimize has already replaced its legacy solution with the Xignite Real-Time Microservice to onboard and manage multi-asset class, level 1 and 2 co-located feeds from multiple sources.

The launch of Xignite Enterprise Microservices is the latest highlight in what has been a hugely successful year for the firm. Last month, Xignite received a patent for its alerts technology and the company was named a SIIA CODiE Awards finalist and added to the WealthTech 100 list.