Electra launches unified API for data aggregation service

Electra Information Systems (Electra), a provider of award-winning post-trade solutions for the buy-side investment management industry, has introduced a unified application programming interface (API) for its Electra Data aggregation service to help investment managers meet their evolving data aggregation and normalisation requirements. 

The unified API provides firms with consolidated, on-demand access to investment accounting data including cash, transactions, and positions for reconciliation, or any data used for other post-trade operations functions through one API. 

APIs have become a viable alternative to flat-file integration, and an important communication gateway enabling systems to interact with each other. However, firms are faced with significant development costs and other factors when building their own APIs. A typical investment manager collecting separate cash, transaction and position data flat files from a single bank may need to develop and maintain three separate and distinct APIs. Developing APIs for all of a firm’s banks would be a large and costly initiative.

Rather than building, testing, deploying and maintaining potentially hundreds of individual bank and third-party APIs, users of Electra Data are able to quickly access a growing data catalog featuring more than 3,300 unique data feeds distributed via one unified API. Electra’s unified API serves as a single connection point to help eliminate the need for a firm’s IT team to build and manage individual bank and broker APIs, making access to investment accounting data faster, seamless, flexible and adaptable.

John Landry, Chief Executive Officer of Electra, says: “Firms looking to implement an API strategy to enhance data access between systems require highly technical staff who understand the underlying data, its business purpose, and all the transformations required to normalise the data to the target system. Using Electra's thousands of data feeds with a single unified view on every custodian means that the project of connecting to all data sources can be done with a single project. All the complexity of the underlying data, its transformations, rules, etc is handled before the data is retrieved. This makes the project a ‘one and done’ implementation for any number of current custodians, and it is completely future-proof: every new custodian will have the identical behaviour.”

A complete source for accurate, reliable securities, cash position, transaction and research information, Electra Data collects and validates a wide variety of data from investment managers’ third-party providers at any frequency, regardless of format and protocol. It then consolidates, normalises and enriches data, and delivers it automatically in a format customised to the firm’s specifications over a secure network, or via the unified API. Connecting with more than 3,300 unique data feeds from over 1,300 global financial sources, Electra Data improves data quality and access, enables easier integration with a firm’s applications, and streamlines reconciliation, fee billing, and other post-trade processes.