Nasdaq OMX announced the purchase of RapiData LLC, a move the exchange operator said will enable it to deliver machine-readable news to subscribers through an electronic feed.
RapiData specializes in delivering dozens of economic indicators - including some from the U.S. government - to market participants through a low latency feed. The firm said their system is designed to let users incorporate machine-readable news into their algorithmic trading platforms.
Nasdaq said the acquisition stands to benefit customers who use machine-readable to news to manage risk, along with institutional investors who seek long-term strategies, liquidity opportunities and targeted investments.
The RapiData platform has access to more than three dozen U.S. economic indicators and data, including statistics from the Departments of Labor, Treasury and Commerce, Nasdaq said.