Nasdaq OMX Group said today that it chose cloud services provider Xignite to build an on-demand data platform which enables users to access large quantities of detailed historical trade and quote data for all U.S.-listed securities.
The exchange operator said it expects NASDAQ Data On-Demand to be available during the second half of 2010. The venture is designed to capitalize on the growing use of tick data in quantitative environments for the back testing of algorithmic strategies. It also aims to reduce the cost of accessing tick data.
“Today our customers spend a large amount on technology infrastructure, not the market data itself,” said Randall Hopkins, Nasdaq OMX’s senior vice president of global data products. “With NASDAQ Data On-Demand, we want to drastically cut data management costs by running the technology infrastructure on the cloud for our clients and delivering to the data they need, when they need it and how they need it. “
As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio