Managing complex market data can be overwhelming. Financial institutions often find themselves tangled in “Market Data Spaghetti”, where multiple data sources and varied formats create inefficiencies and compliance challenges. BIQH offers a low-key, step-by-step approach to untangle this mess and streamline your data management.
Start small with our BIQH Market Data Platform
By starting with just one downstream application and one data vendor feed, you can immediately use the power of the BIQH Market Data Platform without needing significant change capacity. This approach addresses the common issue of projects failing due to unknown requirements and prolonged discussions. Even with a single data source, you gain all the benefits of a comprehensive market data platform. You harness the power of a modern market data platform immediately, rather than waiting for a couple of years.enefit from immediate mapping and linking capabilities for your required data.
Key benefits of starting small:
The unique 3-step approach
Our 3-step approach offers a structured and flexible method for implementing the BIQH Market Data Platform. This approach consists of three steps:
Our process is iterative, meaning that you can go through these three steps for each data vendor and downstream application. The implementation of the BIQH Market Data Platform is an integral part of our Managed Services, eliminating the need for an extensive implementation plan and high consultancy costs.
Goal: Ensure compliance and gain control over your market data flows quickly.
Together, we begin by creating an overview of your current market data infrastructure. This involves checking your external (vendor) and internal data sources and permitted usage. Next, we map your current data flows from data sources towards downstream applications. We then zoom in on downstream applications and their as-is state and business logic to understand which data is used, how it is delivered, how often it is refreshed, and which business rules need to be applied. BIQH delivers the exact same data in the same frequency and format, but consolidated through the BIQH Market Data Platform, ensuring your downstream applications are unaffected and no change capacity is needed.
Example: Consolidating data from Bloomberg, LSEG, and Morningstar into a single database to eliminate duplicate data purchases.
Goal: Save operational expenses and become independent.
We begin by analyzing your current usage and the necessity of data fields being used. Then, we upgrade the interface between the BIQH Market Data Platform and your downstream applications to the consolidated data feed of BIQH. Data fields are delivered normalized among your data sources, ensuring consistency. This allows you to request all data from all authorized data sources through one consolidated feed and format (API). During the upgrade, the consolidated feed of Step 1 remains available to ensure a smooth transition. Finally, we centralize business rules, moving business logic away from applications and generalizing it across your organization.
Example: Consolidating request files from your downstream applications, allowing for deduplication of unneeded requests at your data vendors.
Goal: Future-proof your market data governance.
We start by processing and normalizing your own naming conventions and identifiers for financial instruments. Subsequently, we rescale data formats and/or values to ensure data consistency across different downstream applications, creating a ‘one single version of the truth’. By linking your internal financial instrument identifier codes with authorized external identifier codes, all downstream applications can request the same financial instruments vendor independently, regardless of different external identifier codes. In the end, your organization profits from minimal IT change impact.
Example: Standardizing data identifiers across the organization to ensure all systems are requesting and receiving the same data.
Interested? Want more information, see more of the Market Data Platform, or have an online coffee chat? Get in touch!
BIQH provides market data management in the cloud. We have won a prestigious award! Discover more about our ESG Insight Awards 2024 Victory.
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