NEW YORK and SAN MATEO, Calif., June 22, 2010 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), the world's largest exchange company, and Xignite, Inc., the leading cloud services provider of on-demand data distribution technologies, today announced that NASDAQ has selected the XigniteOnDemand platform to build NASDAQ Data-On-Demand, a cloud-based computing solution for historical tick data distribution.
NASDAQ plans to launch Data-on-Demand in the second half of 2010 to provide easy and flexible access to large amounts of detailed historical NASDAQ Level 1 trade and quote data for all U.S.-listed securities. Tick data is increasingly used in quantitative environments for back testing of algorithmic trading strategies. As the securities trading industry pushes the limits of high frequency trading, algorithms require ever more rigorous back testing and fine tuning based on actual historical data. Obtaining and collecting tick data can be onerous and time-consuming as firms are required to establish feeds and maintain large amounts of data on-hand. By providing this data on-demand and allowing it to be purchased on-line, Data-on-Demand will make it easier than ever for firms to back-test their strategies.
"We are always looking to reduce costs of consuming data," said Randall Hopkins, NASDAQ OMX's Senior Vice President of Global Data Products. "Today our customers spend a large amount on technology infrastructure, not the market data itself. With 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 them the data they need, when they need it, and how they need it."
Unlike traditional means of market data delivery, such as feeds and files, on-demand market data distribution gives applications a way to cherry pick the specific subset of data that the application needs with pinpoint accuracy. Instead of combing through very large data sets of historical tick data, developers will be able to program their applications to select very specific data sets and obtain them on-demand and process them instantly. Data-on-Demand will also allow clients to download large tick data subsets on a scheduled basis.
"NASDAQ has decided to bring significant cost savings to one of the industry's highest priority requirements—timely access to high quality market replay information—by leveraging the industry's most powerful technology innovation today—on-demand cloud computing," said Stephane Dubois, CEO of Xignite. "This clearly shows NASDAQ's commitment to staying ahead of their customers' needs and reducing their costs. We are thrilled to partner with them on this industry-leading solution."
"We're excited about working with Xignite to launch Data-on-Demand," said Mr. Hopkins. "We had experience using the cloud to store and manage the large volumes of data we collect every day, and we needed someone to help make this data accessible to our clients in an easy, scalable and reliable manner. Xignite's proven technology and years of experience with on-demand market data and cloud computing will give us a tremendous jumpstart, saving us at least a year of development time."
Xignite developed XigniteOnDemand specifically to help financial marketplaces grow revenues for their market data businesses and accelerate product launches. XigniteOnDemand includes a complete, end-to-end solution ranging from a high-performance, scalable cloud computing technology platform to professional services for turnkey sales, marketing and customer support.
About NASDAQ OMX
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with more than 3,600 listed companies. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds. NASDAQ OMX technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit http://www.nasdaqomx.com. Please follow NASDAQ OMX on Facebook (http://www.facebook.com/nasdaqomx) and Twitter (http://www.twitter.com/nasdaqomx).
Xignite is the leading provider of on-demand market data and on-demand data distribution technology—fulfilling more than three billion service requests per month. Xignite offers the broadest selection of financial Web services available today with more than 50 solutions covering global equities, commodities, currencies, options, fixed income, analyst predictions, company fundamentals and news. Xignite solutions power mission-critical applications for front, back and mid-office, investor relations, dashboards, e-commerce, wireless applications and financial websites for more than 700 global clients, including Citi, GE, Bank of New York Mellon, Wells Fargo, ING, Exxon Mobil, Forbes.com, kaChing.com, Wolfram|Alpha, Seeking Alpha, Starbucks, and Wendy's. For more information, please visit www.xignite.com or call 1-866-XML-SOAP.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein may contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about NASDAQ OMX's products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to, factors detailed in NASDAQ OMX's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.
CONTACT: Xignite Media contact: Landon Long 650.655.3700 firstname.lastname@example.org The NASDAQ OMX Group, Inc. Media contact: Wayne Lee +1.301.978.4875 Wayne.D.Lee@nasdaqomx.com