Implementing a managed cloud Market Data Platform within your organization
The 3 step approach of BIQH
You chose not to build a on-premise market data platform yourself. Instead, you decided to buy a managed cloud market data platform from BIQH. So how does it work when you enter into this journey together with us? We believe 3 crucial steps have to be taken to make your decision a success:
1. Consolidate your data needs
2. Upgrade your data interfaces
3. Unify your data consumption
Step 1 – Consolidate
We first need to create overview in your current market data infrastructure. We check your external (vendor) and internal data sources and permitted usage. Afterwards, we map your current data flows from data sources towards your downstream applications. Zooming in on the downstream applications tells us more about the as-is state and business logic being applied. Finally, BIQH delivers the exact same data in the same frequency and format you are used to. Consolidation will help you to request data efficiently from a consolidated and validated data feed, managed by BIQH.
Step 2 – Upgrade
Secondly, we need to upgrade the interfaces within your market data infrastructure and assess whether you need certain data at all. First task for BIQH is to consolidate the data needs and bundle the requests of downstream applications towards data sources. This will help us in analyzing your current usage and the necessity of data fields which are used. Subsequently, BIQH will upgrade the interface between the BIQH Market Data Platform and your downstream applications to the consolidated data feed of BIQH. Lastly, we centralize your business logic and generalize it across your organization. Upgrading will help you to request data effectively and to make sure you only use the data you really need.
Step 3 – Unify
In this last step, we make sure the market data throughout your organization is consistent. At first, we process and normalize your own naming conventions and identifiers for the financial instruments in your universe. Also, we process and normalize your own naming conventions for data fields which are used. We can even rescale data values of different data sources to your ‘one single truth’. Finally, we need to link your own financial instrument identifier codes to authorized external identifier codes. Unification will help you to ensure data consistency amongst your downstream applications and their users.
What you need to remember
Implementing a cloud market data platform could sound very challenging. However, BIQH makes sure you save valuable time by applying the 3 step approach. We follow this implementation approach together as your ‘external colleagues’. We’re not only delivering a solution, but also the service to make this change a big success!
Feel free to contact us to learn more about our approach and successful use cases.
