Market data managed services and technology provider Exegy has taken a step to be a direct source of some US National Market System (NMS) data itself, with an announcement of the addition of IEX (The Investors Exchange) data to its X-Port market data vending service.
“We are offering a more complete direct feed for the US equity markets,” says David Taylor, chief technology officer of Exegy. “One of the key reasons our clients use our technology platform is to build a view of the NBBO for US equities, using the direct feeds from the exchanges, rather than waiting for the security information processors to compute that and pass it along on the consolidated tape. Having the direct feeds from the exchanges that comprise the NMS is an essential part of doing so.”
Exegy sought to help clients reduce the number of vendors necessary for their data management technology, explains Taylor. “It has always been the case that our customers had to source the raw data to use our products and services,” he says. “[Our customers] want to achieve the same level of quality of service for sourcing the raw data. This will be something we can provide for existing users of our services. For new clients, it will be more of a complete market data offering.”
Previously, Exegy focused on normalisation and distribution of real-time and market data, leaving it to customers and partners to source raw data to plug into Exegy’s services. Exegy did, however, recently add OTC market feeds to X-Port, and is looking to make its US equity markets offering complete, then build direct feeds for futures markets, according to Taylor.
X-Port users build views of the national best bid and offer (NBBO) for US equities. Exegy services can compute NBBO fast and flexibly from direct market feeds. Exegy’s hardware and software ticker plants can be combined with X-Port to build a complete market data solution. The company’s users include market makers, agency execution providers, alternative trading system and exchange operators.