The new data marketplace will serve as the central hub for all of the exchange’s data products and services.

JSE has been on a digital growth journey, including digitising client contracting for index agreements and introducing Trade Explorer for member analytics services.

Having shifted its core data to the cloud, JSE is set to launch a virtual storefront allowing clients to purchase data online easily.

“JSE has developed a comprehensive cloud distribution platform with the intent of integrating all of its commercial information services under this cloud marketplace,” said Mark Schaedel, chief executive of DataBP.

“Together we have developed a dynamic product catalog and order configuration process which integrates with data licensing and automated data access.”

The marketplace will leverage DataBP’s platform to simplify client onboarding, make product development more efficient and automate data access entitlements and billing processes.

The data marketplace will also enable customers and redistributors to access a wide range of products, alongside hosting third-party content and analytics services.

“Migrating data offerings to the cloud is a key part of JSE’s Information and Communications Technology (ICT) strategy. It not only reduces infrastructure costs but also increases flexibility,” said Mark Randall, director of information services at the JSE.

“This offering marks the successful completion of the first phase of our market data modernisation strategy. Ultimately, the JSE aims to leverage cloud services to provide clients with analytics and insights, rather than just raw data.”

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As a result of the rapidly evolving methods of data consumption in financial services, an increasingly sophisticated level of scale and automation is required to provide customers with a broader range of services and to manage a diverse group of data subscribers and redistributors.

To better meet institutional fixed income trading clients’ business intelligence demands, MarketAxess will leverage DataBP’s pricing engine and integration with Salesforce, while also increasing efficiency and reducing risk.

The manual business processes which support ongoing administrative workflows will be simplified and automated by DataBP’s data licensing platform.

“DataBP’s platform provides MarketAxess the opportunity to optimise the customer experience as we develop our data services business and offer new products,” said Ryan Gwin, head of data sales at MarketAxess.

“Having the tools to automate market data sales administration means that we can focus on the higher value activities involved with servicing clients and developing cutting edge products.”

The move follows the addition of an enhanced real-time pricing service to the MarketAxess’ existing intra-day fixed income tape for the UK and EU’s most actively traded debt instruments, announced earlier this month. 

“As credit markets become more automated and data-driven, streamlining the workflows supporting the provision and licensing of data are a critical enabler for innovation,” said Mark Schaedel, chief executive of DataBP.

“DataBP is focused completely on enabling providers of data to rapidly introduce new products, onboard customers and manage data licensing and subscription relations at scale.”

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Access to data is getting easier, but access to alpha-generating insight will remain a priority for market participants in 2022. As the volume and types of data available to market participants continues to grow, so do the challenges of analysing huge, complex and highly interconnected data sets.  Over the last 12 months, we have seen increasing demand for Level 3 equities data and analytics tools from capital markets participants looking to generate alpha more predictably and gain an edge. 

It’s not only in equities where traders will be seeking an edge. We’ve seen great demand for our Level 3 data sets across futures asset classes, including equity futures, fixed income, short-term interest rates, commodities, cryptocurrencies and even FX. To use them effectively requires scalable compute capability and harmonisation – allowing quants to spend less time gathering, organising and cleaning data, and more time deriving predictive insights. When you understand the predictive power of Level 3 data, you understand the future was created yesterday!

Digitisation is starting to affect even the world of market data distribution. 2022 will present numerous opportunities for all participants in the data supply chain to contribute to much needed transparency and automation improvements. This is long overdue, given that while the eminence of data goes undisputed, in reality the complexity of global markets has outgrown the methods designed to support market data administration.

Business processes that have traditionally depended on human interpretation will potentially be automated, if all industry participants look for the big picture. This automation of market data can help drive efficiencies in financial markets, reduce costs and administrative burdens and, ultimately, allow all participants in the data supply chain to focus more on high-value activities.

We see demand for high-frequency data continuing to rise in 2022 amongst economists and analysts, as the ongoing COVID-19 pandemic continues to make more traditional, periodic measures of macroeconomic activity insufficient in understanding global markets.  In addition, we believe that the immediacy with which information is updated and analysed, and the potential for ongoing travel restrictions, mean that collaboration tools, such as our recently launched Macrobond Viewer, will be more important in helping teams stay in touch and work efficiently with the latest information.  The transition to remote or hybrid working and analysing high-frequency data points has now happened, and even as we hope for a world without COVID-19, we feel that returning to using only traditional measures of macroeconomic activity such as GDP figures and quarterly employment numbers is unlikely. The future of macroeconomic measurement and prediction is more and better high-frequency data.

The next year will continue to see an explosion in the types of data available to the market. Traders, quants, regulators and researchers have access to an ever-growing choice of complex data and analytics but are faced with the real challenge of how to use them effectively to drive performance. Flexibility will be crucial for users to get the data they need, the way they want it. Some will want data delivered via full platform solutions and others to pull data only as necessary through APIs. Some will want simple raw data, and others complete sets of analytics.  Continued development of cloud capabilities and greater acceptance of open architectures will drive more collaboration – and help the buy-side and sell-side take full advantage of the expanded possibilities over the coming year.

We believe data and the implementation of a consolidated tape (CT) for equities and bonds will be one of the main focus globally in 2022. The European Commission (EC) recently released a proposal for a CT and officially recommended FIX’s Market Model Typology (MMT) to be mandated as a standard. Having access to effective, reliable and contextualised data has never been a more critical factor and establishing a CT will remain an ongoing and massive effort. Industry participants should be a part of the conversation to ensure its success, and we invite them to get involved in FIX’s working groups to help us create good effective data and bring to life a CT in equities and bonds.

Consolidated tape (CT) reforms will finally take shape in 2022 with the UK and EU adopting legislation for the provision of a tape and the mitigation of market data access and contribution issues. The role of a CT will morph from responsibilities to consolidate data, to a facilitator of the data contributions which will be mandated and in need of operational management. Consolidation itself will be conducted by the industry through existing infrastructure. Cloud technology will feature heavily in the consolidated tape. In the US, the plan to enable competing consolidators will likely be postponed further but the governance reforms will be adopted as a means of addressing inherent conflicts and independent representation and voting for tape users and end investor advocates.

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