Xignite, the leading provider of market data cloud solutions, announced today that they have won “Best Enterprise Data Management Initiative (User)” by Inside Reference Data on their implementation of Xignite Enterprise, a cloud-based enterprise data management and distribution platform, with BMO Financial group (TSX, NYSE: BMO). The award was recognized at the 13th annual Inside Reference Data Awards ceremony on May 20, 2015 in New York.
BMO’s deployment of Xignite Enterprise, known as BMO Skyway, worked to centralize, distribute and optimize access to market and reference data collected from vendors in the cloud and provide employees and downstream systems with easy access to that data. Xignite created a centralized access point, allowing the company to expose their catalogue of market pricing and reference data, giving users the ability to pull data into portals, proprietary in-house systems and applications.
“We subscribe to disparate feeds from many market data vendors,” said Rich Weston, Director and Global Head of Market Data at BMO. “Our data management team wanted to enhance our abilities to see how and where our market data was being consumed. We also wanted an architecture that could help us address the challenges and opportunities ahead, delivering improved time-to-market for new initiatives while effectively managing costs. BMO Skyway gives us that.”
BMO Skyway is a fully managed solution that reduces time-to-market for in-house app developers, and ensures compliance with external market data vendors, with the ability to track and report on what data is being accessed, which can be used for compliance reporting and internal cost allocation purposes.
The technology also includes next-generation REST APIs to access intra-day, end-of-day and historical market pricing, descriptive reference data, corporate actions, and legal entity data, helping BMO power initiatives in several strategic areas.
“BMO’s implementation of Xignite Enterprise showcases the cost-cutting, streamlining capabilities of cloud-based reference data and how it can improve user experience and measurably move the bottom line,” said Stephane Dubois, founder and CEO of Xignite. “We are honored that our innovative approach and collaboration with BMO is recognized by Inside Reference Data and the industry.”
The Inside Reference Data Awards, hosted by the Waters magazine brands and WatersTechnology.com, recognize industry excellence within market data, reference data and enterprise data management. The winning firm in “Best Enterprise Data Management Initiative (User)” category is recognized for its vision, leadership, and ability to create and implement an enterprise-wide data management strategy to improve data quality and standardization, and reduce operational risk associated with poorly-managed reference data.