Risk Focus in partnership with Tudor Investment Corporation (Tudor), have announced the launch of APIX, a revolutionary enterprise API platform for Excel®. Developed for Excel power users, application developers, and data scientists, APIX empowers users to access models, data and analytics APIs through existing Excel-based applications while addressing the concerns of maintainability and compliance typically associated with Excel applications.
Excel is used heavily in the front-office and offers a host of benefits. However, it also presents a number of challenges, particularly in the current regulatory regime. APIX addresses these challenges, allowing financial institutions to continue using Excel, but in a controlled manner. Specifically, APIX:
- Allows for the removal of uncontrolled code from Excel workbooks.
- Enables new services to be deployed and exposed to multiple users and applications without breaching the user’s desktop environment.
- Improves time to market for new services, without sacrificing testing and control.
- Reduces cost and risk associated with critical Excel applications.
- The value, availability and utility of APIs in the capital markets is growing rapidly as technology shifts from siloed, homogenous systems to open, self-service, data driven solutions with access to a rich array of data services and functionality, locally and on the Cloud.
APIX, developed by Risk Focus in partnership with Tudor allows Excel power users to access virtually any service through standard Excel-based applications currently used for modeling, pricing, risk and data analytics solutions.
APIX exposes services, written in any programming language, via RESTful endpoints, seamlessly presenting these services as standard Excel functions. APIX consists of three core components:
- APIX Templates: reusable micro-service templates to accelerate projects in the programming language of choice.
- APIX Hub: API repository for registering, discovering and accessing APIs, based on open source technology.
- APIX XL: lightweight, static, client-side plug-in for accessing APIs as Excel functions, with tools to support rendering and presentation of the API response.
Ilya Finkelshteyn, Head of Software at Tudor, said: “The business case for APIX is clear: our quantitative analysts rely heavily on Excel for its flexibility and built-in analytics features and they also want to take advantage of powerful programming languages like Python, R, Scala, etc., to implement solutions and services. Embedding code directly into Excel creates applications which are bloated, difficult to scale and a challenge for IT to manage. APIX provided the solution. We are now able to access a host of critical services through a central, managed and audited repository. Enterprise services can be delivered rapidly to the end user, preventing duplication of data and functionality.”
Srikant Ganesan, Head of Risk and Trade Solutions at Risk Focus, commented: “CTOs and software groups struggle to support Excel-based applications. They don’t scale well and are difficult to secure, audit and deploy to the desktop. Despite this, Excel is widely used by every client we work with. We call this ‘the Excel Paradox’. We developed APIX so that clients could continue to enjoy the richness and flexibility of Excel while accessing the models and data they need through secure, scalable, supportable, auditable APIs.”
Miriam Roiter, Chief Technology Officer of Tudor, said: “We have been partnering with Risk Focus on various initiatives since 2012 and they were the obvious partner to work with on developing this platform. We are excited to extend our partnership further with the launch of APIX. The platform has been extremely successful at Tudor and we trust that Risk Focus will deliver the same success for other capital markets clients.”
Excel® is a registered trademark or trademark of Microsoft ® Corporation in the United States and/or other countries. References to Microsoft Products in no way imply any Microsoft sponsorship, affiliation, or endorsement of Risk Focus Inc., or of our products or services.
Risk Focus is the only company to provide control and compliance for regulatory trade and transaction reporting to its clients with a Regulatory and Repository SLA, helping firms stay ahead of the increasingly challenging demands of global regulators in capital markets. With a global footprint and offices in New York, London and Riga, Risk Focus offers a full service model, from advisory and architecture, through to full solution implementation and delivery services including Trade Reporting, Risk Management and Cloud Enabling solutions.
Risk Focus works closely with leading regulators to provide clients with the most up-to-date regulatory reporting software. Report-It.Trade is the only suite of tools specifically designed to help clients meet the demands of global regulators for accuracy, completeness and timeliness of regulatory reporting.
Since 2004 the world’s top brokers, banks, clearing houses and hedge funds have relied on Risk Focus’ domain expertise and unrivalled track record of on-time delivery for their specialist solutions needs.
The Tudor Group (“Tudor”) is a privately owned group of affiliated companies engaged in the investment management of client and proprietary assets. Paul Tudor Jones II formed Tudor Investment Corporation, the first of the Tudor Group companies, in 1980. As of October 1, 2016, Tudor’s assets under management totaled approximately $10 billion across fixed income, currency, commodity and equity asset classes and related derivative instruments in the global markets for an international clientele. Tudor is headquartered in Greenwich, CT with additional offices in New York, London, Singapore and Australia.