FINANCIAL SERVICES FIRMS GAIN ACCESS TO EXPANSIVE, CONNECTED DATA IN THE CLOUD

FactSet collaborated with Amazon Web Services to provide the financial services sector with the first global ticker plant and real-time consolidated feed of its kind in the cloud.

Firm Type

Institutional asset managers, sell-side firms, and other financial corporations

The Challenge

Cost (time and money) of integrating new content, plus moving and managing hundreds of terabytes of data across multiple tools and systems

Solution

FactSet's Exchange DataFeed and Tick History Solutions via AWS as well as outsourcing the management of authentication, user permissioning, and existing contract validations

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The Challenge

Historically, financial service professionals have used terminal-based products for research and analytics to value companies, manage portfolios, and make data-driven decisions. Today, consumers of financial content require flexible and scalable delivery options for their data such as data feeds and APIs. Content needs to be available wherever they are—whether it’s on the premises, in the cloud, or on a mobile device via the web.

The COVID-19 pandemic accelerated the need for financial services firms to reassess their technological footprint, looking for ways to power systems with next-generation tools, infrastructure, and data delivery. Working from home for an extended period of time also presented new challenges related to accessing and analyzing data; both increased security and flexibility were required to access corporate systems remotely.

When remote work became a necessity, organizations needed to act fast in delivering data to their end users. For some organizations, fulfilling new requirements such as firewall updates and managing the extract, transform, and load (ETL) process took valuable time away that could otherwise have been used to generate value for the firm. Additionally, once the ETL process is improved or removed entirely, users still need to connect their data to other content sets before they can analyze and process it. Ideally, they will need the data to be cleansed, organized, and formatted before being provided to their downstream users.

The Solution

In early 2021, AWS announced the release of Amazon Redshift data sharing, which enables customers and vendors to provision data for different Redshift accounts without physically moving the content. This reduces the time it takes to access data while also eliminating the ETL processes and avoiding the pitfall of content that’s out of sync.

To facilitate the data preparation process, FactSet applies its leading infrastructure and data model to third-party datasets automatically. These datasets can be released through Amazon Redshift sharing for easy access and clients can rely on FactSet to manage their authentication and user permissioning. FactSet also validates against existing contracts to expedite the onboarding of new and unique content.

In addition, FactSet migrated its real-time ticker plant, which ingests and delivers live market data from exchanges around the world, to AWS. This creates the first global ticker plant and real-time consolidated feed service of its kind in the cloud, in addition to powering enterprise applications across FactSet’s customer base and core workstation products.

The Results

With FactSet’s Exchange DataFeed and Tick History Solutions available via AWS, clients gain cost-effective access to consolidated real-time and delayed global exchange data in the cloud. FactSet’s proprietary technology normalizes global exchange data to deliver current and historical data across all major asset types.

FactSet’s real-time consolidated feed in the cloud provides the same securities delivered at messaging rates on-par with an on-premise environment but with the added benefits of tick history, corporate actions, and indices. At the same time, clients now have options to consume data using direct connections from their on-premise data center to their AWS environment. FactSet DataFeeds are now available through the AWS Data Exchange, so clients can now experience easy cloud-native delivery of batched semi-structured or unstructured data.

FactSet is also working with AWS and other partners to accelerate product innovation around market data on the cloud so users are able to adapt to the unexpected and resolve challenges posed by legacy feeds and delivery methods.

 

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