email us
Press release: for immediate release
Survey: Financial Professionals Dissatisfied with Quality of Market Data
Survey at SIFMA indicates financial professionals spend too much time validating data
New York, NY – July 1, 2008
According to a recent survey, 79% of financial professionals believe that market data quality is an issue for their organizations. The survey, conducted by Xenomorph at SIFMA in New York City June 10 – 12, polled financial professionals about their experiences with market data. More than half of the respondents spend significant amounts of time validating data rather than on productive analysis to gain competitive advantage.
With markets growing more volatile and financial organizations turning to complex, multi-asset trading strategies for an edge, the need for clean, accurate market data has never been stronger. According to the survey, fewer than one in four financial professionals classified the quality of their market data as very good or excellent – an alarming number in a financial environment that has become increasingly averse to risk.
In addition to adding unnecessary risk, poor quality market data can have a significant impact on organizational resources. According to the survey, 20% of asset managers, investment bankers and hedge fund professionals spend between 25%-50% of their time validating data. This massive investment of time and effort on manual data manipulation and analysis would be better spent on tasks that contribute directly to their organization’s bottom line.
“Over past months, there has been much discussion within the financial services industry about the need to improve risk management processes – whether it is to satisfy a regulatory need, or strengthen internal risk control,” said Brian Sentance, CEO of Xenomorph. “Given these pressures, the biggest risk any financial organization can take is to base its decisions on stale or bad market data. Even the most sophisticated of risk models are worthless if they are being fed by dirty and incomplete data.”
Notes to editors
About Xenomorph
Xenomorph delivers real-time analytics and data management solutions to the financial markets. Our TimeScape technology leverages our clients’ proprietary expertise, and in so doing enables faster time to market for new financial products, new risk techniques and new trading ideas.
Trading, research, risk, product control, IT and back-office staff use Xenomorph’s TimeScape cross-asset data management platform at investment banks, hedge funds and asset management institutions across the world's main financial centres.
For more information on Xenomorph, our clients, services and solutions, please email info@xenomorph.com or see www.xenomorph.com.
Xenomorph® and TimeScape™ are registered trademarks of Xenomorph Software Limited. Other product and company names herein may be trademarks of their respective owners.
For sales enquiries please contact:Brian Sentance |
For US and Americas sales enquiries please contact:Naj Alavi |
For further press information and photography please contact:Ross Haddow at LEWIS, the PR agency |