Data is an increasingly expensive asset and many companies are looking for ways to optimize how they request and use data within their business. Xenomorph’s Market Data Cost Optimisation enables firms to manage the usage and cost of data across the enterprise, reduce those costs and maximise the efficiency of their processes.
It works seamlessly with various data request mechanisms and maintains a standard interface for system integrators to manage data flows and create gold copy data.
- Identify and eliminate unnecessary data costs
- Track which data fields are being used and any that are not
- Prevent multiple billing requests across systems and departments
- Data cache with stale value indicators to conform to internal data policy
Legacy systems are often tightly connected to one particular vendor and changing this can be difficult, especially if it is an old system and the original integration team is no longer available. Market Data Cost Optimisation is able to transfer data in the same format used by each of the legacy systems so that no modifications are required.
The system resides transparently within the infrastructure of a client to minimise integration work. New vendors can be added without impact to downstream systems as the data interfaces are isolated from the switch of vendor.
PREVENTION OF MULTIPLE REQUESTS
Inserting Market Data Cost Optimisation between a client’s system and the vendor can immediately eliminate multiple requests. As it supports the original vendor request format, no changes are needed to the receiving system. Xenomorph also provides cleaning and validation logic enabling the data supplied to comply with internal data policy. In addition, new vendors can be introduced to the process if they are cheaper, and their quality can be monitored to ensure it is as good as the current supplier.
Market Data Cost Optimisation intercepts the request sent by the client’s systems to the vendors and checks whether any of the requested data is already present. If it is then those items are removed from the request before being sent on to the vendor. When the vendor returns with the reply, the data is consolidated and returned to the calling system. Any new data from the vendor is saved to the system for future use and to reduce future duplications.
DATA POLICY AND DATA CACHING
Data policy covers issues such as what defines completeness – which may vary by asset class or department – or how gold copy is constructed. Data policy may require some data to be from more than one vendor. Also it should define when data is classified as stale, varying by asset or data type.
With Xenomorph it is easy to define data policy around refreshing stale data and data vendor preference or priority. The system will cache data that fulfils the data policy criteria and only request new data as needed, either because it isn’t present or because it no longer fits the policy definition.