DataBP, the market data administration platform and service provider for exchanges, index and data providers, recently announced its collaboration with Singapore Exchange (SGX). The exchange has launched SGX Data Direct, an innovative service for data licensing and usage reporting powered by DataBP.
Through the recent partnership, SGX plans to modernize the administration of market data. With the launch of SGX Data Direct, Singapore Exchange became the first exchange in the Asian region to offer such a service as a direct channel for data client engagement. DataBP mentioned that the overall SGX data client experience will improve through the recent collaboration.
“Our partnership with DataBP and the inception of SGX Data Direct offers a direct online channel of engagement with our end clients. It is developed to be a one-stop for SGX market data-related matters with customized functionalities to facilitate online data licensing, usage reporting and inventory checking process, accessible 24/7. The implementation of SGX Data Direct reiterates our continuous focus on customers and our desire to better understand the needs of the end-users of our market data,” Joyce Tan, Head of Market Data Development & Delivery at SGX, said.
The latest launch has expanded the growing portfolio of Singapore Exchange. In September 2021, Marketnode, a joint venture of Singapore Exchange and Temasek, announced major partnerships ahead of key product launches.
The complexity of market data is a major issue for global financial firms. According to DataBP, the scale and complexity of data relationships are constrained due to the limitations and inefficiencies of the underlying traditional business processes.
Brandon Baker, Co-Founder at DataBP, said: “We are thrilled to partner with SGX and welcome them to our community of global exchanges that are leading the transformation of how market data is managed. Our team’s unique combination of exchange market data experience combined with our cloud-native software services capabilities has put us in high demand as exchanges continue to invest in their information businesses.”
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