Converting Capital Markets to Cloud
The rise of data marketplaces is another way to access large data sets and build on top of them. On March 11, Wall Street Horizon, a boutique firm supplying high-quality corporate events data, said it would deliver its data feed over the IEX Cloud to reach institutional traders and investors. Launched in 2019, IEX Cloud recently upgraded its platform technology and incorporated new data sets to serve a growing list of enterprise customers, professionals and retail investors, according to the news release.
In Wall Street Horizon’s case, institutions who use IEX Cloud will gain access to its clean, normalized events data alongside other bespoke fundamental datasets to help create trading and risk strategies. “The appeal of the IEX Cloud is that it offers a pull-down menu approach,” said Barry Star, CEO of Wall Street Horizon in an interview.
“An institutional trader can go to one place to get this plethora of data across the spectrum. It might be tick data, it might be corporate events, it might be insider trading data, it could be credit card receipts. You get it all in one place,” said Star. Another benefit is that cloud providers building data marketplaces can reach a larger population than a single data provider can reach on its own. For example, IEX surpassed global 150,000 registered users across 120 countries.