Google Cloud has launched Datashare for financial services at the Google Cloud Financial Services Summit. This new solution is designed to empower the entire capital markets ecosystem to share market data more securely and easily.
A more streamlined solution
Datashare is built on Google Cloud analytics services like BigQuery and will leverage Analytics Hub. The proliferation of traditional and alternative data sources in financial services has created a need for a more streamlined solution for sharing information quickly and securely.
David Easthope, senior analyst of Coalition Greenwich, said,
“Data publishers and data consumers are in need of processing large volumes of data from disparate sources quickly and need access to it all in one place at the touch of their fingertips. According to our research, over two-thirds of end users of market data across the globe believe it is critical for market data providers to have improved accessibility via the cloud.”
Investment banks, asset managers, and other data consumers are demanding more choice in how they receive their licensed data, and they also need tools that allow them to be nimble with that data. Meanwhile, data publishers, like exchanges and aggregators, are struggling to meet growing customer demand, and need to deliver their data with more ease and flexibility.
Features of Datashare include
Datashare for financial services addresses both market data publisher and data consumer needs by organizing third-party data and making it more accessible and useful. With Datashare, data publishers can onboard their licensed datasets to Google Cloud securely, quickly, and easily, while data consumers can access that data in tools like BigQuery.
Batch data delivery: This mechanism helps publishers deliver their reference data, historical tick data, alternative market data sources, and more via BigQuery, reducing the administrative burden on data consumers to extract insights.
Real-time data streaming: By using this event-based data delivery channel for rapidly changing instrument prices, tick data, orders, news and others via Pub/Sub, data consumers can reliably process individual messages or rewind to a point in time to replay a prior market scenario and test model changes.
Data monetization: Market data publishers can onboard their licensed datasets to Google Cloud, and make them available via Google Cloud Marketplace, providing new sales channels and expanding their customer reach.
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