The Challenge

For investment firms, complying with MiFID ll/MiFIR requires access to all the relevant data published by the various APAs. While one of the aims of MiFIR was to limit data publication to a small number of regulated channels, multiple venues - Euronext, Tradeweb, Bloomberg, TRAX, TradEcho and Deutsche Boerse among them - have been approved. A further complication is that each APA publishes their reports in different formats. As a result, datasets are fragmented and aggregation is therefore difficult - making the process of getting visibility of APA data more cumbersome and time-consuming than is desirable.

The Solution

To address these issues, Appsbroker - which has a proven track record of delivering data solutions to the investment community, has provided a new APA data aggregation service built on the Google Cloud Platform (GCP).

The Appsflow APA Aggregator (AAA) normalises and distributes a single feed of APA quote and trade data: it covers the major APAs for non-equity data at launch and will be extended to include further venues as demand dictates.

All interactions with APA data are captured in real-time and stored on the GCP to give a complete record of quote and transaction data. Real-time and historical data are available through a simplified API and the AAA can also stream real-time or delayed data as required.

As is necessary for any market data platform, strict controls are in place to govern access to the APA data - firms can implement policies down to an individual APA or employee level.

The AAA is provided on a per-firm access fee basis and is accessed using standard technology via Appsbroker’s web interface or standardised APIs. It can be rapidly and straightforwardly integrated into existing IT infrastructures or be used on a standalone basis.

The Google Cloud Advantage

Google’s cloud infrastructure allows rich functionality to be provided at running costs that are several orders of magnitude cheaper than those from existing Market Data Providers who will charge for terminals, infrastructure and data feeds.

The AAA is built on standard GCP technology - BigTable - and is capable of managing multiple clients and returning historical data in sub-second times. By taking advantage of the unlimited storage and compute functions within GCP, client applications can be stored on the cloud if desired or fed into Bank premises as required.

Google has externalised its own proprietary technology - which is optimised for collecting and distributing real-time data - for commercial use. This technology is ideally suited for storing historical information which can be easily retrieved either in raw ‘tick-by-tick’ format or through a series of predefined analytics.