One of the world’s top multinational interdealer broker firm Tradition recently made an announcement that it is rebranding its data business and amping up its product offerings. As per the announcement, Tradition has partnered with NEX data, another global giant, one that specialises in global pricing data and information solution to form and market its upgraded data business venture named TraditionDATA.
This newly created business venture will focus on delivering tailor-made solutions and product offerings to different types of customers as per their requirements. Given fast-paced growth in the financial data business sector in recent past on a global scale, Tradition has been actively restructuring its market data unit across last year to maintain its edge against competitors in the industry. The newly created business unit will be headed by Scott Fitzpatrick and a team of Tradition’s employees who will serve under him.
Scott also serves as CEO of Tradition’s US-based business venture TraditionSEF which deals with Swap Execution Facility. Scott has remained a part of Tradition’s family for the last six years having joined the firm back in January 2014 since which he has held the role of CEO of their SEF business division. Scott mentioned that the company has been building its global team and growing its business over the last 12 months and has plans to continue adding more people and resources as per requirement, given his active engagement with rebranding operations and launch of revamped data solutions product line.
Given the vast amount of data which the company has managed to build over the years, Tradition Data will introduce a modular approach to data consumption and packages offered by the firm to its clients are expected to be tailored to meet individual customer’s demands and requirements. The company has also prepared a new pricing model to complement its various product package offerings to ensure that the clients only pay for the specific data they need.
Given the fact that other major data vendors in the industry who are Tradition’s competitors provide expensive data package offerings, tailor-made product solutions with payment for just the required data will make it quite a contrast and a cheaper alternative which is a highly attractive offer to prospective clients. Speaking about this project, Scott commented, “We have an exciting pipeline of new products coming to market soon which we will continue to deliver to clients in a way that best suits their data consumption requirements. The pricing and consumption models for market data have largely remained the same for the last decade and are no longer fit for purpose. Our goal is to make our data easy to buy and available in a way that is efficient for consumption”.
Aside from the rebranded data business, the firm also announced the launch of a new product – Integrate, which focuses on changing data delivery channel. Clients who opt for Integrate can now purchase data directly from Tradition instead of going via accredited third-party providers, and given the fact that it was developed in house at Tradition, it will greatly compliment the newly upgraded data business venture.
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