Tradition Revamps Data Business, Rebrands TraditionDATAJune 24, 2019
Interdealer broker Tradition is revamping its data business. The company is rebranding its newly minted division TraditionDATA, which will be focusing on delivering tailored solutions to different types of customers.
As financial data business continues growing across the globe, the company has been actively restructuring its market data unit throughout last year. The team in charge of the business led by Scott Fitzpatrick who is also CEO of the company’s SEF, is engaged with rebranding the unit after the launch of a new product line of data solutions.
Fitzpatrick elaborated that the company has been building its global team and growing its business over the last 12 months, and plans to continue to add more people and resources as needed.
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“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,” Fitzpatrick explained.
The company has prepared a new pricing model and complimented its offering with product packages that are enhancing the firm’s technology, facilitating data consumption. The company also added more talent to the sales and product teams across all regions.
Modular Data Packages
With the vast amount of data which the company built over the years, TraditionDATA is introducing its modular approach to data consumption. Alongside the effort, the company also developed a proprietary distribution technology.
Packages offered to clients are tailored to meet customer demand based on individual requirements. the company aims to ensure that its clients only pay for the specific data they need. The approach is in stark contrast to the majority of data vendors in the industry which are frequently offering expensive data packages.
Since clients are not in need of the majority of the contents of the packages, they have been asking data vendors to provide them with alternative streams with pre-selected markets.
“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,” said the Head of TraditionDATA, Scott Fitzpatrick.
New Data Delivery Channel
Together with the rebranding of its data unit, the Swiss-listed company also announced the launch of INTEGRATE. The product is changing the delivery channel for the company’s clients. Developed in-house, it is designed for clients that prefer to purchase data directly from Tradition, rather than through their accredited third-party providers.
Over the past year, TraditionDATA has focussed on developing its new product offering as well as enhancing existing its products. The firm is combining globally sourced price information from its brokerage business across all OTC derivative asset classes with analytic-driven data production to cater to end-clients demands.
According to Fitzpatrick, pre-bundled and expensive data packages are due to be replaced by tailored data packages. With new products designed to deliver global coverage, granularity and depth of data, the company is aiming to join a movement that is reshaping the industry.
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