Google Cloud Launches Datashare for Financial Services, Helping the Capital Markets Industry Share Market Data More Securely and Easily

Google Cloud announced Datashare for financial services, a new solution designed to empower the entire capital markets ecosystem—market data publishers like exchanges and other providers, and data consumers, like investment banks, asset managers, and hedge funds—to share market data more securely and easily. Datashare is built on Google Cloud analytics services like BigQuery and will leverage Analytics Hub. Datashare launched at the Google Cloud Financial Services Summit.

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. 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—without having to invest in costly, on-premises computing infrastructure. At the same time, data publishers, like exchanges and aggregators, are struggling to meet growing customer demand, and need to deliver their data with more ease and flexibility.

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“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,” said David Easthope, senior analyst, Coalition Greenwich. “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.”

Datashare for financial services—built on Google Cloud—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.

Features of Datashare include:

• 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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Datashare publisher partners

To bring Datashare to life for the industry and connect more sources to potential customers, Google Cloud is working with multiple data publishers. Datashare publishers currently signed onto the solution include OneTick and Accern.

“By making our data available via Datashare, we can empower firms to easily access, share and distribute the critical time series market data needed to drive trading operations, run sophisticated analytics and meet demanding compliance requirements,” said Ross Dubin, senior vice president, Global Head of Sales, OneTick.

“Delivering data in a way that is clean, seamless, and inexpensive has become a challenge, as data complexity and volume increases,” said Riyaz Nakhooda, vice president,  Strategic Partnerships, Accern. “With Datashare, Accern is able to supply our clients with quality AI-generated insights on ESG, news, credit and more at a fraction of the cost of legacy data centers.”

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