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Streamlining Data Delivery for Global Financial Institutions

Globe Network

Case Study

Data Feeds

Challenge

The client, a major player in the global gold investment and data market, manages platforms delivering real-time and historical gold, ETF, and FX data worldwide. They relied on multiple data suppliers but faced challenges with feed reliability, vendor complexity, and a legacy data management platform.

The client needed to address:

  • Unreliable data feeds.
  • Inefficiencies from managing multiple vendors.
  • Risks from the end-of-life internal data management system.
  • The need to consolidate data licenses while leveraging existing ICE and exchange agreements.

They sought a scalable solution to modernise their data infrastructure and enhance user experience.

Action

The project was split into two phases with clear goals:

Phase I:

  • Replace unreliable data suppliers with FactSet and ICE for gold spot prices (XAU), FX rates (12 currencies), and LBMA fix prices.
  • Integrate data into new internal systems, connecting to client platforms.
  • Validate data quality and initiate the decommissioning of the old internal data management system.

Phase II:

  • Expand to include ETF pricing data from ICE across NYSE ARCA, SGX, TSE, and HSE.
  • Integrate into the new internal data management system and  validate quality, and prepare for decommissioning the old system.

The solution leveraged FactSet’s HTTP API and ICE’s real-time data to:

  • Consolidate vendors, replacing unreliable sources.
  • Modernise technology by eliminating FTP systems and building a bridge and  connectivity between the old and new internal data management systems.
  • Implement failover mechanisms using FactSet DR servers and Rapid API.
  • Validate data quality against existing feeds.
  • Enhance client experience with ICE’s superior data and FactSet’s support.

Conclusion

Both phases met all objectives:

  • Phase I: FactSet/ICE data powered platforms, with the client approving data quality and QA after a successful trial.
  • Phase II: ETF data was integrated, validated, and approved, completing the transition.

This project showcases the success of vendor consolidation and technology modernisation in overcoming data challenges. The key benefits of 542 Digital's work included:

  • Reliability: Improved uptime with robust failover.
  • Efficiency: Reduced vendor complexity, leveraging existing licenses.
  • Modernisation: Simplified tech stack, advancing  the decommissioning of old internal systems..
  • Client Experience: Enhanced data quality and support.
  • Scalability: Positioned for future data expansion.

Now our client now delivers reliable, high-quality data, achieving efficiency and scalability, ready for future growth.