Big tech giant Google has moved into the capital markets sector with the launch of a cloud-based market data service.
The platform, Datashare, has been designed by Google Cloud specifically for capital markets large financial services firms on the premise that there is a need to share market data more securely and easily.
According to Google, the proliferation of alternative and traditional data sources has created a need for market data publishers to use cloud technology to keep up with demand among data consumers, such as asset managers, for more flexible services.
"Stakeholders in the ecosystem, including consumers, corporate and investment banks, asset managers, and hedge funds, are increasingly asking data publishers for data delivery via the cloud," said Christin Brown, global financial services industry technical solutions leader for Google Cloud.
According to Google, the Datashare platform will cater for batch data delivery of reference data, historical tick data and alternative market data sources as well as enabling real-time data streaming for changes in pricing data.
The launch of Datashare comes in the wake of Google’s work with a number of major exchanges. In June 2020, the CME Group extended its deal with Google Cloud on its provision of market data.
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