First Derivatives Deploys Reference Data Management Solution on MongoDB to Radically Change the Way Capital Markets Information is Processed
January 29, 2015 – First Derivatives (AIM: FDP.L, ESM: FDP.I), a leading provider of software and consulting services to the capital markets industry, today announced that its Market Data and Reference Data solution, Delta Data Factory (DDF) is now available on MongoDB. DDF is the world’s first commercial reference data management that offers a dynamic NoSQL-based option. Historically, the industry relied on relational database platforms.
DDF is a component-based solution for acquiring, processing and distributing reference data within financial institutions. By offering MongoDB as a deployment option, DDF provides an alternative to clients to implement a cost-effective means of achieving real-time global distribution of consistent terms and conditions data firm wide.
DDF includes connectors to over 100 industry data sources, including Thompson Reuters, Bloomberg and IDC, along with multiple distribution mechanisms including messaging, web services, files and databases. The solution also includes a flexible data model and symbology mapping that, in contrast to traditional, more prescriptive approaches, caters easily for the disparate requirements of multiple downstream consumers. As a result, it achieves broad enterprise-wide adoption that often eludes alternative approaches while still imposing firm-wide governance and control.
With MongoDB, DDF now has additional scalability and high performance data replication features that organisations require to synchronise data in real-time across multiple locations and time zones. MongoDB’s JSON-based messaging capabilities ensure that data payloads are small, quick to replicate and easy to manage. Document-based searches enable better usage and insight into data while integrated fail-over and fault tolerance capabilities ensure high availability.
Gerry Buggy, Head of Strategy First Derivatives, commented: “Deploying Delta Data Factory solution using MongoDB is another example of choosing the right Big Data technology for the right purpose. Its non-prescriptive document-based approach to instrument and client reference data storage, dovetails with our approach to data modelling, giving clients the ability to store all the terms and conditions data they need and access it in a flexible, consumer-friendly manner appropriate to their needs. This is particularly important in the context of managed services, and indeed shared managed services, where diversity is inevitable but governance and traceability must still prevail. In addition, Delta Data Factory interoperates seamlessly with kdb+, the de facto solution for real-time and historical pricing, and together they provide the key components of a modern data architecture to service such applications as compliance, surveillance and risk management.”
Joe Morrissey, Vice President and General Manager International at MongoDB, said: “Delta Data Factory is the ideal example of how next generation capital markets services should handle information at scale and provide outstanding stability on a huge variety of data. Together, we have built a platform that can do just that and will provide First Derivatives’ customers a crucial advantage in this high stakes industry."
About First Derivatives plc
First Derivatives is a global provider of software and consulting services to the financial services industry. With over 19 years' experience, First Derivatives currently employs over 1,200 people worldwide and counts many of the world's top investment banks, brokers and hedge funds as its customers. It also holds a 65% stake in Palo Alto-based Kx Systems, developer of the world-leading database technology, kdb+. The Delta suite is a range of award winning software applications developed by First Derivatives and powered by kdb+. The Company has operations in London, New York, Stockholm, Singapore, Hong Kong, Sydney, Tokyo, Toronto, Philadelphia, Dublin and its headquarters in Newry. (www.firstderivatives.com)
About MongoDB Inc.
MongoDB is the next-generation database that helps businesses transform their industries by harnessing the power of data. The world’s most sophisticated organisations, from cutting-edge startups to the largest companies, use MongoDB to create applications never before possible at a fraction of the cost of legacy databases. MongoDB is the fastest-growing database ecosystem, with over 9 million downloads, thousands of customers, and over 750 technology and service partners. Learn more at www.mongodb.com.