CME Group, a derivatives marketplace, has selected the XigniteOnDemand platform from Xignite, a provider of financial market data and data distribution technologies, to support new on-demand over-the-counter (OTC) market data products and services.
XigniteOnDemand is a turnkey private label solution designed specifically to help exchanges and other financial marketplaces grow their market data businesses and accelerate product launches. Xignite will use XigniteOnDemand to build and manage cloud-based market data web services for CME Group.
Additionally, XigniteOnDemand will allow CME Group to market, sell and support its new market data offering entirely online through the CME Group-branded website.
Brian McElligott, managing director of information products at CME Group, said: “With the ongoing development of our multiple OTC product and service offerings, and the need to deliver this data to customers with continued market transparency, the Xignite platform will be a quick and cost-effective way to get OTC pricing and reference data to our global market participants.”