Google Cloud is launching a new platform for financial services called Datashare, which was created specifically for capital markets and the larger financial services ecosystem.
Datashare for financial services was designed with market data publishers and data consumers in mind, collecting third-party data and arranging it in a way that makes it more accessible, according to a statement from the company. Consumers will have access to data in BigQuery and other tools while data publishers can "onboard their licensed datasets to Google Cloud securely, quickly, and easily."
The platform was created for exchanges, investment banks, asset managers, and hedge funds and at its core was built to share market data in a more secure way. The platform will use Google Cloud's analytics services as well as the Analytics Hub.
Christin Brown, global financial services industry technical solutions leader for Google Cloud, explained in a statement that the global data landscape continues to evolve and market data publishers need to consider cloud-based models to keep up with the demands of their customers "who expect easy, flexible and cost-efficient ways to consume market data."
"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," Brown said. "Datashare solves this problem by making market data accessible and beneficial to both publishers and consumers."
Google said Datashares will include batch data delivery, which will allow publishers to provide reference data, historical tick data, alternative market data sources, and more via BigQuery. Publishers will also be able to onboard their licensed datasets to Google Cloud and make them available through Google Cloud Marketplace.
The platform will also allow for real-time data streaming for changing instrument prices, tick data, orders, news, and others via Pub/Sub.
The company said it was working with a variety of data publishers on the project like OneTick and Accern.
Ross Dubin, a senior vice president at OneTick, explained that the tool will allow firms to "distribute the critical time-series market data needed to drive trading operations, run sophisticated analytics and meet demanding compliance requirements."
Refinitiv proposition director Catalina Vazquez added that their work with Google Cloud would assist financial institutions in getting the information they need faster "by combining Google Cloud's machine learning tools with Refinitiv's Tick History data in BigQuery."
"This model changes the paradigm for the financial community, helping them spend less time and money managing data and more time innovating and driving business performance with a competitive edge," Vazquez said.