Tradition has its revamped its market data and information services division, TraditionDATA, which will now offer more flexible data packages.
The brokerage firm spent 2018 restructuring its market data business, which included the appointment of a new executive management team led by Scott Fitzpatrick, a rebranding of the business, modifications to its pricing model, adding new and updated product packages, enhancing its technology to make it easier for clients to consume data, and adding to the sales and product teams in all regions.
“Tradition has more than 2,300 employees in 29 countries, and has built up decades of granular, historic data and trading activity for both liquid and illiquid products. Recognising the value of this information and following demand from customers, the new team introduced a flexible, modular data consumption model, improved and added to its product base and developed proprietary distribution technology,” says Tradition in a release issued today.
TraditionDATA’s new modular data consumption model offers flexible data packages tailored to individual requirements, ensuring clients only pay for the specific data they need. Tradition claims that this is in contrast to the majority of data vendors that require customers to buy data packages with vast quantities of information that they do not need or do not know how best to utilise.
As part of the revamp, Tradition has also launched a proprietary in-house market data delivery channel, which enables customers to purchase data directly from the brokerage rather than through their accredited third-party providers.
Fitzpatrick comments: “The pricing and consumption models for market data have largely remained the same for the last decade and is no longer fit for purpose. Our goal is to make our data easy to buy and available in a way that is efficient for consumption. That’s why we created a flexible, modular data model that reflects the evolving market need, the ever-changing regulatory landscape and addresses the cost pressures faced by many customers.”
He adds: “The days of large, pre-bundled and expensive data packages are coming to an end. I believe that our global coverage, granularity and depth of data, coupled with the ability to buy tailored data packages, offers much-needed choice.”