Summary List Placement
As Wall Street’s obsession with data continues to grow, firms are eager to make digesting information as easy as possible.
Snowflake, which posted the biggest-ever software IPO on Wednesday, has launched a data exchange that already counts hedge funds like Philippe Laffont’s Coatue and data vendors like FactSet as users.
“I think it’s going to be the way people want to access data in the future,” the chief technology and product officer at FactSet told Business Insider.
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The story was originally published in March 2020 and has been updated to reflect Snowflake’s recent initial public offering.
Financial firms — from the biggest banks and asset managers to small family offices — are using more data than ever.
The flood of information has proved valuable for their investing strategies. But there is a cost to managing so much data, and it’s not just the money spent paying for the feeds.
“A lot of time, effort, and tech is wasted on just moving data around and formatting in a way that makes it usable for analytics,” Gene Fernandez, the chief technology and product officer at the data giant FactSet, told Business Insider. “It’s attractive to everybody if we can kind of reduce the amount of time that’s spent on that low-value, pretty far away from the use case effort.”
Enter Snowflake, the buzzy San Mateo, California-based company that posted the biggest-ever software IPO on Wednesday, raising $3.4 billion. The company helps firms manage data across public-cloud providers.
During the summer of 2019, Snowflake rolled out its public data exchange — where data consumers like Philippe Laffont’s Coatue Management can connect with and receive feeds from providers like FactSet.
With that launch and encouragement from customers, particularly those on Wall Street, Snowflake is slowly rolling out private exchanges …read more
Source:: Business Insider