Enterprise Data Management (EDM) for FX Tick Data

In the current Financial Market landscape, data can be a major determinant of whether businesses succeed or fail. The transformative potential of big data is widely recognised. In this endeavour, companies are realizing that big data is not simply a single technology or technique but the description of a series of solutions to process divergent sets of data. Increasingly businesses approach their data requirements with an Enterprise Data Management (EDM) solution.

EDM allows organisations to identify, integrate and retrieve data that may be sourced from multiple and disparate vendors, and then, in turn, used internally in various ways. When parts of an organisation obtain and approach data in different ways it can result in data conflicts and quality issues. This can call into question the reliability of the data used in operations and reporting, introducing ambivalence and distrust.

Enterprise Data Management (EDM) describes an organisation’s processes to effectively create, import, integrate, disseminate and manage data for all enterprise applications, processes and entities requiring timely and accurate data delivery. The goal of EDM is to promote confidence in the data used by an organisation.

The 5 major points to consider when implementing an EDM layer would be:

• Strategy and governance
• Stakeholder requirements
• Policies and procedures
• Data definition and tagging
• Platform requirements

At New Change FX (NCFX), we provide access to regulated (ESMA and FCA), benchmark FX tick data and reference mid-rates that can be seamlessly integrated into any organisation’s EDM. NCFX offers highly accurate FX data that is trusted, auditable and widely accessible. With a scrupulous attention to recording precise timestamps, NCFX Benchmarks can be used for forensic analysis of FX execution; from the macro down to the micro level to ascertain the efficiency of any trading mechanism. NCFX data is an obvious choice since the goal and objective of an EDM is trust and confidence in data assets.

One of the core challenges associated with EDM is the ability to compare data that areobtained from multiple internal and external sources. NCFX data and analytics are delivered into users’ systems via a common set of API protocols.

Additionally, NCFX can advise you how to build an effective EDM solution for your workflow to optimise your underlying data resources. NCFX data and calculations are deployed in close to real-time. NCFX Benchmarks and Analytics can be combined with users’ own data to produce calculations and reporting that inform pre-, live- and post-trade execution.

A list of user cases, for which the NCFX FX Data and API analytics are already being used is below:

• FX Benchmark Trading and Execution
• Calibrate FX Price Distribution
• Calibrate Price Formation
• Predictive Spread Analysis
• In flight FX TCA and Outlier Detection
• Proximity Alerts
• FX Algo strategy optimisation
• FX Liquidity Providers and Venue Evaluation
• Post Trade FX TCA Analytics
• Trade Surveillance
• Best Execution
• Accurate Outlier Detection and Reporting
• Compliance Reporting
• Interdepartmental FX Price Fixings
• External Client Price Transparency

NCFX is an ESMA Registered Benchmark Administrator under Regulation (EU) 2016/1011, authorised by the FCA as a Benchmark Administrator (FRN 793983) under Part 4A of FSMA 2000. We provide independent, objective FX mid-rate benchmark data. We work with our clients to promote transparency and market integrity producing data that market stakeholders can trust.

For more information on integrating NCFX regulated benchmarks NCFX API Analytics into your EDM, please contact us on info@newchangefx.com