CQG, a provider of technology for integrating market data, technical analysis and trade routing, has joined FIA Tech’s Databank Network, becoming the first independent software vendor (ISV) to do so.
CQG and Fia Tech disclosed this on Thursday in a statement shared with Finance Magnates.
The Databank Network is FIA Tech’s initiative to bring together ISVs, exchanges, clearing houses and other data providers “into an interoperable global network simplifying the use of reference data, analytics and software solutions from participating firms.”
The companies said the network serves to unify reference data from over 80 global exchanges and central counterparties, leading index providers such as the Financial Times Stock Exchange and Morgan Stanley Capital International, as well as data vendors, such as EDI and Factset.
FIA Tech said it will incorporate CQG’s symbology into its global product reference data maintained on the Databank Network.
As a result, the company explained, CQG platforms will be “fully interoperable with all FIA Tech services as well as other future ISV participants in the Databank Network.”
In his reaction to the development, Andrew Castello, the Head of Reference Data at FIA Tech, noted that the partnership is a further example of the company’s commitment to support the ISV community to further its mission to bringing innovation to the derivatives industry.
“We are thrilled that CQG is joining Databank Network and CQG customers will have ready access to the industry services FIA Tech provides,” Castello said.
Pat Kenny, the Senior Vice President of Client Relations at CQG, expressed delight at the company’s emergence as the first ISV to join the network.
“We’re pleased to be part of this industry-wide, global solution to streamline information for market participants and appreciate FIA Tech’s leadership on this effort,” Kenny added.
What Does FIA Tech Do?
FIA Tech is a technology provider that collaborates with the global futures industry to improve operational efficiency via integrated, cloud-based systems.
The company is owned by a consortium of 10 clearing firms and the Futures Industry Association, a trade association in the United States composed of futures commission merchants.
FIA Tech provides key services and processes, including managing legal agreements, settling brokerage, meeting compliance requirements and automating reconciliation.
Furthermore, the company works in close partnership with the broader industry, including exchanges, clearinghouses, clearing firms and other intermediaries, independent software vendors, buy-side firms and end users to bring efficiency to the exchange-traded and cleared derivatives industry.
