In other news, the recs market may hit $3.3B by 2031, the World Bank needs to find a new president & 14 exchanges in Europe are collaborating.
QUODD to Get 500 Market Data APIs from Xignite
QUODD, a cloud-native provider of market data on demand, has acquired Xignite, a San Mateo, Calif.-based provider of financial market data application programming interfaces (APIs), which will allow QUODD to offer more than 500 market data (APIs), encompassing millions of instruments across all asset classes, officials say.
“The combined business will leverage its proprietary technology solutions to serve a blue-chip client roster of more than 2,200 companies, ranging from the largest banks and wealth management platforms to firms building disruptive products for the digital investor revolution,” according to the announcement.
Xignite’s offerings will help QUODD Fuel and QUODD’s flagship digital platform, Universe+, officials say. The Xignite content catalog includes data products curated from more than 150 sources.
“There is an ever-increasing demand from financial institutions for alternative cloud-based market data solutions able to power their wealth and asset management servicing platforms,” says Stephane Dubois, CEO of Xignite, in a prepared statement. “Combining our two firms gives us the scale, ability to execute, and technology to deliver true alternative market data solutions to the industry.”
Financial terms of the transaction are not being disclosed, officials say. DC Advisory served as exclusive financial advisor to Xignite. QUODD is a NewSpring Holdings company.
Reconciliation Software Market to Hit $3.3B by 2031
The global reconciliation software market worldwide was worth $1.119 billion in 2022 and is expected to reach approximately $3.3 billion by 2031, with a CAGR of 15.5 percent from 2023 to 2031, according to the findings of Astute Analytica, a market research firm based in Uttar Pradesh, a state in northern India.
“The market’s expansion is linked to a number of variables, including the growing use of customer-centric banking solutions, the demand for safe, affordable, and transparent transactions, and the expansion of the need for standardized banking operations, among others,” according to the new report. “However, high implementation costs for automated reconciliation systems and growing security worries about personal and financial data will significantly impede market expansion during the projection period.”
The biggest growth in the global reconciliation market will happen in China and India while North America “is predicted to experience significant growth over the course of the forecast period as a result of ongoing technological advancements. Continuously rising transaction volumes and fierce competition are also expected to fuel the region’s demand for reconciliation software,” according to the report.
Fraud in financial service will speed up adoption of solutions for reconciliation, according to the report.
“Banks and other financial institutions are adopting reconciliation solutions more frequently to reduce these security vulnerabilities. Tools for reconciliation aid in preventing bank losses and disputes brought on by incomplete and reversed transaction reconciliation,” according to the report.
World Bank Group President to Step Down
David Malpass
World Bank Group President David Malpass, a Trump appointee, recently informed the board of executive directors that he will step down from his position by the end of the bank group’s fiscal year on June 30 after serving more than four years, officials.
But he will be leaving before his term is up after facing criticism for not acknowledging the scientific evidence that the burning of fossil fuels spurs climate change.
“During Malpass’s tenure, he focused on seeking stronger policies to increase economic growth, alleviate poverty, improve living standards, and reduce government debt burdens. Over the last four years, the Bank Group’s five institutions (IBRD, IDA, IFC, MIGA, and ICSID) responded quickly to global crises, mobilizing a record $440 billion in response to the COVID-19 pandemic, war in Ukraine, sharp global economic slowdown, unsustainable debt burdens, climate change, and food, fertilizer, and energy shortages” according to an official statement about his tenure.
“Having made much progress, and after a good deal of thought, I’ve decided to pursue new challenges,” Malpass says in a statement. “The Bank Group is fundamentally strong, financially sustainable, and well positioned to increase its development impact in the face of urgent global crises.”
14 European Exchanges Will Build a CT for Equities
Fourteen European exchange groups working in 26 member states of the E.U. are part of a joint initiative to help foster the creation of a consolidated tape (CT) for equities in the European Union, according to an announcement from Bolsas y Mercados Españoles (BME), the operator of all stock markets and financial systems in Spain. Except for Slovakia, all of the exchanges are EU member states,
The project is in response to the European Commission’s proposal for an equities tape to contribute to the development of the Capital Markets Union (CMU) initiative, officials say.
The participating exchanges “have signed a term sheet to establish a joint venture that will evaluate and prepare an application as a CT provider in a future selection process,” officials say. “The participants are recognized specialists in supplying reliable and high-quality market data and are well positioned to deliver a CT quickly, efficiently, and to the highest operational standards.”
The project will focus on delivering a CT “designed to provide a comprehensive, standardized and consistent source of market data and will seek to collaborate with regulators to develop the optimal solution for investors.
The joint venture participants are Athens Stock Exchange; Bucharest Stock; Exchange; Budapest Stock Exchange; Bulgarian Stock Exchange; Cyprus Stock Exchange; Deutsche Boerse Group; Euronext, incorporating: Borsa Italiana, Euronext Amsterdam, Euronext Brussels, Euronext Dublin, Euronext Lisbon, Euronext Paris, Oslo Børs, Luxembourg Stock Exchange, Malta Stock Exchange, Nasdaq, incorporating: Nasdaq Stockholm, Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Tallinn, Nasdaq Vilnius, SIX Group incorporating: BME Exchange, Warsaw Stock Exchange, Wiener Börse, incorporating: Prague Stock Exchange, Vienna Stock Exchange, Zagreb Stock Exchange, including Ljubljana Stock Exchange.
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