MOUNTAINVIEW, Calif.—Google has unveiled Datashare for financial services, a new product the company said is designed to help organize third-party data from market data publishers such as exchanges and other providers, as well as data consumers — including investment banks, asset managers and hedge funds.
Google said Datashare, which is built on Google Cloud analytics services BigQuery and leverages the recently announced Analytics Hub, is designed to let publishers and consumers share market data more easily and securely, Venture Beat reported.
“The proliferation of data in financial services has created a need for streamlined information-sharing options,” according to the report. “In particular, data consumers need tools that allow them to be nimble with data without having to invest in costly infrastructure. According to an IBM executive survey, 71% of banking and financial markets firms report that the use of information, including big data and analytics, is creating a competitive advantage for their organization. Nucleus Research estimates that return on investment for analytics is currently delivering on average $13.01 for every dollar spent.”
What’s Included
Datashare includes batch data delivery, a feature that helps publishers deliver reference data, historical tick data, alternative market data sources, and more via BigQuery. Event-based data delivery, another feature, processes instrument prices, orders, news, and more in real time and can rewind to a point in time to let teams replay a prior market scenario.
In addition, Datashare provides data monetization, letting market data publishers onboard licensed datasets to Google Cloud and make them available via Google Cloud Marketplace, thus providing new sales channels, Venture Beat explained.