The strategy includes the use of NYSE Technologies’ product suite, built on DART (Data Administration and Reporting Technologies) technologies, in collaboration with Jordan & Jordan, a market data management consulting and information technology services firm, to create a managed service that will facilitate the reduction of market data administration costs.
Citi, the customer for NYSE Technologies’ new market data administration service, will use DART on a global basis to implement key aspects of its market data administration workflow. The service will include, among other things, direct reporting of entitlements to exchanges, exchange compliance, and the elimination of multiple user exchange fees across vendor platforms.
Don Madura, global head of real time market data at Citi, said: “Citi’s use of NYSE Technologies’ market data administration service is an industry-leading approach that emphasizes Citi’s commitment to data compliance and expense control. This service allows us to enhance our data compliance, reduce our administration costs and better control our exchange fees. It’s part of our strategy of faithful reporting and paying only for what we use.”
Jose Luis Coirolo, managing director of global market data at NYSE Technologies, said: “To have a global financial leader such as Citi select NYSE Technologies’ managed service is a tremendous validation of DART’s value and utility in today’s data-intensive environment.
Our approach is to help customers reduce their costs, and increase their efficiency, by managing market data in smarter, more effective ways. DART offers a complete range of global, exchange-agnostic tools and services that address most aspects of a firm’s administration of market data.”
