Nasdaq OMX Group said it will build a system in the computing "cloud" for deliving historical tick data.

The cloud serive will be based on a data center service from Xignite that can be accessed at any time from any where by users.

The Nasdaq service will be known as Nasdaq Data-on-Demand. The Xignite platform is known as XigniteOnDemand.

Nasdaq said it expects to launch the Data-on-Demand service in the second half of 2010. The service will provide trade and quote data for all U.S.-listed securities.

Such tick data is typically used for pre-testing of algorithmic trading strategies.

"With Data-on-Demand, we want to drastically cut data management costs by running the technology infrastructure on the cloud for our clients and delivering to them the data they need, when they need it, and how they need it,'' said Randall Hopkins, NASDAQ OMX's Senior Vice President of Global Data Products.

 

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