By Alexa Jaworski
Raymond James Financial has implemented Interactive Data Corp.’s (IDC) hosted market data platform in its private client group.
According to Bedford, Mass.-based IDC, more than 4,000 Raymond James financial advisers will have access to the Web-based system, called Market-Q, which provides global real-time market data, news and analysis from Dow Jones & Co., and research from various sources.
For Raymond James, Market-Q is replacing the Reuters Plus platform, which is being retired at year-end as a result of the merger of Thomson Corp. and Reuters, said Martin Kullman, senior product manager for market data services at the St. Petersburg, Fla.-based firm. Reuters Plus had been in use at Raymond James for more than 20 years, noted Kullman, and the firm had been looking at other systems since learning the platform would be discontinued. Thomson Reuters could not be reached for comment.
As a Web-based offering, Market-Q “has provided a very flexible cost-saving environment for us,” added Kullman, “and given the financial advisers an application that is much more robust and flexible.”
Implementation took four weeks, he said, and his firm did not have to supply the infrastructure to support the Market-Q environment. “On the market data side, the Market-Q platform gives us that ease of integration--we’ve already integrated our research into the platform,” said Kullman, adding that the platform his allowed Raymond James to consolidate its advisers on a single system.
Market-Q has been available for two years, according to Jeff Banker, managing director of strategic market development at IDC. “We accelerated the development of the platform as a result of several things going on in the marketplace--one was the Thomson Reuters merger,” he said, noting that the product has been optimized for wealth management in the U.S.
IDC has been carrying Dow Jones’ news services for at least a decade, said Banker. “We see firms looking to aggregate content with different Web services,” he noted. “Traditionally, Dow Jones has distributed their news services through vendor platforms; vendors controlled the customer experience. But as Web services and technology have evolved, firms like Dow Jones, Standard & Poor’s and Morningstar now serve their content directly to end users that can be integrated in a Web environment. Because of this our relationship with Dow Jones has changed--we can effectively integrate their data more effectively perhaps than some other vendor platforms.”
In a statement, Clare Hart, president of Dow Jones Enterprise Media Group, said that the combination of Interactive Data’s technology and market data and Dow Jones’ content provides “news, information and research that can be easily customized to meet advisers’ needs and interests and help them provide informed advice to their clients.”
“In light of the continued challenging financial market conditions and the changing needs of wealth managers, Interactive Data is continuing to focus its expertise and resources on creating an appealing range of innovative market data terminals that are designed to provide the right amount of data and tools that our clients need,” added Ray D’Arcy, president and CEO of Interactive Data.
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