Google Cloud launches DataShare to help Capital Markets industry to share data more easily

Karthik Subramanian

Google Cloud today announced the launch of DataShare, a tool that can be used by data publishers like exchanges and other providers and data consumers like banks, hedge funds, and asset managers to share data more easily and securely as well.

With the growth in trading and the number of instruments, the amount of data that needs to be consumed and published has increased manifold over the last few years making it very difficult for both publishers and consumers.Also, the consumers do not have much choice on how they receive the data and as a result, have had to rely on very costly on-site infrastructure to consume the data. The publishers face a similar kind of issue as they have to supply the data safely and securely.

With the launch of DataShare at the Google Cloud Financial Services Summit, the data would be more organised and the consumers can easily get the data using BigQuery.

“As the global data landscape continues to evolve, market data publishers need to consider cloud-based models to keep up with the demands of their customers who expect easy, flexible, and cost-efficient ways to consume market data,” said Christin Brown, global Financial Services industry technical solutions leader, Google Cloud. “Stakeholders in the ecosystem, including consumers, corporate and investment banks, asset managers, and hedge funds, are increasingly asking data publishers for data delivery via the cloud. Datashare solves this problem by making market data accessible and beneficial to both publishers and consumers.”

The DataShare delivers data in large datasets that can be read through BigQuery and also supports real-time data streaming. Also, users can upload their license datasets into Google Cloud and monetize them by listing them on Google Marketplace providing them with a big consumer reach.

Google Cloud has recently started working with major companies and clients to supply data and also to make data access easier. The clients include major exchanges like CME Group which uses Google Cloud to stream real-time data and Refinitiv which offers its tick history data through Google Cloud.

The entry of a major cloud platform into the financial services industry with specific products augurs well for the domain as a whole. For long, data storage and handling have been a major issue with different companies coming up with different, disparate solutions but with Google Cloud DataShare, this process is likely to be streamlined in due course of time and this would help asset managers, banks, and other to save a lot of money and effort in handling such gigantic volumes of data.

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