Data is a constant flow that supports the capital markets ecosystem, enabling price discovery, trade execution and post-trade settlement. That’s according to Mark Randall, Director: Information Services at the JSE.
‘The JSE has been a reliable electronic data provider for decades and its online Market Data Connect platform is an exciting new chapter in its data modernisation journey,’ he says.
Randall says market data consumers process JSE data in a wide variety of ways. ‘For example, a real-time price feed can be closely monitored by a traditional trader at their desk, drive an electronic trading algorithm or be diligently screened by a post-trade compliance or surveillance desk. In each case it is the same data stream that is processed, but each consumer needs to process this data in different formats and with different tolerance for missing or delayed messages. Some consumers may generate significant revenue using the data, others may redistribute the data to their own clients, and some may require it for internal compliance processing. Exchanges balance their data infrastructure and delivery models by licensing their data for specific use cases.’
The JSE is simplifying the navigation of this complex landscape for clients through the online, self-service Market Data Connect portal. ‘This adds an e-commerce capability to the existing licensing and usage reporting, further enhancing the service offering,’ says Randall. The first phase went live in 2021, followed by the most recent phase in late 2024.
‘The first experience of the marketplace data shop is a catalogue view that will be familiar to anyone who has ever browsed and purchased products online. The list of data products in the catalogue can be searched by, for example, asset class, product category and delivery frequency. Clicking on any product brings up a detailed product page with pricing, history availability, sample data and even technical specifications. From there, it is a simple process for existing JSE data clients to add the product to their account and to access the data.’
He says while the vision is to transfer all existing and legacy data products and services to the new marketplace data shop, the launch edition introduces a cross section of new products catering to a number of different consumer categories and use cases. This includes the Stock Exchange News Service (Sens), real-time equity level 1 and level 2 feeds, end-of-day equity market pricing, and statistic and other instrument data. It includes an innovative artificial intelligence-based product that converts published company financial statements on Sens into a machine-readable XBRL format.
‘As the JSE nears the completion of the core foundational components of the new platform, it now has the technical base to rapidly consider new and innovative data products and services. These fall into two categories, namely enhanced analytics, which starts the process of democratising access to emerging and actionable analytics, with a rich and varied depth of data available to the JSE to develop actionable analytic data sets; and third-party data such as ESG, company fundamentals and post-trade data – scaling up the platform to provide data assets that are not owned by the JSE.
‘The marketplace data shop also helps data consumers to better automate or enhance their own data operations. This includes core technology capabilities like API [application programming interface] access and modern identity management. There are also more specific tools such as machine-readable product notifications to help clients to time and manage their daily batch processing. Data products are accessible in multiple formats with solutions for recurring subscription and once-off historical models. This is rounded out with an integrated post-box tool to track product launches, enhancements and amendments to commercial or licensing terms.’
Randall says with the core technology available in production, the JSE Information Services team now enters a new partnership phase with clients, focusing on accessing new customers who may prefer to get data directly; accessing new geographies where JSE data may not have been readily accessible; expanding the JSE data product catalogue with the ultimate goal of having all JSE data products accessible through the portal; and launching new third-party data sets to meet the ever-growing hunger for more data, without introducing new platform, distribution or data management costs.
