Glimpse Markets adds Exoé, announces payment-for-data model

Dan Barnes

Buy-side led data sharing utility, Glimpse Markets, has announced that outsourced trading provider, Exoé has joined its network for data sharing across corporate bonds & emerging markets.

Paul O’Brien, CEO of Glimpse, says, “I’m thrilled that Exoé have agreed to join Glimpse and I look forward to collaborating over the coming months as we get closer to launch. The response from the buy-side to our recent business model changes has been overwhelmingly positive and I expect us to onboard a number of new clients over the summer months.”

Since launching, Glimpse has adapted its model, and the firm is now paying all buy-side institutions for the data they contribute to the platform, based on number of trades and total volume contributed. The more data the client contributes, the more it will be compensated.

The firm said in a statement; “This ensures the give/get equation is fair for all participants. We believe this flips the current model for financial data on its head and is a unique, disruptive approach. Our aim is to democratise access to financial data, i.e. make high quality trading data available to all investors while bringing more transparency to the markets and fairly compensating those that are generating that data.”

Glimpse has set out to tackle the perceived high cost of financial data today, arguing that “most real money buy-side have been priced out of the market and only a small number can afford to pay these large sums to access these datasets.”

As the data is effectively generated by both buy- and sell-side trading firms, Glimpse makes the case that those firms should have more transparency on how their data is used, who it is re-sold to, and being compensated for the data generated.

“The power is centralised and concentrated around a small number of large vendors,” the firms wrote. “Our model is at the total other end of the spectrum – democratic, distributed, transparent, fair etc. where each client controls, owns and is paid for the data they generate. We expect to launch towards the end of this year depending on how quickly we can finalise legals with our founding member firms.”

©Markets Media Europe, 2021