Ex NYSE Tech team form Axon Financial Systems
Start up, Axon Financial Systems, has been formed to offer software and services to help with market data administration and the issues around exchange rules, policies and compliance.
The new vendor company will limit the level of consultancy services it will offer, instead its primary focus will be on building quality software solutions aimed at reducing repetitive manual processes.
Chris Hutton, CEO, says "Axon is primarily a software driven services company, aimed at streamlining market data administration and reporting processes. Our goal is to provide reliable services that deliver clarity in an ever changing market data and compliance environment".
The first of the Axon products to launch is PEAR, an on-line service that simplifies and explains exchange market data policies. It differs greatly from the other offerings on the market as the data is stored in a very granular database structure (not just a store of PDFs and free text) which allows for mapping of exchange policies down to product level and provides an historical view of exchange data policies, fees and announcements. It has also standardised much of the conflicting policy language to create searchable terms for exchange rules, such as unit of count, simplifying the comparison of products across the different exchanges and markets. Invaluable information for anyone facing an exchange audit.
"Our view is that a significant amount of consultancy surrounding market data policy can be encapsulated into an on-line service at a fraction of the cost", says Garforth.
Hutton, worked in various product and project management roles in Harco Technologies and Wombat, before their acquisition by NYSE Euronext. After the creation of NYSE Technologies he went on to head up the DART product business, before leaving in August last year, shortly after the purchase by S.R. Labs.
Garforth, CIO, spent 12 years at the London Stock Exchange where he carried out a number of roles including Market Data Auditor and Product Manager before becoming the Market Data Manager for Real Time Services. He went on to hold positions in Bloomberg and Ballintrae before joining NYSE Technologies as the Exchange Policy and Compliance expert for the DART suite of products.