Data Explorers tracks financial data (i.e. securities lending, short selling, fund activity, etc.) and captures over 85% of global transactions each day. The Data Explorers API (DX-Open) allows “developers to integrate [the Data Exporers’] database directly into your current workflow.” DX-Open levels the playing field from a transaction standpoint. Now home-based, day-traders have access to the same robust data that was formerly limited to global financial institutions and seasoned practitioners.
Since the first launch of online trading started during the original .com era, trading tools have increasingly improved and assisted the average trader in his desire to control his own portfolio. However, DX-Open is the first open API that allows any developer access to enterprise level financial data. Additionally, traditional financial tools have limited users to analyze financial data in isolation. With DX-Open, a developer can integrate financial data with other strategic trading approaches (e.g. media, psychology, politics, etc.)
DX-Open is formatted in XML, and utilizes SOAP and HTTP calls/responses. The integration process is managed by Data Explorers product specialists who oversee projects from end to end. Current deployments of DX-Open in real-time trading environments include traditional trading platforms as well as a recently launched iPhone app. According to Jonathan Morris—Data Explorers COO—the iPhone app covers over $12 trillion in securities under the programs of 20,000+ institutional funds.
With the financial data available via DX-Open, the mashup potential crossing verticals is seemingly endless. Not only could new trading platforms arise out of DX-Open, but new industries altogether could be born.