PEAR - How do you manage all your exchanges' policy and price changes?

Date: Tuesday, October 22, 2019

One of the biggest problems facing market data professionals today is keeping up to date with the various price and policy changes made by exchanges. With a heavy reliance on vendors and subscribers to inform their client base, there is always a risk of the message becoming lost in already overloaded inboxes. This typically results in data subscribers having to seek this information for themselves. Axon’s PEAR (Policies, Explanations, Analytics, Repository) consolidates exchange information, which includes policies and pricing, into a searchable online database. Aaron Garforth, Chief Content Officer at Axon says, “Since the launch of PEAR in 2014 the product has evolved significantly, hitting a milestone in functionality and exchange coverage, making it an invaluable tool for any market data team.” Wonder why? Now PEAR covers over 250 markets and monitors over 650 documents and exchange notices daily. PEAR clients have access to information around exchange products, including the fees for accessing and distributing data, as well as understanding how to use the data compliantly.

"Axon’s PEAR gives us a view of all exchange policies, allowing us to keep up to date with the latest policy trends and interpretations. In addition, having CBOE’s market data policies in PEAR ensures our clients understand their requirements helping them to remain compliant."

Stephen Dorrian, Director of Market Data at CBOE Europe

Over the last year PEAR has added a lot of new functionality including vendor data notifications and ‘comPEAR’. Vendor data notifications’ provide up-to-date DNs stored in PEAR for customisable queries, personalised workflow and links to associated exchange policies and announcements. comPEAR provides users with the ability to relate older versions of agreements with their more recent iterations. “The comPEAR feature is a great addition to our PEAR product. It provides clear and simple visual comparisons of previous exchange documents side- by-side with current ones and highlights the changes between them in seconds”, says Aaron Garforth, Chief Content Officer at Axon. Following the acquisition of Axon by TRG Screen in June 2019, TRG Screen announced that it has already commenced initial activities to integrate information from Axon’s PEAR database into TRG’s FITS and INFOmatch spend platforms. FITS and INFOmatch licensees will benefit from exchange policy notifications delivered into their spend management platforms at no additional cost. Additionally, FITS & INFOmatch user firms who subscribe to PEAR will receive cost projections based on the exchanges in their inventory and be able to action changes. In summary, Axon’s PEAR simplifies the process of market data management. It automates the workflow by automatically sending out exchange announcements, making it easier for users to comply with their market data usage. About Axon Established in 2014, with Axon’s flagship product PEAR, the company has gone from strength to strength by using technology to simplify market data reporting and administration. It has achieved significant success, with a growing team of experts, and the Axon product platform now boasting a full range of products and services to complement PEAR. Axon is recognised by the industry as a leader in its field, listing tier-one banks, mid-size financial institutions and hedge fund companies amongst their growing client base. In June 2019 AXON was acquired by TRG Screen. This acquisition further solidifies TRG Screen’s position as a global market leader in enterprise spend management for financial market data.