ASX prepares for October launch of data analytics webstore
- 19 August, 2019 13:18
Securities market operator ASX Limited is preparing to make initial services on its new data analytics platform, dubbed ASX DataSphere, available to customers in October. DataSphere brings together ASX and third party data to drive a range of products that can be purchased through a web-based store.
The platform launched in the second half of FY19, with ASX using DataSphere internally. A number of customers are also participating in a pilot ahead of the broader roll out of the service.
ASX as well as third parties will offer datasets for analysis by DataSphere customers. Data providers will have access to a range of ingestion, curation, discovery and security services, according to the exchange operator.
The platform will offer customers access to a range of tools via a secure workspace, with compute and storage to perform analysis provided by ASX.
“ASX DataSphere is designed as an open but highly governed privacy-preserving platform, which will support the pooling of data from a broad range of customers and data partners,” ASX managing director and CEO Dominic Stevens, last week told a full-year results briefing.
“The objective is to provide a range of scalable analytic solutions to regulatory, risk, valuation and compliance problems, and to support digital transformation of the industry.”
“ASX DataSphere products range from web-based dashboards and downloaded analytics-ready datasets to bespoke solutions for specific problems,” the exchange’s annual report states. Data providers will have access to a revenue sharing scheme for offerings developed by the DataSphere product team.
Stevens also told the briefing electronic property conveyancing platform Sympli is “progressing well”. ASX owns 49 per cent of the joint venture with InfoTrack parent ATI.
The service’s core platform is now built, and Sympli has received regulatory sign-offs from registrars of NSW, Victoria and Queensland, Stevens said.
Without naming more established property conveyancing platform PEXA, the ASX chief executive said that early trials of Sympli indicated that when using the newer platform “workspace creation, document preparation and lodgement” were “circa 25-50 per cent more efficient”.
“Its flexible workflow and permissions design means Sympli’s service adapts to its customers’ processes, rather than users needing to adapt their processes,” Stevens said.
“These and other workflow enhancements will be valuable to both banks and conveyancers. Sympli has connected to, and is looking to launch with, its first major bank in the next couple of months, and will progressively connect to others after that.”
Last week Stevens also revealed details of the exchange’s DLT Solutions team, which is seeking to capitalise on the ASX’s work to roll out a blockchain-inspired platform to replace an ageing COBOL-based system named CHESS.