An investment division of Scotiabank is providing real-time financial data for clients via streaming technology from QuoteMedia Inc.
Quotestream, the QuoteMedia
application, will be integrated directly into ScotiaMcLeod Direct Investing’s online trading platform. Customers of ScotiaMcLeod will be able to manage five portfolios with 45 symbols each.
“”The Quotestream application is actually integrated into Scotia online, so our clients will access it the way they access their accounts and trades,”” said Paul Davidson, director of marketing for ScotiaMcLeod. “”The tool is basically about providing clients with more information, so they get a lot more information and they get it in real time. We’re allowing them to make better decisions.””
QuoteMedia acts as a data aggregator from various news outlets, exchanges and other financial providers. The information is streamed directly to the user’s desktop through a browser. QuoteMedia hosts the application, but actual trades are completed entirely through Scotia’s online interface, said Dave Shworan, CEO of QuoteMedia, based in Scottsdale, Ariz.
The company has sold its solution to AIM Trimark, Qtrade, and JB Oxford. In Canada, TD Waterhouse is a customer.
The Java-based application requires a degree of customization for each new financial institution, said Shworan.
“”Certain clients want different things,”” he said. “”For example, with Scotia, they wanted to have a French version and they wanted to make sure all the Canadian data was formatted properly.””
Shworan said that the integration work done for Canadian financial institutions like Scotia will make the work that much easier for any subsequent Canadian customers.
Last month, QuoteMedia provided a wireless version of its product for Research in Motion BlackBerry users.
“”It’s more than just giving a real-time price; it’s looking at trends in the market; it’s looking at market depth, size of the bid, size of the ask and other information,”” said Davidson.
Data can be formatted and presented according to each user’s preference, as well as downloaded for viewing in a spreadsheet. “”All the data that exists within the portfolio view — the dividend information, bid/ask — all that information can be exported,”” said Greg Suvajac, an independent consultant who works Scotia.
Scotia’s version of the product is initially available to the bank’s most active trading clients as a value-added service. In a few months, the service will be rolled out on a subscription basis to the entire client base.
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