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127 Table a.2 Medium-class real-time data vendors and their products Data Provider Distribution Medium Securities CQG Leased line 201 Centennial Street Satellite Glenwood Springs, CO 81601 800-525-7082 www.cqg.com S&P ComStock Satellite 600 Mamaronek Avenue Leased Line Harrison, NY 10523 Cable 914-381 -7000/800-431 -2602 Internet www. spcomstock.com Data Broadcasting (BMI) Satellite 3 Triad Center, Suite 100 Cable Salt Lake City, UT 84180-1201 WWW 801-532-3400/800-255-7374 www.dbc.com Data Broadcasting (Signal) FM, Cable 1900 South Norfolk Street Satellite San Mateo, CA 94403 WWW (real time) 800-833-1228/800-367-4670 www.dbc.com (for Signal) cbs.marketwatch.com (for DBC Online) Data Transmission Network Satellite 9110 West Dodge Road Cable Omaha, NE 68114 Leased Lines 402-390-2328/800-475-4755 Modem www.dtn.com WWW (delayed) FutureSource Leased Line 955 Parkview Boulevard Satellite Lombard, IL 60148 Cable 708-792-2001/800-621-2628 www.futuresource.com Global Market Information (Track/OnLine) Modem 56 Pine Street New York, NY 10005 800-367-5968 North American Quotations Modem 1900 Hyde Park Road Satellite London, Ontario N6H 5L9 Leased Canada WWW 800-465-4300 www.naq.com S,C,0,F,I,X S,M,B,CO,F,I,X S,M,B,C,0,F,I,X S,M,B,CO,F,I,X S,M,B,QO,F,I F,0,I,X,C,B S,M,B,CO,F,I,X S,C,F,0
| Table a.2 Contd. | Appendix A | Data Provider | Distribution Medium | Securities | Paragon Software (InterQuote) 10509 50th Avenue Kenosha, WI 53142 414-697-7770/800-311-1516 www.interquote.com | Modem WWW | S,M,F,0,I,X | PC Quote 300 South Wacker Drive, Suite 300 Chicago, IL 60606 312-913-2800/800-225-5657 www.pcquote. com | Satellite Leased Line Modem WWW (real time + delayed) | S,M,B,CO,F,I | Quote.com, Inc. 850 North Shoreline Boulevard Mountain View, CA 94043-1931 415-930-1000 www.quote.com | WWW (real time + delayed) | S,M,B,CO,F,I | SmartServ Online One Station Place Stamford, CT 06902 888-467-3783 www.smartserv.com | WWW (real time) | S,M,B,0,I | Telescan (TIPnet) 5959 Corporate Drive, Suite 2000 Houston, TX 77036 800-324-8246 www.tipnet.com www. telescan.com | Modem WWW (delayed) | S,M,B,CO,F,I | World Wide Quote llll 11th Street, Suite 405 Calgary, Alberta D2R 0G5 Canada 403-209-2089 www.wwquote.com | WWW (real time) | S,M,B,CO,I,X | Legend: | S: Stocks M: Mutual Funds B: Bonds C: Commodities O: Options F: Futures I: Indices X: Foreign Exchange | |
particular, has allowed data providers to offer prices so low as to be unheard of just a few years ago. The result has been that increasing numbers of market participants, who previously could not afford tick data, are now able to go real time. This has no doubt contributed to the heightened efficiency and volatility inherent in todays markets. Many Internet sites offer delayed quotes, but far fewer provide real-time data. Some of these services offer news and analysis as well as basic charting capabilities. Although the price of budget class data is but a fraction of medium- and premium-class services, using budget-priced data comes with a catch-it is not easy to feed data into any of the popular real-time charting programs. This is a major disadvantage since the serious trader usually relies heavily on real-time charts. And the basic charts currently provided by Internet-based services are downright Neanderthal: one or just a few technical indicators (e.g., a simple moving average) are all that is offered. However, technology is changing rapidly, with an ever increasing number of Internet sites providing real-time feeds, and companies producing new Internet feed server software. These are exciting times. Another drawback with budget-priced data is that you must rely on the vagaries of the Internet, with all its delays, server problems, outages, and so on. Many traders would rather pay more for quotes than place their trading accounts at the mercy of the almighty Web. Also included in the budget category are services providing tick data with a 15-minute delay. Although technically this data cannot be considered real-time, it does serve a purpose in the system-testing regimen of the trader. Specifically, the trader can accumulate tick data, albeit delayed, on any number of securities: stocks, bonds, commodities, currencies, or options. The data may then be used in designing and testing trading systems. The advantage is one of cost-delayed tick data is but a fraction of the price of its real-time counterpart. The medium-priced data provider, then, with all of its advantages, is the most logical source of real-time data for the serious computerized trader or investor. End-of-Day Data The principal purveyors of end-of-day data are Dial Data, a division of Global Market Information, Telescan, and Worden Brothers. The presence of many smaller firms has lowered prices to the point where this type of data is now considered a commodity. An interesting wrinkle exists with respect to historical data. More and more vendors are offering this so-called back data on compact disk. This is of great benefit to the trader/investor who must have discovered by now the primary disadvantage of maintaining historical data: Gobs of hard disk space are a necessary evil. However, through modern technology, it is possible to store 25 years or more worth of back data on a CD. The first companies to embrace this method of storage technology with respect to securities data were Omega Research and Dial Data in the mid-1990s. The latter created a CD containing data going back to 1970 that seamlessly merges with a few
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