Bank speeds up market data
Credit Suisse introduces bespoke search engine to reduce the time taken to find market information
Analysts at investment bank Credit Suisse are using a bespoke news and search engine to reduce the amount of time it takes to find relevant market data from five minutes to five seconds.
The bank is installing an upgrade, called MiniMap, to its real-time relational insight tool to provide scoring information on company stocks and a more precise window of market data.
Some 300 analysts use the system, which has been developed with software company Relegence. The system automatically gleans lateral investment opportunities by gathering market data and scoring stocks.
Stefano Natella, global head of equity research at Credit Suisse, says the system addresses the problem of filtering the sheer volume of data available.
‘The capturing and filtering of market information means that a query that took five minutes in the best case scenario now takes five seconds,’ he said.
The information gathered from 26,000 textual content sources, such as research, blogs, email, newswires, press releases and local sites, helps analysts predict market changes from real-time and relational data about investors and suppliers.
The upgrade was easy to install and required little or no training for users. Other benefits include the ability to customise feeds instead of depending on fixed criteria.
‘In several cases we have been able to give our analysts the heads-up on information that was outside of the Bloomberg or Reuters news feeds because the information we capture may not seem important to those newswires,’ said Natella.
The sheer number of sources searched means analysts will often receive information that newswires cannot capture.
Natella says the main advantage of the tool is Credit Suisse’s reputation with clients, as it is the first to know about market data.
‘When Steve Jobs launched the video iPod we captured video footage on a blog filmed backstage four hours before the unveiling of the product,’ said Natella.
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