Data-CX is a Central Clearing House for transaction information. We are a productivity tool for investment banks, corporate law firms and data vendors designed to increase the speed and accuracy of deal databases. In particular we help improve the way banks submit new deal information to the data vendors. The site is called Data-CX in reference to Data Central Exchange. The service is provided by Finfore Limited, a UK based technology company that builds productivity tools for the financial services industry.
Who Is it For?
Data-CX is a service for banks, law firms, data providers and financial journalists and any people interested in finance.
For Banks and Law Firms, Data-CX provides a platform to highlight all the important transactions that they have been involved in. Once a firm submits a transaction to the central clearing house, other participants are notified, so they can comment, augment and correct the submission. Competitors receive alerts so they can police the data. All this information is then submitted to the data providers' research teams so they can quickly access all the key data points ahead of uploading the information into their database in a way that meets their editorial standards.
Using the central clearing house, helps banks and data providers alike. Banks are able to tag information in the way they believe a deal should be displayed, other firms are able to express their view, so there is an open debate on what the different ways of analysing a transaction could be. This helps resolve any potential dispute, since there is visibility on why two firms have a different perspective. Furthermore, banks can tag companies in Data-CX's database with their own internal identifiers, which means that they will receive back from the data providers the transaction data in a format their internal systems recognise, rather than having to go through a complex concordance of the many datasets.
Where is the Data From?
This is where we differ from all the other information providers. Our data comes directly from the companies, banks and law firms that are involved in the transactions we list. We give the registered users the ability to update and correct the information. And since all the information is on transactions (debt, equity, M&A) that have been reported publicly, all the data is verifiable and traceable to publicly available sources.
Simply put: our data comes direct from the deal-maker. It's then cross references and delivered to the data-providers.
Who Runs Deal-data?
Deal-data is run by a team of ex-investment bankers and lawyers who recognise that:
most offline activities can be mirrored and complemented by online tools;
that letting the bankers and lawyers create and police the transaction data provides a higher quality set of data;
the current way that banks and data providers communicate is inefficient
In addition to the team of financial/legal types we have a team of IT experts who help turn the ideas into the magic that is our site.
Deal-data is part of Finfore Limited, a UK based company that develops web services for the financial service industry and other sectors.
For more information please email us.