Hitachi Vantara (Hitachi) > Case Studies > MarketAxess Enhances Data-Driven Decision-Making with Lumada Data Integration

MarketAxess Enhances Data-Driven Decision-Making with Lumada Data Integration

Hitachi Vantara (Hitachi) Logo
Technology Category
  • Application Infrastructure & Middleware - Data Exchange & Integration
  • Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
  • Finance & Insurance
Use Cases
  • Time Sensitive Networking
Services
  • System Integration
About The Customer
MarketAxess is a fintech company that has revolutionized the buying and selling of bonds through its digital trading platform. Since 2000, the company has been providing transparency into global markets with its AI-based predictive pricing solutions. Its award-winning platform is used by more than 1,800 financial institutions. The company's business leaders rely on accurate and fast reporting to make informed decisions. The Credit and Market Risk team at MarketAxess is responsible for providing these reports and developing data analysis strategies to support optimized decision-making across the business.
The Challenge
MarketAxess, a fintech company with a digital trading platform used by over 1,800 financial institutions, needed to strengthen its ability to make data-driven decisions. The company's Credit and Market Risk team was responsible for providing accurate and fast reporting to support optimized decision-making across the business. However, they faced challenges with their existing ETL (Extract, Transform, Load) solutions, which were inadequate for quickly and easily consolidating data from a plethora of different sources for analysis. The team needed a solution that could simplify data consolidation and analysis, thereby reducing business risk and improving the efficiency and quality of critical business reporting.
The Solution
To address this challenge, MarketAxess rolled out Lumada DataOps: Data Integration and Analytics powered by Pentaho technology in January 2022. The solution was initially set up using the Pentaho Community Edition, and the company is now transitioning to the Enterprise Edition. The Credit and Market Risk team uses Data Integration and Analytics to aggregate and transform data from various sources, including Oracle databases and APIs connected to vendor solutions. The solution allows the team to set parameters to run iterative jobs and gain a clear view of enterprise data. The ultimate goal is to deploy the solution to teams globally, enhancing the company's ability to make data-driven decisions and improving its competitive advantage.
Operational Impact
  • The implementation of Lumada DataOps: Data Integration and Analytics has significantly improved MarketAxess's ability to make data-driven decisions. The solution has enhanced the company's agility and competitive advantage by enabling faster data analysis. When the CEO or CRO (Chief Risk Officer) requests a complex analysis to understand risk-reward and support business decisions, the Global Credit and Market Risk team can now easily pull together the necessary data. The solution has also reduced ETL development time by around 70%, significantly improving the team's efficiency. Once the solution is rolled out more widely, MarketAxess will be able to leverage data to improve sales more easily, contributing to the company's ongoing growth.
Quantitative Benefit
  • Reduced time spent on ETL (extract, transform, load) by 70%
  • The solution was set up in less than an hour
  • The solution is used by the Credit and Market Risk team and is planned to be rolled out to teams globally

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