A message from Paul Watmough – CEO and Co Founder
“Project IOWA is redefining the rules by providing a single and highly accessible destination which initially will support the needs of specialist market data requirements. It’s all about providing choices and liberating market participants from the limitations imposed by the existing market data vendor monopoly. Project IOWA is significant because for the first time buyers and sellers of market data will be able to transact business more effectively, where and when they want and at a reduced cost. Key to its success will be Project IOWA’s ability to put content owners back in the driving seat. This will provide content consumers whether at an enterprise level or as individuals with the freedom to choose how they receive, digest and display their information requirements. Project IOWA, what’s not to like?”
The journey has begun
“The pace of change within global financial services is unstoppable. Since inception MDX has been at the forefront of the technology transformation wave within the market data arena. We have committed significant investment into our innovative and market leading products and are proud of our achievements. The team is recognised as industry leaders in this field and our success is evidenced by our 100% customer satisfaction record. MDX rocks.
Project IOWA is the next logical step on the journey to wholesale transformation within our target industry. It is a disruptive play but we believe it it will have a positive impact on the industry as a whole. We are excited about the opportunities it represents for everyone involved. Read the press release for more information on our vision for this important sector. IOWA Rocks.”
Darren’s impressive career spans some 30 years in the market data and credit & rates arenas. Most recently he was CEO at LiquidityChain, a TP ICAP backed venture. During this time, he and his team, created a completely new business, which within twelve months, brought over US$4Bn of TP ICAP aggregated global bond liquidity into one venue. Before this, prior to the recent merger, he spent time in various senior roles within both the ICAP and Tulletts money broking entities. Most notably Darren was a founding partner at ReMATCH, ICAP’s post-trade service for “market and basis risk” for credit default swaps.
Is Project IOWA the actual name of the company?
“Not at the moment it’s just a project name for now. But one never knows, so watch this space for further announcements. Project IOWA rolls off the tongue”
Why Project IOWA – is there any significance to the name?
Project IOWA is a reference to the movie Field of Dreams starring Kevin Costner set in Dubuque County, IOWA including the iconic line “If you build it, he will come. Project IOWA – it’s all in the name.”
Project IOWA. Why now?
“In this business timing is everything. It’s all about being in the right place at the right time, and from our perspective within the market data arena specifically, trading communities across the globe are eager for change. One of the biggest issues for all participants is that the current market data environment hasn’t changed in 30 years. In contrast the entertainment industry has been leading the charge by revolutionising the way consumers can acquire and pay for their entertainment preferences irrespective of the content media be it music, talking books, film or TV. The financial services sector has been looking longingly at this step change and is enthusiastically embracing this transformation wave. We are already experiencing increasing demand from our own customers for a more flexible, cost effective way to acquire this all important content. This is what Project IOWA is all about.”
Is Project IOWA a working product or a concept?
“MDX is already providing “private” end-to-end data distribution solutions for key content providers and we are currently expanding our technology to embrace an “all-to-all” model. We are in advanced conversations with a number of content providers who are all keen to be part of this exciting initiative. Data is already available via our various end points eg: Webpages, mobile apps, the Symphony app, etc. All change, all change, the Project IOWA train has left the station.”
Are you trying to displace any particular data vendor terminals?
“Absolutely not. IOWA is not designed to replace or replicate what is already a convenient distribution channel for some. It’s all about creating a flexible ecosystem where both content owners and content consumers can explore how the alternative choices now available to them will transform the way they operate. Project IOWA is all about enabling powerful new collaboration capabilities.”
Are there any examples of Project IOWA in action?
“Yes. We have already forged great relationships with a number of niche content providers including Numerco, FactEntry and an important trade association . A fantastic example of this is our collaboration with Numerco. They specialise in the execution of Nuclear and distillate DMA Marine Fuel which is quite a departure from the norm. They are trailblazers in the business and were actively seeking a different approach to disseminating their market data for customer pricing and risk management. They were also keen to extend their information sales capabilities. Their goal is to provide their customers with absolute flexibility on how they receive data and to what end point or device, without the financial burden of a huge CAPEX investment. This is where Project IOWA really comes into its own.”
Project IOWA. What’s next?
“That is a great question and the simple answer is we just keep building. In the first week alone we have already had a number of positive conversations with existing customers and have been contacted by a leading Financial Industry Association and a Crypto Currency Exchange to discuss the potential benefits of Project IOWA to them. The content owners of an ETF (Exchange Traded Fund) and the Nuclear Fuel data are in now production mode, and our shareholder are really fired up by the opportunity this represents. Project IOWA is on a roll. IOWA Rocks.”
Paul Watmough | +44 7778 356657 | firstname.lastname@example.org
Darren Bishop | +44 7501 485004 | email@example.com