MayStreet Ramps Up Fixed Income Data in Major 12-Month Expansion Plan

New York-based market data infrastructure provider MayStreet plans to expand its data coverage significantly over the coming year across all asset classes and geographies. The expansion is to deliver a comprehensive data offering that can meet the enterprise data needs of large capital markets clients.

MayStreet is currently building out its fixed income offering and has added US Treasuries data from interdealer broker BGC’s Fenics Market Data business, complementing existing Treasuries datasets from eSpeed and Brokertec. The vendor also signed a deal with BondCliq, a provider of price data on corporate bonds, that allows MayStreet to carry its data.

“They have a lot of datasets and will complement what we already have, and there are many others that we are looking at,” says MayStreet CEO Patrick Flannery. “In terms of electronification, the fixed income markets are still some way behind equities markets in both trading and data provision, so there are many types of feeds that are only now becoming available for the first time. So we plan to add a whole bunch of different types of fixed income data, including more corporate and municipal debt, and more sovereign debt globally, as well as foreign exchange data.”

For some of this data, Flannery says MayStreet will be able to tap existing relationships with brokers and other providers, while for other datasets, it will need to forge new agreements.

The vendor will also continue to expand its equities, futures, and options coverage from major North American and European markets into Asia-Pacific and Latin America, and expects to provide data from more than 225 exchanges and other trading venues worldwide in the next 12 months.

“Where we want to go over the next year and a half is: if it trades, and it’s digital, we want to have it on our platform,” Flannery says. “We’re expanding because it allows us to sell to more customers, and we can do enterprise deals with the largest financial services firms. We intend to at least meet—or beat—the coverage of incumbent providers.”

To support this expansion and anticipated growth in client numbers, Flannery says the company will need to grow, though not necessarily in higher headcount. He declines to say how he expects staff numbers to change over the next year. Instead, he says the company can achieve much of that scale by automating wherever possible, such as using automated systems to provide front-line support inquiries and other functions such as data onboarding that can add large costs to a growing company.

“Yes, there are a lot of challenges, but there are also a lot of opportunities to reimagine this space … and some of the legacy providers have significant disadvantages because their technologies can take a long time and be costly to deploy,” he says, whereas MayStreet plans to differentiate itself on data quality, agility, and cost. “Firms are spending a tremendous amount of money not just on acquiring market data, but also on the costs associated with working with market data.”