The global market for software and information is expanding, obviously. Logically then, we see firms working hard to create the connectivity channels needed to connect themselves to a) other software b) other information streams c) other device form factors and… perhaps most crucially of all, other firms i.e. the ones that can be classed as customers.
A key ‘connecting facilitator’ in this regard is the Application Programming Interface (API).
Rarely explained in simple terms, oft misunderstood and occasionally maligned, an API (as we have written before on Forbes) works to establish a vital communications bond between different software program elements and data streams. APIs define the route for a programmer to code a program (or program component) that will be capable of requesting services from an operating system (OS) or other application.
Trust factor
In terms of who is seeking to connect what to whom where when and why, Thomson Reuters is trying to make its information more accessible. If the firm’s arguably somewhat self-serving claims to be world’s “most trusted news organization” are only paper thin, then its electronic developments may be more substantial. The firm exists to produce information for decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets.
The introduction of its Elektron API family is a set of open-source Application Programming Interfaces that it promises will “simplify access” to Thomson Reuters’ data feeds and services. The software family itself consists of a set of interfaces ranging from low latency/high performance connections to simple content-aware data intelligence and web APIs.
“Open access to data is driving innovation in the technology industry by simplifying the processes developers use to access, explore and create,” said Brennan Carley, head of platform and analytics, financial & risk, Thomson Reuters. “The Elektron API family was designed to meet the changing needs of market participants by supporting innovation and collaboration, helping drive profitable and sustainable financial markets in an effective, user-friendly way.”
The idea here is that software application developers will even be able to innovate and create their own customized applications with content emanating from the firm’s writers. The availability of the new APIs under an open source license enables developers to extend the APIs to access multiple data sources and systems through a single API stack.
Get the news, the way you want it
The firm argues that end users of financial data are increasingly setting their own agenda in the types of data they access and how they use it based on their individual needs. This reflects a growing trend in the financial services industry towards agile, connected and open models as powerful growth drivers.
The Elektron API family provides a single point of access to Thomson Reuters Elektron content delivered by Elektron Real Time as well as content delivered using Thomson Reuters Enterprise Platform (TREP), which can include third party content.
“The financial industry is undergoing unprecedented transformation”, said Sang Lee, co-founder and managing partner, Aite Group. “To succeed, firms need to have the flexibility to adapt quickly to changing circumstances and seize new opportunities. This means that service providers in their turn need to offer easier and more open tools to enable agile application development and to provide developers with open standards that can access many sources of content.”
Thompson Reuters: We’re 'most trusted'... and you can really trust us on that, honest. Image credit:... [+]
Users of the Elektron API family will also have access to what is claimed to be one of the largest developer and partner communities in the financial industry. This could help increase the level of productivity, collaboration and innovation here. Through on-going development and community enhancement, Thomson Reuters intends to support and build on the APIs over time.
Self-serving showboating or not, the company does indeed have a history of market data development; it was the first vendor to support completely open market data architectures with the Thomson Reuters Enterprise Platform and its predecessors. Just remember, it's nice to be important, but it's more important to be nice -- even in hard working fast past newsrooms, yes.
