The London Stock Exchange is launching an international version of its low-cost Proquote market data and trading terminal.
The new system, called Proquote International, will provide international fund managers with real-time and delayed data from over 100 markets and over-the-counter sources, along with the pre-trade analytics and decision making tools available in the original Proquote product.
David Lester, CIO, LSE, says: "We have researched the market and seen there is a gap for Proquote to provide the mid-tier market with a full service international market data product that is low cost and requires minimal IT infrastructure."
LSE was criticised for acquiring market data firm Proquote in 2003, with analysts claiming that the £22m price tag over-valued the business. At the time about 900 Proquote screens were in use, but the business has grown steadily and now 2600 terminals are used by 175 corporate clients.
The new Proquote product, which will be launched at a trade show in Paris on Wednesday, puts the LSE in direct competition with larger data vendors like Thomson Financial as well as smaller firms such as London-based Knowledge Technology Solutions (KTS) which launched it international data system, MarketTerminal, in May last year.