US regulator the Securities and Exchange Commission has appointed New York-based market data technology provider MayStreet to run its Market Information Data Analytics System (Midas), which collects and analyzes US equities data to understand market movements and trends.
MayStreet took over as market data provider for Midas on Friday, November 1, from former Midas operator Thesys Technologies. As part of the agreement, MayStreet has acquired the arm of Thesys that previously ran Midas. Terms of the acquisition are confidential, but the deal includes Thesys’ intellectual property relating to the service, which includes a combination of software code, hardware assets, business processes, and people—a handful of “relatively senior” staff who will join MayStreet to assist the SEC and other users with the near-term transition to MayStreet’s technology, and to grow the platform.
MayStreet plans to operate that code indefinitely, but will probably phase it out over time, and integrate any essential components into its own code, which is more widely and actively used.
The first phase of transition will see MayStreet roll out its data packet capture technology to support Midas, though other components covering data transformation, cloud storage and client access will remain in their current form for the short- to medium-term to ensure a smooth transition to MayStreet’s technology.
Key to a smooth transition will be that MayStreet will not need to build any new custom platform to run Midas, but will leverage its existing technology, which already performs similar functions for clients.
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