Citadel, a provider of enterprise data management systems for the buy-side, has won the best data management product award from the specialist publication Buy-Side Technology for its Cadis suite, which uses a combination of standardised interfaces and flexibility to help address stresses on data infrastructure.
While the buy-side's technology demands become more sophisticated, increasingly disparate data sources are resulting in impenetrable and sluggish data systems, which ultimately deplete the efficient running of a business. London-based Citadel, which was established in 1999, claims to be the only enterprise data management provider in the market that continues to focus purely on the buy-side.
'Enterprise data management has become the accepted route for the effective management of data, and the buy-side in particular has experienced significant growth as it consumes enormous amounts of information,' says Citadel chief executive Peter Little.
'In addition to the traditional challenges such as managing multiple systems, the buy-side must have the technology to support complex and alternative instruments as well as address an increasingly regulated market.'
Citadel says its technology, which is used by some of the world's largest buy-side institutions supporting some GBP3trn in assets, delivers an efficient and fully audited environment for the management, processing, cleansing and enrichment of corporate data. The Cadis platform unites legacy systems and tackles the challenge of disparate data sources.
Implementing a new order management, compliance, performance or risk system places significant stresses on an organisation's data infrastructure, the firm notes. Through a combination of standardised interfaces and a flexible schema, Cadis enables firms to address these data issues, significantly reducing implementation times and the associated risk. With Citadel's open architecture, firms can continue to pick the best solutions, outsource their IT and enter new markets such as derivatives and hedge funds.
'For many firms, enterprise data management is a difficult and sometimes unobtainable goal to achieve,' Little says. 'Using our strong consultancy background, we launched Cadis in 2002 to provide buy-side firms with a realistic solution, enabling them to tackle the problem at a divisional level and create a single enterprise view for the business user. That Buy-Side Technology has recognised our offering is a significant endorsement of our skills and our continued commitment in this area.'