The Company distributes its Retail Investor services via the Internet, via
mainframe-to-mainframe transmission, via mainframe-to-PC download and via
communication devices that rely on FM subcarriers, satellite transmission, cable
television systems or telephone lines. Subscribers to Internet-delivered
services, mainframe-to-mainframe transmissions and mainframe-to-PC downloads
download the data directly to their computers.
EARLY DAYS, NO NUMBERS
After a decline in subscribers through the end of September 2001, the Company experienced net growth in each of the final three months of 2001, and this growth has continued in 2002. The Company expects the introduction of European real-time streaming financial market data to help enhance the prospects for eSignal in this region.
eSignal services are sold primarily to active retail investors and professional traders. As of December 31, 2003, eSignal had over 52,000 subscribers. The target market for eSignal consists primarily of individuals who make their own investment decisions, trade frequently and earn a substantial portion of their income from trading.
Within our Retail Investor Services segment, revenues grew by $1,258 or 2.9% from $44,020 to $45,278, which includes an expected 58.6% decline in the Broadcast business amounting to $2,626. This anticipated decline in the Broadcast business is expected to continue as the remaining customers migrate to alternative information sources including eSignal’s Internet based service. Excluding Broadcast, revenue for eSignal’s Internet delivered services grew $3,884 or 9.8%. The number of eSignal subscribers grew by 44% in 2003 to just over 52,000. The lower revenue growth, as compared to the subscriber growth, is due to the majority of the subscriber growth arising from our provision of data feeds to active trader tools, which increases subscriber levels but at a lower monthly subscription rate. We include subscribers who subscribe to the active trader tools to whom we provide data feeds in the total count of eSignal subscribers.
Active Trader Services
Each of the core Active Trader Services offerings, including online advertising on our financial websites, is marketed by sales and product support specialists within eSignal. These offerings are supported by eSignal through the conventional promotional campaigns discussed above as well as through third-party developer relationships which market eSignal’s Internet-delivered services to their customers. eSignal also invites third-party software developers to write trading system software that is compatible with eSignal’s systems and asks trading educators to consider use of eSignal services in their seminars. In addition to direct sales, distribution channel partners have been an important source of new subscribers in recent years.
eSignal provides streaming, real-time financial market information and access to decision-support tools to active traders, individual investors and investment community professionals, and operates financial websites.
The financial data available to eSignal subscribers includes equities, options, derivative instrument data, single stock futures, indices, market depth from various exchanges including from the NASDAQ Stock Market, the New York Stock Exchange, the Chicago Mercantile Exchange and the Chicago Board of Trade, as well as ECN and foreign exchange market information, fixed income data, mutual fund data and money market data. In addition, eSignal subscribers receive access to decision-support tools including historical databases, technical
charting, customizable analytics, back testing, portfolio tracking and news and commentary. As of the end of 2006, this business had 61,725 direct subscription terminals, of which approximately 12,100 were Quote.com-related terminals which were acquired earlier in the year.
eSignal also operates financial websites that provide investors with free financial information and news about global equities, options, futures and other securities. These financial websites generate revenue through online advertising.
eSignal’s information is delivered via a sophisticated network infrastructure with an advanced Internet protocol multicast backbone and multiple, geographically dispersed computer server farms. eSignal services include its eSignal and FutureSource® line of workstations; its QCharts® and LiveCharts® family of market data platforms and related analytics; its wireless product, QuoTrek®; an advanced analytics package, Advanced GET®; streaming, real-time, web-based quotes and charting services, MarketCenter LIVE™; financial websites, FutureSource.com, Quote.com and RagingBull.com; and its seminar offering, eSignal Learning.
This business seeks to expand its portfolio of services and enhance its existing offerings by broadening the content offered across its services and websites, and adding new features and capabilities.
In 2004, this business finalized the phase out, which began in 2001, of its satellite broadcast-based services. Broadcast-based technology services declined significantly year-to-year, declining 81.5% from 2003 to 2004, 58.6% from 2002 to 2003, and 55.9% from 2001 to 2002, as customers migrated to alternative delivery sources, including eSignal’s Internet-based services.
2004 43.7 2005 45.8 2006 61.7
Active Trader Services
Challenging conditions in the active trader market have impacted our eSignal business in recent years. Expansion of the eSignal business is partly dependent on the growth in online trading accounts managed by active traders. Stock market volatility is an important trend that can influence active trader subscriptions. During periods when the major stock markets are less volatile, we have experienced that active traders tend to trade less frequently and that cancellations of eSignal’s services typically increase and new subscriptions slow. Periods of declines in the major stock markets also have greater potential to lead to an increase in cancellations of eSignal’s services by traders who are unable or unwilling to withstand losses. In addition, online brokerage firms continue to upgrade the features and tools they provide to their active trader clients, a trend that is resulting in intensified competition to acquire new subscribers. Related to these dynamics, we have experienced period-over-period declines in eSignal’s direct subscriber base in recent quarters and as a result, a decline in subscription-related revenue. Although major stock markets experienced a meaningful recovery in 2009, this recovery has yet to translate into a meaningful increase in the number of our active trader direct subscribers and it is unclear if or when it will do so. Factors such as price, ease of use and range of services, including the ability to directly execute their trades, are factors active traders consider when selecting a financial information service provider. Despite these challenges, eSignal’s base of direct subscribers grew modestly in 2009 as a result of deployments by institutional customers during the year. eSignal’s online advertising revenue declined in 2009 as a result of difficult market conditions. More specifically, businesses that advertise online continue to reduce such spending and there is intensifying competition to attract online advertisers. Other factors that may affect eSignal’s ability to grow include increasing adoption of its offerings by financial institutions, the effectiveness of its redistribution network, price increases and changes in demand for its suite of real-time market data terminals, which vary in price.
We believe that eSignal’s future growth is dependent on expanding its direct subscriber base for its offerings with both active traders and financial institutions. In particular, we believe that the combination of vendor consolidations and increased cost pressures is creating an opportunity for adoption of eSignal’s desktop solutions by financial institutions in the wealth management market.
eSignal’s information is delivered via a sophisticated network infrastructure with an advanced Internet protocol multicast backbone and multiple, geographically dispersed computer server farms. eSignal services include its financial websites: Quote.com®, RagingBull.com and FutureSource.com; subscription services aimed at active traders: its eSignal-branded workstation and related offerings such as eSignal®, eSignal Market ScannersSM, eSignal, and Advanced GET® Edition; eSignal OnDemand; LiveCharts® and QCharts® market data platforms; and QuoTrek® for wireless access to real-time streaming market data; trading education services aimed at active traders through its seminar offerings, eSignal Learning; and real-time market data platforms designed for investment community professionals: eSignal Pro®, the FutureSource® line of workstations and the web-based Market-QSM desktop solution.
Our eSignal business provides real-time financial market information and access to decision-support tools that assist active traders, individual investors and investment community professionals in their analysis of securities traded on major markets worldwide. As of the end of 2009, this business had 56,492 direct subscription terminals, compared with 54,870 and 61,347 at the end of 2008 and 2007, respectively (the number of direct subscription terminals for 2008 and 2007 reflects the reclassification of certain product sales that had been inadvertently included as direct subscriptions in prior periods). Although active traders have historically been the primary target market for eSignal’s offerings, in 2009, we experienced increased institutional interest in certain offerings developed by eSignal. eSignal also operates financial websites that provide investors with free financial information and news about global equities, options, futures and other securities. These financial websites generate revenue through online advertising.
Active Trader Services
Our Desktop Solutions business, formerly known as eSignal, has been impacted by challenging conditions in the active trader market in the past several years. Expansion of this business is partly dependent on the growth in online trading accounts managed by active traders and the trend in stock market volatility. During periods of low volatility in the major stock markets, our active trader clients tend to trade less frequently, and cancellations of our services increase and new sales slow. Periods of declines in the major stock markets also have greater potential to lead to an increase in cancellations of desktop solutions by customers. In addition to factors such as price and ease of use, active traders consider the range of services, including the ability to directly execute their trades, when selecting a financial information desktop solutions service provider. The competition to acquire new subscribers remains intense and is impacted by online brokerage firms continuing to upgrade the features and tools they provide to their active trader customers. If our subscribers can obtain the financial information services we offer directly from the brokerage firms that use to execute trades, they are less likely to contract with us. Although major stock markets have recovered in recent quarters, this recovery has not translated into a meaningful increase in the number of our active trader direct subscribers and it is unclear if or when it will do so. Increased trading activity in the energy and commodities sectors has benefited certain of our offerings, including our FutureSource® Workstation and Market-QSM products, which are used by financial institutions and corporations, as well as active traders.
The combination of all of these trends has impacted our ability to grow our direct subscriber base. As of December 31, 2010, Desktop Solutions supported approximately 54,000 direct subscription terminals, a 3.6% decline from approximately 56,000 direct subscription terminals as of December 31, 2009. In addition, the mix of subscribers may shift slightly from period to period, which can also impact revenue. At the same time, we are positioning certain products, such as Market-Q and eSignal®, to target the wealth management operations of financial institutions including financial advisors, stock brokers and other investment community professionals.
Across each of our businesses, regardless of business segment, our offerings are contracted with customers through fixed fee subscriptions (on either a multi-year, annual, quarterly or monthly basis), variable fee based on usage or a combination of fixed fee subscription and usage-based fees. In addition, some of our services generate one-time or non-recurring revenue, such as one time purchases of historical data or installations (including installations of product upgrades). Our contracts typically renew automatically unless canceled by one of the parties.
As of December 31, 2011, our workstations and related services supported approximately 83,000 total subscribers worldwide.
Within our Trading Solutions segment, we report the total number of global subscribers across our range of workstations. As of December 31, 2011, we supported approximately 83,000 total subscribers worldwide, which was essentially unchanged from the same period last year. Subscriber declines primarily within our active trader platforms were offset by subscriber growth for our wealth management workstations. In our prior filings, the number of subscribers we reported was limited to direct subscription terminals within our historical Active Trader segment. Period-to-period changes in the total number of global subscribers, as well as shifts in the mix of subscribers by service type can also impact future revenue.
As of December 31, 2012, our workstations and related services supported approximately 81,000 total subscribers worldwide, compared with approximately 85,700 total subscribers as of December 31, 2011. Please note that the total number of subscribers now includes certain subscribers who use modified versions of our workstations which offer fewer features and limited content (these subscribers had not been included in prior quarterly or annual filings during 2011 or 2012).
NEW PRODUCTS TO ME FROM ESIGNAL
WATCH THE TRAINING VIDEOS LATER
eSignal, Inc., an interactive data company, provides streaming, real-time financial market data, news, analytics, and decision-support tools for professional and individual traders. The company offers eSignal, a trading software for traders and investors; eSignal OnDemand, a delayed intraday and daily market data and charting package; and eSignal, Advanced GET Edition, which offers users with predictive and proprietary indicators, as well as the Advanced GET Scanner for catching the signature GET trade set-ups. It also provides LiveCharts that provides a Web-based access to market quotes, charts, and news; QuoTrek, a real-time mobile tool that offers streaming quotes, charts, and news from the markets; and eSignal scanners, which provide real-time scans of the stock market. In addition, the company offers eSignal Pro, a global market data and analytics platform for broker-dealer, institutional trading, and sell-side community; FutureSource Workstation, a real-time market data and decision support software for commodities, financial futures, and foreign exchange trading communities; and Market-Q, a market data solution for financial services professionals. Further, it offers integration solutions. eSignal, Inc. was founded in 1983 and is headquartered in Hayward, California. The company has additional offices in Bedford and Boxborough, Massachusetts; Chicago and Lombard, Illinois; New York, New York; London, United Kingdom; Paris, France; Geneva, Switzerland; Dubai, United Arab Emirates; Sydney, Australia; Hong Kong; and Singapore. eSignal, Inc. operates as a subsidiary of Interactive Data Corporation.
On February 29, 2000, Interactive Data Corporation was created through the merger of Data Broadcasting Corporation, which included the eSignal suite of workstations and the BondEdge fixed income analytics offerings, and the business then known as Interactive Data Corporation, which included historical and end-of-day pricing, evaluations and financial information, an entity which has been in the financial data business for over 45 years. On July 29, 2010, we were acquired by investment funds managed by the Sponsors (the “Merger”).
Since the merger of Data Broadcasting Corporation and Interactive Data Corporation in 2000 through January 2010, we have completed a dozen acquisitions of varying sizes. Acquisitions such as ComStock in 2003, IS. Teledata in 2005 and 7ticks in 2010 enabled us to enter adjacent real-time markets. Acquisitions such as Merrill Lynch’s Securities Pricing Service in 2002, FutureSource in 2004, Xcitek in 2007 and NDF in 2008 strengthened and expanded our existing pricing, reference data and active trader services by bringing to us, among other things, complementary content and capabilities, new customers, and broader distribution capabilities in certain geographic regions."
"We also market a range of workstations that primarily target the wealth management, energy and commodity and active trader sectors. Our workstations help our customers analyze and make investment decisions about financial instruments traded on major markets worldwide, including equities, futures and commodities. Our primary wealth management workstations are PrimeTerminal and Market-Q, which are hosted market data workstations sold in Europe and North America, respectively. Along with our web-based hosted solutions, these workstations aggregate content that may be sourced from both the customer and from a number of information providers, including us, and then tailor the visual display of the content to the needs and specifications of clients. By using a software as a service (“SaaS”) business model for our web-based hosted solutions, we enable customers to lower expenses by reducing the need for owning and maintaining costly IT infrastructures and managing market data volumes. Under our eSignal® and FutureSource® brands, we provide workstations and related offerings that deliver real-time financial market information and provide decision-support tools that address the needs of active traders, energy and commodity professionals, and other investors. These workstations are complemented by services for wireless access to real-time streaming market data. As of December 31, 2013, our workstations and related services supported approximately 81,700 total subscribers worldwide, compared with approximately 81,000 total subscribers as of December 31, 2012."
"Added new content and analytic capabilities for our range of workstations (FutureSource, Market-Q, eSignal and PrimeTerminal);"
"intensified competition for active trader subscribers have potential to adversely impact our future revenue."
"Within our Trading Solutions segment, we report the total number of global subscribers across our range of workstations. As of December 31, 2013, our workstations and related services supported approximately 81,700 total subscribers worldwide, compared with approximately 81,000 total subscribers as of December 31, 2012. Please note that the total number of subscribers now includes certain subscribers who use modified versions of our workstations that offer fewer features and limited content (these subscribers had not been included in prior quarterly or annual filings during 2011 or 2012). The total number of subscribers as of December 31, 2012 was updated so as to be comparable to December 31, 2013. Period-to-period changes in the total number of global subscribers, as well as shifts in the mix of subscribers by service type can also impact future revenue."
INCLUDING ALL THE POOR LIVECHARTS SUBS TO KEEP THE NUMBERS UP?
"The revenue performance within our Trading Solutions segment in recent years has been impacted by challenging market conditions, which have continued to affect the segment’s new sales and cancellation levels to varying degrees across both product areas. During 2013, we have experienced extended sales cycles, particularly for larger, more strategic engagements, while cancellations have increased in certain product areas, such as hosted web applications, due in part to cost pressures facing certain clients resulting in the business being shifted to lower priced alternatives or a decision to host the web application internally. In our workstations product area, our success in expanding the subscriber base for our workstations in the North American wealth management sector in recent quarters has helped to offset challenges in retaining subscribers for our workstations targeting the active trader segment. Growth in our Trading Solutions segment is dependent, in large part, on a combination of the following: increasing real-time feeds sales, driving continued adoption of our trading infrastructure managed services, expanding our presence in the wealth management sector, attracting new subscribers for our active trader, and energy and commodity workstations, and strengthening overall customer retention."
LIKE MAKING IT VERY HARD TO CANCEL
HE DOESN'T WANT TO BEAT HELL OUT OF SPIDERMAN
WOULDN'T FILL YOU WITH CONFIDENCE
"a return to the bad old ways of credit-driven growth"
NAH, QUOTES CHOVANEC SO YOU CAN BE SURE IT ISN'T RIGHT
VHS TAPE CONVERSION! ;-)
LATEST OUTAGE THE WORST I'VE EVER SEEN IT ... EDGECAST THING?
"On Thursday it starts rolling out a new one called Google Contributor, which is designed to allow web users to pay sites that they visit a monthly fee, and in return see no Google ads when they visit those sites."
I USE ADBLOCK AND HAVEN'T SEEN AN AD IN 20 YEARS
CUTE, AND NOT MOM
" often attributing gun use, low population density and the area's heavy Mormon influence as potential factors. But Renshaw thinks he's identified a more likely cause for the Utah blues: altitude."
ALTITUDE NOT ATTITUDE
EASY, TAKE ANOTHER BONG HIT
"A LOT OF QUEER BOYS LIKE DOLLS HOUSES"
"I try to instill this into the rest of the team but certainly I feel that what we have right now is just a giant piece of shit."
GEN X SMARTASS, ONCE MARRIED TO THAT FABULOUS FAKE
Berkshire Hath Hld B
Union Pacific Corp
Abbvie Inc. Common Stock
Honeywell International Inc
Costco Wholesale Corp
General Dynamics Corp
Hdfc Bank Limited
American Tower Corp
Illinois Tool Works Inc
Reynolds American Inc
The Travelers Companies Inc
Archer Daniels Midland Company
Air Products and Chemicals
Northrop Grumman Corp
Marathon Petroleum Corp
Becton Dickinson and Company
Ameriprise Financial Services
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Brf-Brasil Foods S.A.
Delphi Automotive Plc
Magellan Midstream Partners L.P.
Dollar General Corp
Monster Beverage Corp
Constellation Brands Inc
Nxp Semiconductors N.V.
Fidelity National Information Services
Spectra Energy Partners LP
Royal Caribbean Cruises Ltd
Genuine Parts Company
SBA Communications Corp
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Access Midstream Partners L.P.
Sunoco Logistics Partners LP
Tim Hortons Inc
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ING US Inc
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Broadridge Financial Solutions Llc
Keysight Technologies Inc. Comm
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First American Corp
Cst Brands Inc. Common Stock
Caseys General Stores
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Berry Plastics Group Inc
Murphy USA Inc. Common Stock Wh
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Global Partners LP
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Ellie Mae Inc
Inc Research Holdings Inc.
The Navigators Group
Coca-Cola Bottling Co. Consolidated
New Media Investment Group Inc.
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Strattec Security Corp
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P.A.M. Transportation Services
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Allied Motion Technologies
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RATE CUT AS GOOD AS SIGNAL AS ANY THAT YOU NEED TO BEWARE, MAKE SERIOUS CONTINGENCY PLANS
"At Harvard, Zhang was one of a dozen students from China who had left the country after the 1989 crackdown on dissidents, described in a Newsweek profile in 2000 as part of an influential "Tiananmen Generation" who had received American educations and were debating whether to accept lucrative offers from U.S. companies or return to help build the Chinese economy. " ... AROUND MY AGE ... ALL THE CHINESE IVY LEAGUE WOMEN OF THAT GENERATION ARE LIHAI
TRANSLATION ... TURNOVER AT BBG SO HIGH I DON'T KNOW ANY OF THE CHINESE STAFF ANYMORE
INTEREST RATE CUT EXPLAINER
UM HOW DO I LAUNCH THIS IN FUTURE?
"while China’s geopolitical status is rising rapidly, alongside its economic might, the US continues to squander its global leadership, owing to the unchecked greed of its political and economic elites and the self-made trap of perpetual war in the Middle East."
YOU DON'T HAVE TO BE A SAIS GRAD TO UNDERSTAND HOW DISASTROUS THE NEOCON WARS HAVE BEEN FOR AMERICA (AND GREAT FOR CHINA)