Glimpse was founded to address three important issues:
Lack of transparency in the bond market
Currently there is not yet a fixed income consolidated tape in UK / Europe and no equivalent to the TRACE system that exists in the US. Glimpse exists to make high quality trading data available to all eligible firms and as such bring much needed transparency to the opaque bond markets. The initiative supports developments towards a Consolidated Tape in the UK and EU.
High data costs
Data costs globally are high and rising which may create a potential imbalance in the market between those firms who can afford to purchase expensive data packages and everybody else.
Glimpse’ commercial model is different to that of a traditional data vendor. Glimpse compensates all buy-side institutions for the data they contribute, pro-rata based on the number of trades and total volume contributed. Significantly lowering data costs may lead to better outcomes (such as higher returns) for end-investors.
Buy-side institutions report that they currently have little control over how their data is used and who it is resold to and as a result may pay large sums of money to vendors to buy back data they have generated in the first place. Glimpse believes the buy-side can be data generators as opposed to just data consumers and we want to empower the buy-side to control, benefit from and monetise the data they generate.
Glimpse is a buy-side data sharing network focused initially on the corporate bond market as well as emerging markets. Participating clients send agreed subsets of their trading data to Glimpse who then aggregate, anonymise, and re-distribute the data to all members of the network. Glimpse’s offering is underpinned by a “Give to Get” model whereby clients must contribute their trading data to receive the aggregated, anonymised data from all other members. There is no cost to participate and all clients can monetise the data they contribute via a pro-rata profit sharing agreement.
The initiative is driven and shaped by its buy-side Advisory Board. The Advisory Board is comprised of a wide range of buy-side clients who provide regular input into how the network operates, how participant data is used and how Glimpse evolves going forward. Our aim is to also provide capacity for the buy-side to pass on all or part of their profit-share to designated ESG initiatives, including offering relevant regulators and other non-profit bodies pro bono access to the data.
The goal of Glimpse is to dramatically reduce market data costs for the buy-side while also delivering data that will be useful for assessing liquidity, counterparty selection, fund valuation, monitoring best execution etc. The platform is buy-side driven and puts control for the creation and distribution of this data in the hands of those who are generating it in the first place.