Market Overview

7 Chord Offers Bond Pricing Data to FinTech Sandbox Startups

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BOSTON, April 16, 2019 /PRNewswire-PRWeb/ -- FinTech Sandbox announced today that 7 Chord, makers of BondDroidTM, a predictive pricing and trend forecasting system for institutional bond traders and investors, will make historical US corporate bond pricing data available for free to promising early-stage financial technology firms selected by the Sandbox. 7 Chord is joining leading firms such as Refinitiv, TransUnion, Moody's Analytics, and Xignite in making data available through the program.

Nonprofit FinTech Sandbox facilitates innovation in the financial sector by making data and infrastructure available to well-qualified FinTech startups for free at the point when such access is most impactful. These Sandbox residents, in return, are expected to collaborate with each other, sharing learnings and advancements that benefit the FinTech ecosystem, as 7 Chord is now doing. Participating startups pay no fees, and no equity is taken.

7 Chord offers institutional-quality intraday bid and ask levels for US corporate bonds, generated using state-of-the art machine learning algorithms. BondDroid processes millions of data points in near real-time to generate highly accurate price histories. All data is cleaned and normalized, and price histories are back-tested against the actual executed levels to make sure that all data points are as close as possible to the tradable levels on the corresponding side of the market.

Said Kristina Fan, 7 Chord Founder and CEO, "Fixed Income is going through an intense period of electronification and new business models that center around data-driven decision making are emerging. But, despite massive amounts of capital flowing into this space, too few predictive analytics and alternative data startups focus on the needs of the bond trader or portfolio manager. Why? Because they simply can't get access to high quality training data. In addition, the upfront investment required to ingest, normalize, and filter out noise from relevant flow data deters talent. We want to lower these barriers to entry and offer an easy way for start-ups to develop signals and alternative datasets relevant for bonds."

Fan added, "I am so pleased to be able to give back to the FinTech Sandbox community in this way. We see tremendous value in having more startups work with our data. If their experiments are successful, there may be opportunities for further partnership or collaboration."

FinTech Sandbox Executive Director Jean Donnelly remarked, "Kristina Fan and 7 Chord embody the FinTech Sandbox ethos of giving back to the community. It's extremely gratifying to see startups accelerated by the program return to make new datasets available to the next generation of FinTech entrepreneurs."

Over 150 startups from around the world have participated in FinTech Sandbox since 2015. Alumni include Kensho (acquired by S&P Global), Elsen, TellusLabs (acquired by Indigo), and Petal. Companies accepted to the program have raised, in aggregate, more than $500 million.

About 7 Chord
7 Chord empowers bond traders with predictive pricing and trading signals powered by AI. BondDroid, our proprietary machine learning technology, distills millions of data-points into actionable analytics that help traders reduce their cost of execution and make better investment decisions. The firm was founded by renowned machine learning engineers, trading technologists and experienced traders.

For more information about 7 Chord, Inc., please visit http://www.7-chord.com/ and follow on Twitter: @7chordbd.

About FinTech Sandbox
FinTech Sandbox is a Boston-based nonprofit that promotes financial technology innovation globally by providing free access to critical data and resources to FinTech entrepreneurs and startups. Sponsors include Amazon Web Services, Fidelity Investments, F-Prime Capital, Franklin Templeton, Intel, Refinitiv, State Street, and Goodwin Procter.

For more information, please visit http://www.FinTechSandbox.org and http://www.twitter.com/FinTechSandbox.

 

SOURCE FinTech Sandbox

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