Traders’ Resource — Data Services
If you thought brokerages have had to face a new world, think of data services. The advent of the Internet has made available many pieces of software with dedicated access to securities data maintained by the software
vendor. This gives you, the buyer, fewer choices when you buy the software, and it is now a key issue to sort out when investigating software, particularly web-based software. On the one hand, all the data maintenance hassles are taken out of your hands; on the other, the vendor may be too casual for your tastes in how they maintain the data you’re given to use.
If your software can accept data from several sources, you’re in the power position, because never have there been so many sellers and resellers of data. Look especially for one with a dedicated staff to clean up the inevitable errors. Even better is a service with an automatic refresh procedure that constantly processes corrections to your historical database. After cleanliness, there’s reliability and, finally, price to consider. Check around and take advantage of any free trials.