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In a message dated 98-10-23 15:25:07 EDT, Alan wrote:
<< If ever there was an opportunity for a business, it would be in this
industry.
If any existing (or new) company ever learns to grasp what *basic* customer
service is, they would go right to the top. >>
<< If ever there was an opportunity for a business, it would be in this
industry.
If any existing (or new) company ever learns to grasp what *basic* customer
service is, they would go right to the top. >>
Alan,
Ditto your comments. I used to own a computer data processing company with
small to S&P 100 clients. If I had treated customers the way these data
vendors treat them, I would have gone bankrupt. I spent a great deal of
effort to produce ACCURATE data and polite and efficient customer service.
These guys don't care about giving you accurate data. That is just plain
dishonest. The reason that it is obvious that they don't care is that the
errors that I have found could have been found by the most inexperienced
programmer.
Does anyone know who they buy there historical data from (daily and tick)? Is
it always the exchanges or second parties? How difficult would it be for the
members of this list to buy from their sources, as a group, and hire an
independent dataprocessing firm to produce accurate data? What are the legal
problems?
This data processing firm could collect the same data from three different
sources, find the errors from each source and fill in all the bad data spots
with good data. Once processed, it would distribute it to the members. The
members could require the firm to process the data with strict standards
established by this list. The firm might be required to send the 3 sets of
data, in addition to, the revised set to any member designated to represent
the list (or to anyone requesting it). That member would then run periodic
tests to confirm that the data was processed correctly. Whatever the method,
the members would have confidence that they had the best data available and
would be made aware of any problems in the data that can't be corrected. If
known, the incorrect data can be programmed around to drop all trades during
historical testing for that period of bad data. i.e., the ticks between 9:00
and 12:00 on 980115 was missing and can't be replaced.
I am NOT soliciting business. I do NOT want another business but I sure wish
some entreprenuer would grab this idea and run with it. Historical testing is
a joke with the data that is available to us.
Russ
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