Behind the Charts: Introduction to Market Data Vendors
Summary
Beyond this you also have the rest of the order book, which is a list of all the different instructions to buy or sell that specific asset, in what quantities and at what prices (also known as “Level 2” or “Depth of Book” data). Market data also includes other information such as the symbol used to identify that asset, the name of the issuer, the exchange it trades on, what currency it’s priced in. They have almost single-handedly democratised the availability of market data and are partly responsible for making online trading much more accessible to individuals than it was in the past. This has been achieved by going directly to the exchanges, establishing relationships and connecting to their streams, then “normalising” the data by making it available over their own proprietary protocols. This has allowed for previously excluded market participants and innovative new businesses to gain access to and make the most of otherwise siloed data.
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