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A Question About Market Data



October 03, 2012 – Comments (1) | RELATED TICKERS: MORN , FDS , TRI

Does anyone know the primary source for real-time financial data or fundamentals data? Is it the exchanges themselves (NYSE, NASDAQ, etc)? 

This isn't really a problem most investors think about, since anyone with an internet connection can go on Yahoo!, Google Finance, TMF, etc and get intra-day quotes quickly and easily. However, I would like to create software for financial research i.e. "due diligence" and offer it for a much, much cheaper rate than any other subscriber service. The problem is if I do sell my software it would be illegal for me to get it from Google Finance or any other site because they pay one of the various financial data companies (Morningstar, Revere, Reuters, Interactive Data, etc) to get the data.

They can display it to you or me for "personal use", but it is not redistributable.  

At first I thought it was unlikely that I would have to pay for financial data that is seemingly everywhere, but it appears that was a terrible assumption to make. 

I'm holding out hope that there is a way around paying the data feed companies. A quick visit to their respective websites shows that they pitch "streamlined" and "easily accessible" databases for "various applications". I just want access to the primary source of data, not necessarily the compiled data sets and, ahem, "proprietary algorithms". I am perfectly fine with taking the time to create my own database from the primary source if it means I don't have to pay a few $10,000 annually just to have someone else wrap it up and put a bow on top.

If anyone is more enlightened on this gray area then please drop a comment below. 


1 Comments – Post Your Own

#1) On December 14, 2012 at 12:41 PM, GundersonGroup (28.11) wrote:

Bloomberg Open API may at some point offer what you are looking for at a reduced rate from the Bloomberg terminal.

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