The Investors Exchange (IEX) has launched an additional service for consuming free data on quoting and trading data for mobile, desktop and trading applications.
The service includes data on the best bid and offer for all stocks quoted on IEX’s order book, industry wide equity trading volume and aggregate metrics on notional volume, routed volume and market share.
IEX co-founder and CEO, Brad Katsuyama, explained the relevance of the exchange operator’s data increases as its market share grows.
He said that as the data is already generated by IEX’s members it makes sense to give to them at no charge.
“Every order sent to IEX is a vote for a different type of stock exchange: one geared towards better trading outcomes, not the sale of data, access and speed,” Katsuyama said.
The new data service is accessible via web, IEX API 1.0 and provides academic, private or public institutions stock market data with near real-time quotes for trades on IEX.
Speaking to The TRADE last year, Katsuyama expressed concern about exchange groups and their use of data as a revenue generator.
“Universally, the concern has shifted from HFT to questioning the role of the stock exchange. The exchanges fighting back as hard as they did forces you to understand where their priorities lie, because they are increasingly dependent on selling data and technology advantages. That has a negative impact on all players,” he said.
IEX currently operates the only US stock exchange without the conflicts of rebates, co-location and proprietary data revenue streams.
For the full interview with co-founders of IEX, Katsuyama and Ronan Ryan, please click here.