In a notable development, Pyth has been appointed as the official external distributor of Nasdaq Basic, a product offering real-time price and trade data on U.S. equities. This strategic move allows Pyth to supply Nasdaq Basic data, enabling software-based and blockchain-focused applications to harness this comprehensive information through the Pyth Data Marketplace.
What does Nasdaq Basic offer?
Nasdaq Basic provides real-time best bid and offer prices along with trade volumes for U.S. stocks. Additionally, it delivers the last sale price and size from trades executed on Nasdaq’s U.S.-based trading platforms and the FINRA/Nasdaq Trade Reporting Facility. The data coverage extends to all securities traded on U.S. markets regardless of their listing exchange.
This dataset includes the Nasdaq Official Open Price and Nasdaq Official Closing Price, critical for valuing positions during the market open and close.
For more than a decade, the product has been essential for brokers, banks, fintech platforms, and individual investor applications by offering them access to real-time U.S. equity data.
How is Pyth expanding its data distribution network?
Pyth Data Marketplace facilitates a seamless integration system where data providers can distribute their datasets to various applications while maintaining control and visibility over their data sources. Customers will be required to secure a direct license agreement with Nasdaq to access Nasdaq Basic data via Pyth; however, this will necessitate a prior written approval from Nasdaq.
Michael Cahill, Pyth Core Contributor, highlighted that financial markets increasingly operate on software platforms and thus require diversified data delivery to various applications. He described the collaboration as a natural extension of Nasdaq’s approach to broaden the reach of its data.
Alongside this collaboration, Pyth aims to bridge unique and varied datasets between institutions and applications that rely on such vital information. The partnership marks a pivotal step in their ongoing strategy.
- The PYTH/USDT pair experienced substantial volatility, dropping as low as $0.06139 before rebounding to $0.07436.
- In 24 hours, PYTH’s price increased by 1.93%, standing at $0.06621 after the initial surge.
- The trading volume for PYTH reached approximately 49.95 million USDT, and open position size in futures amounted to 11.57 million USDT.
The partnership sets a precedent for future collaborations in the data distribution sphere, promising to enhance accessibility and operational capabilities for various market participants needing real-time data for informed decision-making.
