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The Best Finance APIs

klangstaff@xignite.com

The Best Finance APIs

Whether you’re an algorithmic investor looking to create a systematic edge for yourself or a provider of financial technology platforms, APIs are necessary to create the financial systems you utilize.

What is a Finance API?

A simple way to grasp this concept would be to imagine you are looking at a flowing river that stretches as long as you can see.

You can see the river, you can see the water flowing in the river, but you can’t see where the water is coming from. There must be a lake or an ocean that is constantly providing water to the river, but not one that is within your sight.

That lake or ocean is the proverbial API!

Financial APIs are the back-end data that go into any financial platform that you aren’t able to see when you’re on the website or platform.

Data such as the real-time prices of stocks constantly flashing a new number or the newsfeed that instantly posts a press release at 8 a.m. on the dot are both examples of financial tools you use that are provided via API.

Types of Finance APIs

Here are a few financial data sets that you might be surprised to know are all integrated into platforms via API:

  • Earnings: Estimated and actual earnings per share, estimated and actual revenue, earnings-related news headlines
  • Analyst ratings: Analyst upgrades and downgrades with price target changes
  • Dividends: All dividend distribution announcements with ex-dividend dates
  • Economics: Coverage of the largest market-driving economic news headlines
  • Stock splits: When a company announces a split and how large the split will be
  • IPOs: The price, capital raised and date for all upcoming and historical initial public offerings

What to Look for in a Finance API

Many financial data sets have become such a commodity now (pun intended) that most people don’t think twice about how they get them or where these pieces come from.

However, before you pay that shady-looking guy in the alleyway for a cheap API, you might want to check for these important factors.

Price Flexibility

A good data partner will always give at least some wiggle room for you. Since APIs are high-margin products, every data provider can afford to budge at least a little to have your business. That said, lowballing your vendors could lead to them not doing business with you, so finding a healthy balance is a key to getting a good API and saving a few bucks while you’re at it.

Latency

Some data vendors add a latency (or delay) to their API data to maintain a competitive edge on their financial products. This delay can be anywhere from a few seconds to several minutes. If you don’t ask, many data vendors might sneak this little piece of information past you, so always make sure to ask about this before buying any API!

API Calls Allowed per Minute

Another way data vendors may try to maintain a competitive edge is by limiting the amount of API calls a buyer is allowed to do per minute.

This is essentially the frequency of how often you can update or request for new information. So, if you had a “live” stock quote that was only allowed to do 1 API call per minute, the quote would only update every minute. Knowing how often you can make an API call is another key to knowing how fast the data will end up showing on your platform.

Types Available (TCP, Rest API and FTP)

There are a few different types of data distributors that you may want to consider based on what you are looking for. The standard API is a rest API. This is the type where you need to make an API call to get real-time data (the fastest APIs typically offer 1 call per second).

Looking for something even faster in sub-second speeds? You’ll need to buy TCP data. TCP does not require that the user makes a request (like an API call) in order to get the data. It pushes the data out to you as close to instantaneously as possible.

On the other hand, if you don’t require fast data for the data set you’re looking for, then an FTP may be the route for you. FTPs typically provide end-of-day data.

Examples of this could be fundamental data like P/E, P/S, EV/EBITDA, etc. Financial data pieces like this don’t typically need to be updated throughout, so having this by the end of the day is more than sufficient. Buying FTP can be much cheaper, too, for this reason.

Our Top Picks for the Best Finance APIs

Now that we have a good understanding of what an API is and what it’s used for, it’s time to go over our top picks for the best financial APIs out there!

Best for Newsfeeds

The following APIs are known for having amazing news coverage that allows you to make the best trades and investments.

1. Benzinga

Benzinga’s newsfeed is known for providing extensive market coverage in a timely speed. The API has no latency, the newsfeed is available via rest API, FTP, TCP, and it allows for a 1 API call per second. The website includes easy-to-use API documents as well.

2. XigniteNews

Xignite is another well-known financial API provider. Its news feed has coverage of U.S. equities (NASDAQ, NYSE, NYSE MKT). One downside to this newsfeed API is that it’s delayed a few minutes, which can be the determining factor for most traders who are looking to receive news as fast as possible.

However, positives include coverage of more than 75 popular publications and ease of embedding into spreadsheets, websites and mobile applications.

3. Stocknewsapi.com

You can see a small sample of Stocknewsapi.com data within a widget embedded on the website. On top of that, it includes some unique data fields with news headlines such as sentiment, image and even type (video or text).

The largest downside to this API is that it aggregates content from external news providers and you can only get full-length articles (which have much lower coverage and delayed headlines by a matter of hours).

Best for Analyst Ratings

If you’re looking for analyst ratings, these finance APIs will keep you in the know.

1. TipRanks

When it comes to analyst ratings, TipRanks is the first name to come to many people’s minds, and for good reason. TipRanks’ Daily Analyst Ratings API provides comprehensive coverage on analyst actions, firms, price target changes, specific analyst names, contact information and a proprietary analyst star rating.

It allows for financial publishers to integrate an easy-to-consume widget on the website.

2. Benzinga

Benzinga’s analyst ratings calendar API provides the basics of what every trader needs when it comes to analyst actions at an affordable, flexible price. The API includes the analyst name, action, price target change and the firm. For most financial publishers and platforms, this amount of coverage is perfect.

3. Barchart.com

Barcharts.com is the simplest coverage available. For platform providers who are just looking for standard coverage of stocks with a strong buy, moderate buy, hold, moderate sell or strong sell rating, this is your API. It provides the basic info that traders look for without extra data fields or noisy headlines.

Best for Earnings

API coverage isn’t complete without a comprehensive earnings report. Check out these APIs for the most up-to-date information on earnings.

1. Earningscalendar.net

While Earningscalendar.net is not excessively intricate, it ranks as our “best for earnings” API due to its good coverage and extremely affordable and transparent price. In this case, simplicity, affordability and transparency do prevail. Its earnings dates are indexed from multiple sources to ensure data quality. The Premium API cost $50 per month.

2. Xignite Earnings

XIgnite’s earnings calendar API comes with 89-day forward-looking coverage on all earnings. It includes data columns such as the timing of earnings release, forecasted and confirmed dates, shareholder/board meeting dates and more. Pricing for XIgnite is more expensive, as expected, which is expected for its more advanced earnings calendar that goes above basic coverage. Its stock universe includes over 6,300 U.S. and global companies.

3. Benzinga

Benzinga’s earnings API is a quality data piece, with its earnings coverage on all U.S. equities and inclusion of quality analyst estimates to compare to actual earnings. Pricing does include flexibility, but it can be more expensive than other options. That said, the data quality and coverage exceed the competition.

Multiple data accuracy tests and relevant consensus analyst estimate data fields mean that this API is known for its data quality.

Choose the Best Finance API

Looking for API provider that follows a few key metrics like price, flexibility, latency, API calls allowed per minute, types available and data quality?

Consider this: If you buy multiple APIs from a single vendor, there is typically more price flexibility if they offer package data deals. However, some vendors, such as TipRanks, do specialize in providing one quality data API based on what the company focuses on.

RECENT NEWS

By Max Bowie - Waters Technology

NICE Actimize has fortified the datasets available for use in its Surveil-X trade surveillance tool, using exchange prices and other data from Swiss vendor SIX, delivered via Xignite’s new suite of microservices for content distribution and data management.

The vendor is preparing to go live with the joint solution “any day now,” after completing some final data validation, says Sam Sundera, head of future business at SIX, who is based in the San Francisco Bay Area, and is responsible for dealing with partners, new technology data and initiatives, and with banks’ innovation labs.

A subscription to Waters Technology is required to read this article.

07/23/2020

The Two Companies Deliver Industry’s Largest Global Coverage Sourced from 1,800+ Trading Venues Via Hyper-Scalable Cloud APIs

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, and SIX, today announced a strategic partnership. Xignite and SIX are now offering real-time data from the catalog of SIX which includes 1,800+ global exchanges and trading venues via Xignite Enterprise Microservices, a suite of cloud-native market data management services built to transform how firms store, distribute, manage, and control market data in the cloud. The partnership accelerates the transition of large financial institutions and fintechs to the cloud. This is the first time such a comprehensive set of market data has been offered to the market via a native cloud solution.

Xignite’s battle-tested cloud-native solution currently serves more than 12 billion API calls per day to 750 clients around the world--making it the largest cloud API platform in capital markets. Xignite recently introduced Xignite Enterprise Microservices, a suite of vendor-agnostic services large firms can deploy to migrate their market data infrastructure and any of their existing data sources to the cloud.

“Large financial institutions have been looking for cloud-native market data solutions capable of handling their broad coverage requirements and offering a state-of-the-art customer experience.” says Stephane Dubois, CEO and founder of Xignite. “The pandemic has worsened the situation as firms want to get away from maintaining complex and expensive on-premise infrastructures that are overkill for most of their needs,” added Dubois. “We had the enterprise technology but not the coverage, so partnering with SIX made sense. We are thrilled to partner with SIX and be first to market with a true global enterprise solution.” 

SIX is one of the few market data vendors offering full coverage of the global capital markets. The Market Data Feed (MDF) from SIX delivers a steady stream of global market information that is consolidated, standardized and in real time. With MDF clients get access to over 30 million instruments across all asset classes and from more than 1,800 exchanges, OTC markets, and other trading venues. The combined solution integrates the MDF feed from SIX delivered from hosted collocation facilities to Xignite Enterprise Microservices deployed in the client’s own cloud account. The Xignite Real-Time Microservice is used to distribute real-time data internally or externally from the cloud via scalable APIs while the Xignite Entitlements and Usage Microservice provides control and transparency of data consumption and usage.

“Partnering with Xignite is a great leap for SIX in making its market data easily available to all buy-side and sell-side professionals. While making the richness, depth and wide coverage of our Market Data Feed available via Xignite’s cloud-based solution, we offer clients streamlined access to the highest quality data without a complicated acquisition process, burdensome integration or costly development,” commented John McManus, Head Sales, Financial Information, SIX.

About Xignite

Xignite Makes Market Data Easy. Xignite is leading the disruption of the market data industry with its AWS-based financial data distribution and market data management solutions. Xignite’s Market Data Cloud platform provides market data managers full transparency on the usage of a firm's first-level real-time and reference data - making it easy for data owners to entitle, control consumption, comply with licensing requirements, allocate costs, and resolve vendor audits or invoice discrepancies. Xignite also powers financial data-driven robo-advisors, online brokerages, and investing apps with its real-time, delayed, and historical pricing data offered via 500+ REST Cloud APIs. Visit http://www.xignite.com or follow on Twitter @xignite.

About SIX

SIX operates and develops infrastructure services in the Securities & Exchanges, Banking Services and Financial Information business units with the aim of raising efficiency, quality, and innovative capacity across the entire value chain of the Swiss financial center. The company is owned by its users (122 banks). With a workforce of some 2,600 employees and a presence in 20 countries, it generated operating income of CHF 1.13 billion and Group net profit of CHF 120.5 million in 2019.
 www.six-group.com

07/23/2020

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, announced today it has created a new program to assist early stage and start-up financial technology companies during the COVID-19 pandemic. To apply for this program visit https://www.xignite.com/fintech-development-program/

The costs associated with developing and launching fintech products and apps can be daunting, even in the best of times. A particularly challenging aspect can be the procurement of quality financial and market data. Hidden fees, restrictions on the use of data, poorly written APIs and exchange requirements are just some of the factors, in addition to costs, that can make it difficult for new or small fintechs to survive.

To assist early stage fintech companies, Xignite is inviting these disruptors to leverage the same technology and data APIs that have helped move the industry forward over the last decade. Through this program, companies can continue to develop their ideas and products without a significant capital commitment. Participants will be able to take advantage of development access for 60 days on Xignite’s most popular financial data APIs and enjoy significant discounts on fees for the first year. Also included in the program is access to real-time, 15-minute delayed and end-of-day stock prices, company data, currency exchange rates, indices, corporate actions and master data.

“Not only are we offering a compelling financial incentive, but companies will have access to the experts on our Product and Engineering team who not only first brought financial market data to the cloud, but also helped support and power some of the biggest disruptors in the industry such as SoFi, Robinhood and Betterment,” said Ryan Burdick, Senior Vice President and Global Head of Sales at Xignite. “By introducing this program, Xignite is able to support the next wave of entrepreneurs by helping to keep their visions moving forward as seamlessly as possible during this unprecedented time.”

About Xignite

Xignite Makes Market Data Easy. Xignite is leading the disruption of the market data industry with its AWS-based financial data distribution and market data management solutions. Xignite’s Market Data Cloud Platform provides market data managers full transparency on the usage of a firm's first-level real-time and reference data - making it easy for data owners to entitle, control consumption, comply with licensing requirements, allocate costs, and resolve vendor audits or invoice discrepancies. Xignite also powers financial data-driven robo-advisors, online brokerages, and investing apps with its real-time, delayed and historical pricing data offered via 500+ REST Cloud APIs. Visit http://www.xignite.com or follow on Twitter @xignite.

07/14/2020

NICE Actimize Gains Agility and Scalability Bringing its Real-time Market Data Infrastructure to the Cloud

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, today announced the launch of Xignite Enterprise Microservices, a powerful suite of cloud-native market data management services built to transform how firms store, distribute, manage and control market and financial data in the cloud. NICE Actimize, the leading global provider of financial crime, risk and compliance solutions is the first user of the new Real-time Microservice solution.

Microservices are an architectural approach in which core functionality is handled by loosely coupled, independently deployable components that can work together or separately. Because you can deploy microservices as separate functional units, you can pick and choose the functionality you want and scale them massively at the lowest possible cost. Microservices stand in stark contrast with monolithic platforms that require many dedicated on-premise servers which are expensive to manage, often under-utilized, can’t scale on-demand and require frequent updates and upgrades for even minor changes. Most enterprise platforms also require firms to pay for capabilities that are not needed.

The Xignite Enterprise Microservices run on Xignite’s battle-tested cloud-based architecture that currently supports more than 250 different data sources and 12 billion API calls per day for over 750 fintech and financial services clients. Financial institutions can now leverage the same cloud technology Xignite has been refining and scaling for more than 10 years to move their own financial and market data to the cloud. Xignite’s microservices are built from the ground up for the cloud, in contrast with legacy data providers that are attempting to “lift and shift” their monolithic platforms for that purpose.       

Xignite Enterprise Microservices are vendor-agnostic and can bring transformative results to any data set a firm may license or collect from vendors such Bloomberg, FactSet, ICE Data Services, SIX Financial, Vela Trading, QuantHouse and many others, as well as in-house proprietary data.

“We are incredibly excited to launch Xignite Enterprise Microservices, which we believe will truly revolutionize market data management,” said Stephane Dubois, Founder and CEO of Xignite. “The culmination of over 10 years of nonstop innovation, we have taken the cloud-native architecture that has powered some of world’s most prominent fintechs and scaled it to meet the unique requirements of institutional players that consume huge amounts of data but often have no way of integrating and optimizing it in an efficient and cost-effective way. Firms are no longer required to hitch their wagon to a single provider – instead, they can use a combination of our microservices to secure all the benefits they would get from a rigid legacy offering. We are the only vendor offering a suite of market data management microservices that clients can mix and match to create a comprehensive, infinitely scalable cloud-based solution that meets their exact needs. We firmly believe that offerings like these are the future of market data, and we are thrilled to once again take a leading role in the financial services industry’s continued digital transformation.”

The suite includes seven cloud-native microservices targeted to buy-side, sell-side and fintech firms, as well as exchanges:

  • Xignite Data Lake Microservice is a cloud-native data management and distribution solution that centralizes existing data and enables financial services firms to provide easy access to the data via highly scalable cloud APIs, reducing costs and improving efficiency by eliminating legacy infrastructure.
  • Xignite Optimization Microservice is a cloud-native pricing and reference data cost optimization solution that enables the control of large reference data sets, such as Bloomberg Data License, via intelligent caching, sophisticated entitlements and advanced analytics and reporting.
  • Xignite Entitlements and Usage Microservice is a cloud-native market data access control and reporting solution that enables financial services firms to have complete control and transparency of data consumption and usage, and provides reports of data usage across various data sets, users and applications to ensure vendor compliance.
  • Xignite Reference Microservice is a cloud-native solution that aggregates, normalizes, stores and indexes reference data from multiple vendors across all asset classes into a centralized repository and access layer, enabling centralized access across the entire enterprise and improving data consistency, completeness and timeliness.
  • Xignite Historical Microservice is a cloud-native time-series data management solution that enables financial services firms to capture historical data from different sources and integrate with security master and corporate actions data to provide a fully normalized, stitched and adjusted historical data view via highly scalable cloud APIs.
  • Xignite Real-Time Microservice is a cloud-native real-time data distribution solution that enables financial services firms to distribute real-time data internally and externally via highly scalable and flexible cloud APIs, eliminating on-premise infrastructure.
  • Xignite Fundamentals Microservice is a cloud-native data management solution that enables financial services firms to capture simple or complex time-series data structures associated with an entity such as a regional level security or issuer, and make them available via specialized and highly scalable cloud APIs.

These microservices are already transforming how the industry manages data. NICE Actimize, a leading provider of financial crime management solutions, has replaced its legacy solution with the Xignite Real-Time Microservice to onboard and manage multi-asset class, level 1 and 2 co-located feeds from multiple sources.

The launch of Xignite Enterprise Microservices is the latest highlight in what has been a hugely successful year for the firm. Last month, Xignite received a patent for its alerts technology and the company was named a SIIA CODiE Awards finalist and added to the WealthTech 100 list.

About Xignite
Xignite Makes Market Data Easy. Xignite is leading the disruption of the market data industry with its AWS-based financial data distribution and market data management solutions. Xignite’s Market Data Cloud platform provides market data managers full transparency on the usage of a firm's first-level real-time and reference data - making it easy for data owners to entitle, control consumption, comply with licensing requirements, allocate costs, and resolve vendor audits or invoice discrepancies. Xignite also powers financial data-driven robo-advisors, online brokerages, and investing apps with its real-time, delayed and historical pricing data offered via 500+ REST Cloud APIs. Visit http://www.xignite.com or follow on Twitter @xignite.

07/08/2020