Nasdaq Taps Pyth As New Distribution Channel For Its Basic Market Data
Pyth, a decentralized data distribution network, has been approved as an external distributor of Nasdaq Basic, Nasdaq’s proprietary real-time quote and trade product for U.S. equities. Through this arrangement, clients of Pyth’s Data Marketplace will be able to license Nasdaq Basic directly from Nasdaq and access the data feed through Pyth’s infrastructure. However, any client intending to use Pyth as their Nasdaq Basic provider must obtain prior written approval from Nasdaq before consuming the market data.
Nasdaq Basic is the exchange’s real-time top-of-book product, carrying Nasdaq’s best bid and offer with associated size, last sale prices from Nasdaq’s U.S. venues, and trades reported to the FINRA/Nasdaq Trade Reporting Facility. The product’s coverage extends to all U.S. exchange-listed securities, regardless of which venue they are listed on. In addition, Nasdaq Basic provides the Nasdaq Official Opening Price and Nasdaq Official Closing Price, the reference prices derived from Nasdaq’s opening, closing, and IPO/halt crossover mechanisms that much of the financial industry relies on to value positions at the start and end of each trading day. For over a decade, the product has served brokerages, banks, fintech platforms, and consumer investing applications seeking real-time U.S. equity data without the cost structure of consolidated feed alternatives.
A New Distribution Channel for Software-Native Finance
The integration positions Pyth’s Data Marketplace as a distribution channel built for software and blockchain-native applications. Under this model, data publishers distribute proprietary datasets through a single integration while retaining attribution and commercial control. For Nasdaq, the partnership offers an additional route to bring its market data into modern financial applications.
Michael Cahill, a core contributor to Pyth, noted in a public statement that an increasing share of the market now runs on software, requiring data to reach a wider and more varied set of applications than ever before. He characterized the addition of Pyth’s Data Marketplace as a natural extension of Nasdaq’s existing strategy of making Nasdaq Basic more broadly accessible.
The move aligns with Pyth’s broader ambition of building price data for every asset type. The Data Marketplace serves as the network’s primary channel for acquiring and distributing unique datasets that fall outside its core oracle offerings, enabling institutions to deliver their data directly to the applications that need it. By adding an established product from one of the world’s largest exchanges, Pyth strengthens its position as an intermediary between traditional market data providers and the emerging class of decentralized, software-driven financial platforms.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
