Nasdaq Targets Small Banks, Media with API Data Access

The product, dubbed Nasdaq Web API Service, is supplied by Swedish technology provider Millistream, and eliminates the need for clients to code and connect to data protocols such as TIP and ITCH, allowing customers to integrate market data into websites and market data applications using HTTP or HTTPS protocols, and to grant individual users unique credentials to access the data, says Suzanne Dahl, vice president of Nordic product management at Nasdaq.

The solution supports intraday and historical queries for quote, order book and trade data covering Nasdaq commodities data, Nasdaq Nordic equity data, Nasdaq Nordic derivatives data, Nasdaq Nordic index data and Nasdaq US equity delayed data. Nasdaq decided to develop the service in response to demand from customers in Nordic countries and the US who lack the technical capabilities to handle the exchange's native feeds, and who typically currently rely on technology providers to integrate the Nasdaq data into their websites, Dahl says.

In contrast, Millistream's technology makes the Web API Service "very easy to integrate," making it particularly beneficial to customers that want timely access to market data, such as media outlets, which Dahl says have seen increased demand from clients for real-time market data as part of their news offerings.

The service is branded as a Nasdaq product, and is supported by Nasdaq protocols and web domains, but uses a format converter technology developed by Millistream to allow users to request the data via a URL string─customizing the content and amount of data─and receive it via so-called XML API requests. Millistream officials could not be reached for comment.

Dahl also says the exchange may further expand the API service in the future to meet specific customer needs, such as by broadening it to cover more asset classes.