Overview
Finvera provides access to U.S. equities SIP feeds (CTA + UTP) via both REST API and WebSocket.These are the official SEC-mandated consolidated feeds that aggregate quotes and trades across all U.S. exchanges. All real-time and delayed intraday SIP data requires exchange licensing fees. Fees are determined by the subscriber classification (professional vs non-professional) and the type of usage (display vs non-display). Historical data (T+1 and older) does not require exchange licensing.
Licensing Tiers & Use Cases
| Subscription Tier | Display Use | Non-display Use | Applicable Fee Requirements |
|---|---|---|---|
| Non-Professional | Standard pricing | Standard pricing | Requires SIP license at standard rates |
| Professional | Higher tier pricing | Higher tier pricing | Requires SIP license at professional rates |
- Display Use: Data shown to end users via UI (e.g., dashboards, apps).
- Non-Display Use: Backend systems, servers, analytics, or algorithmic strategies.
Key Features
- Fetch National Best Bid and Offer (NBBO) quotes for a given stock symbol across a specified time window. Each entry captures the top‐of‐book bid and ask prices, sizes, corresponding exchanges, and precise timestamps. This historical NBBO snapshot empowers users to track price dynamics, assess liquidity at the best bid and ask, and refine trading strategies or support research analyses.
- Fetch detailed, tick-by-tick trade data for a chosen stock symbol over a specified time interval. Each entry records the trade price, size, executing exchange, trade conditions, and exact timestamp. This granular dataset underpins the construction of aggregated bars and comprehensive analyses by logging every eligible transaction used to calculate open, high, low, and close values. Leveraging these trades lets users deepen their insight into intraday price behavior, rigorously test and optimize algorithmic strategies, and maintain a fully auditable record of market activity.
- Fetch aggregated historical OHLC (Open, High, Low, Close) and volume data for a chosen stock symbol over a custom date range and interval in US Eastern Time (ET). Each bar is built exclusively from trades that meet specified criteria — if no eligible trades occur in an interval, no bar is generated, indicating a period of inactivity. You can adjust the multiplier and timespan parameters (for example, 5-minute bars) and include pre-market, regular market, and after-hours sessions. This level of control supports a wide array of analytical and visualization use cases.
Real-Time SIP Data
- Definition: Live, consolidated quotes and trades from CTA (Tape A/B) and UTP (Tape C).
- Licensing: Required for all subscribers (pro and non-pro).
- Fee Model:
- Fees depend on classification (pro vs non-pro) and display vs non-display usage.
- Delivery method (API vs WebSocket) does not affect licensing.
Delayed SIP Data
- Definition: Market data delayed by 15 minutes, as defined by the SIP plans.
- Licensing: Still required. Delayed does not mean free.
- Use Cases: Retail dashboards, investor portals, or research platforms that can tolerate latency.
Historical Data (T+1+)
- Definition: SIP data from the prior trading day and older.
- Licensing: Not subject to SIP licensing.
- Billing: Covered under Finvera’s historical data pricing.
How It Works — Finvera Workflow
- User Provisioning
- Select SIP data (CTA + UTP).
- Indicate usage type (display vs non-display) and subscriber tier (pro vs non-pro).
- Licensing Quote
- Finvera calculates required SIP license fees and provides an estimated breakdown.
- Payment & Collection
- Fees may be collected by Finvera on behalf of the SIP, at exchange rates plus any processing fee.
- Access Granted
- Once licensing is validated, real-time and/or delayed SIP data is accessible via API or WebSocket.
- Ongoing Compliance
- Users are responsible for maintaining accurate classification as usage evolves.
Glossary
- SIP (Securities Information Processor): SEC-designated system that consolidates U.S. exchange trades and quotes.
- CTA: Consolidated Tape Association — covers Tape A (NYSE) and Tape B (Amex/Arca).
- UTP: Unlisted Trading Privileges Plan — covers Tape C (Nasdaq).
- Real-time Data: Live, consolidated trades and quotes.
- Delayed Data: Same as real-time, but 15 minutes delayed.
- Historical Data (T+1+): SIP data from prior trading days; not subject to SIP licensing.
- Display Use: Data shown on screens/dashboards for end users.
- Non-Display Use: Data used in back-end servers, analytics, or algorithms.
- Professional vs Non-Professional: Classification that determines the applicable SIP fee schedule.
FAQs
Does using WebSocket cost more than REST API?
Does using WebSocket cost more than REST API?
No—it’s identical. Licensing is based on venue and usage, not transport method.
Can I get delayed data for free?
Can I get delayed data for free?
No. Delayed intraday data generally still requires licensing, though often at a lower tier.
What about historical data?
What about historical data?
Historical (T+1+) data typically does not need exchange licensing and is billed separately by Finvera.
How do I know if I’m professional or non-professional?
How do I know if I’m professional or non-professional?
Ask whether you’re a retail investor or using data for internal/professional purposes such as trading systems, analytics, or commercial apps. Finvera offers a simple classification tool in our onboarding docs.