Product Comparison: EquitiesEdge vs. Raw Market Data

If you're building a trading application, financial dashboard, AI agent, or analytics platform, one of the first decisions you'll make is whether you need derived market data or exchange-sourced raw market data.

For most applications, EquitiesEdge provides a faster, simpler, and dramatically more cost-effective way to access real-time US equity pricing—without exchange agreements or exchange fees. For applications that require exchange-native prices for compliance or specialized trading workflows, Intrinio also offers raw market data through Enterprise Custom licensing.

This guide explains the differences and helps you choose the right solution.

At a Glance

What is EquitiesEdge?

EquitiesEdge is Intrinio's proprietary Fair Market Value (FMV) pricing feed. Rather than redistributing raw exchange quotes, Intrinio continuously calculates fair market values using real-time market activity and proprietary pricing models.

For actively traded securities, EquitiesEdge prices typically track exchange-reported prices within a fraction of a percent and are often visually indistinguishable during normal market conditions. Larger differences may occur for thinly traded securities or during periods of unusual market volatility.

EquitiesEdge includes real-time:

• Last Price
• Open
• Close
• Volume
• Pre-Market Volume
• Post-Market Volume

It is available through both REST APIs and WebSocket streaming.

What is Raw Market Data?

Raw market data consists of quotes and trades distributed directly from exchanges or Securities Information Processors (SIPs). This data represents the official exchange-published prices used by brokerages, exchanges, and certain regulated financial applications.

Because exchanges own this data, using it generally requires:

• Exchange licensing
• Exchange agreements
• Exchange approval (depending on the use case)
• Ongoing exchange fees

Intrinio offers multiple raw market data products through Enterprise Custom, including:

• Real-time SIP data
• Nasdaq Basic
• IEX Real-Time
• Real-Time Options
• Additional premium exchange datasets

These products are available for customers with requirements that cannot be met by EquitiesEdge.

When Should You Use EquitiesEdge?

EquitiesEdge is the recommended choice for most customers, including applications such as:

• Investment dashboards
• Portfolio trackers
• AI assistants
• Financial research tools
• Market screeners
• Alerts and notifications
• Educational platforms
• Internal analytics
• Most fintech applications

Its biggest advantages are simplicity and cost.

With EquitiesEdge:

• No exchange agreements are required.
• No exchange reporting is required.
• No exchange fees are required.
• Integration is straightforward using Intrinio's REST APIs or WebSockets.
• You receive real-time pricing suitable for the vast majority of financial applications.

When Should You Use Raw Market Data?

Raw market data is appropriate when your application specifically requires exchange-published prices.

Examples include:

• Broker-dealer platforms
• Exchange-regulated trading applications
• Applications with contractual or compliance requirements for official exchange prices
• Specialized institutional trading workflows
• Applications that must display exchange-native bid/ask information exactly as published

If these requirements apply, Intrinio's Enterprise team can help determine the appropriate data source and licensing.

Accuracy Comparison

One common question is:

How close are EquitiesEdge prices to exchange prices?

For actively traded securities, EquitiesEdge prices generally remain within a fraction of a percent of exchange-reported market prices and are frequently indistinguishable during normal market conditions. As with any derived pricing model, differences can become more noticeable for illiquid securities or during periods of exceptional market activity.

Which Option is Right for You?

Choose EquitiesEdge if you want:

• Real-time pricing
• Simple licensing
• Lower costs
• Fast implementation
• REST and WebSocket access
• Data for analytics, AI, dashboards, or financial applications

Choose Raw Market Data if you specifically require:

• Official exchange-published prices
• Exchange-native quotes
• Exchange licensing and compliance
• Premium exchange datasets

Need Help Deciding?

If you're unsure which product fits your application, start by asking yourself one question:

Do you specifically need exchange-published prices, or do you simply need accurate real-time market pricing?

If the latter describes your application, EquitiesEdge is typically the fastest, simplest, and most cost-effective solution.

If your project requires official exchange data or specialized licensing, contact our Enterprise team through the Request a Consultation (RAC) process to discuss the appropriate raw market data products for your use case.