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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

First $0 Commission Stock-Trading App in Canada

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, announced today that Wealthsimple, a digital investment service focused on making investing accessible to everyone, is using Xignite financial data APIs to power Wealthsimple Trade, a new stock-trading mobile app, available in Canada. With Wealthsimple Trade, Canadians can buy and sell thousands of Canadian and US-listed stocks and ETFs without paying any trading commissions.

Wealthsimple Trade users have access to unlimited $0 commission trades of over 8,000 publicly traded stocks and ETFs listed on major Canadian and U.S. exchanges. Xignite provides real-time stock price data, fundamental data and security master data to power real-time trading, as well as the algorithms that automate investment decisions.

"Wealthsimple's products make financial markets accessible to everyone, no matter who they are or how much they have to invest," said Tara Kennedy, Head of Trading, Wealthsimple. "Partnering with Xignite provides us with the data we need to make investing simple and accessible through technology."

"We are proud to be a key enabler of the fintech revolution in Canada," said Stephane Dubois, CEO of Xignite. "We help power and inspire the disruption of the financial services industry by providing entrepreneurs like Wealthsimple with financial data APIs to help them invent new businesses and revolutionary user experiences. The world's leading robo-advisors use Xignite market data to power their platforms and apps."

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 firms 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 Wealthsimple
Wealthsimple is a financial company on a mission to help everyone achieve financial freedom by providing products and advice that are accessible and affordable. Using smart technology, Wealthsimple takes financial services that are often confusing, opaque and expensive and makes them simple, transparent, and low-cost. Wealthsimple provides services in the U.S., the U.K., and Canada. The company was founded by a team of financial experts and technology entrepreneurs, and is headquartered in Toronto, Canada. To learn more, visit www.wealthsimple.com.

 

07/30/2019

Xignite to Integrate Analytics and Reporting Tools into Market Data Cloud Platform

By Ken Briodagh
July 10, 2019

Xciting news has come out from the market research world, according to a recent release.

Xignite, a provider of market data distribution and management solutions for financial services and technology companies, has announced a strategic partnership with XPansion, a provider of market data usage, tracking and business monitoring software, to integrate XPansion's XMon analytics and reporting functionality into its Market Data Cloud Platform.

Adding XMon functionality reportedly will provide clients with enhanced business intelligence, analytics and reporting capabilities through interrogating data usage, control and allocate costs across data vendors.

“Empowering our clients with the tools to understand how they are consuming data and providing them with technology to establish transparency and control spend in real-time has been our focus from the beginning,” said Amjad Zoghbi, Director and co-founder, XPansion. “Clients consume increasing amounts of data and coupling powerful analytics with a robust data distribution platform is essential in today's data landscape. We are very excited to be partnering with Xignite and extending XMon's analytics and controls to their next-generation Market Data Cloud Platform.”

“Market data is a complex environment where vendor fees and commercial licensing models continue to change, putting pressure on buy and sell side firms to control access and costs,” said Stephane Dubois, CEO and Founder, Xignite. “Providing clients with a solution to regain control of market data flow and consumption is core to our mission of simplifying the acquisition, management and dissemination of market data. We are delighted to partner with XPansion, combining their superior analytics with the proven data management capabilities of our Market Data Cloud Platform is a win for clients.”

07/11/2019

Xignite Forges Strategic Partnership with XPansion

“Market data is a complex environment where vendor fees and commercial licensing models continue to change, putting pressure on buy and sell side firms to control access and costs,” Xignite CEO and founder Stephane Dubois explained. He added that helping customers more efficiently use market data flow was a key element in the company’s goal of “simplifying, the acquisition, management, and dissemination of market data.”

Financial markets data provider Xignite has inked a deal with data usage, tracking, and business monitoring software firm Xpansion that will give capital markets customers even better visibility into and management of their data use and expense.

The strategic partnership will enable Xignite to integrate Xpansion’s XMon analytics and reporting functionality into its Market Data Cloud Platform. This will give Xignite customers enhanced business intelligence, analytics, and reporting capabilities, as well as dashboards and reporting tools to help users analyze and control market data use, as well as manage costs across multiple data vendors.

“Clients consume increasing amounts of data and coupling powerful analytics with a robust data distribution platform is essential in today’s data landscape,” XPansion director and co-founder Amjad Zoghbi said. Zoghbi referred to bringing greater transparency and spending controls to the use of market data as the company’s “focus from the beginning.”

XPansion specializes in cloud-based solutions that help data operations and management teams control data usage better, improving both cost-effectiveness and data governance. The company’s flagship XMon Static Data solution delivers real-time tracking of data requested from external data vendors, data flowing between internal applications and systems, and data exiting the firm as in reports or customer exports. Based in London, U.K., XPansion was founded in 2013.

Headquartered in San Mateo, California, Xignite demonstrated its Cloud Add-in solution at FinovateAsia 2017. The add-in caters to the 1.2 billion Excel users worldwide, enabling them to easily and quickly introduce data – including real-time streaming data – into their Excel spreadsheets.

Earlier this month, Xignite announced that it was the first market data vendor to join the Snowflake Data Exchange. This spring, the company was named to the WealthTech 100, along with seven of its clients including fellow Finovate alums eToro and Tradeit. Also this spring, Xignite announced a partnership with StockCharts.com.

Xignite has raised $37.6 million in funding. QUICK Corporation and StarVest Partners are among the company’s investors.

07/11/2019

 

Xignite Taps Xpansion’s Xmon Tool for Web Services Data Monitoring

Vendors say their integrated solution will deliver significant data cost savings for firms by implementing usage tracking and controls.

07/09/2019