News

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

In the foreign metal market and the world of international rates, currencies play the crucial role of acting as the medium of exchange in the transactions that take place.

Currencies like the United States dollar, the Euro, or the British Pound are commonly used around the world in order to get a metal rate. Some companies that offer precious metal live and historical rates have exposed their APIs (Application Programming Interfaces) to allow developers to integrate current and historical metal rates, currency conversion, or other capabilities into their applications.

In order to know about precious metals live and historical rates, there’s a lot of APIs available online, and if you want to try one, Barchart is going to be one of your first options. But if you take a look at what else is in the market, you’ll find alternatives so many great alternatives:

Xignite Market Data Cloud Platform

Xignite Market Data as a Service was one of the first market data services built to run in AWS and they are one of the few vendors that is an AWS Advanced Technology Partner with a Financial Services Competency.

With more than a decade of cloud expertise in building, scaling and operating cloud-based market data technology, it is no surprise that leading financial services and capital markets firms rely on this company to empower their journey to the cloud. Their Metals API Service offers real-time prices and quotes for metals including Gold, Silver, Palladium, Platinum and other base metals. In addition to real-time precious metals prices, the service provides daily London Fixing prices as well as historical precious metal prices and metal news. 

Xignite Cloud APIs are sourced from leading providers such as FactSet and Morningstar as well as Xignite’s own curated, high-quality data.

Read the article Top 3 Alternatives for Barchart Precious Metals Rates

02/25/2021

Each year, Bobsguide asks the market to vote for fintech companies they believe stand out from the competition – those who have gone the extra mile in terms of development and servicing their clients. Xignite is proud to be listed as the "Best API Management" vendor on the Bobsguide 2020 Rankings.


Read article on Bobsguide

01/26/2021

Web services data provider Xignite captured the AFTAs judges’ attention on the infrastructure front with its release of Xignite Enterprise Microservices in July 2020, a suite of cloud-based microservices for data management, storage and distribution in the cloud, designed to help financial firms migrate from monolithic legacy data architectures to more agile and less expensive cloud services and data sources.

Requires subscription to read the article on WatersTechnology

01/25/2021

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, today revealed the results of its collaboration with StockCharts, a leading technical analysis and financial charting platform for online retail investors. The collaboration involved a move from an on-premise market data provider to Xignite’s cloud-native technology hosted in Amazon Web Services (AWS). Download the case study containing the full results.

StockCharts requires vast quantities of financial data to power its visualization, charting and tracking tools, which investors use to analyze the markets to help with investment decisions. The company was frustrated by the limits of its on-premise market data center, which was forcing the team to make architectural decisions based on what its data center could handle in terms of speed and storage, not on their technology. Its previous market data provider was just starting to build out some cloud offerings, but they were far away from what the business required. StockCharts decided to migrate its infrastructure to the AWS cloud and partner with Xignite to gain access to endlessly scalable market and financial data delivered through innovative cloud APIs.

The collaboration made an immediate impact as StockCharts was able to expand its offerings and customer base by pursuing growth strategies enabled by Xignite’s cloud-based approach, which provides easy access to data and eliminates architectural limits on storage and speed.

The pandemic provided further validation. Seattle-based StockCharts was in one of the first areas hit by COVID-19 and was forced to quickly shut down its office. Pandemic-driven market volatility followed and StockCharts customers wanted to visualize what was happening. The company’s ability to scale quickly and accommodate a high volume of new requests would not have been possible without Xignite.

“The move to the AWS cloud and Xignite has unlocked tremendous new potential for us in a lot of architectural ways, and has given us a lot of data options that we could not even consider before,” said Grayson Roze, Vice President of Operations at StockCharts. “It relieved us of the burden of figuring out how to source things. Instead, we know exactly where we need to go to get the data and can access it instantly. That is a huge, huge benefit for our business.”

“We are proud to have played a role in transforming how StockCharts approaches data,” said Stephane Dubois, CEO and Founder of Xignite. “The events of this year unleashed a massive spike in retail trading and a host of other unexpected forces that reinforced the need for financial services firms to leverage the cloud. Despite the disruption of this year, StockCharts was positioned for success, and we look forward to continuing to deliver our financial and market data solutions to the industry at large.”

Xignite

Xignite has been disrupting the financial and market data industry from its Silicon Valley headquarters since 2006 when it introduced the first commercial REST API. Since then, Xignite has been continually refining its technology to help fintech and financial institutions get the most value from their data. Today, more than 700 clients access over 500 cloud-native APIs and leverage a suite of specialized microservices-delivered modules to build efficient and cost-effective enterprise data management solutions. Visit http://www.xignite.com or follow on Twitter @xignite

01/12/2021