- ago
Is it illegal to share market data?

If not, I would like to have ways to share this data with members. Everyone downloads data for themselves, which is not very efficient.

What do you know about this topic, what experiences and what opinions do you have on this topic.?
I just asked myself this question because I am already updating data from IB again.
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- ago
#1
Please review your Subscriber Agreement

from IB Agreement
...
Use of Intellectual Property of IB and Data Suppliers; No Right to Redistribute; Compliance with Data Supplier Agreements: The Software and Data are and shall remain the property of IB and/or the exchanges and third-party data suppliers that supply such market data, as applicable (the exchanges and third-party data suppliers are hereinafter referred to as "Data Suppliers"). Neither IB nor any Data Supplier shall be deemed to have waived any of its proprietary interests in the Software or any Data as a result of the furnishing of the same to Subscriber. Subscriber may use the Software and Data in accordance with the terms of this Agreement, and, as applicable, the terms of any agreements that Subscriber may sign directly with the exchanges and third-party data suppliers ("Data Supplier Agreements"). Subscriber agrees not to reproduce, distribute, sell or
commercially exploit the Software or Data in any manner without the written consent of IB and/or the Data Supplier. Subscriber agrees to comply with the terms of all Data Supplier Agreements.
...
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MIH7
- ago
#2
Thank you for the specific reference.
This is probably always the case when data is received from a broker.

What about historical data that is freely available?
Since different people have different collections, sharing could be beneficial.

What do you think?
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#3
On a related note, Wealth-Data is not freely available and it would be illegal to share it.
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#4
How would sharing the data improve the situation anyway? Either way, the data has to physically move from a provider to you. Do you mean you'd like to offer other members the chance to save money by sharing your data with them? Very generous, but as others have pointed out, it might go against the terms of the provider that you agreed to.
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MIH7
- ago
#5
@Glitch

Please, there is no need to react in a biased way. And also this time there is no reason to make an assessment in advance. I just opened a discussion to talk about it and to get a picture about relevant aspects. Is this wrong?

Let's say some people collect data from different symbols or different time frames or time periods. What would be wrong with it, to share it? Of course respecting redistribution rights.

QUOTE:

Either way, the data has to physically move from a provider to you.


Ok, thanks for a clear information about it. That is content driven discussion.

@Eugene Ok, sure.
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#6
All I did was ask what the benefit would be. Is this wrong?
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MIH7
- ago
#7
QUOTE:

... Do you mean you'd like to offer other members the chance to save money by sharing your data with them? Very generous, ...


Really?
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#8
Yes, I really didn't (and still don't) understand the basis of the request. Is it to avoid multiple members having to pay a fee to a provider?
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MIH7
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#9
Ok. I try to describe what i thought of. If we can ignore redistribution right for a moment, that would simplify to describe it.

1. There can be pacing limitations to get data.
2. The data looks to be randomly choosen, that is provided
3. Different people might collect different time frames
4. Different people collect data for a longer time and have more data available
5. Many sources for the same data would accelerate to get backtest data.

Some of the limitations do not necessarlily exist because of the data itself.
The first point is because the server traffic might be an issue.
More general, people might priorize data because of limitations that are not related to "data limitations". They can still be interested in the data they do not choose because of that.

As i said, i only think about it. I don't know what is right, wrong, good or bad. Above all, I have no bad intentions. I am certainly not the first who has this thought. I just want to bring myself up to date and ask people who have been active in this field for a long time.
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#10
QUOTE:
3. Different people might collect different time frames
4. Different people collect data for a longer time and have more data available
5. Many sources for the same data would accelerate to get backtest data.

Even if this was legally possible, which I doubt because the stock exchanges "own" the market data and license it out to brokers for a price, what you're proposing is a distributed database to hold and disseminate all this data from different sources. Are you volunteering resources to setup such a distributed database (with permission from the stock exchanges, of course)? And you plan to maintain such a distributed database over time?

What you can do is preprocess the data somehow so it's not the same. Perhaps improve it somehow ... "value added". Then it might be possible to distribute that, with permission from the exchanges of course. And you will have to pay some kind of licensing fee in the process. Sounds like a startup opportunity.
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#11
In fact it was, but it has already been done. Quandl, which was acquired by Nasdaq not too long ago.
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MIH7
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#12
Hi superticker.

Thanks for your feedback. Honestly, i did not thought about it deeply. I am sure if there would be a way to do it, it would already be well known. So, i am not suprised.

It is more about talking the background, e.g. i did not know what Glitch told, that the data needs to be retrieved directly from the provider. What you are saying is another interesting point, that "modified" data may change things.

How such data would be shared would of course be another issue.
Without thinking about it or even knowing anything about it, my idea was a peer to peer network.

I am very superficially interested in the subject.
I find the considerations presented here exciting and instructive.
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#13
QUOTE:
it has already been done. Quandl, which was acquired by Nasdaq

So Quandl provides some kind of "value added" cleaned-up, adjusted data. That's interesting; I didn't know that. Thanks for that info.

I'll have to look Quandl up.

What we need is a data broker page discussing all the data vendors. We had a table like that for the WL6 forum. Now WL8 needs one.
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