Executive Summary

Many trading and market-data engineering teams at broker-dealers, prop desks, exchanges and fintech platforms — roughly 8,000 institutions worldwide — are struggling with brittle, proprietary WebSocket feeds that differ in protocol, semantics and quality, creating months of integration work and ongoing maintenance overhead every time a new venue appears. The pain is practical: duplicate adapters, divergent orderbook shapes, inconsistent timestamps and recovery semantics increase time-to-market for algos and add operational risk for low-latency trading stacks. This problem is acute for firms running multiple venues and for cloud-native platforms that want a single, consistent stream to feed risk, matching and analytics. A viable product is a managed, multitenant service that normalizes diverse exchange WebSocket feeds into one realtime canonical stream with a maintained adapter library, SDKs, replay/backfill, schema versioning and enterprise SLAs. Deliverables would include lightweight on-prem connectors for private networks, a canonical trade/orderbook/order-event model, streaming outputs via Kafka/gRPC/HTTP2 and developer tooling for mapping and testing; target latency goals should be explicit (e.g., design for sub-50ms internal normalization tail). Pricing and go-to-market would aim at the $750K ACV enterprise profile implied by the $6.0B market opportunity. This market is attractive now because of three converging trends — proliferation of both traditional and crypto venues, wider adoption of cloud-native streaming primitives, and growth in retail/algorithmic execution — and because top-down budgets for market data and connectivity remain strong (Market Score 95/100, Revenue Potential 88/100). Competition is medium: several players offer parts of this stack, but there’s room to differentiate by proving low-latency, auditable normalization, a broad, maintained adapter catalog and tight compliance/security controls. The challenges are real — building and operating scalable adapters, securing exchange partnerships and absorbing one-off customizations — but with 10–20 pilot customers to validate connectors and an honest SLA-driven product strategy, the opportunity is worth pursuing for teams that can invest in engineering and channel relationships.

Executive Summary

Market Opportunity

Normalize diverse exchange WebSocket feeds into one realtime stream targets a $6.0B = 8,000 institutions (broker-dealers, prop desks, exchanges, fintech platforms) x $750K ACV total addressable market with medium saturation and a year-over-year growth rate of 11% estimated growth in market-data infrastructure demand.

Key trends driving demand: Exchange proliferation -- more traditional and crypto venues increase integration burden for firms building trading systems.; Cloud-native trading stacks -- shift to hosted infra & streaming primitives lowers cost of consuming centralized normalized streams.; Retail & algo growth -- more retail algos and fractional trading increases demand for consistent, low-latency data.; AI ops for reliability -- ML-based anomaly detection and auto-reconciliation are becoming production-ready for streaming data..

Key competitors include Polygon.io, Kaiko, CoinAPI, CCXT (open-source), IEX Cloud.

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Normalize diverse exchange WebSocket feeds into one realtime stream

Executive Summary

Normalize diverse exchange WebSocket feeds into one realtime stream

Executive Summary

Market Validation

Market Opportunity

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