exchange-licensed market data

Exchanges sell displays of their own pricing; a website's quote page is a licensed view, not open data. The cataloged Nasdaq Market Activity - Weyerhaeuser (WY) record states "Data shown derives from Nasdaq-licensed market data subject to exchange agreements; redistribution is restricted", and the Rayonier (RYN) record adds "Underlying market data is exchange-licensed; no official integration key program exists for api.nasdaq.com".

The same constraint shapes paid tiers. Yahoo Finance's WY record notes "Market data is exchange-licensed; the chart JSON endpoint is undocumented and unsupported", and Alpha Vantage's terms note "realtime and 15-minute delayed US market data are premium-only because exchange/FINRA licensing applies" - its free tier otherwise caps at 25 requests per day. Nasdaq's terms also forbid capturing data by automated or manual process.

Treating a quote page as a dataset produces projects that die at the legal review or, worse, at a silent endpoint change. The license is the product's real specification.

• Free to view is not free to store. Nasdaq's WY and RYN records restrict redistribution and ban automated capture, so a harvested OHLCV archive is non-compliant from day one.
• Real-time is a separate, paid product. Alpha Vantage gates realtime and 15-minute-delayed US data behind premium plans precisely because exchange/FINRA licensing applies.
• Undocumented endpoints have no SLA. Yahoo's chart JSON is described as undocumented and unsupported, and Nasdaq issues no integration keys - interfaces can change without notice.

1. Read the terms_notes before building on a quote source. The cataloged WY, RYN, Yahoo and Alpha Vantage records each state exchange-licensing restrictions in terms_notes - treat those lines as binding requirements.

1. Assume no official key exists. Nasdaq's record states no official integration key program exists for api.nasdaq.com; any "key" in circulation is unofficial and unsupported.

1. Price real-time into your budget early. Alpha Vantage's premium-only realtime and 15-minute-delayed US data, from 75 requests/min at $49.99/mo upward, reflects exchange/FINRA licensing costs.

1. Separate fundamentals from licensed quotes. SEC EDGAR XBRL company facts for the same WY/RYN filers carry no exchange license, so filings-based analytics avoid the restriction entirely.

1. Test endpoint stability before committing. Yahoo's chart JSON is undocumented and unsupported per its record - build fallbacks or accept breakage risk.

Entries that sit next to exchange-licensed market data in this glossary:

• automated-capture-prohibition