Nasdaq is integrating a core stock market data product into its blockchain infrastructure. The company says it will distribute TotalView data through the Pyth Data Marketplace, allowing institutional users and developers to access the data programmatically, rather than relying solely on traditional terminals or dedicated lines.

Access to the Pyth Data Marketplace

The newly launched product is TotalView. It's Nasdaq's comprehensive order book data product, covering buy and sell order information at different price levels and displaying order book depth. The data includes not only securities traded on Nasdaq but also trading information for stocks listed on the NYSE and other US regional exchanges.

Pyth Data Marketplace is a data distribution platform for blockchain networks, financial applications, and software developers. With Nasdaq placing TotalView on this platform, the use cases for data will expand from traditional market data terminals and dedicated data channels to cloud software and on-chain applications.

It can be used for deep analysis and execution optimization

In addition to providing the complete order book, TotalView also includes the Nasdaq Net Order Imbalance Indicator. This indicator displays the order book imbalance in real time before the opening and closing auctions.

Pyth states that developers and institutional users can leverage this data analytics to gain market depth, optimize trade execution, and build quantitative trading models. For on-chain financial applications, this means that more frequent and granular traditional market data is beginning to enter programmable environments through blockchain-related infrastructure.

Traditional finance is accelerating its integration with on-chain infrastructure.

This collaboration also reflects the way Wall Street institutions are adjusting the way they distribute market infrastructure. As more financial companies attempt to migrate trading, settlement, and asset services to the blockchain, traditional data service providers are also simultaneously changing the way data reaches customers.

Currently, in addition to Nasdaq, Tradeweb, the Singapore Exchange, OTC Markets, Kalshi, and the U.S. Department of Commerce have also published data through the Pyth Data Marketplace. Nasdaq's participation further demonstrates the deepening connection between traditional finance and on-chain financial services.