IEX TOPS is a proprietary data feed that provides top-of-book quotes and last sale (trades) price and size information, also known as L1 data. It covers all stocks and ETFs traded on the Investors Exchange (IEXG). As of January 2025, IEX accounted for approximately 2.18% of the average daily volume (ADV) across all U.S. exchange-listed securities.

Historical data is available for usage-based rates or with any Databento US Equities subscription. Visit our pricing page for more details.

Asset classes: Equities

Origin: Directly captured at Equinix NY4 (Secaucus, NJ) with an FPGA-based network card and hardware timestamping. Synchronized to UTC with PTP.

Supported data encodings: DBN, CSV, JSON (Learn more)

Supported market data schemas: MBP-1, TBBO, Trades, BBO-1s, BBO-1m, OHLCV-1s, OHLCV-1m, OHLCV-1h, OHLCV-1d, Definition, Imbalance, Statistics, Status (Learn more)

Resolution: Immediate publication, nanosecond-resolution timestamps

The best choice for those looking for license-free US market data for commercial use is US Equities Basic, which includes data display, redistribution, professional trading, and more.

US Equities Basic is based upon a derived IEX feed. The volume coverage is 3-5% of the total trading volume in North America, which helps entities mitigate license expenses and start with real-time data.

US Equities Basic provides raw quotes, trades, aggregated time series (OHLCV), and snapshots. Both REST API and WebSocket API are available.

End-of-day price information disseminated after 12:00 AM EST does not require licensing in the United States by law. This applies to all exchanges, even those not included in the US Equities Basic. Finazon combines all price information after every trading day, meaning that while markets are open, real-time prices are available from a subset of exchanges, and when markets close, data is synced and contains 100% of US volume. All historical prices are adjusted for corporate actions and splits.

Tip: Individuals with non-professional usage are not required to get exchange licenses for real-time data and, hence, are better off with the US Equities Max dataset.