market-data
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Trumid found the trade in the crowd
Corporate bonds run on relationships. Trumid built a screen that makes room for them - and a network Tradeweb has agreed to buy for approximately $1.97 billion.
Equilend wants Wall Street to agree
A securities loan creates two sets of records and a long list of ways for them to disagree. Equilend built a business connecting the firms involved. Now it wants them working from the same record.
HPR: The art of stopping fast money
Before an order reaches the exchange, someone has to decide whether it belongs there. HPR builds the machinery that makes that decision in fractions of a microsecond.
Track Data and the price of a split second
Track Data put market data and trading on the same screen. Its history reveals what happens when useful software meets the unforgiving arithmetic of a trading network.
TradeStation built a laboratory for the trading mind
Before a trade becomes an order, it starts as a hunch. TradeStation built a business around what happens in between: writing rules, testing them, and putting them to work.
oneZero Financial builds for the bad minute
A trading platform can look overbuilt until the market moves. oneZero sells brokers and banks the machinery to price, route and understand trades when ordinary conditions disappear.
Zema Global Data and the price of a bad number
Before an energy trader can trust a forecast, someone has to fix the data. Zema Global Data has built a business around that unglamorous, consequential job.
OneMarketData makes the market replayable
A trade is over in an instant. OneMarketData’s OneTick keeps the evidence - for the people building trading strategies and the people checking their behavior.
BGC Group knows where the market moves
The broker built its business around people who know whom to call. Now it is giving those relationships an exchange, an ownership stake, and an AI workflow.
Communify gives financial data a plot
Behind a useful financial story sits a less glamorous achievement: getting the records to agree. Communify is bringing market data, client information and AI into the same conversation.
Finsight Group makes the deal behind the deal
Before a bond reaches an investor, somebody has to make the paperwork work. Finsight Group built a business around that overlooked job - and is moving deeper into the numbers.
NYSE and the value of a human in the loop
When the trading floor went quiet in 2020, the market kept moving. What disappeared helps explain what the New York Stock Exchange actually sells.
Talos wanted a hedge fund. It built the plumbing instead.
Two trading-system veterans went looking for a way to run a crypto fund. The missing machinery became Talos: software connecting institutional trading, portfolios, risk and settlement.
Vast sold the car story. Then the car seller stopped.
Vroom paid about $120 million for Vast’s CarStory business. When Vroom stopped selling cars, the software kept working - a revealing tale about the value, and limits, of knowing what a vehicle is worth.
Silicon Data wants to put a price on the AI economy
A GPU has a model number. Useful compute has a price, a performance record and a risk profile. Silicon Data is building the measurements that connect the two.
vAuto taught dealers to sell faster. Then it changed its mind.
Selling more cars can still mean making less money. vAuto’s answer was to rethink the clock - and treat every used vehicle as a different investment.
CQG: The quiet machinery behind the trade
A chart can suggest a trade. CQG handles much of what happens next: the data, the route to an exchange, and the controls around the order. Broadridge has now bought its way into that machinery.
Exegy and the $3 Million Case for Doing Less
A St. Louis engineering company built its reputation on fast market data. Its newer proposition is more intriguing: stop making so many computers do the same job.
GoldenSource and the trouble with two truths
A financial firm can buy more data and still know less than it thinks. GoldenSource has built a business around making the numbers agree - and is now bringing that discipline to AI.
PECAP is counting Peru’s startup money. The fine print matters.
Peru’s startup financing rebounded in 2025, but most of the money was debt. PECAP, the country’s seed and venture capital association, is working on the harder problem: getting more investors to take the first risk.
SuperDerivatives put a price on uncertainty. ICE paid $350 million.
A former options trader built a business around prices that were hard to find. A financial crisis forced SuperDerivatives to rethink what it sold - and helped turn its data into an acquisition target.
United Fintech wants banks to share the machinery
Five global banks have bought into Christian Frahm’s fintech group. His wager: rival institutions can share the software behind finance while competing for the business in front of it.
EDITED Turned Fashion's Hunches Into a 5-Billion-SKU Memory
A designer tired of guessing met a programmer who counted milk by the cow. Seventeen years later, their retail intelligence company says its AI can question 12 years of normalized data spanning 90,000 brands and more than 5 billion SKUs.
SOLVE Turned Bond Traders' Messy Inboxes Into a Market Data Machine
The bond market still speaks in fragments - runs, chats, spreadsheets and stale prints. SOLVE built a business by teaching machines to read that mess, then used more than $80 million and a string of acquisitions to turn the resulting data into pricing intelligence.
Barchart Put Futures on the Web. Then Its Readers Asked to Borrow the Plumbing
A 1995 subscription site became a data supplier when customers asked to put its quotes on their own pages. Thirty years later, Barchart serves both the person checking a soybean chart and the grain elevator managing the hedge behind it.
VINCUE Built One Dashboard for the Seven Systems Hiding Behind Every Used Car
A Kansas City dealer was using seven systems to manage one piece of inventory. VINCUE turned that frustration into a single operating layer - and now it is teaching dealership software to anticipate the next decision.
DTN Is the $900 Million Data Company Hiding in Plain Sight
Before a farmer sprays, a fuel truck loads, a utility deploys a crew or a golf tournament clears the course, someone has to make a call. DTN sells the evidence behind that call.
eSignal’s Expensive Bet: Some Traders Will Still Pay for the Truth on Time
Free charts won the internet. eSignal kept selling the expensive thing underneath them: licensed market data, delivered fast, inside a workstation built for traders who would rather configure every pixel than trust a generic dashboard.
NinjaTrader Built a Futures Machine. Kraken Paid $1.5 Billion for the Plumbing.
A free charting tool became a broker, a clearing stack and, eventually, the bridge Kraken wanted between crypto and regulated futures. The clever part was not the candlesticks. It was owning more of what happened after a trader clicked buy.
Pico Built the Plumbing for 900 Markets - Then Turned the Pipes Into a Data Business
Banks once stitched trading infrastructure together vendor by vendor. Pico spent 17 years turning that headache into one managed stack - and the network itself into a source of intelligence.