DISPATCH2026-09-28
Free Data Licenses: What You Can Actually Redistribute
Not financial advice. Verify claims independently.
The licensing trap that kills most free market-data projects — and the sources that don't have it.
The #1 killer of free market tools isn't code — it's data licensing:
- Exchange data (real-time NYSE/Nasdaq quotes) — redistribution requires licenses costing $thousands/mo. Most "free APIs" are delayed or snapshot-only for this reason.
- Delayed data (15+ min) — generally freely redistributable with attribution
- Fundamentals/earnings — company-reported data is public; aggregators wrap it in ToS anyway
- Options chains — OPRA data has similar restrictions
Safe bets for free projects: SEC filings (public domain), delayed quotes with clear attribution, FINRA aggregate data, and anything explicitly licensed open (Polygon free tier ToS, Finnhub).
When in doubt: display, don't redistribute — link the source, don't republish the feed. Stock Picks handles this by modeling prices for practice, not republishing exchange tapes.
SURPLUS ISSUE
Put it into practice
Rehearse this strategy risk-free on Stock Picks — the reference free paper-trading tool listed in the Mkts/Apps field manual.
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