IEX Cloud closure forces fintech clients to seek data alternatives

IEX says it is ditching its unprofitable data arm to focus on its core exchange business, but other vendors believe they can turn a profit from its former client base of fintechs, retail investors and some institutions.

As New York-based upstart exchange IEX prepares to shutter its loss-making IEX Cloud data marketplace and development environment at the end of August, other data providers are trying to lure its clients to their products and services.

IEX Cloud is a cloud-based marketplace for IEX’s proprietary equities data from its IEX exchange, along with third-party datasets. Its aim is to allow clients to spin up instances in the cloud where they can develop and run their own applications, consuming data

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