{
  "data_version": "seed-0.7 · marketcap-1 · 2026-08-30",
  "source": "https://finance.foundation",
  "license": {
    "finance_foundation_data": "CC BY 4.0 — attribution: Finance Foundation (https://finance.foundation)",
    "upstream_values": "Fields sourced from a provider carry their own source field and remain under that provider's terms — see https://finance.foundation/api/v1/sources"
  },
  "entity": "research",
  "data": {
    "id": "open-financial-data-stack",
    "title": "The Open Financial Data Stack, 2026",
    "category": "Infrastructure",
    "date": "2026-08",
    "summary": "Where open financial data actually stands: what is genuinely open, what is licensed, and where the gaps are for builders and AI agents.",
    "body": [
      "Financial data looks abundant but is structurally closed. Prices, fundamentals, filings, and reference data are dominated by a handful of vendors — Bloomberg, LSEG (Refinitiv), S&P Global, FactSet, Morningstar — whose terminals and feeds are licensed per seat or per use. The result is a paradox: the numbers that describe public markets are mostly not public in any machine-usable way.",
      "The genuinely open layer is thinner than it appears. Regulatory filings (EDGAR in the US, similar registries elsewhere) are open. LEI — the global legal-entity identifier — is open by mandate. OpenFIGI provides open instrument identifiers. Central banks and statistical agencies publish macro series (FRED being the gold standard of usable open data). Crypto is the outlier: its market data, on-chain activity and reference data are radically open compared to traditional finance.",
      "The gap is in the middle: clean, linked, entity-level data. Anyone can download a filing; almost no one can cheaply answer 'show me all listed subsidiaries of this group, with their tickers, exchanges and reporting currencies.' Entity resolution — knowing that Apple Inc., AAPL, US0378331005 and LEI HWUPKR0MPOU8FGXBT394 are the same thing — is where open data still loses to the terminals.",
      "This is the layer Finance Foundation is built around: not another price feed, but the connective tissue — entities, identifiers, relationships and definitions — published in a form that people, applications and AI agents can consume directly."
    ]
  },
  "field_provenance": null,
  "links": {
    "html": "https://finance.foundation/research/open-financial-data-stack",
    "graph": "https://finance.foundation/api/v1/graph/research/open-financial-data-stack",
    "sources": "https://finance.foundation/api/v1/sources"
  }
}