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October 05, 2022 - Cboe Global Markets has announced it has joined the Pyth network, a decentralized financial market data distribution platform for aggregated data. Cboe plans to begin publishing limited derived equities market data for certain symbols from one of its four U.S. equities exchanges to the Pyth network in fourth-quarter 2022, providing real-time, institutional-grade pricing information to help further grow the network.
Timely and accurate market data has historically been accessible through traditional direct connectivity methods to institutions, market participants and other data providers. The Pyth network is a next-generation price oracle solution that aims to make valuable financial market data available on-chain to projects and protocols, as well as to the general public via blockchain technology. The network aggregates first-party price data from a broad group of over 70 trusted data providers and publishes it for consumption by smart contracts and other on- or off-chain applications.
"We believe DeFi has the potential to play an important role in defining the future of our financial markets and we are excited to help support its growth through innovative initiatives like the Pyth network," said Catherine Clay, Executive Vice President, Data and Access Solutions at Cboe Global Markets. "As Cboe expands its presence in the digital asset space, we look forward to bringing the data solutions from our deep and liquid markets to the global DeFi community and working with our industry peers to transform the digital asset ecosystem and strengthen how financial data is used on the blockchain."
Cboe's support of the Pyth network reflects its broader commitment to help grow and mature the digital asset market by bringing its global infrastructure, market expertise and data capabilities to the space. The announcement follows its recent acquisition of Eris Digital Holdings, LLC (ErisX), an operator of a U.S.-based digital asset spot market, a regulated futures exchange and a regulated clearinghouse, providing Cboe with entry to digital asset spot, data and derivatives markets, including clearing and settlement. ErisX was officially rebranded as Cboe Digital on October 3.
"Cboe's U.S. equities markets are among the largest and most liquid in the world and provide trusted and accurate data that market participants rely on to make critical trading decisions," said Adam Inzirillo, Senior Vice President and Head of North American Equities at Cboe Global Markets. "Our participation in the Pyth network will provide another avenue to broaden customer access to our data, and aligns with our strategy to deliver market data to investors around the globe based on how they want to consume their data, whether through direct connectivity methods, the cloud or the blockchain."
Cboe's U.S. equities market data is currently available on-premise in Cboe's primary and secondary data centers in Secaucus, New Jersey and Chicago, Illinois and in applicable Cboe Point of Presence ("PoP") locations, as well as via Cboe Global Cloud, a cloud-based data streaming service, with various secure connectivity options.
"The Pyth network provides real-time and reliable price data, through a fully decentralized mechanism, by directly sourcing from some of the world's most important financial institutions, and we are thrilled to count Cboe as our first major global exchange provider," said Stephen Kaminsky, Special Projects at Jump Crypto, one of the leading institutions helping to support the Pyth network. "As one of the largest global market infrastructure providers in the world, Cboe will provide robust, high-quality derived data that will help the Pyth network further enhance and scale its offerings for DeFi consumers."
The Pyth network, which includes more than 70 prominent financial market participants as data publishers for various asset classes, delivers premium, real-world data on-chain on a sub-second timescale. The network is built on Solana, a blockchain proven to handle quick and efficient dissemination of fast-moving data, and other major blockchains designed to distribute real-time, high performance and verifiable data.
Pyth is a first-party financial oracle network designed to publish continuous real-world data on-chain in a tamper-resistant, decentralized, and self-sustainable environment. The Pyth Data Association was created in support of the Pyth network and is overseen by a board of directors elected by members of the Pyth network.
