Product Manager - Market Data

Alpaca

New York (NY)

On-site

USD 150,000 - 230,000

Full time

31 hours ago

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Benefits offered by this job

Stock options

Health benefits

Home-office setup

Monthly stipend

Job summary

Alpaca is seeking a Lead Product Manager, Market Data to define and own Alpaca's market data strategy as a standalone product line. You will decide what data to source, how to package and price it, and ship APIs, feeds, and tooling for partners and internal teams.

The role blends strategy and delivery, with ownership of live onboarding, licensing, and a scalable data platform that supports the brokerage and data business across geographies.

Qualifications

Experience defining and growing market data products.
Ability to source, package, price data, and determine build vs buy.
Experience negotiating licensing and redistribution rights with exchanges.

Responsibilities

Negotiate or inform negotiations on exchange licensing, redistribution rights, and entitlements as Alpaca onboards new exchanges and asset classes.
Assess build-vs-buy for data infrastructure: where to source, invest, or create data products.
Build the commercial model: define pricing and packaging and collaborate with sales to grow market data revenue.
Own the competitive position: understand pricing and differentiation for bundled brokerage-plus-data models.
Own the developer experience for market data APIs (REST, WebSocket/SSE, historical endpoints).
Lead partner discovery: prioritize data capabilities as table-stakes vs differentiators for neobrokers, RIAs, hedge funds, and crypto exchanges.

Skills

Product management

Market data

Pricing strategy

Licensing negotiations

APIs

Vendor negotiations

Build-vs-buy analysis

Partner discovery

Tools

REST APIs

WebSocket

Job description

Who We Are

Alpaca is a US-headquartered, global leader in agent-first brokerage infrastructure for stocks, ETFs, options, crypto, fixed income, 24/5 trading, and more.

Amongst our subsidiaries, Alpaca is a licensed financial services company, serving hundreds of financial institutions across 40 countries with our institutional-grade APIs. This includes broker-dealers, investment advisors, wealth managers, hedge funds, and crypto exchanges, totalling over 10 million brokerage accounts.

Our global team is a diverse group of experienced engineers, traders, and brokerage professionals who are working to achieve our mission of opening financial services to everyone on the planet. We're deeply committed to open-source contributions and fostering a vibrant community, continuously enhancing our award-winning, developer-friendly API and the robust infrastructure behind it.

Alpaca is proudly backed by $400 million in funding from top-tier global investors including Portage Ventures, Spark Capital, Tribe Capital, Social Leverage, Horizons Ventures, Opera Tech Ventures, SBI Group, Derayah Financial, Unbound, Peak XV, Elefund, and Y Combinator.

Our Team Members

We're a dynamic team of 400+ globally distributed members who thrive working from our favorite places around the world, with teammates spanning the USA, Canada, Japan, Hungary, Nigeria, Brazil, the UK, and beyond!

Your Role

Alpaca is already the infrastructure layer that hundreds of partners build on for execution. Nobody else is both the execution layer and the data layer - and that makes us the natural one-stop shop for brokerage plus market data.

We're hiring a Lead Product Manager to own that second half: define and grow Alpaca's market data business as a standalone, revenue-generating product line.

We're seeking a Lead Product Manager, Market Data to define and own Alpaca's market data strategy - both as a capability that powers our platform and as a standalone, revenue-generating product line.

This role is equal parts strategy and delivery. You'll decide what data we source, how we package and price it, what we build versus buy - and then ship the APIs, feeds, and tooling that partners and internal teams depend on every day.

What You'll Walk Into

You won't be starting from zero - you'll be owning live problems:

Multiple new exchange onboardings in flight, each with its own licensing, entitlement, and redistribution constraints.
A pricing and packaging model that needs rethinking as we expand across asset classes and geographies.
Partners asking for data we don't serve yet - consolidated feeds, historical datasets, derived analytics - you'll be building those requests against cost and commercial upside.
Internal teams (trading, algo routing, compliance, clearing) consuming market data with no product owner ensuring coverage keeps pace.

Things You Get To Do

Negotiate or inform negotiations on exchange licensing, redistribution rights, and entitlements as Alpaca onboards new exchanges and asset classes - you'll talk to vendors and global venues directly.
Assess build-vs-buy for data infrastructure: where do we source from third parties, where do we invest in proprietary collection and normalization, and where do we create derived or value-added data products.
Build the commercial model: define pricing and packaging (real-time vs. delayed, depth-of-book tiers, historical datasets, derived analytics) and work with sales to grow market data revenue.
Own the competitive position: understand how dedicated market data providers price and differentiate, and identify where Alpaca's bundled brokerage-plus-data model creates a defensible edge.
Own the developer experience for market data APIs (REST, WebSocket/SSE, historical endpoints) - coverage, latency, reliability, and documentation that developers actually want to read.
Lead partner discovery: understand what data capabilities are table-stakes vs. differentiating for neobrokers, RIAs, hedge funds, and crypto exchanges, and turn that into prioritization.

How We Take Care of You