One of the largest trading firms making markets on the New York Stock Exchange announced last week that it is breaking into the decentralized finance space by joining a Solana-based market data project.
GTS — best-known for facilitating large initial public offerings on NYSE — joined Pyth Network, a data project led by high-speed trading firm Jump Trading. Announced by Jump in April, Pyth is essentially a platform that aggregates Wall Street's market data on the Solana blockchain. Sam Bankman-Fried's FTX is also involved with the project.
Market data is the lifeblood for traders and has been a contentious issue on the Street. Historically trading firms have slammed large exchange venues—such as NYSE and Nasdaq—for unfairly increasing the cost of market data. In a sense, Pyth serves as a …