Lead Product Manager, Market Data

Alpaca is a US-headquartered self-clearing broker-dealer and brokerage infrastructure company, seeking a Lead Product Manager, Market Data to define and own their market data strategy. This role involves determining data sourcing, packaging, pricing, and delivering the necessary APIs and tools for partners and internal teams.

Responsibilities:

• 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

Requirements:

• Define and own Alpaca's market data strategy
• Decide what data to source, how to package and price it
• Ship the APIs, feeds, and tooling that partners and internal teams depend on
• Negotiate or inform negotiations on exchange licensing, redistribution rights, and entitlements
• Assess build-vs-buy for data infrastructure
• Build the commercial model: define pricing and packaging
• Own the competitive position and understand market data providers
• Own the developer experience for market data APIs
• Lead partner discovery and prioritize data capabilities