Alpaca - Lead Product Manager, Market Data

• 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: