Zanbato Monetizes Private Market Order Flow

The NYSE OPEN work shows that Zanbato is not just selling executions, it is turning private market order flow into reference data that institutions will pay for even when they are not trading. ZX already aggregates bids, offers, and completed transactions across broker dealers, and Zanbato says that pooled data lets participants see pricing and demand curves for restricted stock. Packaging that data into an index is the first proof that its network can support recurring data revenue, benchmark products, and analytics that sit upstream of any single trade.

• This follows the same logic as public market infrastructure. The exchange or broker network becomes more valuable when it owns the tape, meaning the stream of prices and transactions others use to value assets, build indices, and design products. In private markets, that tape is scarce because most trades still happen through fragmented broker emails and calls.
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• Zanbato is differentiated from Carta and Nasdaq Private Market by where its data comes from. Carta and Nasdaq focus on company run tenders and cap table workflows. Zanbato sits in the inter broker lane, where institutions test prices on large blocks across many issuers. That position gives it cleaner cross market pricing data for benchmarking and index construction.
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• The monetization path goes beyond selling a generic data feed. The same transaction history can power valuation comps for CFOs, scenario tools for funds deciding whether to buy at a discount, and compliance products that flag unusual pricing or stale marks. Those budgets often come from research, portfolio monitoring, and ops teams, not just trading desks.
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The next step is for private market infrastructure to look more like Bloomberg for pre IPO equity. If Zanbato keeps deepening broker participation, its data products can become a system institutions use to price positions continuously, not just source liquidity occasionally. That would make data and analytics a steadier revenue layer than transaction fees alone.