---
title: "Historical Market Data | PCAP Replay Since 2016 | Pico"
description: "Pico Raw Historical Data (PRHD) captures native exchange feeds as PCAPs with nanosecond-precision PTP timestamps from 100+ US and European venues since 2016. Resilient A and B feed capture with gap detection and automatic retransmission supports backtesting, compliance verification, and trade forensics."
source: https://www.pico.net/products/market-services/market-data/historical-market-data/
markdown_url: https://www.pico.net/products/market-services/market-data/historical-market-data.md
---

# Historical Market Data
Time-stamped historical tick data captured at source in native exchange format, supporting backtesting, compliance verification, and trade research since 2016.

- Historical data from 100+ major equities, options, and futures venues (US and Europe)
- Captured in colocation at source with hardware PTP timestamps (nanosecond precision)
- Resilient A and B feed capture in native exchange format (PCAP)
- Ongoing subscriptions or one-time deliveries via AWS S3

## What is historical market data for trading?

Historical market data for trading is time-stamped tick-level data captured directly from exchanges, preserving original message ordering and timestamps for accurate market reconstruction. Pico Raw Historical Data (PRHD) captures native exchange feeds as PCAPs with nanosecond-precision PTP timestamps, enabling exact replay of market conditions for backtesting, compliance verification, and trade forensics.

## Choose your use case

### Backtesting & simulation

Test strategies against real market conditions before deployment or entering new markets.

### Compliance reporting

Demonstrate best execution with defensible historical market data for regulatory reviews.

### Trade cost analysis

Post-trade research to understand fill quality and optimize execution strategies.

### Managed recording service

Continuous PCAP recording infrastructure deployed and managed by Pico.

## Common use cases (and what you'll achieve)

### Algorithm backtesting and strategy validation

- Test trading algorithms against real historical market conditions before deploying capital
- Validate strategies for new markets using historical data from 100+ venues

### Compliance and regulatory reporting

- Recreate exact market conditions at time of execution for regulatory audits
- Demonstrate best execution practices with nanosecond-precision timestamps

### Trade cost analysis (TCA)

- Post-trade research to analyze execution quality and fill timing
- Identify opportunities for execution improvement across venues

### Market structure research

- Conduct macro research identifying trends across months or years
- Inform strategic trading decisions with historical market structure analysis

### Event forensics and dispute resolution

- Reconstruct specific market events with nanosecond precision
- Resolve trade disputes or analyze incidents with defensible data

## Historical Market Data FAQs

### What is the difference between historical market data and historical prices?

Historical prices are aggregated summaries (OHLC, daily close, etc.). Historical market data (PRHD) is tick-level data preserving every message from the exchange in order, enabling exact market reconstruction at microsecond granularity for backtesting and compliance.

### Can I replay historical data to test my algorithm?

Yes. PRHD provides time-accurate PCAP replay capabilities. You can recreate any trading day or market event as if it were happening in real-time, with nanosecond precision timestamps preserving original message ordering.

### How far back does historical data coverage go?

Coverage begins in 2016 for most venues, with specific start dates varying by exchange. Contact Pico for exact coverage periods for your venues of interest.

### What format is the historical data delivered in?

Data is delivered in PCAP (packet capture) format preserving native exchange protocols. This format supports direct replay through feed handlers like InRush Ticker Plant or custom replay tools.

### Can I get historical data for specific symbols or date ranges?

Yes. One-time deliveries can be scoped to specific date ranges. However, data is delivered by feed (not filtered by symbol), as symbol-level filtering would require post-processing that could introduce errors.

### How do I ensure data completeness for compliance purposes?

PRHD captures both A and B feeds with gap detection and automatic retransmission requests. MD5 checksums verify file integrity. Resilient capture methodology ensures gap-free data suitable for regulatory compliance.

### Can Pico record and archive data on an ongoing basis?

Yes. Managed Service includes continuous PCAP recording infrastructure deployment, management, and archival (local or remote). This provides ongoing historical data access for your licensed venues.

## Start with the venues and date ranges you need

Talk to a Pico specialist about your historical data requirements, delivery methods (ongoing subscription or one-time backfill), and whether managed recording infrastructure is appropriate.