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They source the data from a licensed vendor and tend to repackage the data, or re-process it on route (e.g., filter tick data, or summarize the data or re-quote prices). However sometimes you are provided the data un-edited, see the specific vendor for details.
Essentially for non licensed parties its cheaper to source the data from an existing licensee than to pay to become licensed. They can agree a cheaper price form the licensee by committing to provide X number of new subscribers annually and when they sell data feeds to their clients they add a premium / discount to that fee , which they make a commission on / with a discount they get more general business from. (e.g., the earn a commission on the feed from what you pay / they earn more business).
So, naturalists observe a flea
Hath smaller fleas that on him prey
And these have smaller still to bite 'em;
And so proceed ad infinitum.
—Jonathan Swift
