Compare financial data APIs for Microsoft Copilot across market data, filings, macro coverage, freshness, licensing, and agent readiness.
从行情、监管文件、宏观覆盖、时效、许可和智能体适配度，对比适合 Microsoft Copilot 的金融数据 API。
This is a best-fit map, not an absolute performance ranking. Coverage, entitlements, latency, quotas, and redistribution terms change; verify them against the provider's current contract.这是一张适配地图，不是绝对性能排名。覆盖范围、数据授权、延迟、配额与再分发条款会变化，应以服务商当前合同为准。
A convenient starting point for time series, indicators, foreign exchange, crypto, and selected fundamentals. Best when breadth and simple REST calls matter more than one institutional-grade feed.覆盖时间序列、技术指标、外汇、加密资产及部分基本面，REST 接入直接，适合优先验证覆盖面与问答流程的原型。
Useful for multi-asset market-data prototypes and normalized time-series queries. Confirm exchange coverage, delay status, and WebSocket rights for the exact plan.适合多资产行情原型和标准化时间序列查询。需按具体套餐确认交易所覆盖、延迟状态与 WebSocket 使用权。
A candidate for granular U.S. equities and options workflows where timestamps, aggregates, trades, and reference data matter. Keep streaming outside the language-model turn.适合重视时间戳、聚合行情、逐笔与参考数据的美股及期权流程。实时流应在模型回合之外处理。
Fits company profiles, statements, ratios, estimates, and research-oriented endpoints. Normalize fiscal periods, units, and restatement state before comparisons.适用于公司资料、财务报表、比率、预期及研究型接口。公司对比前必须对齐财期、单位和重述状态。
A focused source for economic series from the Federal Reserve Bank of St. Louis. Preserve observation dates, release dates, units, seasonal adjustment, and revisions.圣路易斯联储提供的宏观经济序列来源。使用时应保留观察期、发布日期、单位、季调方式和修订信息。
The authoritative public source for U.S. issuer filings and structured company facts. Design around SEC fair-access guidance and identify the filing, form, period, and accession.美国上市公司文件与结构化 Company Facts 的权威公共来源。接入时需遵循 SEC 公平访问规范，并标明文件、表格、期间和 accession。
| Copilot taskCopilot 任务 | Best starting source优先候选 | What to return应返回什么 | Critical control关键控制 |
|---|---|---|---|
| Explain a price move解释价格变动 | Massive / Twelve Data | Adjusted move, interval, exchange, observed time复权变动、区间、交易所、观察时间 | Never infer causality from price alone不能仅凭价格推断因果 |
| Compare companies比较公司 | Financial Modeling Prep + SEC | Aligned statements plus filing citations对齐后的报表及文件引用 | Fiscal period, units, currency, restatements财期、单位、币种、重述 |
| Draft a macro brief生成宏观简报 | FRED | Series ID, value, units, observation and retrieval dates序列 ID、数值、单位、观察与检索日期 | Revision and vintage awareness识别修订与时点版本 |
| Prototype a mixed dashboard搭建混合数据看板原型 | Alpha Vantage / Twelve Data | Small normalized snapshots小型标准化快照 | Quota, delay labels, caching rights配额、延迟标记、缓存权利 |
| Monitor a portfolio监控投资组合 | Licensed market feed已获授权的行情源 | Exceptions and threshold events—not every tick异常与阈值事件，而非每个 Tick | Entitlements and deterministic calculations数据授权与确定性计算 |
A Copilot integration changes what “best” means. An API can be excellent for a trading engine yet awkward for an agent if identifiers are unclear, errors are silent, or the license does not cover displaying data in generated answers. Score the exact workflow, not the provider homepage.接入 Copilot 后，“最佳”的含义会发生变化。某个 API 可能非常适合交易引擎，却不适合 Agent：标识含糊、错误状态不透明，或许可范围不包含在生成式答案中展示数据。应评估真实工作流，而不是服务商首页。
List required exchanges, asset classes, filing forms, metrics, countries, history, and corporate actions. “Stocks supported” is too vague: a portfolio brief may require adjusted prices, dividends, fundamentals, and stable instrument identity together.列出所需交易所、资产类别、文件类型、指标、国家、历史跨度与公司行动。“支持股票”过于模糊；投资组合简报可能同时需要复权价格、股息、基本面和稳定标识。
Separate real-time, delayed, end-of-day, filing-date, release-date, and revised observations. Define a maximum acceptable age for each action and return stale status rather than silently serving an old cache.区分实时、延迟、日终、文件日期、发布日期与修订值。为每个 Action 规定最大可接受数据年龄；缓存过旧时返回 stale，而不是静默输出。
Copilot needs units, currency, scale, period, adjustment method, and source identity beside a value. A bare number is not evidence. Prefer stable schemas and explicit null or not-applicable states.Copilot 需要在数值旁获得单位、币种、数量级、期间、复权方法与来源。孤立数值不是证据。优先选择稳定 schema，并明确空值或不适用状态。
Check display, storage, caching, derived-data, redistribution, and AI-processing terms separately. An API key proves technical access, not permission to expose the same data to every Copilot user.分别核验展示、存储、缓存、衍生数据、再分发以及 AI 处理条款。API key 只证明技术访问能力，不代表可以向每位 Copilot 用户展示相同数据。
Measure rate-limit behavior, retry guidance, timeout consistency, status codes, support paths, and change notices. Distinguish no data, invalid symbol, stale cache, quota exhaustion, and missing entitlement.检查限流行为、重试指引、超时一致性、状态码、支持渠道与变更通知。连接层应区分无数据、代码无效、缓存过期、配额耗尽和缺少授权。
Prefer small operations with bounded parameters and compact JSON. A giant pass-through endpoint makes tool selection harder, increases context cost, and gives the agent too much authority.优先采用参数有边界、返回 JSON 紧凑的小型操作。庞大的透传接口会增加工具选择难度和上下文成本，并赋予 Agent 过多权限。
Normalize providers behind a server-side gateway so the Copilot action receives one predictable shape. Preserve the raw provider response outside model context for audit and debugging, while returning only fields needed to answer the user.在服务端网关后统一不同服务商，使 Copilot Action 始终收到可预测的结构。原始服务商响应应保留在模型上下文之外供审计和排错；传给模型的只应是回答用户所需字段。
{ "instrument": {"symbol":"MSFT","exchange":"XNAS"}, "fact": {"name":"close","value":null,"currency":"USD"}, "observed_at":"provider timestamp", "retrieved_at":"gateway timestamp", "freshness":"real_time | delayed | stale", "source":{"provider":"selected provider","dataset":"documented endpoint"}, "status":"ok | partial | unavailable | not_entitled" }The null above is a schema example, not a market quote. Derived metrics should also carry the input series, formula version, and calculation time.上面的 null 只是 schema 示例，并非市场报价。衍生指标还应携带输入序列、公式版本与计算时间。
Microsoft documents declarative and custom-engine agents, with external data available through Copilot connectors and actions through plugins, REST APIs, MCP servers, connectors, or flows. For a live quote or a bounded calculation, expose a narrow read-only action. For a corpus of filings or research that benefits from retrieval, index governed content as knowledge. Do not pour a streaming feed into a semantic index.微软将 Agent 分为声明式与自定义引擎两类；外部数据可通过 Copilot connector 进入知识层，动作则可借助插件、REST API、MCP server、connector 或 flow 完成。实时行情和边界明确的计算适合窄而只读的 Action；需要检索的文件与研究资料适合进入受治理的 Knowledge。不要把流式行情直接灌入语义索引。
Prefer operations such as get_price_snapshot,
get_company_facts, or
get_macro_series over a generic proxy. Describe
parameters, units, maximum date range, and failure states in
the OpenAPI or MCP schema.优先提供 get_price_snapshot、get_company_facts
或 get_macro_series，不要暴露通用代理。应在
OpenAPI 或 MCP schema
中明确参数、单位、最大日期范围和失败状态。
Ticker alone is ambiguous. Resolve exchange, asset class, currency, and stable identifiers; require clarification when multiple instruments match.Ticker 本身可能有歧义。应解析交易所、资产类型、币种与稳定标识；出现多个匹配时要求用户澄清。
Use the user's identity where authorization must follow the user. Microsoft supports OAuth and Entra-based patterns, including on-behalf-of authentication for applicable custom connectors. Avoid maker credentials that unintentionally expose the maker's privileges.当数据权限需跟随最终用户时，应使用用户身份。微软支持 OAuth、Entra 以及适用自定义 connector 的 OBO 模式。避免使用可能无意暴露创建者权限的 maker credentials。
Alongside the value, return source, endpoint or dataset, observation time, retrieval time, units, adjustment method, freshness class, and status. Let Copilot cite and qualify the answer.数值之外还应返回来源、接口或数据集、观察时间、检索时间、单位、复权方式、时效类别和状态，使 Copilot 能引用并限定结论。
Start with a representative read-only question, a normalized response envelope, and explicit stale or unauthorized states. Inspect available providers in QVeris, then test the result before production credentials are connected.从一个有代表性的只读问题开始，统一响应结构，并显式处理过期与未授权状态。可先在 QVeris 查看可用服务商，再在连接生产凭据前验证返回结果。
A useful shortlist begins with a complete question. These patterns show why the same provider rarely wins every financial workflow.有效选型应从完整问题出发。以下模式说明为什么同一个服务商很少能覆盖所有金融工作流。
Compute adjusted moves and threshold events outside Copilot. Send material exceptions, timestamps, and instrument identity. Retrieve filings or announcements separately when explaining possible drivers; label correlation unless a source establishes causality.在 Copilot 之外计算复权变动与阈值事件，只发送重要异常、时间戳和标的身份。解释可能驱动因素时另行检索文件或公告；没有来源证明因果时只能标记相关性。
Combine normalized fundamentals with SEC filings for citation. Resolve fiscal calendars, currency, units, continuing operations, and restatements before calculating ratios. Disclose period mismatches instead of forcing a neat comparison.把标准化基本面与 SEC 文件组合使用。计算比率前对齐财年、币种、单位、持续经营口径与重述状态；期间不一致时应披露，而不是强行比较。
Use explicit FRED series IDs selected by a domain owner. Preserve frequency, units, seasonal adjustment, observation date, and revision. Historical questions may require point-in-time vintages to avoid future-data leakage.使用领域负责人确认的 FRED series ID，保留频率、单位、季调、观察日期与修订。历史问题可能需要时点版本，以避免未来数据泄露。
Return a compact table plus provider, dataset, parameters, retrieval time, units, and license notes. Keep formulas deterministic and let Copilot explain them. Never substitute an unapproved source when entitlement is missing.返回紧凑表格，并附服务商、数据集、参数、检索时间、单位和许可备注。公式保持确定性，由 Copilot 负责解释；缺少授权时不得擅自替换来源。
Ticker is accepted without exchange or asset type. Resolve identity first and ask when ambiguous.只接受 ticker，未确认交易所或资产类型。应先解析身份，有歧义时询问。
Return observed and retrieved timestamps plus a freshness class; do not hide provider delay or cache age.返回观察与检索时间及 freshness 类型，不得隐藏服务商延迟或缓存年龄。
Maker credentials can expose broader access. Use user-aware authorization and least privilege.创建者凭据可能暴露更高权限，应采用用户级授权与最小权限。
Fiscal periods, currencies, or restatements differ. Normalize them or explicitly refuse the comparison.财期、币种或重述状态不同。应标准化，无法对齐时明确拒绝比较。
A number reaches the model without its source. Attach dataset, time, units, and status.模型收到数值却没有来源。应附带数据集、时间、单位与状态。
A failed provider is replaced without disclosure. Log fallback, preserve source identity, and restate freshness.服务商失败后被静默替换。应记录回退、保留来源身份并重新说明时效。
Choose a recurring question, named users, required sources, freshness target, and acceptable failure response. Record the current manual answer as a baseline.选择重复问题，明确用户、必要来源、时效目标和可接受失败响应，并记录当前人工答案作为基线。
Put credentials behind the gateway. Add identity resolution, validation, cache policy, rate-limit handling, and provenance before connecting Copilot.把凭据放在网关之后，在接入 Copilot 前完成身份解析、验证、缓存策略、限流处理与来源契约。
Exercise ambiguous tickers, weekends, halted instruments, missing fields, revised data, quota exhaustion, expired consent, prompt injection, and users without entitlement.覆盖歧义代码、周末、停牌标的、字段缺失、数据修订、配额耗尽、同意过期、提示注入和无授权用户。
Monitor latency, tool-selection accuracy, stale responses, provider errors, and human corrections. Add a second dataset only after the first workflow is stable.监控延迟、工具选择准确性、过期响应、服务商错误和人工纠正。首个流程稳定后再增加第二个数据集。
Yes, when the relevant Copilot agent calls a secured action backed by an entitled real-time provider. The application should aggregate streams and send only a bounded, timestamped snapshot or event to the model.可以，前提是目标 Copilot Agent 通过受保护的 Action 调用已获实时数据授权的服务商。应用层应先聚合数据流，只把带时间戳的有限快照或事件交给模型。
There is no universal winner. Choose by task: market data, company fundamentals, filings, or macroeconomics. Production research commonly combines sources behind one normalized and governed interface.没有通用冠军。应按行情、公司基本面、监管文件或宏观经济任务选择；生产级研究通常把多个来源统一放在标准化、受治理的接口之后。
Use knowledge-oriented connectors for searchable content such as governed filings and research. Use a narrow API or MCP action for live facts, parameterized retrieval, and deterministic calculations. The exact options depend on the Copilot product and agent type.受治理的监管文件和研究资料等可检索内容更适合知识型 connector；实时事实、参数化检索与确定性计算更适合窄而明确的 API 或 MCP Action。具体选项取决于 Copilot 产品和 Agent 类型。
Do not place provider secrets in prompts or model-visible payloads. Keep them in a server-side secret store or managed connection, enforce least privilege, and use user-aware OAuth or Entra authorization where access should follow the user.不要把服务商密钥放入提示词或模型可见载荷。密钥应存放在服务端密钥库或托管连接中，遵循最小权限；数据访问需要跟随用户时，应使用 OAuth 或 Entra 授权。
Microsoft: agents overview, integration strategy, and on-behalf-of authentication. Data providers: Alpha Vantage, Twelve Data, Massive, Financial Modeling Prep, FRED, and SEC EDGAR APIs.微软官方资料包括 Agent 概览、接入策略与 OBO 身份验证。数据源请核验 Alpha Vantage、Twelve Data、Massive、Financial Modeling Prep、FRED 与 SEC EDGAR API。