Two marketplaces with different legal foundations
The first activity is commercial access: an authorized business can licence the execution of an algorithm, a bounded dataset query, a defined analysis, a Circuit or a recoverable software capability. These are contractual permissions, potentially non-exclusive, with explicit limits on purpose, duration, geography, users, throughput, source access, onward transfer, modification and sublicensing. Delivery can occur through remote execution so that sensitive source data never has to be downloaded by the customer.
The second activity concerns financial interests. A business that controls the appropriate commercialization rights may seek capital through an eligible primary offering or other lawful financing. Its investors would own the rights stated in that security or contract, not the underlying raw data by implication. A secondary trading system and a regulated exchange are not the same as a technical order book; their operators, dealers, custody, investor eligibility and disclosures require separate authorization.