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Friday, July 20, 2012

Data News #2012 - 11
NASDAQ OMX Introduces New PHLX Fee Structure for Managed Data Solutions

Markets Impacted:

  • The NASDAQ OMX PHLX

Products Impacted:

  • Top of PHLX Options (TOPO)

Contact Information:

What you need to know:

  • Effective August 1, 2012, PHLX will introduce a new, optional price structure for Managed Data Solutions.
  • This program is available for the Top of PHLX Options (TOPO) data feed product used by client organizations for internal use only.

What are Managed Data Solutions?

In response to industry demand and changes in the technical distribution of market data, NASDAQ OMX adopted a new, innovative fee schedule for Managed Data Solutions. This is an option available to firms looking to simplify market data administration for their clients.

Under the new fee structure, distributors may provide data feeds, Application Programming Interfaces (APIs) or similar automated delivery solutions to client organizations with only limited entitlement controls. The recipient of a Managed Data Solution may use the information for internal purposes only and may not distribute the information outside of their organization.

Effective August 1, 2012, NASDAQ OMX will offer the policy whereby a provider of a Managed Data Solution containing PHLX TOPO data may report and pay on behalf of their Managed Data Solution clients.

What are the new PHLX fees for Managed Data Solutions?

The fees to be paid by distributors offering TOPO Managed Data Solution will be as follows:

 
Fee Schedule for Managed Data Solutions Monthly Fee
Managed Data Solution Administration Fee
(For the right to offer Managed Data Solutions to client organizations) 		$1,500 per Distributor
PHLX Managed Data Solution Subscriber Fee $250 per Subscriber

At the subscriber level, distributors will pay the Managed Data Solution fees for TOPO data.

At the distributor level, firms offering Managed Data Solution products will continue to be liable for the TOPO distributor fees associated with their receipt and distribution of TOPO data. There are currently no distributor fees for recipients of Managed Data Solutions.

How does my firm become an approved distributor of Managed Data Solutions?

In order to offer a Managed Data Solution to clients, distributors must submit the required documentation and receive prior approval from NASDAQ OMX:

Managed Data Solutions distributors must:

  • Adhere to the NASDAQ OMX approval policy and only authorize clients for Managed Data Solutions after prior approval is received from NASDAQ OMX.
  • Report Managed Data Solution clients using the Online Reporting System for Summary Usage Reporting.
  • Include Managed Data Solution clients under new products codes for Detailed Usage Reporting.
  • Offer an integrated data solution with secured data transmissions and data usage monitoring capabilities.
  • Offer TOPO data in its own messaging formats (rather than its raw NASDAQ OMX message formats).
  • Assume the liability for any unauthorized use of NASDAQ OMX data by Managed Data Solution recipients.

What are my firm's obligations to become approved to receive a Managed Data Solution?

Managed Data Solution recipients must submit a Managed Data Solution System Application for approval by NASDAQ OMX. NASDAQ OMX will then communicate the approval of each client via email.

Where can I find additional pricing information?

The full price lists are accessible at the following links:

Where can I find additional information?


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