Nasdaq understands the importance of transparency for the administration and reporting of data products and is continuously reviewing its Data Policies and providing clarifications to help ensure that all Distributors and Recipients have clearer direction regarding usage. As such, Nasdaq is providing additional examples and use cases for Distributors of the Nasdaq Global Index Data Service (GIDS) to understand how these use cases should be administered. This clarification is only intended to provide examples of specific use cases, it does not replace the Nasdaq Global Data Policies.

If there are specific use cases not covered below or if you have additional questions, please reach out to your Sales Representative.

DELAYED AND REAL TIME GIDS INFORMATION

What is Delayed GIDS Information?

All GIDS Information is provided by Nasdaq to a Distributor in Real Time. Delayed GIDS Information is distribution of the GIDS Information to Subscribers at least fifteen (15) minutes after receipt of the Real Time GIDS Information. Distributor may qualify for the Delayed GIDS Distributor Fees if: (a) Distributor delays distribution of the GIDS Information to Subscribers at least fifteen (15) minutes after receipt from Nasdaq and such implementation is detailed in a System Application; or (b) Distributor receives a Delayed GIDS Information feed from a data provider.

What are the reporting requirements for Delayed and Real Time GIDS Information distribution and what are the applicable fees?

Distributors should provide the Summary Usage Report and determine fees in accordance with the below:

• Uncontrolled Products - Uncontrolled Products are defined in the Nasdaq Data Policies. For purposes of reporting the number of GIDS Subscribers and calculating the applicable fees: (a) an Uncontrolled Product distributing GIDS Information internally shall be deemed a Controlled Device; and (b) an Uncontrolled Product distributing GIDS Information externally shall be deemed an Uncontrolled Product.
• Non-Display Subscribers - For purposes of reporting Non-Display distribution, the number of Subscribers shall be the greater of: (a) the number of devices, computer terminals or automated services which are entitled to receive or access the Information and that can modify the application in real-time; or b) the number of Devices [usually servers] that receive and benefit from the Information. Nasdaq may also use the terms “Interrogation Device” or "Device” or “Access”. For more information on Nasdaq’s Non-Display policy, please refer to Data News #2015-9.
• Each Non-Display, Display, Non-Professional and Professional Subscriber shall be classified as an External or Internal Subscriber for purposes of GIDS reporting and fee calculation.
• Additional Reporting - For Distributor’s summary usage reports, Distributor is required to report the number of Subscribers in accordance with the table below as well as any additional reporting requirements detailed herein. Distributor shall also be required to submit a Detailed Usage Report in accordance with the Global Data Policy.
• GIDS Direct Access, Derived, and Hosted Solution usage are subject to additional fees.

What are the additional reporting requirements for Delayed and Real Time GIDS Information distribution?

• Professional and Non-Professional Reporting - Distributors should continue reporting annually the total number of Professional and Non-Professional Subscribers accessing the GIDS Information via a Controlled Device in the NORA system to ensure they are billed correctly within the correct user tier.
• Data Feed Reporting - A Distributor disseminating GIDS Information via a Data Feed including, but not limited to, XML, JSON and CSV, should count the number of its Data Feeds towards its usage tier.

What are examples of Delayed and Real Time GIDS data reporting and fees*?

Example 1: If Distributor provides Real Time GIDS Information to 150 Internal Subscribers, Distributor would: (a) report 150 Internal Subscribers; and (b) pay a monthly fee of $2,500.

Example 2: If Distributor provides Real Time GIDS Information to 1,500 Internal Subscribers and Delayed GIDS Information to 2,000 Internal Subscribers, Distributor would: (a) report 1500 Real Time Internal Subscribers; and (b) pay a monthly fee of $2,500.

Example 3: If Distributor distributes Real Time GIDS Information to 500 Internal Subscribers and distributes Real Time GIDS Information to 300 External Professional Subscribers, Distributor would: (a) report 300 Real Time External Subscribers; and (b) pay a monthly fee of $3,500.

Example 4: If a Distributor distributes Real Time GIDS Information to 50 Internal Subscribers and distributes Delayed GIDS Information to 1000 External Subscribers, Distributor would: (a) report 50 Real Time Internal Subscribers; and (b) pay a monthly fee of $1,850 ($850 for a Real Time Internal License and $1,000 for a GIDS Delayed Distributor Fee-External.

Example 5: If Distributor who distributes Delayed GIDS Information to 300 Internal and 500 External Subscribers, Distributor would: (a) report 500 External Subscribers; and (b) pay a monthly fee of $1,000 for the GIDS Delayed Distributor Fee-External.

Example 6: A Distributor disseminates Real Time GIDS Information to an Uncontrolled website and to 350 External Professional Users via a Controlled device would pay $8,500 for the website and $3,500 for the 350 users on the External controlled device.

Example 8: A Distributor disseminates Real Time GIDS Information via a Controlled device to 10,000 External Non-Professional Subscribers and 2,000 External Professional Subscribers would pay $12,500 per month.

Example 9: A Distributor disseminates Real Time GIDS Information via a Controlled device to 15,000 External Non-Professionals and 1,000 External Professionals would pay $12,500 per month.

Example 10: A Distributor disseminates Real Time External GIDS via a controlled device to 10,000 Non-Professional Subscribers and 20,000 Professional Subscribers, the firm would pay $15,000 per month.

Example 11: A Distributor disseminates Real Time GIDS Information via a Controlled device to 1,500 External Non Professional Subscribers and 2,000 Real Time Internal Professional Subscribers and distributes Delayed GIDS Information to 3,000 External Subscribers. The Distributor would pay the Real Time External license at $8,500 per month.

Example 12: A Distributor disseminates Real Time GIDS Information internally to its 3500 employees on an Uncontrolled device and to 350 External Professional Users via a Controlled device would pay $3,500.

*Based upon current 2016 Fees as of issuance of Data News #2016-1. For most up to date pricing, please see NasdaqTrader.com.

DIRECT ACCESS

Does the Direct Access definition impact distribution models or the Unit of Count that a Distributor can offer to Recipients?

Yes. Distributors accessing Information via a Direct Access connection must report the connection as a Data Feed. Clarification of the Direct Access policy can be found here Data News #2014-14.

DERIVED DATA

What is the Derived license and how is it applied?

The Derived license is a license to create and distribute Derived Data using GIDS Information solely from Nasdaq branded indexes.

The Derived License Fee is in addition to the Distributor Fee; provided that if the Distributor is paying an External Distributor Fee, the Derived License Fee shall be deemed included.

Please refer to the Derived Definition here in the Nasdaq Global Data Policies.

HOSTED SOLUTION

What is a Hosted Solution for GIDS?

A Hosted Solution is defined as a type of Controlled Product that contains Nasdaq Information offered by a Distributor on behalf of another organization, where the Distributor provides Information to that organization’s External Subscribers by creating and administering a website or other system on behalf of that organization, and Distributor substantially controls the system for the purpose of reporting usage or qualification, and the system is labeled, branded, or benefits the other organization.

Distributors must receive prior approval for each Hosted Solution System. After Distributor is granted permission to provide a Hosted Solution, each unique Subscriber may be authorized by the Distributor without prior approval from Nasdaq, noting that Distributors must still follow the Nasdaq Subscriber Agreement Policy regarding any External Subscriber usage. Distributors must submit Detailed Usage Reports containing the firms name, URL and product name for all Hosted Data Solution for downstream clients – both Real-Time and Delayed on a monthly basis if they are not licensed for the Hosted Enterprise license.

Distributors are liable for payment of the applicable Distributor Fees to receive the Information, as well as the applicable Hosted Solution Fees. Distributors are not liable for External Distributor Fees for Hosted Solutions distribution unless they are also distributing such Information on non-Hosted Solutions system.

What are examples of a Hosted Solution?

Distributor provides Information to that organization’s External Subscribers by creating and administering a website or other system on behalf of that organization. Distributor substantially controls the system for the purpose of reporting usage or qualification, and the system is labelled, branded, or benefits the other organization. Distributor provides a customized application containing GIDS Information and other data points to those organizations External Subscribers.

Where can I find additional Information?

• Refer to the Global Index Data Service product page on the Nasdaq Trader website.
• Refer to the Global Data Policies guide.
• Refer to the Global Indexes website for more information about Nasdaq’s index offerings.
• Contact Nasdaq Global Information Services at +1 301 978 5307 or + 45 33 93 33 66.