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Wednesday, October 16, 2019

Data News #2019 - 9
Nasdaq To Modify the Nasdaq Global Subscriber Agreement to Include Nasdaq Canada

Markets Impacted:

  • All Markets

Products Impacted:

  • All Nasdaq Products

Agreement Update:

Contact Information:

What you need to know:

Nasdaq will modify its current Nasdaq Global Subscriber Agreement to include a section highlighting Nasdaq Canada. The inclusion of Nasdaq Canada results in material change to the current Nasdaq Global Subscriber Agreement.

As of Wednesday, October 16, 2019, Nasdaq replaced the Nasdaq OMX Global Subscriber Agreement.

If your firm has chosen the administration option of Distributor Indemnification, you are not required to execute a Nasdaq Global Subscriber Agreement and no action is required.

What is changing?

To highlight the nuances of the Nasdaq Canada market, Nasdaq is modifying the Nasdaq Global Subscriber Agreement. Nasdaq Canada will be covered in section 9 of the Nasdaq Global Subscriber Agreement.

Nasdaq is also updating the agreement to include an Audit and a Reporting section in the Terms and Conditions.

Will my firm need to execute a new Subscriber Agreement with customers?

Depending on the administration option, your firm may need to execute a new subscriber agreement with your customers. As a reminder, Distributor(s) must administer a Nasdaq Global Subscriber Agreement or equivalent to each Subscriber - subscriber firms or individual subscribers. Both current subscribers and new subscribers must be qualified using the Nasdaq Global Subscriber Agreement via one of the following options:

  1. Distributor Indemnification
  2. Incorporation by Reference
  3. Online Subscriber Agreement
  4. Hard Copy Subscriber Agreement

If the Distributor has chosen the option of Distributor Indemnification, they are not required to execute a Nasdaq Global Subscriber Agreement and no action is required.

Where will the new Nasdaq Global Subscriber Agreement be posted?

The Nasdaq Global Subscriber Agreement can be found here.

A Redlined Version of the Nasdaq Global Subscriber Agreement is available here.

When is the Nasdaq Global Subscriber Agreement effective?

The Nasdaq Global Subscriber Agreement is effective immediately. All Distributors must have it executed for current and new subscribers by Tuesday, December 31, 2019.

Is my firm required to wait until January 1, 2020, to begin offering the new Nasdaq Global Subscriber Agreement?

No. Distributors may begin offering this version of the subscriber agreement immediately.

As a Distributor, is my firm required to offer the exact text of the Nasdaq Global Subscriber Agreement?

If your firm offers incorporation by reference, online or hard copy versions to subscribers, your firm must offer the exact text as provided in the Nasdaq Global Subscriber Agreement.

Who should I contact for additional information?

For additional information on the Nasdaq US and European markets, please contact DataOps@Nasdaq.com at +1 301 978 5307.

For additional information on the Nasdaq Canada market, please contact Ca.MarketData@Nasdaq.com at +1 301 978 5307.


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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

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