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Thursday, February 3, 2022

Data News #2022 - 2
Nasdaq Updates the Nasdaq Global Data Agreement

Markets Impacted:

  • All Markets

Agreement Update:

  • Nasdaq Global Data Agreement (GDA)

Contact Information:

References:

What you need to know:

  • Nasdaq is standardizing certain terminology within the Global Data Agreement in accordance with MiFID II and MIFIR obligations and to align to the Nasdaq Rulebook.
  • Nasdaq is making additional updates to comply with MiFID II and MIFIR obligations.
  • Nasdaq is updating the agreement to simplify and streamline Global Data Agreement submission requirements and processing.
  • This update applies to all Distributors and does not require signing a new agreement.

What is changing?

Nasdaq is proposing certain amendments and clarifications to the current version of the Global Data Agreement (GDA) to comply with MiFID II and MIFIR obligations, to align the GDA with the Nasdaq Rulebook and to simplify and streamline the GDA submission requirements and processing. The following are the key material changes to the agreement:

  • Nasdaq has lowered the interest rate for late payment and audit findings from 1.5% per month to 9% per annum.
  • Nasdaq no longer requires a Distributor to submit a System Application and System Description in all cases. System Applications and System Description shall only be required when detailed within the Nasdaq Requirements. Additionally, System Applications and System Descriptions shall not be subject to Nasdaq’s approval. For information when this is required an FAQ is provided here.
  • Nasdaq has added, revised, and/or removed certain definitions to comply with MiFID II/MIFIR, align with the Nasdaq Rulebook, and streamline the GDA. Examples include addition of Derived Data definition to align with the Nasdaq Rulebook; removal of System Application and System Description based on the above, and updates to the Recipient definition to streamline the document.
  • Update to Annex 1 to reflect the current legal entities and principal place of business.


The updated version can be accessed here and a redlined version here.

Why has a Data News Alert been issued?

This Data News Alert serves as notification that Nasdaq is proposing amending the terms of the GDA in accordance with Section 22 of the current Agreement. Pursuant to the Agreement, the means of notifying Subscriber may include, but not be limited to, posting on Nasdaq Trader. Except as otherwise detailed in current Agreement, use of the Services provided under the Agreement by Distributor ninety (90) days from the date of this Alert shall be deemed acceptance of the amended terms. If there are specific use cases not covered below or if you have additional questions, please reach out to your Sales Representative.

Does my firm need to sign a new agreement?

No. Distributors are not required to execute the new version of the Nasdaq Global Data Agreement if a previous version has been executed.

Who should I contact for additional information?


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