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Thursday, July 28, 2022

Data News #2022 - 3
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 making additional updates to comply with ESMA guidelines on the MiFIDII/MiFIR obligations on market data.
  • To streamline and facilitate the administration of market data for Nasdaq customers, Nasdaq is removing the requirement to implement a Subscriber Agreement for External Recipients.
  • This update applies to all Distributors and does not require recipients of Market Data to sign a new GDA. This does not impact any other market data agreements, including the Canada Data Agreement (“CDA”).

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 and to further simplify and streamline the GDA by removing the requirement for Distributors to implement Subscriber Agreement or Equivalent for External Recipients. The following are the key material changes to the agreement:

  • Nasdaq has added, revised, and/or removed certain definitions to further comply with MiFID II/MIFIR requirements. Examples include addition of “European Markets” and “Customer” definitions.
  • Nasdaq has eliminated the requirement for Distributors of market data to enter into a Subscriber Agreement with External Recipients.
  • Nasdaq is moving the Non-Professional Qualification Guidance previously contained in the Subscriber Agreement to Nasdaq US Equities and Options Data Policies for the US and to Nasdaq European Data Policies for Europe. Reporting and tracking requirements for Professionals and Non-Professionals will remain unchanged. Additional information regarding tracking and reporting can be found in the US and European policies, respectively.

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 Distributors 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.

Are there any policy updates related to these changes?

Yes. The current U.S. Professional and Non Professional definitions can be found in the Nasdaq US Equities and Options Data Policies. There are no material differences between the definitions added to the US data policy document and those previously contained in the Subscriber Agreement, and are being moved solely because Nasdaq will no longer utilize a Subscriber Agreement for U.S. data. European Professional and Non Professional definitions can be found in the Nasdaq European Data Policies. Links to the Nasdaq Subscriber Agreement will remain for Subscribers of Canadian Market Data.

Who should I contact for additional information?


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