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Wednesday, July 19, 2017

UTP Vendor Alert #2017 - 6
UTP Plan Releases Version 2017.03 of Vendor Agreement for UTP Level 1 Services

Markets Impacted:

  • UTP/SIP

Products Impacted:

  • UTP Quotation Data Feed (UQDF)
  • UTP Trade Data Feed (UTDF)
  • Bulletin Board Dissemination Service (BBDS)
  • Trade Data Dissemination Service (TDDS)

Contact Information:

What you need to know:

  • Recently, the UTP Plan Participants approved an updated version of the UTP Vendor Agreement for release.
  • A redlined document detailing the changes from the last posted 2007.05 version to the 2017.03 version is available at UTP Data Agreement - Redline. Certain Vendors may be operating under prior versions of the UTP Vendor Agreement.
  • Nasdaq, as Administrator of the UTP Plan, is altering the terms of the UTP Vendor Agreement, and is in the process of providing formal notice of that change to all signatories. If you fail to receive such notice by August 15, 2017, please notify UTP Administration immediately, as failure to follow the current terms of the UTP Vendor Agreement may result in an interruption of service.
 

What is changing?

Recently, the UTP Plan Participants approved and released an updated version of the UTP Vendor Agreement. A redlined agreement is available at UTP Vendor Agreement - Redline. Nasdaq, as the Administrator of the UTP Plan, will work with Vendors to replace all prior versions of the agreements applicable to UTP Information.

Does my firm need to sign a new agreement?

Most likely, no. In an effort to simplify the paperwork, Vendors on more recently executed agreements are not required to execute the new version of the UTP Vendor Agreement. In some instances, a Vendor’s prior agreement will be terminated and the Vendor will be required to resign the current version of the UTP Vendor Agreement. In such cases, Nasdaq, as Administrator for the UTP Plan, will contact Vendors individually. Please expect custom instructions to be delivered to your email or mailbox.

What items have been updated in the agreement?

The UTP Participants believe the new version of the UTP Vendor Agreement reflects more favorable terms than the 2007 version, including:

  • Updated the website reference to www.utpplan.com
  • Clarified the possible requirement to provide a Certified Report frequency to “no more than once per year”
  • Changed some instances of “best efforts” to ”reasonable best efforts” or “commercially reasonable efforts”

Are there any new fees associated with this change?

No. The UTP Level 1 fees will remain the same.

Will a redline version of the UTP Data Agreement be posted?

Yes, a redline version can be found here: UTP Vendor Agreement - Redlined.

Where can I find additional information?

  • As a reminder, all UTP Level 1 agreements, policies, and pricing can be found at www.utpplan.com.
  • For more information on the policies, agreements and forms, please contact UTP Plan Administration at +1 301 978 8080.
  • For questions about the UTP Data Feed products, please contact UTP Technical Operations at +1 203 926 3400.