Please also see Nasdaq Data Policy document:

Transcription

1 2019 Version 1.0

2 Baltic Market Data Price List valid from: January 1, 2019 Definitions... 3 DISTRIBUTION LICENSE FEES... 4 Real-Time Distributor Fees... 4 Delayed Data Distributor Fees... 7 Managed Data Solutions Distributor Fees... 8 PROFESSIONAL/BUSINESS USER FEES... 9 Real-Time Data Fees... 9 Delayed Data Subscriber Fees End-of-Day Data Corporate Actions Data Derived Data Non-Display Data Baltic Index Data PRIVATE INDIVIDUAL USER FEES Real-Time Data Fees TECHNICAL FEES DOCUMENT UPDATES Please also see Nasdaq Data Policy document: 2

3 Business / Professional Delayed End-of-day Post-trade data Pre-trade data Private / Non-Professional Refers to any business, professional or commercial data usage. Definition and use-cases also available here: ntsdata/subagreemstandalone.pdf A period of time after which Information becomes Delayed Information, as specified by Nasdaq; by default 15 minutes. Information which is available for use after official market close. Trade data available after a specific trade is complete. Order data available before a trade is complete. Refers to any use of data that is not for business, professional or other commercial purpose. Definition and use-cases also available here: ntsdata/subagreemstandalone.pdf Real-time data Snapshot Subscriber Information that is available for use with a time delay of less than the defined delayed time period. Data Fees for per Individual Price Quote query. General term for receiver of data for internal usage. 3

4 Right to receive a real-time data feed containing Baltic Equity & Fixed Income information for internal distribution only. The External Distributor Fee for a data product generally includes the Internal Distributor Fee for that data product. The Baltic and Delayed Data Feed Recipient fee will be applied to Distributors that receive a delayed data feed. If the information is received in real-time and then delayed by the Distributor, the Distributor will be entitled to the information in a delayed format free of charge. Distributor fee/ month Description Baltic Internal Distributor Business 50 Enterprise Subscriber fees based upon the products received applies. 4

5 Right to receive and distribute data externally. Includes bid/ask, price and volume, individual trades including off book and OTC, indicative and firm uncrossing price and volume, real time and end of day statistics, index values and components. The External Business Distributor Fee for a data product generally includes the Internal Distributor Fee and Private distributor fee for that data product. Baltic Equity data from trading system INET is available from Nasdaq via Genium Consolidated Feed (GCF) and via direct INET ITCH feeds (Multicast or TCP). Baltic Fixed Income data from trading system Genium INET is available from Nasdaq via Genium Consolidated Feed (GCF) and via OMET API. 50% discount for members of Nasdaq Baltic Exchanges. Baltic Equity & Fixed Income Distributor Level 1 - Business Baltic Equity & Fixed Income Distributor Level 2 & TotalView - Business Baltic Equity & Fixed Income Distributor TotalView and Level 2 Private Baltic Equity & Fixed Income Distributor level 1 Private Distributor fee/ month License type 670 Enterprise 920 Enterprise 210 Enterprise 125 Enterprise Description Distributor Fees for Baltic Equity Last Sale included. Distributor Fees for Baltic Equity Last Sale included. Distributor Fees for Baltic Equity Last Sale included. Distributor Fees for Baltic Equity Last Sale included. Fees apply per ISIN and per Data Feed Recipient authorized by Distributor to redistribute Real-Time Information. Permits Distributor to display Baltic Equity Last Sale Information for issuer's listed securities. Fee/ year Baltic Equity Last Sale Issuer Per ISIN 5

6 Right to display Level 1 Delayed Information on a moving ticker or TV text. Fee/ month Baltic Ticker/TV Text 45 Enterprise 6

7 Unlimited redistribution, resale and redistribution on retransmission data feed products of 15 minute delayed information for Level 1 and Level 2 Baltic Equities & Fixed Income data and Baltic index values. Distributor fee/ month 335 Enterprise Baltic delayed per ISIN for commercial use Subscriber fee/ year 500 Per ISIN Description Right to receive and publish 15-minute delayed information for issuer's listed securities. 7

8 A Managed Data Solution is any product containing certain normalized Nasdaq Information in which Nasdaq allows the Distributor to report a managed Data Feed under a Managed Data Solution fee schedule when the Subscriber or Recipient uses Nasdaq Information internally only, in an application, server, or similar service, and the Distributor controls the entitlements. Distribution of a Nasdaq Baltic real time market data product for subscriber or recipient usage in internal applications, servers, or similar services where the Distributor controls the entitlement. The usage-reporting obligation resides with the Distributor, based on per Recipient. Display or non-display usage-fees apply per Managed Solution Subscriber are applicable, and supplemental to the Baltic Equity & Fixed Income Managed Data Solution Fee. Baltic Equity & Fixed Income - Business Baltic Equity & Fixed Income - Private Distributor fee/ month MDS Per recipient fee * 50 Distributor 30 5 Distributor Description *Dependent externally distributed Equity market data product. 8

9 For all Non-Private Subscribers. Real-time market data and real-time analytics data. Corresponding distributor fees applies. Includes instrument reference data and real-time orderbook data for Baltic Equity and related instruments on Nasdaq Baltic exchanges. (Riga, Tallinn, Vilnius) Baltic Equity & Fixed Income TotalView Baltic Equity& Fixed Income Level 2 Baltic Equity & Fixed Income Level 1 Subscriber fee/ month 22 Per Subscriber 19 Per Subscriber 14 Per Subscriber Description Includes bid/ask price and volume aggregated at 20 price levels (GCF) or full depth (ITCH) of the book with all quotes and orders, real time and end of day statistics, Liquidity Measure Indicators, Baltic index values and components. Includes bid/ask price and volume aggregated at 10 price levels, real time and end of day statistics, Baltic index values and components. Includes single best bid/ask price and volume, real time and end of day statistics and Baltic index values and components. 9

10 Covers Equity and Fixed Income. Corresponding distributor fee applies. Snapshot fee Baltic Snapshots 0,02 Per Query 10

11 MiFID II requires that all trading venues provide pre-trade and post-trade data in an unbundled fashion. The Baltic base products are based on disaggregated data by the criteria documented in RTS 14, and are made available in Genium Consolidated Feed (GCF). Includes instrument reference data and real-time orderbook data for Baltic Equity and related instruments on Nasdaq Baltic exchanges. (Riga, Tallinn, Vilnius) Subscriber fee/ month Description Pre-trade TotalView 18 Per Subscriber Aggregated 20 orderbook levels Pre-trade Level 2 15 Per Subscriber Aggregated 5 orderbook levels Pre-trade Level 1 11 Per Subscriber 1 orderbook level Post-trade 5 Per Subscriber Includes instrument reference data and real-time last sale price data for Baltic Equity & Fixed Income and related instruments on Nasdaq Baltic exchanges. (Riga, Tallinn, Vilnius) 11

12 Data is delayed when disseminated at least 15 minutes after Nasdaq releases the information. Delayed information covers Level 1 & Level 2 Intraday information. Please also see: Baltic Delayed Redistribution Subscriber License Subscriber fee/ month 335 Per subscriber Description For Baltic- Equity & Fixed Income and Baltic index values. 12

13 End-of-day files for internal usage in TIP format available via File Delivery Service (FDS). Baltic Equity & Fixed Income Subscriber fee/ month License type Description 170 Enterprise End-of-Day file Baltic Index 125 Enterprise Baltic Fund List End-of-Day 210 End-of-Day file End-of-Day file containing: Listing details (ISIN, ticker code, etc.), Index value (opening, closing, highest and lowest), and Percentage change to previous closing value. Baltic Corporate Actions data is distributed weekly by the Baltic Exchanges. Subscription fee/ month Baltic Corporate Actions Weekly 125 Enterprise 13

14 Derived Data is any information generated in whole or in part from Exchange Information such that the information generated cannot be reverse engineered to recreate Exchange Information, or be used to create other data that is recognizable as a reasonable substitute for such Exchange Information. Reference data files in TIP format delivered via File Delivery Service (FDS). The right to utilize Nasdaq Baltic real time price/volume data (pre- & post trade) to derive new original works for unlimited distribution to controlled products provided the new original works cannot be reverse engineered in any way back to the underlying Nasdaq Baltic market data. Derived Data that contains price data is generally fee-liable at the underlying product rates. Derived Data that is distributed internally or externally to controlled products in real-time is fee-liable as part of the payment of the Baltic Derived Data Distribution Fee. Baltic Derived Data is free when provided to current Subscribers of that same level of Baltic Data. Does not include creation of indexes which requires payment of the Baltic Index Calculation License. Subscription fee/ month Baltic Equity & Fixed Income 500 Enterprise 14

15 Non-Display usage is any method of accessing Exchange Information other than Display Usage. Non-Display Usage is a means of accessing Nasdaq data that involves automated access or use by a machine, without access or use of a Display by a natural person or persons. Please also see announcement on Baltic Non-display (October 3, 2017): Category 1 Non-Display: Covers a firm s non-display trading-based activities as trading firms and for the purpose of customer business facilitation. Includes: order routing, fully automated trading, and trading with manual intervention. (Also includes Category -2 usage outlined below). : Enterprise Fee/ month Baltic Equity & Fixed Income 150 Category 2 Non-Display: Covers non-trading non-display activities for the purpose of calculation and verification such as but not limited to: portfolio valuation, administration, risk calculations, analysis, and fund management. : Enterprise Fee/ month Baltic Equity & Fixed Income 50 15

16 : Enterprise Fee/ month Baltic Equity & Fixed Income 300 Trading Platform: Distributors or Recipients operating a Trading Platform (including but not limited to: Multilateral Trading Facilities (MTF), Organized Trading Facilities (OTF), dark pools, broker crossing networks, systematic internalization systems, alternative trading systems, crossing networks are liable for the Trading Platform fee. : Subscription fee per Recipient Managed Data Solution firm Fee/ month Description Baltic Equity & Fixed Income 150 Per Recipient Managed Data Solution firm 16

17 : Enterprise license Fee/ month Description Baltic Index Redistribution License 170 Unlimited redistribution of Baltic Index real-time values from Genium Consolidated Feed (GCF) to controlled and/or data feed products. : Enterprise license Fee/ month Description Baltic Index Calculation License 350 Right to calculate index values and weights from Baltic real-time Information and distribute internally and externally. Global Index Watch (GIW) is a web application for all Nasdaq index data including index weights and components data. Includes file delivery services via FTP Global Index Flex-File Delivery (GIFFD). GIDS provides data recipients, either directly or through a third-party distributor, the opportunity to reduce network, administrative and data center costs by taking one index data feed, rather than many. Read more about the services here: or contact DL-GISSales@nasdaq.com 17

18 For persons with the purpose of managing the Subscriber s own personal investments and not for any business purpose. Please review Subscriber Agreement Policy: for definitions. Lowest latency, highest granularity orderbook real-time market data and real-time analytics data. Baltic Equity & Fixed Income TotalView Baltic Equity & Fixed Income Level 2 Baltic Equity & Fixed Income Level 1 Subscriber fee/ month 2,40 Per Subscriber 1,60 Per Subscriber 0,80 Per Subscriber Description Includes bid/ask price and volume (aggregated at 20 price levels in Genium Consolidated Feed (GCF) or full depth of the book with all quotes and orders via direct feed). Includes Liquidity Measure Indicators, OTC, indicative and firm uncrossing price and volume, end of day statistics and index values. Includes bid/ask price and volume aggregated at ten price levels, individual trades including off book and OTC, indicative and firm uncrossing price and volume, real time and end of day statistics, index values and components. Includes single best bid/ask price and volume, individual trades including off book and OTC, indicative and firm uncrossing price and volume, real time and end of day statistics, index values and components. 18

19 For Members of Nasdaq Baltic exchanges. Baltic Equity & Fixed Income TotalView Baltic Equity & Fixed Income Level 2 Baltic Equity & Fixed Income Level 1 Subscriber fee/ month Description 0,75 Per Subscriber Baltic Member Private Use access fees apply exclusively to Private Use Subscribers with an active custody account with the member of a Baltic Exchange. This rate is for Internet traders. 0,50 Per Subscriber Baltic Member Private Use access fees apply exclusively to Private Use Subscribers with an active custody account with the member of a Baltic Exchange. This rate is for Internet traders. 0,25 Per Subscriber Baltic Member Private Use access fees apply exclusively to Private Use Subscribers with an active custody account with the member of a Baltic Exchange. This rate is for Internet traders. 19

20 License to provide Nasdaq Baltic data via Extranet. Price is based on number of clients connecting to an extranet. fee/ month Baltic Equity and Fixed Income Extranet Provider 200 Per Extranet customer 20

21 Document updates provide insight into changes of data policies. Major price or policy updates will be identified by a new release (Currently: 2019 version 1.0). Minor technical updates will be identified by version (e.g. X.1). REVISION HISTORY DATE/VERSION CHANGE 2019 version 1.0 Document initiated 21