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Exchange Entitlements

Market Data provides access to different types of financial data through various exchange entitlements. These entitlements are required by the exchanges to ensure proper data distribution and compliance. Understanding your entitlements helps you know what type of data you can access.

What Are Entitlements?​

Entitlements are permissions granted by exchanges that allow Market Data to distribute their data to you. Each entitlement requires you to sign specific documentation agreeing to the exchange's terms of service and adhere to their data usage policies.

What Are My Obligations The Exchanges?​

When you request data from an exchange, you take on a set of responsibilities to the exchange that supplies that data. First, you must use the information only for your own business or personal purposes. You cannot sell, redistribute, or share the data with others outside your firm (or outside your immediate household if you are a non-professional individual). The exchanges also prohibit using the data for any illegal purpose or in any misleading or deceptive manner.

The exchanges retain full ownership of the data and their intellectual property rights must be respected. You are required to take reasonable steps to keep the data secure and prevent unauthorized access. In some cases, you may be asked to provide information or allow inspection to ensure compliance with these rules.

You are responsible for paying any applicable fees, taxes, or charges related to receiving the data. Failure to pay on time can lead to suspension or termination of access. The exchanges may also suspend or revoke your right to receive data if you breach the agreement or if regulators require it, often with little to no advance notice.

Finally, you must accept that the data is provided “as is,” without guarantees of accuracy, timeliness, or uninterrupted service. The exchanges limit their liability for losses tied to the data, including trading losses. You also agree to indemnify them against claims or damages that arise from your misuse or violation of the agreements.

Available Entitlements​

Market Data offers three exchange entitlements:

IEX Entitlement​

  • Data Type: Real-time stock quotes and trades
  • Exchange: Investors Exchange (IEX)
  • Benefit: Access to real-time stock data
  • Requirement: Signed IEX data agreement

UTP Entitlement​

  • Data Type: Consolidated UTP data (candlesticks, quotes and trades)
  • Exchange: Unlisted Trading Privileges (UTP) - includes NASDAQ, NYSE, and other major exchanges
  • Benefit: Access to 15-minute delayed intraday stock data from major exchanges
  • Requirement: Signed UTP data agreement

OPRA Entitlement​

  • Data Type: Real-time options quotes and trades
  • Exchange: Options Price Reporting Authority (OPRA)
  • Benefit: Access to real-time options data
  • Requirement: Signed OPRA data agreement

How to Get Your Entitlement​

To receive your entitlement, you need to sign the appropriate exchange agreement:

  1. Log into your account at Market Data Dashboard
  2. Navigate to the Profile section
  3. Review and sign the required agreements for the data you need
  4. Wait for approval (typically processed within 1 business day)

Professional Status Requirements​

Your access also depends on whether you're classified as a professional or non-professional user. Professional users typically receive historical exchange data regardless of entitlements, while non-professional users can also access real-time data with proper entitlements.

Professional users typically defined as:

  • Corporations or business entities
  • Investment advisors
  • Money managers
  • Users who trade on behalf of others

If you're unsure about your professional status, please contact our support team for clarification.

Need Help?​

If you have questions about entitlements or need assistance signing the required agreements, please contact our support team through the Market Data Dashboard.