CME Market Data
The CME Group has updated its market data policies. Along with pricing updates, the new CME policies introduce both a market data non-professional policy and a market data non-display policy. For further details, please refer to the exchange at: http://www.cmegroup.com/market-data/distributor/tools-and-resources.html
In addition, refer to the general exchange items listed in the topic called Market Data Users at:
All TT customers who have control over market data entitlements for end users in TT User Setup, including TTNET-hosted customers, are likely considered Distributors of CME market data. According to CME policies, all Distributors must have policies in place to control and report data usage to CME. Distributors are also invoiced for end-user market data fees.
TTNET is not currently able to serve as a data vendor and report market data use and distribution to CME, nor can TTNET receive invoices for customer market data usage. As such, it is the customer’s responsibility to provide any required information to CME and manage any invoices for market data usage.
Professional vs. Non-Professional Market Data Policy
Distributors of market data who use TT systems must ensure that they correctly identify all professional, non-professional, and grandfathered subscribers. For more information, customers should refer to CME’s definitions of different types located at: http://www.cmegroup.com/market-data/distributor/files/market-data-policy-changes-2014.pdf
Display vs. Non-Display Market Data Policy
Distributors of CME market data who use the following TT products should contact the exchange to evaluate if their usage is categorized as non-display:
- FIX Adapter that is enabled for market data
- X_TRADER API applications
- TT API applications
CME requires all Distributors of market data to report their use and distribution of CME information to the exchange monthly. TT User Setup allows customers to enable or disable the receipt of market data for a given product group on a per end-user basis. Additionally, a CME-specific report can be generated that contains all users permissioned to see data, as well as users’ CME product group entitlements. This report can help generate the usage report that must be submitted to CME.
TT User Setup contains additional fields to aid in reporting:
- Grandfathered (available in 7.17.41 and higher): sets whether the user is tagged as eligible for the Grandfathered status for the particular exchange.
- Netting (available in 7.17.41 and higher): sets the netting organization for Netting Program Participants.
- User Last Login (available in 7.17.41 and higher): sets the date of the last time a particular user logged into the trading system.
- Status (available in 7.17.40 and higher): sets whether a user is in Active or Inactive status.
- Maximum Concurrent Login (available in 7.17.31 and higher): sets a limit to the maximum number of simultaneous logins for a particular user.
- User Groups (available in 7.17.24 and higher)
- User Defined Fields (available in 7.17.24 and higher)
Clients need to be upgraded to set new fields, such as "Grandfathered." However, generating a report with the new fields only requires the TTUS server to be upgraded.
For more information on configuring these fields in TT User Setup, refer to the Applying CME Market Data Settings section in the TT User Setup help.
In addition to the usage report, Distributors must collect and submit the following data to the exchange:
- Start date on which market data is enabled for the user.
- Number of concurrent logins/devices for which the user is enabled.
- Categorization of end users as professional, non-professional, or grandfathered.
For further reporting details, please refer to CME Group’s website.