Fees

When are the market data fees charged?

 

Fees for market data and research subscriptions are charged from the date of subscription and on the first business day of each subsequent month for as long as the services are active. Subscription fees are charged based on the number of users who have subscribed to the service on an account. If multiple users have subscribed to the service, multiple fees will be charged to the account. Additional fees are charged for snapshot data requests (see below).

 

Snapshot Data and Delayed Data

By default, users will receive free delayed market data for available exchanges. If needed, users can subscribe to real-time streaming market data for the prices listed in the tables below. Once a subscription is active, the delayed market data will be replaced with the real-time quotes. In addition, clients who do not need streaming real-time quotes will have the ability to request snapshot data from multiple exchanges worldwide. This request will provide a static quote for the instrument. U.S. listed equities are USD 0.01 per quote request and all other instruments are USD 0.03 per quote request. As a courtesy, accounts will receive a waiver of USD 1.00 per month for snapshot quotes. Learn more.

 

Minimum and Maintenance Equity Balance Requirements

CategoryMinimum Equity for Qualification RequirementMinimum Equity for maintenance requirement
Individual accountUSD 2,000.00USD 500.00

Notes:

*Clients whose data terminated du to insufficient equity will need to meet the Qualification Requirement before re-subscribing. The minimum requirements plus the cost of the subscription are required to have the data activated.

Subscription feed are assessed based on the number of users subscribed to the service on an account. If multiple users are subscribed, there will be multiple charges assessed to the account.

We provide real-time streaming market data for the prices listed in the sections below. For the exchanges which we provide, you will automatically receive free delayed market data for financial instruments for which you do not currently hold market data subscriptions.

 

Commission Waivers for Market Data

Select market data service are eligible for commission-related waivers. Waiver-enabled services are identified in Client Portal and/or listed below. Services are waived once the commission threshold is met for each service. Calculations for waivers are not cumulative and are applied first to the highest priced service.

For example, if you subscribe to waiver-enabled services with the following thresholds:

SubscriptionFeeCommission waiver
U.S. Securities Snapshot and Futures Value BundleUSD 10.00USD 30.00
OPRA Top-of-Book (Level 1) (US Option Exchanges)USD 1.50USD 20.00
Shanghai Stock Exchange 5 Second Snapshot (via HKEX)USD 1.00USD 5.00
Shenzhen Stock Exchange 3 Second Snapshot (via HKEX)USD 1.00USD 5.00

Waivers would be applied in descending order based on the commissions waiver.

Commission generatedU.S. Securitires Snapshot and Futures Value BundleOPRA Top-of-Book (Level 1) (U.S. Options Exchanges)Shanghai Stock Exchange 5 Second Snapshot (via HKEX)Shenzhen Stock Exchange 3 Second Snapshot (via HKEX)
USD 60.00YesYesYesYes
USD 30.00YesNoNoNo
USD 25.00NoYesEitherEither
USD 10.00 - 20.00NoNoYesYes
USD 5.00 - 10.00NoNoEitherEither

Classification as non-professional and professional:

Most exchanges and data providers divide customers into the categories "non-professional" and "professional". By default, organizations such as corporations, limited liability companies, partnerships, and other account holders that use data beyond what is used only for personal investment purposes are classified as “professional”. In addition, private individuals can also be considered "professional" if they are registered as a securities or investment advisor or act in a similar function. Traders who are employed by a financial service provider can also be regarded as "professional".

Use the Market Data Subscription Manager

You have decided to subscribe to real-time quotes and are unsure which market data subscription to choose?

The market data subscription manager in the TWS will help you.

Right-click on the security for which you wish to subscribe to real-time quotes and select "Open Market Data Subscription Manager".
Below you will see all the packages that contain real-time quotes for your security. It is important here that you pay attention to the relevant stock exchange and country before you make a selection.

Of course you can also subscribe to real-time quotes within your account management.


General notes

·        Subscriptions are charged on a "per-user name" basis and cannot be shared between user names, even if they belong to the same account.

·        Monthly market data fees are billed to you in the first week of the following month.

·        If a client does not have sufficient cash to pay the market data fees, positions in their account will be liquidated to cover the fees. If a client does not have sufficient funds to pay the market data fees, any remaining funds will be credited against the outstanding market data fees and thereafter the account will be closed.

·        Subscriptions for parts of a month are charged at the full monthly rate.

·        Unsubscribe requests for market data subscriptions received after midnight US EasternStandard Time will be processed with the next day as the effective date.

·         If the equity in a trading account falls below $500 (or equivalent in any other currency), the provision of market data will be suspended. If market data provision has been suspended, the account equity must be increased to at least $2,000 (or equivalent amount in another currency) before market data provision is reactivated.

·         Where applicable, sales tax and/or value added tax (VAT) will be charged based on the applicable laws of the country where the account is located.

·         All data is provided by Global Financial Information Services GmbH.

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