The Athens Exchange (ATHEX), following the 08-10-2008 decision of the Board of Directors (BoD), announces a new pricing policy regarding the ATHEX real time Market Data Feed products and services, for the period 2009-2010.
The main objective of the new ATHEX pricing policy is to harmonize and achieve convergence with the pricing policy and best practices applied by its peer group of European Exchanges. These changes aim to enable the ATHEX market data feed customers to offer new information products/services and finally redistribute the ATHEX Data Feed to more end users/investors.
The above-mentioned objective will be accomplished by the following measures:
- Decreasing the price discrepancy between the ATHEX and European Exchanges fee schedules (annually fixed and monthly variable fees).
- Introducing new Market Data Feed products/services (such as non display data, Full Order Depth, etc), according to the new ATHEX technical specifications announced on 19/9/2008.
- Facilitating smooth transition from the current ATHEX Data Feed pricing policy to the new one (having in mind that ATHEX has not increased any fees since year 2006).
More specifically, the aforementioned changes, vis-à-vis the current Data Feed pricing policy, are the following:
- The current annual fixed fees are being reduced, as presented below:
ANNUAL FIXED FEE CURRENT PRICE NEW PRICE Change SECURITIES MARKET – DATA VENDOR € 24,722 € 20,000 -19.10% SECURITIES MARKET – SUBVENDOR € 18,312 € 14,000 -23.55% SECURITIES MARKET – ATHEX MEMBERS € 13,734 € 10,000 -27.19% DERIVATIVES MARKET € 12,819 € 10,000 -21.99% FTSE/ATHEX INDICES € 1,830 € 1,830 0.00% In addition:
- For Data Vendors entitled for receiving Securities, Derivatives and FTSE/ATHEX Indices data feed, the aggregate annual fixed fee is set to €30,000 (= 28,170 for the Securities and Derivatives feed + 1,830 for FTSE/ATHEX Indices), instead of €31,830.
- For new ATHEX customers (Data Vendors/Subvendors etc) the fixed fees presented above are not applicable for the first 6 months. For the following 12 months a 30% discount is applied for ATHEX Securities and Derivatives data fees.
- All current gradual discounts on the monthly variable fees, based on the number of terminals / end users in the quarterly reports submitted to the ATHEX, are abolished. Current higher scale price per terminal / end user is decreased to a new price, according to the following table:
ATHEX INFORMATION PRODUCT CURRENT HIGHER SCALE PRICE NEW PRICE Change ATHEX SECURITIES LEVEL 1 (1BBO) – PROFESSIONAL USERS € 10.68 € 7.00 -34.46% ATHEX SECURITIES LEVEL 2 (5BBO) – PROFESSIONAL USERS € 12.50 € 10.50 -16.00% ATHEX DERIVATIVES LEVEL 1 (1BBO) – PROFESSIONAL USERS € 3.05 € 2.00 -34.43% ATHEX DERIVATIVES LEVEL 2 (5BBO) – PROFESSIONAL USERS € 6.25 € 5.00 -20.00% ATHEX SECURITIES LEVEL 1 – NON PROFESSIONAL USERS € 3.00 € 1.00 -66.67% ATHEX DERIVATIVES LEVEL 1 – NON PROFESSIONAL USERS € 1.38 € 1.00 -27.54% More specifically:
- Regarding the “ATHEX SECURITIES LEVEL 2 (5BBO) – PROFESSIONAL USERS” product: the new monthly charge up to €10.50 per terminal / end user will be introduced gradually, in three steps, as follows: €8 for the first half of year 2009, €9 for the second half of year 2009 and €10.5 for the year 2010.
- For Non-Professional Users the limitation of simultaneous display of maximum 40 instruments per information product is abolished.
- The monthly variable fees for Mobile phone or Pager devices are reduced, as follows:
Any Information Product Information Level 1 – 1BBO Number of devices (Mobiles/Pagers) Current price New price Change 1-50.000 € 3,00 € 1,00 -66,67% 50.001 or more € 2,00 € 1,00 -50,00% - A new product called “Non Display Data” is introduced. The redistribution license for «Non Display Data» is granted to the ATHEX vendors/subvendors (or to their corporate clients under specific conditions), according to the following:
A. «Non Display Data» Information Product description:
- The «Non Display Data» information is generated by processing the ATHEX real time data feed.
- The end user is receiving only the “Non Display Data“ information rather than the original ATHEX data feed information.
- It is not possible for the end user to re-create the original ATHEX data feed information (reverse engineering).
- The «Non Display Data» Redistribution License (in real time or delayed time) is granted to Data Vendors/Subvendors or Data Consumers (Vendor/Subvendor clients) on the condition that they will provide prior written notice to the Exchange.
- The Data Vendors/Subvendors (ATHEX counterparty) have to report the «Non Display Data» clients (Data Consumers), in the quarterly reports submitted to the Exchange
- The Market Data Vendors/Subvendors’ corporate clients are allowed to receive real time data feed in order to redistribute internally, without the obligation to sign a Subvendor contract with the ATHEX. The Vendors/Subvendors (ATHEX counterparty) should report the corporate client’s terminals and pay according to the ATHEX pricing policy.
- A new information product called “FTSE/ATHEX out of Ticker” is introduced at the annual fixed price of €1,000 per index.
- A new information product called “ATHEX Securities Market Full Order Depth” is introduced, according to the new technical specification announced on September 19, 2008. The respective monthly price is set to €25 per terminal/enduser.
Furthermore, in the framework of the Common Platform partnership between the Athens Exchange (ATHEX) and Cyprus Stock Exchange (CSE), the ATHEX Board of Directors approved the enhancement of the current commercial agreement for Market Data Services (MDS) between the two Exchanges. Based on the above mentioned decision, , ATHEX data feed customers will have the option to receive CSE real time data feed subject to their ATHEX contract, with the following pricing policy:
- No fixed annual fees or gradual discounts on variable monthly fees
- The CSE Level 2 (BBO5) information product’s monthly price is set to € 2 per terminal / end user.
- The CSE Level 1 (BB01) information product’s monthly price is set to € 1 per terminal / end user.
- The CSE Non professional information product monthly’s price is set to € 1 per terminal / end user.
