I have already answered that for you. It is per subscriber. The subscriber is the account owner not each user.
Apparently the NYSE is under scrutiny from SEC concerning their market data fees and they are welcoming public comments before the end of 2016. I don't know if non-display fees are targeted though. http://www.tradersmagazine.com/news...-quality-fairness-and-cost-115785-1.html?pg=1
Yes. For non-HFT, with an IB account, only a fool would pay for a data feed. Remember, your goal as a daytrader is to predict volatility. This means fast moving market assessments. Retail tick data providers choke up during these cycles. IB data holds up well, even through their API.
The willful choice to charge by firm and not by user reveals the complete corruption of the regulatory agencies. It is absolutely designed to discriminate against individual algorithmic traders, indeed to keep them out of the market entirely.
I just don't think the SEC should have approved the non-display fees without an exemption for the public customer. OPRA has provided an exemption for some customers (After they raised their fee to $2000/month!). I'd like to see the NYSE offer the same. https://www.opradata.com/pdf/fee_schedule.pdf The Category 1 Non-Display Fee shall not apply in the case of an OPRA data recipient during any complete calendar month during which the data recipient (i) has a single UserID (a single natural person) that uses OPRA data for Non-Display Use for the benefit of that UserID and (ii) is not a broker-dealer and does not place more than 390 orders in listed options per day on average during the calendar month (counting orders for this purpose in accordance with the rules of the OPRA Participant exchanges to which it submits orders during the month) for its own beneficial account(s).
Eric Scott Hunsader from Nanex has talked about the non-display fees issue. Bloomberg has sent a comment to stop these insane fees: https://www.sec.gov/comments/sr-ctacq-2017-02/ctacq201702-1710668-150186.pdf SINFA https://www.sec.gov/comments/sr-ctacq-2017-02/ctacq201702-1710463-150167.pdf DTN https://www.sec.gov/comments/sr-ctacq-2017-02/ctacq201702-150163.htm https://www.sec.gov/comments/sr-ctacq-2017-02/ctacq201702.htm Robert, have you had a look at these documents?
WOW! Great post, Joan. Thank you. I have to read through this stuff. At first glance, I don't think that it's going to change much. The whole point is to paywall algorithmic trading, to keep those profits in the Inner Sanctum.