pro quote fees for prop traders

Discussion in 'Prop Firms' started by JohnTack, Oct 3, 2007.

  1. JohnTack


    Is it true that all traders of LLC's should pay for quotes as pro.
    In which document of nyse/nasdaq it states?
  2. iqfeed

    iqfeed DTN


    Nonprofessional user service
    All users are considered “professional” until the vendor properly qualifies him/her as a nonprofessional. A nonprofessional user is an individual who uses NYSE data for personal, non-business use. Authorization requests do not need to be submitted to NYSE before permissioning the individual, however, the vendor must qualify each individual to confirm their intended use of the data.

    In addition, a nonprofessional must not be:

    --Registered or qualified with the SEC (Securities Exchange Commission), the Commodity Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association.
    --Engaged as an investment advisor.
    --Employed by a bank or other organization that is exempt from registration under Federal and/or state securities laws to perform functions that would require him or her to be so registered or qualified if he or she were to perform such functions for an organization not so exempt.

    It is the responsibility of the vendor to qualify each nonprofessional user according to all of the above points. For each nonprofessional user, an Exhibit B – Non Professional Usage Addendum must be completed and retained by the vendor. NYSE does not require a copy, but reserves the right to request it along with additional details related to their nonprofessional status.
  3. JohnTack


    So are you guys payng pro or non pro qutes?

    I heard even if you pay non pro quotes at pro nyse can catch you and backcharge for all previes month paying as non-pro.
  4. iqfeed

    iqfeed DTN

    We are a data vendor. I can tell you that the exchanges audit our records annually and can see users who signed up as Non-pro and pro. There have been cases where professional users were caught and backbilled full, professional fees.
  5. The good news is that, as members, our traders get complete dde links for all the exchange data, and can use sophisticated excel and other programs to view and manipulate the data for free...thus eliminating the need, in many cases, for outside vending services.

    The Excel "RediPlus" add-in is pretty easy to use.

    Some vendor services are still attractive to some, everyone should pick and choose the tools they need to make good money.