Common use of Non-Display Data Usage and Other Application Usage Clause in Contracts

Non-Display Data Usage and Other Application Usage. 4.6.1 Non-Display Data Usage pertains to ‘trading based activities’ and includes but is not limited to usage of Data as: semi-automated or automated order/quote generation; order pegging including reverse pegging, mid bid / offer pegging, limit order pegging; price referencing for trading purposes (excluding in the operation of an ATP), automated or semi automated pre-trade risk verification or assessment processes; smart order routing to facilitate trading; arbitrage; order management; execution management, electronic order flow and liquidity management system; market making; ‘black box’ trading; program trading; algorithmic trading1; operating multilateral trading facilities/dark pools. If you require further clarification on a specific instance of Non-Display Usage please contact the relevant Exchange before utilising data in this way. 1 PoV 1algorithmic trading, VWAP/MVWAP/TWAP strategies, target close strategies, monitoring trading strategies, direct market access (DMA trading), implementation shortfall trading, basket trading.

Non-Display Data Usage and Other Application Usage. 4.6.1 Non-Display Data Usage pertains to ‘trading based activities’ and includes but is not limited to usage of Data as: semi-automated or automated order/quote generation; order pegging including reverse pegging, mid bid / offer pegging, limit order pegging; price referencing for trading purposes (excluding in the operation of an ATP), automated or semi automated pre-trade risk verification or assessment processes; smart order routing to facilitate trading; arbitrage; order management; execution management, electronic order flow and liquidity management system; market making; ‘black box’ trading; program trading; algorithmic trading1; operating multilateral trading facilities/dark pools. If you require further clarification on a specific instance of Non-Display Usage please contact the relevant Exchange before utilising data in this way. 1 PoV 1algorithmic trading, VWAP/MVWAP/TWAP strategies, target close strategies, monitoring trading strategies, direct market access (DMA trading), implementation shortfall trading, basket trading.