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

Non-Display Data Usage and Other Applications Usage. 4.6.1 Non-Display Data Usage pertains to ‘trading based activities’ and includes but is not limited to usage of Data as: part of semi-automated or automated order/quote generation; order pegging; price referencing for trading purposes (including but not limited to CFD and/or spread betting platforms); smart order routing to facilitate trading; order management; execution management; market making; ‘black box’ trading; algorithmic trading; program trading; operating multilateral trading facilities If you require further clarification on a specific instance of Non-Display Usage please contact the relevant Exchange before utilising data in this way. 4.6.2 All Non-Display Usage of Data is subject to payment of the Application Usage Charges appropriate to the Data utilised (see Schedule B). 4.6.3 Where a Customer redistributes Borsa Italiana Data, and uses the same Data internally for Non-Display purposes, the higher usage/licence fee is applicable. For example: Customer “Z” uses Borsa Italiana AFF Level 1 Data in internal Non- Display applications and also redistributes Borsa Italiana AFF Level 2 (20 depth) Data to its external users. Customer “Z” is required to hold a AFF level 2 (20 depth) licence. 4.6.4 All Other Application Usage is subject to payment of the Application Usage Charges appropriate to the Data utilised (see Schedule B). If you require further clarification on a specific instance of Other Applications Usage please contact the relevant Exchange before utilising data in this way.

Non-Display Data Usage and Other Applications Usage. 4.6.1 Non-Display Data Usage pertains to ‘„trading based activities’ activities‟ and includes but is not limited to usage of Data as: part of semi-automated or automated order/quote generation; order pegging; price referencing for trading purposes (including but not limited to CFD and/or spread betting platforms); smart order routing to facilitate trading; order management; execution management; market making; ‘„black box’ box‟ trading; algorithmic trading; program trading; operating multilateral trading facilities If you require further clarification on a specific instance of Non-Display Usage please contact the relevant Exchange before utilising data in this way. 4.6.2 All Non-Display Usage of Data is subject to payment of the Application Usage Charges appropriate to the Data utilised (see Schedule B). 4.6.3 Where a Customer redistributes Borsa Italiana Data, and uses the same Data internally for Non-Display purposes, the higher usage/licence fee is applicable. For example: Customer “Z” uses Borsa Italiana AFF Level 1 Data in internal Non- Display applications and also redistributes Borsa Italiana AFF Level 2 (20 depth) Data to its external users. Customer “Z” is required to hold a AFF level 2 (20 depth) licence. 4.6.4 All Other Application Usage is subject to payment of the Application Usage Charges appropriate to the Data utilised (see Schedule B). If you require further clarification on a specific instance of Other Applications Usage please contact the relevant Exchange before utilising data in this way.

Non-Display Data Usage and Other Applications Usage. 4.6.1 Non-Display Data Usage pertains to ‘trading based activities’ and includes but is not limited to usage of Data as: part of semi-automated or automated order/quote generation; order pegging; price referencing for trading purposes (including but not limited to CFD and/or spread betting platforms); arbitrage; smart order routing to facilitate trading; order management; execution management; market making; ‘black box’ trading; algorithmic trading; program trading; operating multilateral trading facilities If you require further clarification on a specific instance of Non-Display Usage please contact the relevant Exchange before utilising data in this way. 4.6.2 All Non-Display Usage of Data is subject to payment of the Application Usage Charges appropriate to the Data utilised (see Schedule B). 4.6.3 Where a Customer redistributes has an agreement directly in place with the Exchange for the purpose of redistribution of Borsa Italiana Data, and uses the same Data internally for Non-Display purposes, the higher usage/licence fee is applicable. For example: Customer “Z” uses Borsa Italiana AFF Level 1 Data in internal Non- Display applications and also redistributes Borsa Italiana AFF Level 2 (20 depth) Data to its external users. Customer “Z” is required to hold a AFF level 2 (20 depth) licence. 4.6.4 All Other Application Usage is subject to payment of the Application Usage Charges appropriate to the Data utilised (see Schedule B). If you require further clarification on a specific instance of Other Applications Usage please contact the relevant Exchange before utilising data in this way.