Non-Professional Subscriber Policy

This document is intended to clarify the conditions under which an individual may qualify for the Non-Professional Subscriber rates for exchange Market Data products. Distributors are required to verify the status of any subscriber applying to receive data at the Non-Professional Subscriber rate.

If the exchanges finds that the vendor has incorrectly qualified a professional subscriber as non-professional, the vendor will be liable for retroactive fees billed by the exchanges for the subscriber at the professional rate.

DEFINITION

“Non-professional Subscriber" refers to any natural person who receives market data solely for his/her personal, non-business use and who is not a “Securities Professional,” meaning that the person is:

  • A

    not registered or qualified with the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange/association, or any commodities/futures contract market/association; an

  • B

    not engaged as an "investment advisor," as that term is defined in Section 202(a)(11) of the Investment Advisers Act of 1940 (whether or not registered or qualified under that Act); and

  • C

    not employed by a bank or other organization exempt from registration under Federal and/or state securities laws to perform functions that would require him/her to be so registered or qualified if he/she were to perform such functions for an organization not so exempt.

A person who works outside of the United States will be considered a “Securities Professional” if he or she performs the same functions as someone who would be considered a “Securities Professional” in the United States.

Subscriber may not receive Market Data as a “Non-professional Subscriber” unless the vendor providing that data to Subscriber first determines that the individual falls within the above definition of “Non-professional Subscriber.”

DAY TRADERS POLICY CLARIFICATION

Can a day-trader qualify as a non-professional?

A day-trader can qualify as a Non-professional if he/she is managing his/her own money AND:

  • Does not assist any other person with investment decisions, nor he/she share profits; and is not a “Securities Professional.”
  • Is NOT receiving office space and equipment in exchange for her/his work as a financial consultant to a firm
  • Has NOT entered into a profit sharing agreement with an organization

LARGE TRADERS

Are large traders always qualified as Professionals?

If a large trader otherwise meets the definition of “Non-professional Subscriber,” the large trader does not lose his or her “Non-professional Subscriber” status merely because he or she falls within SEC Rule 13h-1(a)’s definition of “large trader”.

This fact sheet is a summary document intended to highlights of policy of trader classification, rates, and procedures. Questions and/or circumstances not covered in this document should be referred to the exchanges for the determination of applicable fees and procedures. Exchange questionnaire must be fully completed to be determined as a non-professional. SureTrader, a division of Swiss America Securities, Ltd., is not intended for U.S. persons.