Market data

Market data from NGM is provided through various market data vendors and directly from NGM.

Market data vendors

For a list of market data vendors click here. For market data vendors interested in adding NGM to its range of supported markets, please contact NGM Market Data (see contacts on the side).

Market data vendors must sign an Agreement of Distribution and Publication of Market Information (see below) with NGM. To retrieve the market data from NGM, market data vendors can either connect directly to the NGM exchange or take the data from one of the existing market data vendors. For information on technical requirements related to becoming a market data vendor with direct access to Elasticia, please see the section market access.

Market Data Agreement – Distributors

End customer market data from NGM

Apart from retrieving market data from any of our market data vendors, end customers can connect directly with NGM to receive market data. Real time full order depth market data is available via the NGM FIX Protocol and those in need of less frequent snapshots of market data can use the Market Data API (MDAPI), which is an HTTP-based service.For more information on the technical services, contact NGM Technical support and for more information on agreements in relation to market data, contact NGM Market Data.

Market Data Agreement – End Customers

Content of the market data

NGM’s market data consists of pre-trade, post-trade as well as reference data. In the agreements of market data listed under the sections above, unless a client would opt for an pre- or post-trade only usage, all data from NGM as well as Spotlight Stock Market is included.See the information on the right side of this page for information on the current number of listed instruments and turnover of the instruments.

User based fees

NGM’s pricing of market data is not based on a per-user fee in the traditional sense. By charging for market data based the number of legal entities which use market and their type of usage, NGM’s fees for market data are tailored to allow for a wide distribution of real time market information at a low price. NGM believes that access to market data is important for liquidity. NGM’s assessment is also that an implementation of a traditional per-user fee would raise the administrative costs associated with producing market data. NGM continually evaluates its fee structure for market data, taking into consideration the number and type of instruments listed, together with the needs of customers.

Information on market data income and pricing

NGM’s revenue of market data for 2019 was 4,556,250 SEK
NGM’s revenue of market data in relation to the total revenue for 2016 was 4,9%
The ratio between pre-trade(*) messages vs. post-trade(**) messages is normally ~3000-5000:1(*) order/quote messages disseminated in market data
(*) order/quote messages disseminated in market data
(**) trade messages disseminated in market data
Information on costs for producing market data
First it should be said that NGM’s cost for producing market data outweigh the revenues from market data. The rationale behind offering market data is to facilitate transparency and enable trading. Our market data prices are usually adjusted annually. NGM does not allocate separate costs for market data, thus the cost for our production of market data is grain-coursed. The following assumptions are the basis for the calculation:

  • It is estimated that 33% of the infrastructure costs from the operations of the system that hosts the market venue are related to NGM’s market data.
  • It is estimated that 33% of the personnel costs for the IT operations team at NGM is related to NGM’s market data maintenance and support.
  • It is estimated that 33% of the personnel costs for the IT development team at NGM is related to NGM’s market data maintenance and development.
  • Outside of the above mentioned teams more than 50% of the employees are from time to time directly or indirectly involved in the work related to production, provisioning and supporting of information related to market data. In average it is assumed that these employees spend about 5% of their time working on tasks related to market data-related.
Using 2019 years figures, this gives that the cost for producing market data at NGM was in 2019 about  700 TEUR.