Market Data Policy

The Market Data License Agreement is the undertaking by the Market Data Customer to comply with the Exchanges Market Data Policy applicable from time to time.

The Market Data Policy governs the provisioning of market data, including the rights for customers to distribute, display, store and use market data. The Order Form lists the available market data products and needs to be submitted to NGM if there is a direct contractual agreement in place.

Current and upcoming Market Data Price Lists can be found in the Price Lists section.

 

Market Data Content

NGM’s market data consists of pre-trade, post-trade as well as reference data.

The intraday total number of listed financial instruments and turnover of these instruments:

No 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 on the number of legal entities which use the market data, 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 the customers. Currently, NGM’s assessment is that a per-user fee would entail administrative costs for NGM (employment costs and developments costs), which would ultimately raise the cost of NGM’s markets data.

Our Market Data Income and Pricing

NGM’s revenue of market data for 2022 was 593 TEUR.

NGM’s revenue of market data in relation to the total revenue for 2022 was 4,6%.

The ratio between pre-trade(*) messages vs. post-trade(**) messages is normally ~10568:1(*) order/quote messages disseminated in market data.

(*) order/quote messages disseminated in market data
(**) trade messages disseminated in market data

For further information see NGM's information on reasonable commercial basis for market data published in regulatory information.

Our Costs For Market Data Production

The rationale for NGM to distribute and publish 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 and as per ESMA's definition there is no direct nor indirect cost for the production of market data at NGM. The following assumptions are the basis for the calculation:

  • It is estimated that 33% of the infrastructure costs related to the operations of the exchange trading 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 production, provisioning and support 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.
  • Our assessment is that the allocation keys set out above are necessary in order to produce market data, and that NGM’s cost for producing market outweighs the revenues from market data.

This gives that the cost for producing market data at NGM 2022 was 720 TEUR.