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Beginning in April 2007, the NYSE announced a new billing model for vendor's interested in paying on behalf of their clients. Effective February 2008, this model has been expanded to accommodate vendors that pay for a majority of their clients (75%), but not all. |
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- Full Customer Base
- Partial Customer Base
Who can apply?
Effective April 2007:
- - Vendors offering NYSE single-tier proprietary data products (i.e. OpenBook,
- ArcaBook, and InfoTools).
- - Vendors that offer CTA data to professionals and elect to pay for all users.
How to apply?
Contact your NYSE Euronext Account Manager. If you are unsure who to contact directly, call 212-656-3800.
Benefits of Eligibility
- - Vendor not required to obtain authorization from the NYSE prior to permissioning of
- NYSE Market Data products eligible for indirect billing.
- Vendor’s providing the service to subscribers and paying for the service not required
to complete the Third Party Payment Addendum.
Required documentation
- - Exhibit C for Indirect Vendor Billing (3 executed copies)
-
- - Resale Certificate (one of the following):
--- Completion of the NYS Resale Certificate if the Vendor is registered in New
- York. (Please refer to the New York State Department of Taxation and Finance)
- --- Completion of the DC Resale Certificate if the Vendor is registered in
- Washington DC. (Please refer to the Washington D.C. Office of Tax and Revenue)
--- Written confirmation from Vendor if they are not registered in NY or Washington.
- - Vendor must detail how they control the entitlements for all NYSE data products,
- permission users and explain connection between permissioning and reporting
- databases. NYSE may request a demonstration of these applications.
- - Vendor must provide documented procedures for: 1) controlling entitlements to all
- NYSE products, including system access controls, and 2) capturing reportable data.
- - Vendor must provide an example of records and how they are stored. Records must
- include legal company name, installation address, product, start date of service, stop
- date of service and quantity permissioned each month for all subscribers.
- - Records must be maintained for no less than three years from the date service was
- cancelled.
- - Vendor-Subscriber Agreement
--- Each subscribing firm is required to execute the agreement once for each
Vendor using the Indirect Vendor billing model.
[1] Vendor must choose one of the four options for administration and submit to NYSE in writing before Vendor is
approved for Indirect Vendor Billing.
| Agreement Name |
Available Format |
Description |
Recommended Use |
| Network A Vendor-Subscriber Agreement |
Hard Copy (Document Ref: 139276_1_A)
Click-on (Document Ref: 139276_1_B) |
Agreement between Vendor and Subscriber. NYSE does not interact with the subscriber. |
Vendor’s that pay for all professional NYSE products offered to end users. |
| Addendum to Network A Vendor-Subscriber Agreement |
Hard Copy (Document Ref: 139276_1_C) |
Agreement between Vendor and Subscriber. NYSE does not interact with the subscriber. |
Vendor’s that prefer to incorporate the agreement language into their contract which is executed by the subscriber. |
| Agreement for Receipt of Consolidated Network A Data and NYSE Market Data |
Hard Copy (Document Ref: 2-207) |
Agreement between Vendor and Subscriber as well as between NYSE and Subscriber. |
Vendor’s that select indirect bill for single-tier products and do not qualify for indirect bill for CTA products. |
Audit
- NYSE requires that an audit be conducted within six months of Vendor’s eligibility for indirect bill model by a firm approved by the NYSE or by their internal audit department so long as the audit and its findings are signed by the Chief Compliance Officer of the firm, a member of the firm’s Audit Committee or an individual deemed acceptable by NYSE.
Items to be covered in the audit:
- - Provide the name of application(s) used for redistributing NYSE Network
- A Data and/or NYSE Proprietary Products and the specific entitlement
- control software(s) utilized.
-
- - Assess procedures for controlling entitlements and permissioning users,
- including logical system access controls, whether the entitlement
- software is enabled, and controls between permissioning and reporting
- databases (if applicable).
-
- - Verify that the users associated to a corresponding Subscriber
- organization are employees of that organization.
-
- - Verify compliance with documentation requirements, including the
- accuracy of information as described in Exhibit C, the completeness
- of Subscriber Agreements on file, the type or option of the Subscriber
- Agreement in use is consistent with selection approved by NYSE,
- and confirmation that the Subscriber Agreement has not been
- modified from the original version regulated by the NYSE.
-
- - Review controls over existing inventory management and reporting
- processes. Test the operational effectiveness of controls by verifying
- the accuracy of Vendor reporting. This includes: (a) confirming for each
- organization (employees and clients) the number of devices that the
- Vendor permissioned with NYSE Market Data to the quantity reported
- to NYSE Group; and (b) period covered should include every month
- Vendor is eligible for Indirect Billing.
Results of the audit should be sent to your Market Data Account Manager at NYSE Group within four weeks of completion. If significant findings (e.g., potential reporting gaps or compliance issues) are identified, NYSE Group should be notified immediately.
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Restrictions
- - Retroactive credit adjustments greater than 60 days will not be honored by the
- NYSE.
- - No eligibility for MISU credit.
- - Excludes datafeed redistribution.
Reporting
- - Vendor required to report all entitled users for an organization under one
- location/vendor account number by NYSE product.
- - Vendor may not aggregate device quantity totals for employees of multiple firms (or
- their customers/clients) into the location/vendor account number of one firm. Billing
- for multi-tier product will be tiered based on the user quantity for each location.
- - Reported detail is consistent with direct bill requirements and contains: vendor
- account number, company name 1, company name 2, address 1-3, city,
- state/region, country, postal code, product code, quantity, effective date, comments.
- - Vendor required to report via NYSE Reporting Website or file submission in VRXML
- format.
Note: Vendor that does not report current month’s inventory in the current month will
already have missed 30 days towards the retroactive credit adjustment
restriction.
Invoicing
- The detail associated with indirect billing of tiered pricing products will not be displayed on the Vendor’s invoice.
- - Invoice for current month billing will include:
--- Date, Indirect Bill – {Product Description}, quantity, and value.
- - Retroactive adjustments will appear under current month billing. Fields include:
--- Date, Indirect Bill – {Product Description}, Retro Net Change, quantity, and value.
- - Vendor is responsible for any taxes due based on information they report to the
- NYSE.
- - NYSE’s auto invoicing of the most recent reported quantity due to Vendor delay in
- reporting shall not relieve Vendor from their reporting obligation for these periods.
- The quantities and respective charges will recur until Vendor brings reporting current.
- Upon NYSE’s receipt of Vendor’s current month inventory report, the updated
- inventory totals will replace the automatically populated recurring inventory when
- applicable.
[1] Subscriber firm must also execute the NYSE Subscriber Agreement with the NYSE if they also subscribe to market data that the NYSE invoices directly.
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Who can apply?
Effective February 2008:
- Vendor's that offer CTA data and/or NYSE single-tier proprietary data products (i.e. OpenBook, ArcaBook, and InfoTools) to professionals and elect to pay for at least 75% of the customer accounts.
How to apply?
Contact your NYSE Account Manager. If you are unsure who to contact directly, call 212-656-3800.
Benefits of Eligibility
- - Vendor not required to obtain authorization from the NYSE prior to permissioning of
- NYSE Market Data customers/products eligible for indirect billing.
- - Vendor’s providing the service to subscribers and paying for the service not required
- to complete the Third Party Payment Addendum.
Required documentation
- - Exhibit C for Indirect Vendor Billing (3 executed copies)
-
- - Resale Certificate (one of the following):
--- Completion of the NYS Resale Certificate if the Vendor is registered in New
- York. (Please refer to the New York State Department of Taxation and
- Finance)
- --- Completion of the DC Resale Certificate if the Vendor is registered in
- Washington DC. (Please refer to the Washington D.C. Office of Tax and
- Revenue)
- --- Written confirmation from Vendor if they are not registered in NY or
- Washington.
- - Vendor must detail how they control the entitlements for all NYSE data products,
- permission users and explain connection between permissioning and reporting
- databases. NYSE may request a demonstration of these applications.
- - Explain definitive line between direct bill vs. indirect bill clients to ensure efficiency
- and accuracy of data.
- - Vendor must provide documented procedures for: 1) controlling entitlements to all
- NYSE products, including system access controls, and 2) capturing reportable data.
- - Vendor must provide an example of records and how they are stored. Records must
- include legal company name, installation address, product, start date of service, stop
- date of service and quantity permissioned each month for all subscribers. Records
- must be maintained for no less than three years from the date service was cancelled.
- - Vendor-Subscriber Agreement
Each subscribing firm is required to execute the agreement once for each Vendor
using the Indirect Vendor billing model.[1] Vendor must choose one of the four
options for administration and submit to NYSE in writing before Vendor is approved
for Indirect Vendor Billing.
| Agreement Name |
Available Format |
Description |
Recommended Use |
| Network A Vendor-Subscriber Agreement |
Hard Copy (Document Ref: 139276_1_A)
Click-on (Document Ref: 139276_1_B) |
Agreement between Vendor and Subscriber. NYSE does not interact with the subscriber. |
Vendor’s that pay for all professional NYSE products offered to end users. |
| Addendum to Network A Vendor-Subscriber Agreement |
Hard Copy (Document Ref: 139276_1_C) |
Agreement between Vendor and Subscriber. NYSE does not interact with the subscriber. |
Vendor’s that prefer to incorporate the agreement language into their contract which is executed by the subscriber. |
| Agreement for Receipt of Consolidated Network A Data and NYSE Market Data |
Hard Copy (Document Ref: 2-207) |
Agreement between Vendor and Subscriber as well as between NYSE and Subscriber. |
Vendor’s that select indirect bill for single-tier products and do not qualify for indirect bill for CTA products. |
Audit
- NYSE requires that an audit be conducted within six months of Vendor’s eligibility for indirect bill model by a firm approved by the NYSE or by their internal audit department so long as the audit and its findings are signed by the Chief Compliance Officer of the firm, a member of the firm’s Audit Committee or an individual deemed acceptable by NYSE.
Items to be covered in the audit:
- - Provide the name of application(s) used for redistributing NYSE Network
- A Data and/or NYSE Proprietary Products and the specific entitlement
- control software(s) utilized.
-
- - Assess procedures for controlling entitlements and permissioning users,
- including logical system access controls, whether the entitlement
- software is enabled, and controls between permissioning and reporting
- databases (if applicable).
-
- - Verify that the users associated to a corresponding Subscriber
- organization are employees of that organization.
-
- - Verify compliance with documentation requirements, including the
- accuracy of information as described in Exhibit C, the completeness of
- Subscriber Agreements on file, the type or option of the Subscriber
- Agreement in use is consistent with selection approved by NYSE, and
- confirmation that the Subscriber Agreement has not been modified from
- the original version regulated by the NYSE.
-
- - Review controls over existing inventory management and reporting
- processes. Test the operational effectiveness of controls by verifying
- the accuracy of Vendor reporting. This includes: (a) confirming for
- each organization (employees and clients) the number of devices that
- the Vendor permissioned with NYSE Market Data to the quantity
- reported to NYSE Group; and (b) period covered should include every
- month Vendor is eligible for Indirect Billing.
Results of the audit should be sent to your Market Data Account Manager at NYSE Group within four weeks of completion. If significant findings (e.g., potential reporting gaps or compliance issues) are identified, NYSE Group should be notified immediately.
|
Restrictions
- - Retroactive credit adjustments greater than 60 days will not be honored by the NYSE.
- - No eligibility for MISU credit.
- - Excludes datafeed redistribution.
Reporting
- - Vendor required to report all entitled users for an organization under one
- location/vendor account number by NYSE product. Vendor may not aggregate
- device quantity totals for employees of multiple firms (or their customers/clients)
- into the location/vendor account number of one firm. Billing for multi-tier product
- will be tiered based on the user quantity for each location.
- - Reported detail is consistent with direct bill requirements and contains: vendor
- account number, company name 1, company name 2, address 1-3, city,
- state/region, country, postal code, product code, quantity, effective date,
- comments.
- - Vendor required to report via NYSE Reporting Website or file submission in VRXML
- format.
Note: Vendor that does not report current month’s inventory in the current month will already have missed 30 days towards the retroactive credit adjustment restriction.
Invoicing
- - The detail associated with indirect billing of tiered pricing products will not be
- displayed on the Vendor’s invoice.
- - Invoice for current month billing will include:
-- Date, Indirect Bill – {Product Description}, quantity, and value.
- - Retroactive adjustments will appear under current month billing. Fields include:
-- Date, Indirect Bill – {Product Description}, Retro Net Change, quantity,
- and value.
- - Vendor is responsible for any taxes due based on information they report to
- the NYSE.
- - NYSE’s auto invoicing of the most recent reported quantity due to Vendor delay
- in reporting shall not relieve Vendor from their reporting obligation for these
- periods. The quantities and respective charges will recur until Vendor brings
- reporting current. Upon NYSE’s receipt of Vendor’s current month inventory
- report, the updated inventory totals will replace the automatically populated
- recurring inventory when applicable.
[1] Subscriber firm must also execute the NYSE Subscriber Agreement with the NYSE if they also subscribe to market data that the NYSE invoices directly.
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