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The subscriber authorization website allows vendor representatives to submit authorization requests for external display devices for review/action by NYSE. NYSE requires all professional subscribers that receive a vendor controlled display service to enter into an “Agreement for Receipt of Consolidated Network A Data and NYSE Market Data”. This agreement is also known as the Professional Subscriber Agreement.
Entering into this agreement entitles the professional subscriber to receive and use prices and quotes relating to Network A securities and other NYSE Market Data products, regardless of the US securities market that generates that information. In order to be entitled for such data, the professional subscriber must execute the agreement which includes, but is not limited to:
- Preserving the markets’ proprietary rights to their data
- Limiting the markets’ exposure for losses that might result from inaccurate or untimely data
- Prohibiting unauthorized redistribution of the markets’ data
- Requiring the customer to make timely and appropriate payments (for direct bill subscribers)
The agreement should be completed by persons that are authorized to execute contracts on behalf of the entire entity (officers, partners) and be completed using the full legal name of the entity. It remains in effect until cancelled by either party upon 30 days written notice, or 90 days after the account has had no active market data service.
Each vendor that wishes to provide an organization with NYSE Market Data must obtain approval from NYSE prior to providing such information. Once the first location or branch for the organization is approved, depending on the account relationship the organization has with NYSE (“Organizations may have a global contract with NYSE which means they have one account containing inventory for every branch office of that organization.”), subsequent locations are approved by default. The location list provided on the subscriber authorization website can be used to determine subscriber/NYSE relationships. If you are not sure of the relationship status, submit an approval request to ensure authorization.
Submitting the request
Vendors are required to submit a request (on behalf of their potential subscriber) via the NYSE subscriber authorization website. The NYSE reviews the request and assesses the standing of the potential subscriber. (Note: The completed documentation can be scanned and saved by the vendor and attached to the request form or faxed directly to NYSE by the subscriber.)
NYSE will either deny the request due to certain issues at which point an automated email is sent to the vendor advising them of the denial, or will advance the process after deciding on two (2) independent requirements:
- Whether the subscriber needs to submit a signed Professional Subscriber Agreement
- Whether the subscriber needs to submit a signed Third-Party Addendum
If both conditions are not applicable (i.e. the subscriber exists and there is no third-party involvement) the process advances to the approval state.
Note: After a subscriber authorization request is submitted to NYSE, the vendor will receive an email notification advising them of any change in status for that request. The Vendor may also revisit the request during the approval process to view status changes and comments posted by NYSE.
Results of a subscriber authorization request submission
If NYSE requires an agreement, the vendor requests that the subscriber enter all requested information and execute the document. Either the vendor or the subscriber may fax the executed contract to the NYSE at 212-656-5848. The completed agreement may also be stored electronically by the vendor and attached to the request form.
If NYSE finds any issues with the agreement, comments and/or questions are posted to the request on the website. Otherwise, NYSE accepts the agreement and approves the request.
Third Party Payor
If the vendor is aware that the service will be paid by a third party, then the payor detail information should be entered in the billing section of the request and a completed Third Party Addendum is required.
NYSE will approve the request by sending an automated email to the vendor representative that submitted the request. In addition, the updated status will be posted to the request page of the web site. The vendor will acknowledge completion by permissioning the service and submitting the detail to NYSE in the monthly inventory report.
Denial of Request
If the request is denied, the reason will be specified in the comments area of the request. Requests may be denied due to the following reasons:
- Account has open receivables
- Request contains invalid information
- Inconsistent vendor account number (VAN)
- Invalid information contained on the Professional Subscriber Agreement and/or the Third-Party Addendum
- Bill-To Party issue
If a request is denied, another request may be made. However, the approval may be dependant on the resolution of any issues that resulted in the prior request being denied.
Unauthorized display devices
For unauthorized display devices, vendors must submit a request to NYSE via the subscriber authorization website for the service, supply the Professional Subscriber Agreement and/or Addendums as required. If no request is submitted, NYSE may instruct the vendor to terminate the service. In cases where fees for unauthorized subscribers are not paid in full, NYSE may transfer the liability to the vendor.
If the service was turned on in error, a request is not required. However, the vendor must depermission the data from the subscriber and report the exact removal date in the next inventory report. In this circumstance the vendor will be billed for the time period that the service was enabled.
A list of unauthorized locations for external display devices can be viewed by visiting the vendor location list in the subscriber authorization website. To search for all unauthorized subscribers, simply filter the status to “Unauthorized” and active inventory “Y”.