Exchange Audits

Do you need to file a quote meter, MISU or Indirect audit this year? Did you add a new client who is using your quote meter and need an audit in the next 90 days?  

Sample Engagements 

MDMS has been performing the following audits for the last 15 years: 

NYSE Quote Meter
Hong Kong Quote Meter
MISU
NYSE Indirect 

Our audits adhere to the requirements issues by the exchange.  We identify areas where your firm is not compliant with the policy requirements.

 

A quote meter audit will include: 

  • —Review Exhibit A for approved services.

  • —Review Subscriber Agreement.

  • —Review the Subscriber Agreement Database to ensure that date and time of acceptance is captured.

  • —Recognize and count a quote packet, which is defined as any data element, or all elements, for a single issue

  • —Verify that metering of quote packets is being done for all metered services identified in Exhibit A. 

  • —Verify “capping” of non-professionals at the non-professional rate is being metered properly

  • ———Validate quote counting software can generate monthly reports showing the total number of quotes accessed for each exchange

  • —Verify any two months that the total quotes counted by the meter are the same count as reported to NYSE.

You receive a draft of the audit report for review.  We will discuss any areas of non-compliance. You will send the final version of the audit document to the exchange. 

  • Host a Kickoff Meeting

  • Remotely test requirements outlined in the exchange policy document

  • Testing can be done by providing test IDs to MDMS or demoed by your staff

  • We provide you with your audit report ready to be delivered to the exchange

Audit Support

We Take The Stress of Audits Away From You

Our team has a proven track record of reducing your workload and producing favorable results

We Make Market Data Work For You

MDMS Corp

369 Lexington Ave, New York, NY 10016

646-556-6623

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