MARKET DATA COMPLIANCE
Exchanges
NYSE
Nasdaq
OPRA
CME
TMX
OTC Markets
LSE
Duetsche Boerse
Abu Dhabi Securities Exchange
Athens Stock Exchange
Australian Stock Exchange
Budapest Stock Exchange
Canadian Securities Exchange
Egyptian Stock Exchange
Hong Kong Stock Exchange
Indonesia Stock Exchange
Irish Stock Exchange
Istanbul Exchange
Johannesburg Stock Exchange
Korean Stock Exchange
Meff Renta Variable Exchange
Mexican Stock Exchange
Moscow Futures and Options
National Stock Exchange of India
Nagoya Stock Exchange
NEO
Osaka Exchange
Pakistan Stock Exchange
Philippine Stock Exchange
Prague Stock Exchange
Qatar Exchange
Saudi Stock Exchange
Shanghai Stock Exchange
Singapore Stock Exchange
Stock Exchange of Thailand
Taiwan Futures Exchange
Tel Aviv Stock Exchange
Tokyo Stock Exchange
Vienna Stock Exchange
Warsaw Stock Exchange
NYSE and HKE require an external auditor acceptable to the exchanges to perform audits for quote meters, indirect billing or MISU policies. The initial audit is performed within the first 90 days of service. The next audit will be due the following calendar year and every 2 years after that. MDMS has been an authorized external auditor for over 15 years. We are ready to perform this required function for you.
Stock exchanges were originally owned by its member stock brokers. The main revenue sources were listing and trading fees. In 1998, stock exchanges started to restructure as corporations. In 2018, there were 15 stock exchange licenses issued in the United States, 13 of these exchanges actively traded securities. All of these exchanges were owned by three publicly traded multinational companies, ICE, Nasdaq, and Cboe, except one, IEX. Market data became a significant percent of revenue as exchanges needed to start to focus on the price of its shares.
Compliance audits became a significant revenue source within market data. Understanding and managing all of the terms and conditions include in any exchange market data policy document is not an easy task. The exchanges know this. Not every company has the time or resources to properly focus on market data management.
If you have not been contacted by an exchange in the past 6 months for a remote or onsite audit, you will. MDMS can be there to help guide you through the process and provide our expertise in managing potential fee liabilities.