Market Data represents a very important area of focus for our firm. We've invested substantial amounts of resources into building our infrastructure in such a manner as to ensure that there are little or no latency factors to contend with as it relates to integrating real time market data feeds within our front-end trading systems.
Most of the market data related inquiries are pretty straightforward, but nonetheless, we do receive some questions from our trading community. Below are some of these, with the corresponding answers.
Please let your Branch Office Manager know if you have additional questions.
What market data services are "directly available" through Assent's front - end trading system?
All of the major and regional exchanges, ECNs and other market centers are available for subscription access through Assent LLC. Please refer to the market data services page within our website. Click here.
Are these market data services available as real time information?
Indeed, we take the responsibility of receiving and re-distributing real time market data very, very seriously. Throughout our entire infrastructure, we're constantly verifying that the performance of our networked distribution systems are operating as efficiently as possible. We have invested enormous sums into building up an maintaining an incredibly low latent, extremely fast trading platform.
Do traders have to pay for market data access or is it included in the base commission rate my account is set up for?
Assent LLC believes in the transparent pricing model. We maintain as straightforward a pricing arrangement with our trading community as possible. Accordingly, accessing market data is supported on a subscription basis, which means that if you want access to the typical real time market data services that direct access traders usually trade with, the monthly subscription fees charged by the exchanges and ECNs will be passed through to underlying traders.
Subscription fees charged by the exchanges and ECNs seem very pricey in some cases. Can't we negotiate them down in some way?
Unfortunately, market data access fees are determined by the exchanges and ECNs - even though they are subject to SEC review and approval. Most of these market data access providers do not discount their market data products in any way. Therefore, we "pass-through" the expenses as they are.
If I decide to shut off my subscription and then ask you to turn it back on again can I avoid the fee?
No. We're required to determine usage throughout the course of the month, taking multiple snapshots of usage.
Why do the various exchange market data subscription agreements seem so long and filled with "legalese"?
Market data represents proprietary information. The exchanges and market centers require that those who use their data agree in advance to certain terms and conditions for usage.
I'm going to stop trading for a few months. I've already signed on as a subscriber and I don't want to have to go through all that again when I resume trading. Can I "suspend" my usage for a few months and pick it back up without a hassle?
That varies by exchange and depends upon how brief the dormancy period is. Generally speaking, if more than 2 months go by where your account is dormant, the exchanges and ECNs will consider you a new subscriber and require us to obtain new subscriber agreements from you.
Sometimes I trade from home, sometimes I trade in the office. Will I need to pay twice for market data subscriptions?
Assuming that you're using the same trader ID log on, generally, the answer is no (subscriptions are ID specific).
I originally opened my account and filled out a Market Data Entitlement Request Form that reflected my preferences for subscriptions. I traded for a few weeks and realized that I needed to change my subscription level. Why do I need to fill out a whole new Market Data Entitlement Request Form? Can't I just call or e-mail you to have you activate services for me?
We are required to formally prepare some extensive usage reporting files and submit them on pre-determined intervals. In order to make sure our records are fully in synch with audit trail supporting materials, changes to entitlement levels must be formally documented. This approach protects all parties concerned.
How quickly can I make changes to subscription services?
If all the paperwork is in order, we'll activate the appropriate services and/or change your entitlement services as soon as possible, with minimal delays.
Are there other market data services Assent has experience with?
Yes, please confer with a branch technician or the Trader Support Desk. They may be able to direct you to certain service providers. However, to clarify, 3rd party services are not Assent services and hence Assent bears neither responsibility nor liability for such services. Nevertheless, we’ll do our best to direct you how to find out more about these services. Some of the widely used 3rd party services have already been directly linked to our trading platform, and as noted, your branch technician or Trade Support Desk representative can provide more information to you.
I used a particular market data service during the month but I didn't really like it and I'm not sure I got full value from it. Can I get a refund?
Unfortunately, these are not considerations that under Assent’s control. Similar to a cable service, a customer pays for access (regardless of whether he/she watches or even enjoys what’s he or she is viewing) – and no matter what, the cable company will still send that bill! Market data service providers are no different, so no, there are no such things as “after the fact” refunds.
