Market Data Exchange Access Fees
As a vendor of market data, IBKR is subject to various exchange agreements that specify and control the manner in which such data may be disseminated. In addition, some exchanges impose a monthly fee (also known as an Exchange Access Fee) on the vendor when real-time or delayed data is distributed.
The term Exchange Access Fee is generally used to describe an arrangement where the clients of an organization, such as a broker, obtain market data through our vendor agreement rather than through a direct agreement between the organization and exchange.
When an Exchange Access Fee exists, we allow an organization to opt out of the fee by restricting the ability of the organization's clients to subscribe to the exchange market data. However, the organization may enable client access to the market data subscriptions for a fee.
The table below illustrates existing Exchange Access Fees levied by Nasdaq, CBOE Global Markets and Deutsche Borse. Please note that the Exchange Access Fee for Deutsche Borse has been waived from February 1, 2021 until further notice. Exchange Access Fees for Nasdaq and CBOE Global Markets has been in effect since December 1, 2016.
| Exchange Access Product | Exchange Access Fee | Client Enabled Subscription |
|---|---|---|
| BATS EU Exchange Access Fee | GBP 950 |
|
| Nasdaq MFDS Exchange Access Fee | USD 150 |
|
| Nasdaq GIDS Exchange Access Fee | USD 800 |
|
| Nordic Equity Exchange Access Fee for Nonprofessional | EUR 800 |
|
| Nordic Equity Exchange Access Fee for Professional | EUR 2,140 |
|
| Deutsche Borse Indices and Xetra ETF & Volatility Indices Exchange Access Fee | Fee Waived |
|
| Eurex Core Exchange Access Fee | Fee Waived |
|
| STOXX Indices Exchange Access Fee | Fee Waived |
|
| Xetra Core Exchange Access Fee | Fee Waived |
|
| Tradegate Exchange Access Fees | Fee Waived | Tradegate (L1) |
The table reads as follows: An organization pays EUR 800 for the Nordic Equity Exchange Access Fee for Non-professional product, which gives the organization’s clients the option to subscribe to Nordic Equities (NP, L1) or Nordic Equities (NP, L2).