The ATHEXGROUP's Non Display Policy governs the strategic use and distribution of real-time market data for creating original works and facilitating automated trading without displaying the primary data.

Non Display Categories
 

The ATHEX Real Time Non Display Data service is a special service including the following categories of usage of the real time information:

• Usage of real time information by corporate client of the Vendor/Subvendor for the creation of original created works. Such works quite indicatively include indices, quotes, VWAPS (Volume Weighted Average Prices), portfolio evaluation services and analytic reference figures which have been calculated from or using real time information.
• Usage of real time information by corporate client of the Vendor/Subvendor in electronic trading systems for the purpose of generating orders or executing transactions in an automated and/or semi - automated manner without the display of the original real time information (i.e. for algorithmic trading, program trading, or the automated monitoring of trading activities).

Non Display Pricing Policy
 

Use of Non Display Service without Exchange Fees: 

• Use by ATHEX Vendor/Subvendor/Member: Entities paying the annual market data agreement license fee incur no additional fees for their own use of Non Display data.
• Delayed Time Non Display Data: Non Display data used in a delayed manner incurs no exchange fees.
• Venues Exempt from Non Display Fees:
  1. ENAX (Alternative Market)
  2. XECM (Emerging Companies Market)
  3. AAPA (APA@ATHEX Service)