ATHEX Non Display Policy and Agreement Procedure

A. 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).

B. NON DISPLAY AGREEMENT PROCEDURE

Concerning the ATHEX Non Display usage, Athens Stock Exchange offers the following two alternatives for Non-Display customers, in order to redistribute the Athens Stock Exchange Non Display Data:

1. Sign the Non-Display Agreement "Application for ATHEX Information Non Display Usage" directly with Athens Stock Exchange and pay directly to ATHEX the respective Non Display fees or,
2. The Vendor will report to ATHEX the Non-Display service and pay the respective fees on behalf of its customers.

The pricing, terms and conditions are identical in both cases.

In addition to the above, the corporate customer has to complete, sign and send to ATHEX the "Form V-01 Application the Non-Display Data Use".

Significant note: The corporate customer may receive the ATHEX Data feed from multiple vendors without any additional charge.

Also, the use of information in delayed time for Non-Display use is free of exchange fees.

Non-Display Contractual Documents (Currently valid documents)	File Type
APPLICATION/AGREEMENT ON NON DISPLAY INFORMATION USAGE
GENERAL TERMS & CONDITIONS TO THE AGREEMENT ON NON DISPLAY INFORMATION USAGE
ANNEX A: NON DISPLAY APPLICATION (FORM v01) valid until December 31st, 2020 )
ANNEX A: NON DISPLAY APPLICATION (FORM v01) valid until March 31st, 2024
ANNEX A: NON DISPLAY APPLICATION (FORM v01) effective as of April 1st, 2024
ANNEX B: ATHEX NON DISPLAY DATA FEES» valid until December 31st, 2020
ANNEX B: ATHEX NON DISPLAY DATA FEES» valid until March 31st, 2024
ANNEX B: ATHEX NON DISPLAY DATA FEES»  valid until December 31st,2024
ANNEX B: ATHEX NON DISPLAY DATA FEES» effective as of January 1st, 2025
ANNEX C: TERMS OF USE OF TRADE MARKS AND NAMES

ATHEX Non-Display Pricing Policy

A. NON DISPLAY USAGE FREE OF NON-DISPLAY FEES

• ATHEX Vendor/ Subvendor/ Member (paying the market data agreement annual license fee):  For its own use (internal use) pays no fees for Non-Display data.
• Use of Non-Display Data in Delayed Time: The use of Non-Display data in delayed time is free of exchange fees.
• ATHEX Vendor's/Subvendor's corporate customers: Corporate customers that make use of the Non-Display are fee liable towards ATHEX, if the Non-Display data are distributed to persons other than those who subscribe to real time information of ATHEX (this means that if all users receiving Non Display data receive also the original ATHEX information, then the Non-Display fee is not applicable). Hence, if there are end users (persons/devices) receiving only the Non-Display data and then the fee is applicable.

Non-Display usage of information regarding the following venues is free of Non Display fees:

• ENAX (Alternative Market)
• XECM (Emerging Companies Market)
• AAPA (APA@ATHEX Service)

Please read the September 30, 2020 announcement, regarding the update in the Non Display price list, effective as of January 4, 2021: 

Please read the December 22, 2023, announcement, regarding the update in the Non-Display price list, effective as of April 1, 2024: 

Also, please find below the ATHEX MIFID II Disaggregated Non Display Products (valid until December 31^st 2020):

Also, please find below the ATHEX MIFID II Disaggregated Non Display Products (valid until March 31^st 2024): 

Also, please find below the ATHEX MIFID II Disaggregated Non Display Products (effective as of April 1^st 2024): 

For further information concerning the above please be so kind to contact the DFS Service, here.