In addition, the document also contains several guidelines which represent the exchange community's consensus as to the best practices for the handling and display of market information disseminated by the exchanges. The intent of these guidelines are to encourage protection of public investors and enhance public trust and confidence through an understanding of the rules related to redistribution of market data and through a clear representation of the timeliness and accuracy of market information delivered via online and Internet services . Expressions and Respective Meanings Proprietary Rights Market data is valuable intellectual property of the exchanges and market centers. Many exchanges and market centers charge for access and derive revenue from the redistribution of real-time market data. Most exchanges recognize that there may be a reduced value to the data after a certain time period and many choose not to charge for delayed market data.
Most exchanges still assert proprietary rights over delayed data.
Those contracts say that the subscriber will use the market data for their internal business activities and that the subscriber will not redistribute the market data to any other party, office or location. It's the responsibility of both the vendor and the subscriber to understand and abide by the usage restrictions of the exchange. Redistribution agreements guarantee that right of audit, ensure payment for discrepancies, and specify how long the vendor must keep records. Vendors and redistributors are required to obtain the market data either directly from the exchange or from an authorized redistribution channel. Downloading market data from individual exchange web sites or from other vendor services without written permission is expressly prohibited.