Document:

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                                                                    EXHIBIT 4.3

                            INVESTOR RIGHTS AGREEMENT

                                       OF

                             FREEREALTIME.COM, INC.

                             Dated: August 15, 2000

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                                TABLE OF CONTENTS

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ARTICLE I. DEFINITIONS.............................................................1

     1.1      Common Stock.........................................................1
     1.2      Commission...........................................................1
     1.3      Exchange Act.........................................................1
     1.4      Investors............................................................1
     1.5      Permitted Transferee.................................................1
     1.6      Qualified IPO........................................................1
     1.7      Registrable Securities...............................................2
     1.8      Securities Act.......................................................2
     1.9      Shares...............................................................2
     1.10     Subscription Agreement...............................................2

ARTICLE II. REGISTRATION RIGHTS....................................................2

     2.1      Demand Registration Rights...........................................2
     2.2      Piggyback Registration Rights........................................4
     2.3      Limitations on Subsequent Registration Rights........................4
     2.4      Registration Procedures..............................................5
     2.5      Restrictions on Public Sale..........................................9
     2.6      Indemnification..................................................... 9
     2.7      Rule 144............................................................11
     2.8      Participation in Underwritten Registrations.........................12

ARTICLE III. MISCELLANEOUS........................................................12

     3.1      Legend..............................................................12
     3.2      Transferees; Additional Restriction on Transfer.....................12
     3.3      Specific Performance, Etc...........................................12
     3.4      Notices.............................................................12
     3.5      Entire Agreement; Amendments and Waivers............................13
     3.6      Recapitalizations, Exchange, Etc. Affecting the Company's Stock.....14
     3.7      Jurisdiction; Mediation; Attorneys' Fees............................14
     3.8      Multiple Counterparts...............................................14
     3.9      Headings............................................................14
     3.10     Governing Law.......................................................14
     3.11     Construction........................................................14
     3.12     Expenses............................................................14
     3.13     Invalidity..........................................................15
     3.14     Cumulative Remedies.................................................15
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                          INVESTOR RIGHTS AGREEMENT

         This INVESTOR RIGHTS AGREEMENT (this "Agreement") is entered into as of
August 15, 2000 by and among FREEREALTIME.COM, INC., a Delaware corporation (the
"Company"), and each of the Investors listed on Schedule I attached hereto (each
an "Investor," and collectively, the "Investors").

                                   RECITALS

         The parties hereto desire to enter into this Agreement for the purpose
of regulating certain aspects of the Investors' relationship with the Company.

                                  AGREEMENT

         NOW THEREFORE, in consideration of the above recitals and the mutual
covenants herein contained and for other good and valuable consideration, the
parties hereto agree as follows:

                                  ARTICLE I.
                                 DEFINITIONS

         As used herein, the following terms shall have the following meanings:

         1.1 Common Stock. The term "Common Stock" shall mean the common stock
of the Company, par value $0.01 per share.

         1.2 Commission. The term "Commission" shall mean the Securities and
Exchange Commission or any other federal agency administering the Securities Act
or the Exchange Act.

         1.3 Exchange Act. The term "Exchange Act" shall mean the Securities
Exchange Act of 1934, as amended.

         1.4 Investors. The term "Investors" shall have the meaning set forth in
the Recitals hereto.

         1.5 Permitted Transferee. The term "Permitted Transferee" shall mean
with respect to any Investor: (i) a trust, corporation, partnership, limited
liability company or other entity, the beneficiaries, stockholders, partners,
members, owners or persons holding a 50% or more controlling interest of which
consist of such Investor or (ii) the spouse, children and grandchildren of such
Investor or a trust or other legal entity for the benefit of any of the
foregoing.

         1.6 Qualified IPO. The term "Qualified IPO" shall mean the Company's
underwritten initial public offering of its Common Stock under the Securities
Act, provided that the gross proceeds to the Company in such offering exceed $10
million and that the Company's common stock is listed for trading on a national
securities exchange or is authorized for trading on the NASDAQ National Market
System at such time.

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         1.7 Registrable Securities. The term "Registrable Securities" shall
mean the shares of Common Stock acquired by the Investors pursuant to the
Subscription Agreement (including any stock issued in respect of the Registrable
Securities as a result of a stock split, stock dividend, recapitalization or
other similar transaction); provided, however, that a Registrable Security shall
cease to be a Registrable Security at such time that the Registrable Security
(i) has been effectively registered under the Securities Act and disposed of in
accordance with the registration statement covering it, (ii) has been sold to
the public pursuant to Rule 144 (or any similar provision then in force) under
the Securities Act and the legend referred to in Section 3.1 hereof has been
removed from the certificate representing such Registrable Security, (iii) may
be sold to the public pursuant to Rule 144 (or any similar provision then in
force) under the Securities Act or (iv) two (1) years after the date of this
Agreement if a Qualified IPO has occurred.

         1.8 Securities Act. The term "Securities Act" shall mean the Securities
Act of 1933, as amended.

         1.9 Shares. The term "Shares" shall mean shares of capital stock of the
Company, preferred or common, and securities convertible into, or exercisable or
exchangeable for, shares of capital stock of the Company.

         1.10 Subscription Agreement. The term "Subscription Agreement" shall
mean that certain Subscription and Share Purchase Agreement of even date
herewith by and between the Company and Investors.

                                   ARTICLE II.
                               REGISTRATION RIGHTS

         2.1 Demand Registration Rights.

                  (a) Right to Demand. On two occasions, the holders of 33% or
more of the Registrable Securities may make a written request of the Company for
registration with the Commission, under and in accordance with the provisions of
the Securities Act, of all or part of their Registrable Securities (a "Demand
Registration"); provided, however, that (i) the Company shall not be required to
file a Registration Statement (defined below) relating to such Demand
Registration with the Commission (A) until at least 90 days have passed from the
date of this Agreement and (B) less than 45 days have passed since the date the
holders of the Registrable Securities request such registration, the Company
shall pay a 20% penalty to all holders of the Registrable Securities in cash or
additional shares of Common Stock (valued at the average closing price of the
Company's Common Stock for the 10 trading days prior to the date that the
Registration Statement was to have been filed) at the Company's sole election in
the event that the Company fails to file the Registration Statement timely(ii)
the Company need not effect a Demand Registration unless such Demand
Registration shall include at least 75% of the Registrable Securities originally
issued to the Investors under the Subscription Agreement, (iii) the Company may,
if the Board of Directors determines in the exercise of its good faith judgment
that effecting such Demand Registration at such time would have a substantial
adverse effect on the Company, defer such Demand Registration for a single
period not to exceed 90 days, - (iv) if the Company elects to defer any Demand
Registration pursuant to (iii) above, no Demand

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Registration shall be deemed to have occurred for purposes of this Agreement,
and (v) if a Registration Statement filed following a Demand Registration
pursuant to this Agreement is effective for a period of 12 months then the
holders shall have no further demand right pursuant to Section 2.1(a). Within 10
days after receipt of the request for a Demand Registration, the Company will
send written notice (the "Notice") of such registration request and its
intention to comply therewith to each of the other Investors and, subject to
Section 2.1(c) below, the Company will include in such registration all
Registrable Securities of such Investors with respect to which the Company has
received written requests for inclusion therein within 20 business days after
the effectiveness of the Notice. All requests made pursuant to this Section
2.1(a) will specify the aggregate number of Registrable Securities requested to
be registered and will also specify the intended methods of disposition thereof.

                  (b) Expenses; Number of Demand Registrations; Withdrawal. The
expenses of the Demand Registration, including the legal counsel to the
Investors, but not including any underwriting discounts, selling commissions or
stock transfer taxes, shall be borne by the Company. A Demand Registration shall
not be counted as a Demand Registration hereunder until such Demand Registration
has been declared effective by the Commission and maintained continuously
effective for a period of at least three months or such shorter period when all
Registrable Securities included therein have been sold in accordance with such
Demand Registration. A Demand Registration may be withdrawn by the Investors
making the demand without the demand counting as a Demand Registration
hereunder, provided that the Investors making the demand reimburse the Company
for all expenses incurred by the Company in connection with the demand.

                  (c) Priority on Demand Registrations. If in any underwritten
Demand Registration the managing underwriter or underwriters thereof (or in the
case of a Demand Registration not being underwritten, the opinion of the holders
of a majority of the Registrable Securities included therein) advise the Company
in writing that in its or their reasonable opinion the number of securities
proposed to be sold in such Demand Registration is inconsistent with that which
can be sold in such offering without having a material effect on the success of
the offering (including, without limitation, an impact on the selling price or
the number of Registrable Securities that any selling Investor may sell), the
Company will include in such registration only the number of such Investors'
Registrable Securities that, in the reasonable opinion of such underwriter or
underwriters (or the opinion of the holders of a majority of the Registrable
Securities, as the case may be) can be sold without having a material adverse
effect on the success of the offering as follows: (i) first, the Registrable
Securities requested to be included in such Demand Registration by Investors pro
rata on the basis of the number of Registrable Securities requested to be
included, and (ii) second, any securities held by persons other than the
Investors and requested to be included in such Demand Registration.

                  (d) Selection of Underwriters. If any Demand Registration is
an underwritten offering, the holders of the Registrable Stock will (i) select a
managing underwriter or underwriters to administer the offering, which are
reasonably acceptable to the Company and (ii) determine the terms under which
such underwriting shall take place.

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         2.2 Piggyback Registration Rights.

                  (a) Right to Piggyback. Subject to the last sentence of this
Section 2.2(a), whenever the Company proposes to register any shares of Common
Stock (or securities convertible into or exchangeable for, or options to
purchase, Common Stock) with the Commission under the Securities Act and the
registration form to be used may be used for the registration of the Registrable
Securities (a "Piggyback Registration"), the Company (i) will give written
notice to all Investors who hold Registrable Securities (collectively,
"Holders") at least 30 days prior to the anticipated filing date, of its
intention to effect such a registration, which notice will specify the proposed
offering price, the kind and number of securities proposed to be registered, the
distribution arrangements and such other information that at the time would be
appropriate to include in such notice, and (ii) will, subject to Section 2.2(b)
below, include in such Piggyback Registration all Registrable Securities with
respect to which the Company has received written requests for inclusion therein
within 20 days after the date of the Company's notice. Except as may otherwise
be provided in this Agreement, Registrable Securities with respect to which such
request for registration has been received will be registered by the Company and
offered to the public in a Piggyback Registration pursuant to this Section 2.2
on terms and conditions at least as favorable as those applicable to the
registration of shares of Common Stock to be sold by the Company and by any
other person selling under such Piggyback Registration.

                  (b) Priority on Piggyback Registrations. If the managing
underwriter or underwriters, if any, advise the selling Holders in writing that
in its or their reasonable opinion or, in the case of a Piggyback Registration
not being underwritten, the Company shall reasonably determine (and notify the
selling Holders of such determination), after consultation with an investment
banker of nationally recognized standing, that the number or kind of securities
proposed to be sold in such registration (including Registrable Securities to be
included pursuant to subsection 2.2(a) above) is inconsistent with that which
can be sold in such registration without having a material effect on the success
of the offering (including, without limitation, an impact on the selling price
or the number of securities that any participant may sell), the Company will
include in such registration only the number of securities, if any, which, in
the opinion of such underwriter or underwriters, or the Company, as the case may
be, can be sold as follows: (i) first, the shares the Company proposes to sell,
and (ii) second, the Registrable Securities requested to be included in such
registration by the Holders. To the extent that the privilege of including
Registrable Securities in any Piggyback Registration must be allocated among the
selling Holders pursuant to clause (ii) above, the allocation shall be made pro
rata based on the number of Registrable Securities that each such Holder shall
have requested to include therein.

         2.3 Limitations on Subsequent Registration Rights. From and after the
date hereof, without the approval of the holders of a majority of the
Registrable Securities, the Company shall not enter into any agreement granting
any holder or prospective holder of any securities of the Company registration
rights superior to those of the Investors. Nothing in this Section 2.3 shall be
deemed to restrict the Company's right to grant registration rights to other
purchasers of the Company's securities that are equal or inferior to those
registration rights granted to the Investors pursuant to this Agreement.

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         2.4 Registration Procedures. With respect to the Demand Registration
and any Piggyback Registration, the Company will, subject to Section 2.1(c) and
Section 2.2(b) respectively, as expeditiously as practicable:

                  (a) prepare and file with the Commission, within 45 days after
the holders request a Demand Registration, a registration statement or
registration statements (the "Registration Statement") relating to the Demand
Registration on any appropriate form under the Securities Act, which form shall
be available for the sale of the Registrable Securities in accordance with the
intended method or methods of distribution thereof; provided, however, that the
Company will include in any Registration Statement on a form other than Form S-1
all information that a selling Investor shall reasonably request and shall
include all financial statements required by the Commission to be filed
therewith, cooperate and assist in any filings required to be made with the
National Association of Securities Dealers, Inc. ("NASD"), and use its best
efforts to cause such Registration Statement to become effective;

                  (b) prepare and file with the Commission such amendments and
post-effective amendments to the Registration Statement as may be necessary to
keep each Registration Statement effective for the applicable period, or such
shorter period which will terminate when all Registrable Securities covered by
such Registration Statement have been sold; cause each Prospectus to be
supplemented by any required Prospectus supplement, and as so supplemented to be
filed pursuant to Rule 424 under the Securities Act; and comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by such Registration Statement during the applicable period
in accordance with the intended method or methods of distribution by the sellers
thereof set forth in such Registration Statement or supplement to the
Prospectus. The Company shall not be deemed to have used its best efforts to
keep a Registration Statement effective during the applicable period if it
voluntarily takes any action that would result in the selling Investors not
being able to sell such Registrable Securities during that period unless such
action is required under applicable law, provided that the foregoing shall not
apply to actions taken by the Company in good faith and for valid business
reasons, including, without limitation, the acquisition or divestiture of
assets, so long as the Company promptly thereafter complies with the
requirements of Section 2.2(k) below, if applicable;

                  (c) notify the selling Investors and the managing
underwriters, if any, promptly, and (if requested by any such person or entity)
confirm such advice in writing, (A) when the Prospectus or any Prospectus
supplement or post-effective amendment has been filed, and, with respect to the
Registration Statement or any post-effective amendment, when the same has become
effective, (B) of any request by the Commission for amendments or supplements to
the Registration Statement or the Prospectus or for additional information, (C)
of the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement or the initiation of any proceedings for that
purpose, (D) if at any time the representations and warranties of the Company
contemplated by Section 2.2(n) below cease to be true and correct, (E) of the
receipt by the Company of any notification with respect to the suspension of the
qualification of the Registrable Securities for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose and (F) of the
happening of any event which makes any statement made in the Registration
Statement, the Prospectus or any document incorporated therein by reference
untrue or which requires the making of any changes

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in the Registration Statement, the Prospectus or any document incorporated
therein by reference in order to make the statements therein not misleading;

                  (d) make every reasonable effort to obtain the withdrawal of
any order suspending the effectiveness of the Registration Statement at the
earliest possible moment;

                  (e) if requested by the managing underwriter or underwriters
or a selling Investor, promptly incorporate in a Prospectus supplement or
post-effective amendment such information as the managing underwriters and the
holders of a majority of the Registrable Securities being sold agree should be
included therein relating to the plan of distribution with respect to such
Registrable Securities, including, without limitation, information with respect
to the number of Registrable Securities being sold to such underwriters, the
purchase price being paid therefor by such underwriters and with respect to any
other terms of the underwritten offering of the Registrable Securities to be
sold in such offering; and make all required filings of such Prospectus
supplement or post-effective amendment as soon as notified of the matters to be
incorporated in such Prospectus supplement or post-effective amendment;

                  (f) furnish to each managing underwriter and to each selling
Investor, without charge, at least one signed copy of the Registration Statement
and any amendment thereto, including financial statements and schedules, all
documents incorporated therein by reference and all exhibits (including those
incorporated by reference);

                  (g) deliver to each selling Investor and the underwriters, if
any, without charge, as many copies of the Prospectus (including each
preliminary prospectus) and any amendment or supplement thereto as each selling
Investor and underwriters may reasonably request; the Company consents to the
use of each Prospectus or any amendment or supplement thereto by each of the
selling Investors and the underwriters, if any, in connection with the offering
and sale of the Registrable Securities covered by such Prospectus or any
amendment or supplement thereto;

                  (h) prior to any public offering of Registrable Securities,
register or qualify or cooperate with the selling Investors, the underwriters,
if any, and their respective counsel in connection with the registration or
qualification of such Registrable Securities for offer and sale under the
securities or "Blue Sky" laws of such jurisdictions as any seller or underwriter
reasonably requests in writing, considering the amount of Registrable Securities
proposed to be sold in each such jurisdiction, and do any and all other acts or
things necessary or advisable to enable the disposition in such jurisdictions of
the Registrable Securities covered by the Registration Statement; provided,
however, that the Company will not be required to qualify generally to do
business in any jurisdiction where it is not then so qualified or to take any
action that would subject it to general service of process in any such
jurisdiction where it is not then so subject;

                  (i) cooperate with the selling Investors and the managing
underwriters, if any, to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold and not bearing any
restrictive legends and in such denominations and registered in such names as
the managing underwriters may request at least two business days prior to any
sale of Registrable Securities to the underwriters;

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                  (j) use its best efforts to cause the Registrable Securities
covered by the applicable Registration Statement to be registered with or
approved by such other governmental agencies or authorities as may be necessary
to enable the seller or sellers thereof or the underwriters, if any, to
consummate the disposition of such Registrable Securities;

                  (k) upon the occurrence of any event contemplated by Section
2.2(c)(F) above, prepare a supplement or post-effective amendment to the
Registration Statement or the related Prospectus or any document incorporated
therein by reference or file any other required document so that, as thereafter
delivered to the purchasers of the Registrable Securities, the Prospectus will
not contain an untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein not misleading;

                  (l) cause all Registrable Securities covered by any
Registration Statement to be listed on each securities exchange on which similar
securities issued by the Company are then listed, or cause such Registrable
Securities to be authorized for trading on the NASDAQ National Market System if
any similar securities issued by the Company are then so authorized, if
requested by the holders of a majority of such Registrable Securities or the
managing underwriters, if any;

                  (m) provide a CUSIP number for all Registrable Securities, not
later than the effective date of the applicable Registration Statement;

                  (n) enter into such agreements (including an underwriting
agreement) and take all such other actions in connection therewith in order to
facilitate the disposition of such Registrable Securities as shall be reasonably
necessary, and in connection therewith, (A) make such representations and
warranties to the selling Investors and the underwriters, if any, in form,
substance and scope as are customarily made by issuers to underwriters in
primary underwritten offerings; (B) obtain opinions of counsel to the Company
and updates thereof (which counsel and opinions (in form, scope and substance)
shall be reasonably satisfactory to the managing underwriters) addressed to each
selling Investor and the underwriters, if any, covering the matters customarily
covered in opinions requested in underwritten offerings and such other matters
as may be reasonably requested by such Investors and underwriters; (C) obtain
"cold comfort" letters and updates thereof from the Company's independent
certified public accountants addressed to the underwriters, if any, such letters
to be in customary form and covering matters of the type customarily covered in
"cold comfort" letters by underwriters in connection with primary underwritten
offerings; (D) if an underwriting agreement is entered into, the same shall set
forth in full the indemnification provisions and procedures set forth in Section
2.4 below with respect to all parties to be indemnified pursuant to said
Section; and (E) the Company shall deliver such documents and certificates as
may be reasonably requested by the holders of a majority of the Registrable
Securities being sold and the managing underwriters, if any, to evidence
compliance with Section 2.2(c)(F) above and with any customary conditions
contained in the underwriting agreement or other agreement entered into by the
Company. The above shall be done at each closing under such underwriting or
similar agreement or as and to the extent required thereunder;

                  (o) make available for inspection during normal business hours
by a representative of the holders of a majority of the Registrable Securities
being sold, any

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underwriter participating in any disposition pursuant to the Demand
Registration, and any attorney or accountant retained by the representative or
underwriter, all financial and other records, and pertinent corporate documents
of the Company, and cause the Company's officers, directors and employees to
supply all information reasonably requested by any such representative,
underwriter, attorney or accountant in connection with such Registration
Statement; provided, however, that any records, information or documents that
are designated by the Company in writing as confidential shall be kept
confidential by such persons unless disclosure of such records, information or
documents is required by court or administrative order or any regulatory body
having jurisdiction;

                  (p) otherwise use its best efforts to comply with all
applicable rules and regulations of the Commission, and make earnings statements
satisfying the provisions of Section 11(a) of the Securities Act generally
available to its security holders no later than 45 days after the end of any
12-month period (or 90 days, if such period is a fiscal year) (A) commencing at
the end of any fiscal quarter in which Registrable Securities are sold to
underwriters in a firm or best efforts underwritten offering, or (B) if not sold
to underwriters in such an offering, beginning with the first month of the
Company's first fiscal quarter commencing after the effective date of the
Registration Statement, which statements shall cover said 12-month periods; and

                  (q) promptly prior to the filing of any document that is to be
incorporated by reference into any Registration Statement or Prospectus (after
initial filing of the Registration Statement), provide copies of such document
to counsel to the selling Investors and to the managing underwriters, if any,
make the Company's representatives available for discussion of such document and
make such changes in such document prior to the filing thereof as counsel for
such selling Investors or underwriters may reasonably request.

         The Company may require the selling Investors to furnish to the Company
such information regarding the proposed distribution of such securities as the
Company may from time to time reasonably request in writing.

         Each holder of Registrable Securities agrees by acquisition of such
Registrable Securities that, upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 2.2(c)(F), such holder
will forthwith discontinue disposition of Registrable Securities pursuant to the
Registration Statement until such holder's receipt of copies of the supplemented
or amended Prospectus as contemplated by Section 2.2(k), or until it is advised
in writing (the "Advice") by the Company that the use of the Prospectus may be
resumed, and has received copies of any additional or supplemental filings that
are incorporated by reference in the Prospectus, and, if so directed by the
Company, such holder will deliver to the Company (at the Company's expense) all
copies, other than permanent file copies then in such holder's possession, of
the Prospectus covering such Registrable Securities. In the event the Company
shall give any such notice, the three month time period referred to in 2.1(a)
shall be extended by the number of days during the period from and including the
date of the giving of such notice to and including the date when each seller of
Registrable Securities covered by such Registration Statement shall have
received the copies of the supplemental or amended prospectus contemplated by
Section 2.2(c)(F) or the Advice.

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         2.5 Restrictions on Public Sale.

                  (a) Public Sale by Investors. To the extent not inconsistent
with applicable law, and to the extent comparable restrictions are placed on
directors, executive officers and other holders of 5% or more of the Company's
Securities, (i) each Investor agrees not to effect any public sale or
distribution of Registrable Securities, including a sale pursuant to Rule 144
(or any similar provision then in force) under the Securities Act, during the
90-day period (or such shorter period as may be agreed to by the managing
underwriter or underwriters) following a Qualified IPO, and (ii) if requested by
the managing underwriter or underwriters for such Registration, each Investor
agrees not to effect any public sale or distribution of Registrable Securities,
including a sale pursuant to Rule 144 (or any similar provision then in force)
under the Securities Act, during the 15 business days prior to, and during the
90-day period (or such shorter period as may be agreed to by such underwriter or
underwriters) beginning on, the effective date of a Registration Statement
pursuant to such Demand Registration (except as part of such Demand
Registration).

                  (b) Public Sale by the Company. If requested by the managing
underwriter or underwriters for any underwritten Demand Registration, or by the
holders of a majority of the Registrable Securities being registered in a Demand
Registration that is not being underwritten, (i) the Company will not effect any
public sale or distribution of Common Stock (or securities convertible into or
exchangeable or exercisable for Common Stock) for its own account during the 15
business days prior to, and during the 90-day period beginning on, the effective
date of such Demand Registration, and (ii) the Company will use its reasonable
efforts to cause each other holder of Common Stock (or securities convertible
into or exchangeable for, or options to purchase, Common Stock) purchased from
the Company at any time after the date of this Agreement (other than in a
registered public offering) to agree not to effect any public sale or
distribution of any such securities during the period described in (i) above
(except as part of such Demand Registration, if otherwise permitted).

                  (c) Other Registrations. If the Company has previously filed a
Registration Statement with respect to Registrable Securities, and if such
previous Registration has not been withdrawn or abandoned, the Company will not
file or cause to be effected any other registration of any of its Common Stock
(or securities convertible into or exchangeable for, or options to purchase,
Common Stock) under the Securities Act (except on Form S-8 or any similar
successor form), whether on its own behalf or at the request of any holder or
holders of Common Stock (or securities convertible into or exchangeable or
exercisable for Common Stock), until a period of at least three months has
elapsed from the effective date of such previous Registration; provided,
however, that if the holders of 50% or more of the aggregate number of
Registrable Securities included in such previous Registration shall agree in
writing, such period may be shortened by the Company.

         2.6 Indemnification.

                  (a) Indemnification by the Company. The Company agrees to
indemnify, to the full extent permitted by law, each Investor, its officers,
directors and agents and each person who controls the Investor within the
meaning of the Securities Act and the Exchange Act (each, an "Indemnified
Holder"), against all losses, claims, damages, liabilities

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and expenses caused by any untrue or alleged untrue statement of a material fact
contained in any Registration Statement, Prospectus or preliminary Prospectus,
or any omission or alleged omission to state therein a material fact necessary
to make the statements therein (in the case of a Prospectus or any preliminary
Prospectus, in light of the circumstances under which they were made) not
misleading, except to the extent that such untrue statement or omission is
caused by any information with respect to such Indemnified Holder furnished in
writing to the Company by such Indemnified Holder or its representative
expressly for use therein. The Company will also indemnify underwriters, selling
brokers, dealer managers and similar securities industry professionals
participating in the distribution, their officers and directors and each person
who controls such persons (within the meaning of the Securities Act) to the same
extent as provided above with respect to Indemnified Holders; provided, however,
that if pursuant to an underwritten public offering of Registrable Securities,
the Company and any underwriters enter into an underwriting or purchase
agreement relating to such offering that contains provisions relating to
indemnification and contribution between the Company and such underwriters, such
provisions shall be deemed to govern indemnification and contribution as between
the Company and such underwriters.

                  (b) Indemnification by Investors. In connection with any
Registration, each Investor participating therein will furnish to the Company in
writing such information with respect to such Investor as the Company reasonably
requests for use in connection with any Registration Statement, Prospectus or
preliminary Prospectus, and agrees to indemnify, to the full extent permitted by
law, the Company, the directors and officers of the Company signing the
Registration Statement and each person who controls the Company (within the
meaning of the Securities Act and the Exchange Act) against any losses, claims,
damages, liabilities and expenses resulting from any untrue statement of a
material fact or any omission to state a material fact required to be stated
therein or necessary to make the statements in the Registration Statement,
Prospectus or preliminary Prospectus (in the case of the Prospectus or any
preliminary Prospectus, in light of the circumstances under which they were
made) not misleading, to the extent, and only to the extent, that such untrue
statement or omission is caused by any information with respect to the Investor
so furnished in writing by the Investor or its representative specifically for
inclusion therein. In no event shall the liability of any selling Investor be
greater in amount than the dollar amount of the proceeds received by such
Investor upon the sale of the Registrable Securities giving rise to such
indemnification obligation. The Company shall be entitled to receive indemnities
from underwriters, selling brokers, dealer managers and similar securities
industry professionals participating in the distribution, to the same extent as
provided above with respect to information with respect to such persons or
entities so furnished in writing by such persons or entities or their
representatives specifically for inclusion in any Registration Statement,
Prospectus or preliminary Prospectus.

                  (c) Conduct of Indemnification Proceedings. Any person or
entity entitled to indemnification hereunder will (i) give prompt written notice
to the indemnifying party after the receipt by the indemnified party of a
written notice of the commencement of any action, suit, proceeding or
investigation or threat thereof made in writing for which such indemnified party
will claim indemnification or contribution pursuant to this Agreement; provided,
however, that the failure of any indemnified party to give notice as provided
herein shall not relieve the indemnifying party of its obligations under the
preceding Section 2.4(a) or 2.4(b), as applicable, except to the extent that the
indemnifying party is actually prejudiced by

                                       10
<PAGE>   13

such failure to give notice and (ii) unless in such indemnified party's
reasonable judgment a conflict of interest may exist between such indemnified
and indemnifying parties with respect to such claim, permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory
to the indemnified party. Whether or not such defense is assumed by the
indemnifying party, the indemnifying party will not be subject to any liability
for any settlement made without its consent (but such consent will not be
unreasonably withheld). No indemnifying party will be required to consent to the
entry of any judgment or to enter into any settlement that does not include as
an unconditional term thereof the giving by the claimant or plaintiff of a
release from all liability in respect of such claim or litigation. An
indemnifying party who is not entitled to, or elects not to, assume the defense
of a claim will not be obligated to pay the fees and expenses of more than one
counsel in any one jurisdiction for all parties indemnified by such indemnifying
party with respect to such claim, unless in the reasonable judgment of any
indemnified party a conflict of interest may exist between such indemnified
party and any other of such indemnified parties with respect to such claim, in
which event the indemnifying party shall be obligated to pay the fees and
expenses of such additional counsel or counsels.

                  (d) Contribution. If for any reason the indemnification
provided for in the preceding Section 2.4(a) or 2.4(b), as applicable, is
unavailable to an indemnified party as contemplated by such Section, then the
indemnifying party, in lieu of indemnification, shall contribute to the amount
paid or payable by the indemnified party as a result of such loss, claim,
damage, liability or expense in such proportion as is appropriate to reflect not
only the relative benefits received by the indemnified party and the
indemnifying party, but also the relative fault of the indemnified party and the
indemnifying party, as well as any other relevant equitable considerations;
provided, however, that no selling Investor shall be required to contribute in
an amount greater than the difference between the net proceeds received by such
Investor with respect to the sale of Registrable Securities and all amounts
already contributed by such Investor with respect to such claims, including
amounts paid for any legal or other fees or expenses incurred by the Investor.

         2.7 Rule 144. The Company agrees that at all times after it has filed a
registration statement pursuant to the requirements of the Securities Act
relating to any class of equity securities of the Company, it will file in a
timely manner all reports required to be filed by it pursuant to the Securities
Act and the Exchange Act, or in the event the Company is not subject to Section
13 or 15(d) of the Exchange Act, shall make available in a timely manner all
information required to be made publicly available concerning the Company
specified in Rule 15c2-11(a)(5)(I) to (xiv), and (xvi) of under the Exchange
Act, and will take such further action as any Investor may reasonably request in
order that such Investor may effect sales of Registrable Securities pursuant to
Rule 144. At any reasonable time and upon request of an Investor, the Company
will furnish the Investor and others with such information as may be necessary
to enable such Investor to effect sales of Common Stock pursuant to Rule 144
under the Securities Act and will deliver to such Investor a written statement
as to whether it has complied with such requirements. Notwithstanding the
foregoing, the Company may deregister any class of its equity securities under
Section 12 of the Exchange Act or suspend its duty to file reports with respect
to any class of its securities pursuant to Section 15(d) of the Exchange Act if
it is then permitted to do so pursuant to the Exchange Act and the rules and
regulations thereunder.

                                       11
<PAGE>   14

         2.8 Participation in Underwritten Registrations. No Investor may
participate in any underwritten registration hereunder unless such Investor (i)
agrees to sell its Registrable Securities on the basis provided in any
underwriting arrangements approved by the Company, and (ii) accurately completes
in a timely manner and executes all questionnaires, powers of attorney,
underwriting agreements and other documents customarily required under the terms
of such underwriting arrangements.

                                 ARTICLE III.
                                MISCELLANEOUS

         3.1 Legend. In addition to any legends required by federal or state
securities laws, the certificates representing the Registrable Securities shall
bear the following legend:

"The securities represented by this certificate are subject to certain
restrictions on transfer and voting set forth in an Investor Rights Agreement
dated as of August 15, 2000. A copy of such Agreement may be obtained from the
Company upon request."

Each of the parties hereto agrees that it will not transfer any Registrable
Securities without complying with each of the restrictions set forth herein and
agrees that in connection with any such transfer it will, if requested by the
Company, deliver at its expense to the Company an opinion of counsel (including
in-house or special counsel), in form and substance reasonably satisfactory to
the Company and counsel for the Company, that such transfer is not in violation
of the securities laws of the United States of America or any state thereof.

         3.2 Transferees; Additional Restriction on Transfer. Any transferee of
Registrable Securities from an Investor or a subsequent transferee shall take
such Registrable Securities subject to the same rights and restrictions as
existed in the hands of the transferor. No transferee of an Investor or a
subsequent transferee, other than a Permitted Transferee, shall be entitled to
the registration rights provided in Article II. Shares sold to the public
pursuant to an effective Registration Statement shall no longer be subject to
any of the provisions of this Agreement.

         3.3 Specific Performance, Etc. The Company and each Investor, in
addition to being entitled to exercise all rights provided herein, in the
Company's Certificate of Incorporation or granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this
Agreement. Each party agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions
of this Agreement and hereby agrees to waive the defense in any action for
specific performance that a remedy at law would be adequate.

         3.4 Notices. All notices, requests, demands and other communications
which are required or may be given under this Agreement shall be in writing and
shall be deemed to have been duly given when received if personally delivered;
when transmitted if transmitted by telecopy, electronic or digital transmission
method; the day after it is sent, if sent for next day delivery to a domestic
address by recognized overnight delivery service (e.g., Federal Express); and
upon receipt, if sent by certified or registered mail, return receipt requested.
In each case notice shall be sent to:

                                       12
<PAGE>   15

         If to an Investor, to the address set forth in Schedule I hereto.

                  Copy to:

                           Morgan, Lewis & Bockius, LLP
                           300 South Grand Avenue, Suite 2200
                           Los Angeles, CA  90017
                           Fax: (213) 812-2554
                           Attention: John F. Hartigan, Esq.

                  If to the Company, addressed to:

                           Freerealtime.com, Inc.
                           3333 Michelson Drive
                           Suite 430
                           Irvine, California 92612
                           Fax:  (949) 833-7665
                           Attention:  General Counsel

                  Copy to:

                           Latham & Watkins
                           650 Town Center Drive
                           Costa Mesa, California 92626
                           Fax:  (714) 755-8290
                           Attention:  Cary K. Hyden, Esq.

or to such other place and with such other copies as either party may designate
as to itself by written notice to the others.

         3.5 Entire Agreement; Amendments and Waivers. This Agreement
constitutes the entire agreement among the parties pertaining to the subject
matter hereof and supersedes all prior agreements, understandings, negotiations
and discussions, whether oral or written, of the parties hereto. The provisions
of this Agreement, including the provisions of this sentence, may not be
amended, modified or supplemented, and waivers of or consents to departures from
the provisions hereof may not be given unless approved by the Company in writing
and the Company has obtained the written consent of holders of at least 66% of
the then outstanding Shares. This Agreement may be amended, modified, waived or
supplemented only by a written instrument executed by all the parties hereto
that are required to execute the same. No action taken pursuant to this
Agreement, including, without limitation, any investigation by or on behalf of
any party, shall be deemed to constitute a waiver by the party taking such
action. The waiver by any party hereto of a breach of any provision of this
Agreement shall not operate or be construed as waiver of any preceding or
succeeding breach and no failure by any party to exercise any right or privilege
hereunder shall be deemed a waiver of such party's rights or privileges
hereunder or shall be deemed a waiver of such party's rights to exercise the
same at any subsequent time or times hereunder.

                                       13
<PAGE>   16

         3.6 Recapitalizations, Exchange, Etc. Affecting the Company's Stock.
The provisions of this Agreement shall apply, to the full extent set forth
herein with respect to the Shares, to any and all shares of capital stock of the
Company that may be issued in respect of, in exchange for, or in substitution of
the Shares and shall be appropriately adjusted for any stock dividends, splits,
reverse splits, combinations, recapitalizations and the like occurring after the
date hereof.

         3.7 Jurisdiction; Mediation; Attorneys' Fees.

                  (a) Jurisdiction. Each party hereto agrees that any and all
claims, grievances, demands, controversies, causes of action, or disputes of any
nature whatsoever (including but not limited to tort and contract claims, and
claims upon any law, statute, order or regulation) (hereinafter "Claims")
arising out of, in connection with or in relation to (i) the interpretation,
performance or breach of this Agreement, or (ii) any relationship before, at the
time of entering into, during the term of, or upon or after expiration or
termination of this Agreement, between the parties hereto, shall be brought in
the United States District Court for the Central District of California or, if
such court does not have jurisdiction or will not accept jurisdiction, in any
court of general jurisdiction in the County of Orange, State of California. Each
party hereto unconditionally and irrevocably consents to the jurisdiction of any
such court over any Claims and waives any objection which such party may have to
the laying of venue of any Claims in any such court.

                  (b) Attorneys' Fees. If a party brings a Claim in an action
before a court described in Section 3.7(a), the prevailing party in such action
shall be entitled to recover its costs and expenses, including, without
limitation, reasonable attorneys' fees, incurred in connection with such action,
including any appeal of such action.

         3.8 Multiple Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

         3.9 Headings. The headings of the Articles and Sections herein are
inserted for convenience of reference only and are not intended to be part of or
to affect the meaning or interpretation of this Agreement.

         3.10 Governing Law. This Agreement shall be governed by and construed
in accordance with the internal laws of the State of California, without regard
to principles of conflict of laws.

         3.11 Construction. Differences in language as between similar
provisions covering similar matters may reflect differences in style rather than
a different substantive intent and should be construed accordingly.

         3.12 Expenses. Except as otherwise specified in this Agreement, each
party hereto shall pay its own legal, accounting, out-of-pocket and other
expenses incident to this Agreement and to any action taken by such party in
preparation for carrying this Agreement into effect.

                                       14
<PAGE>   17

         3.13 Invalidity. In the event that any one or more of the provisions
contained in this Agreement or in any other document or instrument referred to
herein, shall, for any reason, be held to be invalid, illegal or unenforceable
in any respect, then to the maximum extent permitted by law, such invalidity,
illegality or unenforceability shall not affect any other provision of this
Agreement or any other such document or instrument.

         3.14 Cumulative Remedies. All rights and remedies of either party
hereto are cumulative of each other and of every other right or remedy such
party may otherwise have at law or in equity, and the exercise of one or more
rights or remedies shall not prejudice or impair the concurrent or subsequent
exercise of other rights or remedies.

                            [Signature pages follow]

                                       15
<PAGE>   18

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
day and year first written above.

                                      FREEREALTIME.COM, INC.,
                                      a Delaware corporation

                                      By: /s/ Michael Neufeld
                                          --------------------------------------
                                          Michael Neufeld

                                       S-1
<PAGE>   19

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
day and year first written above.

                                             Accepted and agreed to:

                                             -----------------------------------

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

No. of Shares:
              -----------

Name and Address of Investor

-----------------------------------

-----------------------------------

-----------------------------------

-----------------------------------

                                      S-2
<PAGE>   20

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
day and year first written above.

                                             Accepted and agreed to:

                                             -----------------------------------

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

No. of Shares:
              -----------

Name and Address of Investor

-----------------------------------

-----------------------------------

-----------------------------------

-----------------------------------

                                      S-3
<PAGE>   21

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
day and year first written above.

                                             Accepted and agreed to:

                                             -----------------------------------

                                             By:
                                                --------------------------------
                                             Name:
                                                  ------------------------------
                                             Title:
                                                   -----------------------------

No. of Shares:
              -----------

Name and Address of Investor

-----------------------------------

-----------------------------------

-----------------------------------

-----------------------------------

                                      S-4<PAGE>   1
                                                                    EXHIBIT 10.1

                         NEW YORK STOCK EXCHANGE, INC.

                  AGREEMENT FOR RECEIPT AND USE OF MARKET DATA

                  AGREEMENT made as of the 23rd day of December, 1997 between
the executing person ("Customer") and New York Stock Exchange, Inc. ("NYSE")
acting on behalf of the Authorizing SROs* as Paragraph 12 describes.

                                     RECITAL

                  The Authorizing SROs act (1) cooperatively pursuant to the
"CTA Plan"(1) and the "CQ Plan"(2) (collectively, the "Plans") and on behalf of
Other Data Disseminators*, and (2) individually on their own behalves, to
facilitate the dissemination of the following categories of information:
<TABLE>
<S>                                                               <C>
         Network A* Last Sale Price Information*                  Network B* Last Sale Price Information
         Network A Quotation Information*                         Network B Quotation Information
         NYSE Market Information*                                 AMEX Market Information*
         Other Market Information*                                Delayed Last Sale Price Information*
</TABLE>

                  This Agreement refers to such information collectively as
"Market Data" and refers to each category of such information as a "Type of
Market Data") The Authorizing SROs authorize NYSE to enter into this Agreement
to permit Customer to receive and redisseminate and/or otherwise use Market Data
on a non-exclusive basis, and to perform or provide the Services*, (1) to the
extent, for the purposes, and in the manner, specified in Exhibit A and (2) only
in accordance with and subject to this Agreement. This Agreement incorporates
Exhibit A.

                              TERMS AND CONDITIONS

                  Customer and the Authorizing SROs by NYSE acting on their
behalf agree as follows:

                       PART I: MARKET DATA ACCESS AND USE

                  1.       DEFINITIONS

-----------------------

*        Whenever an asterisk follows the first use of a term, Paragraph 1 of
         this Agreement refers to or defines that term.

(1)      The CTA Plan was filed with the Securities and Exchange Commission (the
         "Commission") by certain of the Authorizing SROs pursuant to Rule
         17A-15 (later amended and renumbered as Rule 11Aa3-2) under the
         Securities Exchange Act of 1934, as amended (the "1934 Act"). The
         Commission declared the CTA Plan effective as of May 17, 1974.

(2)      The CQ Plan was filed with the Commission by certain of the Authorizing
         SROs for the purpose of implementing Rule 11Ac1-1 under the 1934 Act.
         The Commission approved the CQ Plan on July 28, 1978.

<PAGE>   2

                  (a) "AMEX Market Information" includes Last Sale Price and
Quotation Information relating to Non-Eligible Securities* that are admitted to
dealings on the American Stock Exchange ("AMEX"), index information that AMEX
makes available and such other categories of information as AMEX or an Other
Data Disseminator may make available and AMEX may from time to time identify.

                  (b) "Authorizing SRO(s)" mean each of the national securities
exchanges, and the national securities association, that are signatories to
either or both Plans. (This agreement refers to any such signatory as a
"Participant".)

                  (c) "Customer Affiliate" means any person identified in
Exhibit A (i) that receives one or more Services and (ii) as to which NYSE has
made the "control relationship" determination that Paragraph 8(b) describes.

                  (d) "Data Recipient" means any person that is authorized in
accordance with Paragraph 5 to receive one or more Types of Market Data from
Customer acting pursuant to this Agreement.

                  (e) "Delayed Last Sale Price Information" means Last Sale
Price Information that has been delayed for such period (the "Delay Period") as
NYSE specifies on 60 days' written notice.

                  (f) "Disseminating Party" means "CTA" and the "Operating
Committee" (as defined in the CTA and CQ Plans, respectively), each member of
CTA and the Operating Committee, each Authorizing SRO, each facilities manager
for the dissemination of one or more Types of Market Data (e.g., the "Processor"
as defined in the Plans), each Other Data Disseminator, each of their respective
directors, governors, officers, employees and affiliates, and each director,
officer and employee of each such affiliate.

                  (g) "Eligible Security" has the meaning that the CTA Plan
assigns to that term.

                  (h) "Indirect Access" means access to one or more of the
Authorizing SROs' Transmission Facilities through an intermediary and in a
manner that (i) allows the access recipient to control the redistribution of
Market Data or (ii) precludes the access provider (A) from exercising
entitlement controls over the access recipient's use of Market Data in a manner
that is satisfactory to NYSE or AMEX, as appropriate, or (B) from otherwise
fulfilling its reporting obligations under its agreement with the Authorizing
SROs. (This Agreement provides terms and conditions pursuant to which Customer
may provide and/or receive Indirect Access.)

                  (i) "Indirect Access Service" refers to Customer's provision
of Market Data to a Data Recipient in compliance with Exhibit A and in a manner
that NYSE, acting in its sole discretion, determines to constitute Indirect
Access to the Transmission Facilities.

                  (j) "Interrogation Device" means any terminal or other device,
including, without limitation, any computer, data processing equipment,
communications equipment, cathode ray tube, monitor or audio voice response
equipment, technically enabled to display, transmit or otherwise communicate,
upon inquiry, Market Data in visual, audible or other comprehensible form.

                  (k) "Interrogation Service" means any service that permits
retrieval of one or more Types of Market Data by means of an Interrogation
Device.

                  (l) "Last Sale Price Information" means (i) the last sale
prices reflecting completed transactions in Eligible Securities or Non-Eligible
Securities, (ii) the volume and other information related to those transactions,
(iii) the identifier of the Authorizing SRO furnishing the prices, and (iv)
other related information.

                  (m) "Market Minder" means any Service provided by a Vendor* by
means of an Interrogation Device or other display which (i) permits monitoring,
on a dynamic basis, of Last Sale Price Information and/or Quotation Information
in respect of a particular security, and (ii) displays the most recent Last Sale
Price Information or Quotation Information with respect to that security until
such information has been

                                       2
<PAGE>   3

superseded or supplemented by the display of new Last Sale Price Information
reflecting the next reported transaction in that security and/or new Quotation
Information reflecting updated bids or offers for that security.

                  (n) "Network A" means (i) in respect of Eligible Securities,
Eligible Securities admitted to dealings on NYSE, and (ii) in respect of a
Participant, a Participant that makes available information relating to Network
A Eligible Securities.

                  (o) "Network B" means (i) in respect of Eligible Securities,
Eligible Securities other than Network A Eligible Securities, and (ii) in
respect of a Participant, a Participant that makes available information
relating to Network B Eligible Securities.

                  (p) "Non-Eligible Securities" include certain stocks, bonds,
and other securities, that are not Eligible Securities and that are admitted to
dealings on a Participant national securities exchange.

                  (q) "NYSE Market Information" includes Last Sale Price and
Quotation Information relating to Non-Eligible Securities that are admitted to
dealings on NYSE, index information that NYSE makes available and such other
categories of information as NYSE or an Other Data Disseminator may make
available and NYSE may from time to time identify.

                  (r) "Other Data Disseminators" means (i) "other reporting
parties" (as the CTA Plan defines that term) and (ii) such other,
non-Participant parties that make market information available over the
Transmission Facilities, or that have a proprietary interest in the index
information that a Participant makes available pursuant to the CTA Plan, as NYSE
or AMEX, as appropriate, may from time to time identify.

                  (s) "Other Market Information" includes Last Sale Price and
Quotation Information relating to Non-Eligible Securities that are admitted to
dealings on a Participant other than NYSE or AMEX, index information that a
Participant other than NYSE or AMEX makes available pursuant to the CTA Plan and
such other categories of information as a Participant other than NYSE or AMEX,
or an Other Data Disseminator, may make available and NYSE may from time to time
identify.

                  (t) "Person" means a natural person or proprietorship, or a
corporation, partnership or other organization.

                  (u) "Quotation Information" means (i) all bids, offers,
quotation sizes, aggregate quotation sizes, identities of brokers or dealers
making bids or offers and other information in respect of Eligible Securities
and Non-Eligible Securities; (ii) the identifier of the Authorizing SRO
furnishing each bid or offer; (iii) each "consolidated BBO" (as the CQ Plan
defines that term) in the foregoing information and any identifier associated
therewith; (iv) each "ITS/CAES BBO" (as the CQ Plan defines that term) and any
identifier associated therewith; and (v) related information.

                  (v) "Services" include both Subscriber Services* and Indirect
Access Services.

                  (w) "Service Facilitator" means any person other than a
"common carrier" (as defined in the Federal Communications Act) (i) that assists
Customer as described and in the manner specified in Exhibit A in any aspect of
Customer's receipt, dissemination or other use of Market Data (including any
facilities manager, equipment operator, signal broadcaster or installation
contractor) and (ii) as to which NYSE has made the "Service Facilitator"
determination that Paragraph 8(a) describes.

                  (x) "Subscriber" means a recipient of one or more types of
Market Data through a Ticker Display*, Interrogation Service, Market Minder
Service, or other Market Data Service from a Vendor, another data redisseminator
or the Authorizing SROs.

                  (y) "Subscriber Service" refers to any Interrogation, Ticker
Display, Market Minder or other service involving the use of Market Data (other
than an Indirect Access Service) that Customer may create and provide to its own
officers, partners and employees and/or to other Data Recipients, all as Exhibit
A describes.

                                       3
<PAGE>   4

                  (z) "Ticker Display" means a continuous moving display of Last
Sale Price Information (other than a Market Minder) provided on an interrogation
or other display device.

                  (aa) "Transmission Facilities" include the data transmission
facilities by which the Authorizing SROs make Market Data available pursuant to
the Plans and such other data transmission facilities by which one or more
Authorizing SROs may make Market Data available as NYSE may from time to time
identify.

                  (bb) "Vendor" means any person engaged in the business of
providing Subscriber Services and/or Indirect Access Services to brokers,
dealers, investors or other persons.

                  2. PROPRIETARY INTERESTS - Customer understands and
acknowledges, and shall assure that each Customer Affiliate and Service
Facilitator (if any) understands and acknowledges, that each Authorizing SRO and
Other Data Disseminator has a proprietary interest in the Market Data that
originates on or derives from its markets or in its index information.

                  3. CUSTOMER ACCESS TO MARKET DATA

                  (a) DIRECT ACCESS - Customer may receive one or more Types of
Market Data through direct access to (i.e., through direct computer-to-computer
interface(s) with) the Transmission Facilities.

                  (b) INDIRECT ACCESS - Customer may receive one or more Types
of Market Data through Indirect Access to the Transmission Facilities through an
intermediary. However, Customer may do so only after NYSE notifies the
intermediary in writing of NYSE's approval.

                  (c) ACCESS SPECIFICATIONS AND EXPENSES - Customer may receive
one or more Types of Market Data as Paragraphs 3(a) and 3(b) provide solely as
and to the extent described, and in the manner specified, in Exhibit A. Where
Customer adds, deletes or substitutes either any intermediary or any means of
access (i.e., either direct access or Indirect Access), NYSE must first approve
the addition, deletion or substitution and any related changes as Paragraph 6
describes. Except as NYSE may explicitly undertake, no Authorizing SRO is
responsible for any cost or expense, or for providing any circuit, necessary for
Customer to receive or transmit Market Data.

                  4. SRO MODIFICATIONS - Upon as much notice as is reasonably
practicable under the circumstances, the Authorizing SROs, without liability to
Customer or to any other person, (a) may discontinue disseminating any or all
Types of Market Data either at all or in any particular manner, (b) may change
or eliminate any circuit(s) carrying any or all Types of Market Data, (c) may
discontinue converting any or all Types of Market Data into electrical signal
form and/or (d) may change the speed or any other characteristic of the
electrical signals representing any or all Types of Market Data.

                  5. CUSTOMER USE OF MARKET DATA

                  (a) PERMITTED USE OF DATA - Customer may receive and use a
Type of Market Data pursuant to this Agreement solely as and to the extent
described, and in the manner specified, in Exhibit A. Except as this Paragraph 5
describes, any redissemination or other use of that Type of Market Data is
prohibited. Where NYSE has authorized Customer to provide one or more, but not
all, Types of Market Data to a Data Recipient, Customer shall inhibit the
provision of the unauthorized Type(s) of Market Data in the manner Exhibit A
describes.

                  (b) SUBSCRIBER SERVICES - Customer may provide one or more
Type(s) of Market Data to a Subscriber through a Subscriber Service solely as
described and in the manner specified in Exhibit A and only pursuant to such one
or more of the following requirements as NYSE or AMEX, as appropriate,
specifies:

                                       4
<PAGE>   5

                           (i) if NYSE, or AMEX, as appropriate, has notified
         Customer (by such means as NYSE or AMEX, as appropriate, may specify)
         that the person has entered into an appropriate agreement with NYSE or
         AMEX that authorizes the person to receive and use the Type(s) of
         Market Data; or

                           (ii) while the person is a party to an effective
         agreement with Customer that includes terms and conditions in the form
         attached to this Agreement as Exhibit B (if any); or

                           (iii) Customer's compliance with such alternative or
         additional Subscriber Service requirements as NYSE, or AMEX, as
         appropriate, may from time to time approve in writing.

Where Customer provides a Subscriber Service pursuant to clause (ii) or (iii) of
this Paragraph 5(b), Customer shall assure that it has the ability to modify its
agreements with Subscribers, and any alternative subscriber requirements, as
NYSE may from time to time specify. Customer shall effect any such modification
promptly, except that Customer may continue to provide a Subscriber Service to
any existing Subscriber without effecting the modification for 90 days from that
receipt. Customer shall discontinue its provision thereafter if the Subscriber
has not agreed to the modification(s). Customer shall promptly describe to NYSE
any breach by a Subscriber of the NYSE-prescribed portions of Customer's
agreements with the Subscriber, or of NYSE-prescribed alternative subscriber
requirements, about which it may learn. Customer shall not in any way amend,
supplement, or otherwise modify NYSE-prescribed provisions or requirements or
vitiate those provisions or requirements by any collateral agreement or
understanding, except as NYSE may otherwise agree in writing.

                  (c) INDIRECT ACCESS SERVICES - NYSE will determine in its sole
discretion whether the manner in which Customer intends to provide one or more
Types of Market Data to other persons constitutes an Indirect Access Service.
Customer may provide an Indirect Access Service solely as described and in the
manner specified in Exhibit A. Customer shall not provide any person with an
Indirect Access Service unless NYSE has notified Customer that the person has
entered into an appropriate agreement with NYSE authorizing the Indirect Access.
Customer shall promptly notify NYSE whenever any person commences or ceases to
receive an Indirect Access Service.

                  (d) DELAYED LAST SALE PRICE INFORMATION SERVICES - If Customer
elects to provide Delayed Last Sale Price Information Services (as described,
and in the manner specified, in Exhibit A), Customer shall:

                           (i) comply with any contract and fee collection
         requirements that NYSE may specify from time to time as to persons
         receiving Delayed Last Sale Price Information;

                           (ii) assure that each display of Delayed Last Sale
         Price Information conspicuously exhibits a statement indicating that
         the information has been delayed and the duration of the delay; and

                           (iii) assure that any advertisement, sales literature
         or other material promoting any Delayed Last Sale Price Information
         Service, and any agreement for that Service, includes such a statement
         in a conspicuous manner. Customer shall assure that the statement is
         effected in the form and manner Exhibit A describes and in a manner
         that makes it readily visible to any person viewing the display or
         promotional material. In addition, Customer shall comply, and shall use
         its best efforts to cause Subscribers to comply, with any other
         reasonable regulation that NYSE may adopt from time to time to assure
         that viewers of Delayed Last Sale Price Information are not misled as
         to its nature.

                  (e) SECURITIES PROFESSIONAL EXCEPTION - Insofar as (i) NYSE
determines that Customer is a securities professional (such as a registered
broker-dealer or investment adviser) and (ii) Exhibit A does not otherwise
permit Customer to provide Market Data to a particular person or branch office,
Customer, solely in the regular course of its securities business, may
occasionally furnish limited amounts of Market Data to its

                                       5
<PAGE>   6

customers and clients and to its branch offices. Customer may do so
notwithstanding anything to the contrary in this Paragraph 5 and subject to such
additional limitations as NYSE may specify in writing. Customer may so furnish
Market Data to its customers and clients who are not on Customer's premises
solely (i) in written advertisements, educational material, sales literature or
similar written communications or (ii) during telephone conversations not
entailing the use of computerized voice synthesization, other electronic
communication or similar technology. Customer may so furnish Market Data to its
branch offices solely (i) as the preceding sentence permits or (ii) through
manual entry over its communications network. Customer shall not permit any
customer or client to take physical possession of any component of the equipment
and software used for or in connection with any Service, except as Exhibit A may
otherwise provide.

                  (f) PERMITTED CONNECTIONS OF TICKER DISPLAY DEVICES - Customer
may connect approved Ticker Display devices to the Transmission Facilities
solely (i) for persons, and at locations, that NYSE or AMEX, as appropriate, has
approved for that purpose and (ii) as described and in the manner specified in
Exhibit A. Customer shall assure that any Ticker Display device complies with
all NYSE requirements for content, format and timeliness.

                  6. SERVICE AND SECURITY VARIATIONS AND SUPPLEMENTS - Customer
shall submit for NYSE's approval a description of any proposed, non-trivial
variation or supplement to or deletion from any receipt, redissemination, other
use or display of Market Data or to any Market Data security safeguard. Customer
shall not implement any such variation, supplement or deletion unless NYSE
approves its description in writing, whereupon Exhibit A shall incorporate the
description. Customer understands that NYSE may not approve a proposed
variation, supplement or deletion and that it acts at its own risk if any
significant effort is expended in development prior to NYSE's approval. Customer
further understands that an approved variation or supplement may be subject to
one or more additional or substituted charges payable pursuant to Paragraph 10.

                                PART II: SECURITY

                  7. TRANSMISSION AND EQUIPMENT SECURITY

                  (a) PROTECTION OF TRANSMISSIONS AND EQUIPMENT - Customer shall
assure that Service-related data processing, transmission and communications
equipment and software are arranged and protected so that, so far as reasonably
possible, no person can have unauthorized access to Market Data.

                  (b) SECURITY BREACHES AND REVISION - Customer shall assure
that the security safeguards that Exhibit A describes are enforced. If, in its
sole discretion, NYSE determines that one or more persons have unauthorized
access to Market Data, Customer shall, in accordance with Paragraph 6, take all
steps necessary to alter the security safeguards and the manner of its receipt
or transmission of Market Data so as to preclude the access. Customer shall
provide NYSE with such evidence as NYSE may request regarding the adequacy of
those steps. If NYSE determines those steps to be inadequate, Customer shall
promptly comply with any writing instructing Customer to discontinue
transmitting Market Data by the inadequately-safeguarded means.

                  (c) INSPECTION - Customer shall assure that any person
authorized in writing by NYSE (in respect of all Types of Market Data) or by
AMEX (in respect of Network B Market Data and Other Market Information) has
access, at any reasonable time, to any premises of Customer, any Customer
Affiliate, any Service Facilitator or any person to whom Customer provides
Market Data. In the presence of officials in charge of the premises, the
authorized person may (i) examine any component of equipment and software used
for the purposes of this Agreement and located at the premises and (ii) observe
the use of Market Data and all operations located or conducted at the premises,
but solely to monitor compliance with this Agreement. This Paragraph 7(c) does
not require Customer to disclose any proprietary information other than as
Exhibit A discloses.

                                       6
<PAGE>   7

                  8. SERVICE FACILITATORS AND CUSTOMER AFFILIATES

                  (a) SERVICE FACILITATORS - NYSE will determine in its sole
discretion whether any person assisting Customer for the purposes of this
Agreement is a "Service Facilitator" and, therefore, is excused from entering
into a separate agreement with NYSE. NYSE will base its determination upon such
criteria as (i) the nature and quantity of the Service-related functions that
the person performs and (ii) the extent to which Customer owns, or is under
common ownership with, the person. Customer shall not permit any person other
than a common carrier to assist Customer in providing or performing any aspect
of the Service unless (i) NYSE has determined the person to be a "Service
Facilitator" and the person is acting in accordance with, and in the manner
specified, in Exhibit A or (ii) the person has entered into an agreement with
NYSE governing the assistance.

                  (b) CUSTOMER AFFILIATES - NYSE will determine in its sole
discretion whether any "control relationship" between Customer and any person
qualifies the person as a "Customer Affiliate" for the purposes of this
Agreement. Subject to the charges to which Paragraph 10(a) refers and to the
other applicable provisions of this Agreement, Customer may provide any
Subscriber Service to partners or officers and employees of Customer Affiliates.
For that purpose, any such partner, officer or employee is deemed "a partner,
officer or employee of Customer".

                  (c) CUSTOMER'S GUARANTEE - Customer unconditionally guarantees
that each Service Facilitator and Customer Affiliate (i) will fully comply with
the provisions of this Agreement that protect against unauthorized access to
Market Data, that relate to installation, maintenance and inspection, or that
otherwise apply in respect of the Service Facilitator or Customer Affiliate to
the same extent as if it had entered into this Agreement and (ii) will not cause
Customer to fail to comply with this Agreement. Customer shall inform each
Service Facilitator and Customer Affiliate of all relevant provisions of this
Agreement and shall promptly provide NYSE with a full description whenever it
learns that a Service Facilitator or Customer Affiliate has failed to so comply
or has caused Customer to fail to comply.

                  (d) CURE AND DISCONTINUANCE OF ACCESS - Whenever NYSE notifies
Customer in writing that it has determined that a Service Facilitator or
Customer Affiliate has failed to act in accordance with, or in the manner
specified in, this Agreement, Customer shall promptly cure the breach or rectify
the failure. If NYSE so instructs, Customer shall discontinue giving Market Data
access to the partners, officers and employees of the Customer Affiliate, or
using the Service Facilitator, under this Agreement.

                  9. COOPERATION AS TO UNAUTHORIZED RECEIPT

                  (a) PREVENTION AND DISCOVERY - Customer shall use best efforts
to assure that no "Unauthorized Recipient" obtains Market Data from Customer or
from equipment and software that Customer uses for the Services. As to any Type
of Market Data, an "Unauthorized Recipient" is any person other than a Data
Recipient, Customer Affiliate or Service Facilitator in its authorized access to
that Type of Market Data. If an Unauthorized Recipient does so obtain Market
Data, Customer shall use its best efforts to ascertain the source and manner of
acquisition, shall fully and promptly brief NYSE, and shall promptly pay the
applicable amounts described in Paragraph 10. Customer shall otherwise cooperate
and assist in any investigation relating to any unauthorized receipt of Market
Data made available pursuant to this Agreement.

                  (b) CUSTOMER COOPERATION AND ASSIGNMENT - Any one or more
Authorizing SROs may sue or otherwise proceed against any Unauthorized
Recipient, including suing or proceeding to prevent the Unauthorized Recipient
from obtaining, or from using, any Type of Market Data that it or they make
available. If any one or more Authorizing SROs institute any suit or other
proceeding against the Unauthorized Recipient, Customer, unless made a defendant
in the suit or proceeding,

                           (i) shall assure that it and Customer Affiliates and
         Service Facilitators (if any) cooperate with and assist the Authorizing
         SRO(s) in the suit or proceeding in all reasonable respects, provided
         that the Authorizing SRO(s) reimburse Customer for reasonable
         out-of-pocket expenses; and

                                       7
<PAGE>   8
                           (ii) if the one or more Authorizing SROs so elect in
         writing, shall assure that all of Customer's, Customer Affiliates' and
         Service Facilitators' right, title and interest in the suit or
         proceeding and in its subject matter will be assigned to the
         Authorizing SRO(s).

If the one or more Authorizing SROs elect the assignment, it or they shall
indemnify, hold harmless and defend Customer against any cost, liability or
expense (including reasonable attorneys' fees) that arises out of or results
from the suit or proceeding.

                  (c) THIRD PARTY SUITS AGAINST CUSTOMER - If any person brings
a suit or other proceeding to enjoin Customer, any Customer Affiliate or any
Service Facilitator from refusing to furnish any Type of Market Data to any
Unauthorized Recipient, Customer shall promptly notify NYSE. The Authorizing
SRO(s) that make that Type of Market Data available may intervene in the suit or
proceeding in the name of Customer, the Customer Affiliate or the Service
Facilitator, as appropriate, and, through counsel chosen by the intervening
Authorizing SRO(s), may assume the defense of the action on behalf of Customer,
the Customer Affiliate or the Service Facilitator. Intervening Authorizing SROs
shall jointly and severally indemnify, hold harmless and defend Customer against
any loss, liability or expense (including reasonable attorneys' fees) that
arises out of or results from the suit or proceeding.

                  (d) WITHDRAWAL OF RECIPIENT APPROVAL - If NYSE or AMEX, as
appropriate, notifies Customer in writing that the Authorizing SRO(s) have
terminated the right of any authorized recipient to receive any Type of Market
Data, Customer (i) shall cease furnishing that Type of Market Data to the person
within five business days of the notice and (ii) shall, within ten business
days, confirm the cessation, and inform NYSE or AMEX, as appropriate, of the
cessation date, by notice.

                  (e) CUSTOMER INDEMNIFIED - If Customer refuses to furnish, or
to continue to furnish, to any person any Type of Market Data solely because
NYSE has notified Customer in writing that the Authorizing SRO(s) do not
authorize, or no longer authorize, the person to receive that Type of Market
Data, the Authorizing SRO(s) shall jointly and severally indemnify, hold
harmless and defend Customer from and against (i) any suit or other proceeding
that arises from the refusal and (ii) any liability, loss, cost, damage or
expense (including reasonable attorneys' fees) that Customer incurs as a result
of the suit or proceeding. The Authorizing SRO(s) shall have sole control of the
defense of any such suit or proceeding and of all negotiations for its
settlement or compromise. Customer's prompt notice to NYSE of any such suit or
proceeding is a condition to Customer's rights under this Paragraph 9(e). Those
rights do not apply when Customer ceases to furnish Market Data to a person, or
in a manner, not authorized by NYSE.

                     PART III: PAYMENTS, RECORDS AND REPORTS

                  10. PAYMENTS

                  (a) GENERAL CHARGES - Customer shall pay NYSE or AMEX, as
appropriate, in United States dollars the applicable charge(s) from time to time
in effect. Customer shall pay any amounts due in accordance with such
procedures, and within such time parameters, as NYSE or AMEX, as appropriate,
may specify from time to time and shall pay any applicable tax (excluding any
income tax imposed on any Authorizing SRO in respect of any such amount). The
Authorizing SROs will provide Customer with 30 days' notice of any changes in
the charge(s) payable by Customer.

                  (b) CHARGES FOR UNAUTHORIZED INSTALLATIONS - If NYSE or AMEX,
as appropriate, notifies Customer that it has determined in its sole discretion
that Customer has made any unauthorized or unreported provision or use of Market
Data made available to Customer under this Agreement (including the improper
receipt described in Paragraph 10(d)), Customer shall pay (i) any applicable
charge(s) that would have been imposed on Customer, a Data Recipient or an
Unauthorized Recipient in respect of a provision or use, whether by Customer or
by a Data Recipient or Unauthorized Recipient, had it been authorized or
reported and (ii) an administrative fee equal to ten percent of those charges.
Customer's payment obligations apply regardless of whether a person responsible
for an unauthorized provision or use received the Market Data from Customer
directly

                                       8
<PAGE>   9

or from a person in the chain of dissemination that began with an unauthorized
provision or use by Customer. The Authorizing SROs reserve the right to recover
punitive damages for any deliberate breach of good faith and the like.

                  (c) INTEREST ON UNPAID AMOUNTS - If Customer has not paid any
amounts payable pursuant to Paragraph 10(a) within the applicable time
parameters, Customer shall pay interest on the unpaid amount. That interest
begins to accrue on the 31st day after the payment's due date. Customer shall
also pay interest in respect of amounts payable pursuant to Paragraph 10(b)(i).
That interest begins to accrue as of the date on which the amount would have
been payable had the provision or use of Market Data been properly authorized or
reported. The interest payable under this Paragraph 10(c) will equal the lesser
of(i) one and one-half percent per month and (ii) the maximum rate of interest
that applicable law permits.

                  (d) SUBROGATION AND RETURNS - If Customer has paid all amounts
due in respect of any Unauthorized Recipient (i) Customer becomes subrogated to
all rights of the Authorizing SROs to recover amounts from the Unauthorized
Recipient and (ii) NYSE or AMEX, as appropriate, will return to Customer any
amounts subsequently received from the Unauthorized Recipient, less any
associated collection and administrative expenses.

                  11. RECORDS AND REPORTS

                  (a) RECORDS MAINTENANCE AND PRESERVATION - Customer shall
maintain such billing records, reports, information, subscriber agreements and
other documents as NYSE or AMEX, as appropriate, may reasonably require from
time to time to permit the Authorizing SROs to bill for applicable charges and
to monitor compliance with this Agreement. Customer shall have the ability to
retrieve each such item as it applies to any NYSE-specified criterion, such as a
particular Service, Data Recipient, location or account number. Customer shall
preserve each such item for not less than three years.

                  (b) ACCESS TO RECORDS - During the term of this Agreement and
for three years thereafter, Customer shall assure that any authorized
representative of NYSE (in respect of all Types of Market Data) or of AMEX (in
respect of Network B Market Data and Other Market Information) is able (i) to
examine Customer's books and records relating to the Services (including, among
other items, the items Customer must maintain pursuant to Paragraph 11(a)), (ii)
to copy those books and records and extract information from them and (iii) to
otherwise perform any auditing functions necessary to verify Customer's
compliance with this Agreement.

                  (c) REPORTING - NYSE (in respect of all Types of Market Data)
and AMEX (in respect of Network B Market Data and Other Market Information) may
from time to time require Customer to furnish or report all or some of the items
that Paragraph 11(a) requires Customer to maintain. Customer understands that
NYSE or AMEX may require Customer (i) to so furnish or report some or all of
those items upon occurrences of specified events and/or on a periodic basis and
(ii) to provide detailed summaries. At the request of NYSE or AMEX, as
appropriate, Customer shall have audited, by an independent certified public
accountant satisfactory to the requesting exchange, a list of all Data
Recipients and any other reasonably requested list, report or information
relating to Customer's redissemination or other use of Market Data. Customer
shall comply with this Paragraph 11(c) by such methods, in such format and
within such time parameters as NYSE or AMEX may reasonably specify.

                  (d) RELIABILITY OF CUSTOMER'S RECORDS - Customer shall use its
best efforts (including the insertion of appropriate terms in Customer's
agreements with Data Recipients, Customer Affiliates and Service Facilitators)
to assure that Customer is supplied with timely, complete and accurate
information so that Customer, in complying with this Paragraph 11, maintains and
supplies NYSE and AMEX with timely, complete and accurate information. Those
efforts shall include the use of such entitlement controls as Exhibit A may
describe. NYSE recognizes that certain information is beyond Customer's control
(such as information identifying Service-related equipment and software that
Customer has not supplied, installed or made available). Subject to the best
efforts requirement of this Paragraph 11(d), Customer's obligations under this
Paragraph 11 apply to information of this type only to the extent Customer has
received it.

                  PART IV: PROVISIONS OF GENERAL APPLICABILITY

                                       9
<PAGE>   10

                  12. NYSE AND AMEX CAPACITIES - In respect of Network A Last
Sale Price and Quotation information, NYSE acts, and receives payments,
information and notices, under this Agreement in the one or more capacities for
which the Plans provide. In respect of Network B Last Sale Price and Quotation
Information, NYSE or AMEX so acts or receives in the one or more capacities for
which the Plans provide. In respect of NYSE Market Information, NYSE so acts or
receives solely on its own behalf. In respect of AMEX Market Information, NYSE
or AMEX so acts or receives solely on behalf of AMEX. In respect of Other Market
Information, NYSE or AMEX so acts or receives on behalf of the Participants or
Other Data Disseminators that make that information available.

                  13. PROHIBITED USE AND PATENT INDEMNIFICATION - Customer shall
indemnify, hold harmless and defend each Disseminating Party from and against
any suit or other proceeding at law or in equity, claim, liability, loss, cost,
damage, or expense (including reasonable attorneys' fees) incurred by or
threatened against the Disseminating Parties that arises out of or relates to

                  (a) any use of Market Data other than as this Agreement
provides by Customer, a Customer Affiliate or a Service Facilitator, or

                  (b) any claim that either any component of the equipment and
software used for the purposes of this Agreement (excluding any equipment and
software Customer or Service Facilitators (if any) do not supply, install or
make available to, or operate or maintain for, a Data Recipient) or the manner
of the use made of the component or of Market Data provided pursuant to this
Agreement infringes any United States or foreign patent or copyright or violates
any other property right.

NYSE's provision to Customer of prompt written notice of the suit or proceeding
is a condition to Customer's obligations under the preceding sentence. Customer
shall have sole control of the defense of the suit or proceeding and all
negotiations for its settlement or compromise.

                  14. DATA NOT GUARANTEED - The Disseminating Parties do not
guarantee the timeliness, sequence, accuracy or completeness of Market Data made
available, or of other market information or messages disseminated, by any
Disseminating Party. No Disseminating Party will be liable in any way to
Customer or to any other person for

                  (a) any inaccuracy, error or delay in, or omission of, (i) any
such data, information or message, or (ii) the transmission or delivery of any
such data, information or message, or

                  (b) any loss or damage arising from or occasioned by (i) any
such inaccuracy, error, delay or omission, (ii) non-performance, or (iii)
interruption in any such data, information or message,

due either to any negligent act or omission by any Disseminating Party or to any
"Force Majeure" (i.e., any flood, extraordinary weather conditions, earthquake
or other act of God, fire, war, insurrection, riot, labor dispute, accident,
action of government, communications or power failure, or equipment or software
malfunction) or any other cause beyond the reasonable control of any
Disseminating Party.

                  15. NO SPONSORSHIP - Customer shall assure that neither
Customer nor any Customer Affiliate or Service Facilitator represents, either
directly or indirectly, that any

                                       10
<PAGE>   11

Disseminating Party sponsors or endorses in any manner Customer, any other
person, any particular use of Market Data or any equipment and software.

                  16. ARBITRATION - The parties shall settle any controversy or
claim arising out of or relating to this Agreement, or to its breach or alleged
breach, by arbitration in New York, New York under the Commercial Arbitration
Rules of the American Arbitration Association. The arbitrator(s) may issue
injunctive and other equitable relief, but may not modify this Agreement. Either
party may enter in any court having jurisdiction judgment upon any award that
the arbitrator(s) render. For the purposes of so entering any such judgment,
each party submits to the jurisdiction of the courts of the State of New York.
Nothing in this Paragraph 16 derogates any right Customer, any Authorizing SRO,
or any other person may have to appeal to the Securities and Exchange Commission
any action taken or any failure to act under the 1934 Act, or any of its rules,
or to pursue any claim relating to the unauthorized publication or use of
communications under the Communications Act of 1934, as amended, at any time,
whether before or after the commencement of any arbitration proceeding.

                  17. EFFECTIVE DATE AND TERMINATION - Upon its execution by
each party, this Agreement becomes effective as of the date first above written.
Upon becoming effective, this Agreement supersedes each previous agreement
between the parties relating to any receipt or use of Market Data that Exhibit A
describes. This Agreement continues in effect until terminated as this Paragraph
17 provides. Subject to Paragraph 4, either Customer or NYSE may terminate this
Agreement as to one or more Types of Market Data on 30 days' written notice to
the other. In addition, this Agreement terminates upon NYSE's withdrawal from
the Plans and terminates as to Other Market Information and either Plan's
Network B Market Data upon AMEX's withdrawal from that Plan. NYSE shall give
Customer 30 days' written notice of any such withdrawal. Insofar as Customer
receives access to Transmission Facilities by means of one or more interfaces
with one or more intermediaries, this Agreement terminates as to that access
immediately upon written notice from NYSE that it no longer approves the
interface(s). Paragraphs 8(c), 9, 10, 11, 13, 14 and 16 survive the termination
of this Agreement in general or as to any Type(s) of Market Data. They also
survive any Participant's withdrawal from either Plan as those paragraphs apply
to any matter arising prior to the withdrawal.

                  18. PROVISION OF SERVICE TO NYSE AND AMEX - Upon request by
NYSE and/or AMEX, Customer shall provide to the requesting exchange, free of
charge, one subscription to such one or more of Customer's Services as the
request may identify, together with the equipment necessary to receive, display
or communicate the Service(s). NYSE and AMEX shall use such subscriptions solely
for purposes of demonstrating the Service(s) and monitoring Customer's
compliance with this Agreement.

                  19. MISCELLANEOUS

                  (a) ENTIRE AGREEMENT - Exhibit C, if any, contains additional
provisions applicable to any non-standard aspects of Customer's receipt and use
of Market Data. This Agreement incorporates Exhibit C. This writing, Exhibit A,
Exhibit B and Exhibit C contain the entire agreement between the parties in
respect of their subject matter. No oral or written collateral representation,
agreement or understanding exists except as this Agreement may otherwise
provide.

                                       11
<PAGE>   12

                  (b) MODIFICATIONS - In keeping with Paragraph 19(g), NYSE may,
by written notice to Customer, modify this Agreement as necessary to cause this
Agreement to comply, or to be consistent, with any modification to or
replacement of the 1934 Act, the rules under the 1934 Act, or either Plan.
Subject to Paragraphs 5(d) and 6, neither party may otherwise modify this
Agreement except pursuant to a writing signed by or on behalf of each of them.

                  (c) ASSIGNMENTS - Customer may not assign this Agreement, in
whole or in part, without the written consent of NYSE.

                  (d) INDIRECT ACTS PROHIBITED - In prohibiting Customer from
doing any act, this Agreement also prohibits Customer from doing the act
indirectly (e.g., by causing or permitting another person to do the act).

                  (e) REASONABLENESS STANDARD - This Agreement requires or
authorizes NYSE and other Authorizing SROs to provide notices and approvals, to
make requests and determinations, to impose and specify requirements, and
otherwise to act, in respect of a variety of matters. The Authorizing SROs shall
perform those acts in a reasonable manner.

                  (f) GOVERNING LAW - The laws of the State of New York govern
this Agreement. It shall be interpreted in accordance with those laws.

                  (g) ACT AND PLAN APPLICABILITY - This Agreement and the
Services are subject at all times to the 1934 Act, the rules under the 1934 Act
and the Plans.

                  20. NOTICES - Customer shall furnish any notice, description,
report or other communication relating to this Agreement in writing or by such
other means (e.g., by electronic mail) as NYSE may specify. The address of each
party for all written communications relating to this Agreement is:

                  Customer (as set forth in Exhibit A)

         CQ Plan Participants and
         CTA Plan Participants
         c/o New York Stock Exchange, Inc. (as below)

         New York Stock Exchange, Inc.
         11 Wall Street
         New York, New York 10005
         Attention: Director of Market Data

         American Stock Exchange, Inc.
         86 Trinity Place
         New York, New York 10006
         Attention: Director of Market Communications

Customer may change its address by notice to NYSE. NYSE may change any other
party's address by notice to Customer.

                                       12
<PAGE>   13

                  IN WITNESS WHEREOF, the parties have caused this Agreement to
be executed as of the date first above written.

CUSTOMER                                       NEW YORK STOCK EXCHANGE, INC.

First International Financial Corp.            acting in the capacities
                                               Paragraph 12 describes

By:                                            By:
      -------------------------------             -----------------------------
      Name:   Brad G. Gunn                         Name:  Ronald Jordan
      Title:  President                            Title: Managing Director,
                                                          Market Data
      Date:   Dec. 23, 1997                        Date:  1/11/98

Dated:  May 9, 1996

                                       13
<PAGE>   14

                                TABLE OF CONTENTS

            1.0      TYPE(S) OF MARKET DATA TO BE RECEIVED

            2.0      SOURCE(S) OF MARKET DATA

            3.0      SUMMARY OF USES OF MARKET DATA

            4.0      DESCRIPTION OF SERVICE(S)

                     4.1      Services and Options

                     4.2      Equipment and Devices Used

                     4.3      Display Screens

                     4.4      Block Diagram of System and Communication Network

                     4.5      Delayed Price Service

            5.0      DATA ENTITLEMENT - CONTROL AND REPORTS

                     5.1      Control

                     5.2      Reporting

            6.0      CUSTOMER AFFILIATES

            7.0      SERVICE FACILITATORS

<PAGE>   15

1.0      TYPE(S) OF MARKET DATA TO BE RECEIVED

                  (Check the applicable boxes)

<TABLE>
<S>                                      <C>                                     <C>
  X     Network A/1/ Last Sale            X    Network B/2/ Last Sale                Network A Last Sale

  X     Network A/1/ Bid-Asked            X    Network B/2/ Bid-Asked                Network B Last Sale

  X     NYSE Bond Last Sale                                                          NYSE Bond Last Sale

  X     NYSE Bond Bid-Asked
</TABLE>

                  /1/      NYSE-listed equity securities

                  /2/      AMEX-listed equity securities, AMEX-listed bonds, and
                           other equity securities that meet AMEX listing
                           requirements.

2.0      SOURCE(S) OF MARKET DATA

                 Directly through a connection to SIAC systems

           X     Indirectly through S&P Comstock

3.0      SUMMARY OF USES OF MARKET DATA

<TABLE>
<CAPTION>

         Market Data will be used:                                                            YES     NO
<S>                                                                                          <C>     <C>
         (a)    As part of a real-time interrogation display or ticker display service         X

                If yes, will service be made available to persons other than the
                officers X and employees of the customer?

         (b)    For the purpose of compiling and disseminating stock tables to
                press X associations or other publishers, or for the purpose of
                furnishing market data via magnetic tape.

         (c)    In operations control programs designed for monitoring and surveillance               X
                purposes, order/report price validation, limit order switching, order
                status verification and related activities, index
                calculation/dissemination, portfolio valuation services, software/system
                development, etc.
</TABLE>

<PAGE>   16

<TABLE>
<S>                                                                                          <C>     <C>
         (d)    In analysis programs leading to purchase/sales or other trading                       X
                decisions, such as options analysis, arbitrage, and program trading

         (e)    In market making programs which generate quotations or execute X
                transactions in an automatic or semi-automatic manner.

         (f)    As part of a real-time automated telephone voice response service.                    X

         (g)    To provide a data feed or other type of service where control
                over the X use of market data and the reporting of uses and
                display devices cannot be directly maintained by the customer.

         (h)    As part of a delayed last-sale price interrogation,  ticker display, or               X
                automated voice response service.  (Note: bid-asked quotations may not be
                delayed.)

         (i)    As part of a closing price, after hours or historical pricing service.                X

         (j)    As part of a real-time Network B ticker display service, either provided              X
                by a vendor or created internally from data received.  (Note:  Separate
                Network B ticker display charges apply to this usage.)
</TABLE>

Please explain any other planned use of market data not covered in items (a)
through (j) above.

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

4.0      DESCRIPTION OF SERVICES

4.1      Services and Options

Description of the Service

The FIFC system has been designed in order to provide real-time stock market
data to individual investors' interrogation displays using the Internet as the
data transmission medium.

The FIFC system is intended to provide a "window" between the financial markets
and individual investors. There will be no transactions involved. The system
allows registered users to login using their individual Login ID and password in
order to access real-time market information. (Users must register and provide
the information that is required by the stock exchanges as well as credit card
information in order to be eligible to use the service.)

Through the web site, investors can access information from all major North
American exchanges, i.e. NASDAQ, New York Stock Exchange, American Stock
Exchange, OPRA, Toronto Stock Exchange, Montreal Stock Exchange, Vancouver Stock
Exchange and Alberta Stock Exchange.

                                       2
<PAGE>   17

Two Levels of Service: Continual Updates, Static Updates.

Continual Updates

Registered users request real-time updates on equities and options; including
BBO, Last Sale, Volume, day hi-lo, 52 wk hi-lo, time of last sale, open, and
previous close. The system provides the quotes in a table format to the user
through a series of graphical user interfaces which have been created using
Java. The system automatically refreshes the information on the screen. Users of
this service will be signed up as non-professionals.

Static Updates

Registered users are able to obtain single snapshot quotes in a table form via
HTML in their browser. This is our usage-based metered system.

How the Data Will be Utilized

Market data will only be used to the extent that FIFC's registered users request
market information from the FIFC system. Only a user who has specifically
requested (and paid for) market data will be allowed to access real-time market
information. Market data will be used strictly for displaying current stock
price updates in an abbreviated quote format, an extended or long quote format,
a screen based ticker, and a market monitor format through the Java based
Portfolio Manager.

The data will only be used to support the intended uses of the FIFC system and
web sites. Data will not be provided to users through any other vehicle.

Profile of System Users

FIFC users are all external to the firm. All FIFC users will be financial
industry non-professionals as defined in the Exchange Agreements. Primary
testing and marketing of the site suggests that the majority of our users will
be Americans; however, the global reach of the Internet also allows us to reach
users around the world.

Overview of the FIFC Portfolio Manager(Continual Update Service)

The Portfolio Manager is a platform independent 100% Java application that
continuously updates the user's display with real-time trading information. The
Portfolio Manager allows each user to monitor their own custom set of
portfolios. Each portfolio is continuously updated with real-time intra-day
trading information. The Detailed Quotes screen allows users to query more
detailed historical data such as PE ratios, 52 week high and lows, Dividend and
Earnings information. The Exchange Statistics screen allows users to query a
variety of reports on each exchange (e.g. Most Active, % Gainers, $ Gainers,
etc...). The Option Listings screen allows users to query detailed information
about the options offered on a given security.

The primary function of the FIFC service is the Portfolio Manager that tracks
multiple stocks from multiple exchanges in user defined portfolios. Users may
select what data they wish to display from each market. From here they can set
up portfolios of 10 stocks and indexes that they

                                       3
<PAGE>   18

can monitor. Users can select to view all or none of BBO, Last Sale, trade
volume, day hi-lo, 52 wk hi-lo, time of last sale, open, previous close, price
targets, company name. Also, users may choose to display a snapshot of the
market statistics for net gainers, losers, etc.

The Portfolio Manager performs one analytical function that uses the market
data. If users desire to calculate the profit/loss position on a given stock
they can by entering in their purchase price and quantity. Users may display
their portfolios in a screen based ticker that uses Last Sale data only. The
ticker symbol and last price will scroll by. Market Summary

The market summary window is designed to provide the user with an overview of
market conditions as well as the user's custom portfolio. Several major market
indices are presented to provide the user with information about overall market
conditions. The user's portfolio is displayed in a ticker tape that scrolls
across the screen. Both the ticker tape and the market indices are continuously
updated with the latest market information.

Features

Portfolio Manager

The portfolio manager allows the user to define and monitor a set of custom
portfolios. For each symbol, the portfolio manager monitors and updates the
following:

Menu-bar Actions

The menu-bar is located at the very top of the Portfolio Manager window and
contains the following pull down menus:

File

Save

The save action saves the user's portfolio selections, including the current
order of the portfolios and symbols as well as any properties the user may have
entered.

Exit

The exit action exits the portfolio manager and all related windows.

Edit

The edit pull down allows the user to customize their portfolio entries.

Adding a Portfolio

Selecting this action will pop-up a dialog box that prompts the use to enter the
name of the new portfolio they wish to add. The name must be unique among
existing portfolios.

Removing a Portfolio

                                       4
<PAGE>   19

The user must select a portfolio before choosing this action. The user will be
presented with a dialog box confirming the selection. Removing a portfolio will
also remove the portfolio's contents.

Portfolio Properties

The user must select a portfolio before choosing this action. The user will be
presented with a dialog box containing the current property settings for this
portfolio. Portfolio properties are, the name and whether or not values are to
be displayed.

Add Symbol(s)

The user must select a portfolio before choosing this action. Selecting this
action will pop-up a dialog box that prompts the use to enter the symbols that
are to be added to an existing portfolio. More than one symbol may be entered,
separated by commas.

Remove Symbol

The user must select a symbol before choosing this action. The user will be
presented with a dialog box confirming the selection.

Symbol Properties

The user must select a symbol before choosing this action. The user will be
presented with a dialog box containing the current property settings for the
selected symbol. Symbol properties are, the number of shares, and the up and
down limits. Up and down limits represent price targets which if reached or
exceeded will cause the symbols change field to flash until the limit is
modified or the last trade value changes to a value above/below the given price
targets.

View

The view pull down allows the user to pop up other windows or views.

Detailed Quotes

The detailed quotes screen allows the user to view detailed information about a
symbol. The user enters a symbol and presses the "Quote" button. The detailed
symbol information will appear in the view area.

Option Listings

The option listing screen allows the user to view detailed options information
for a symbol. The user enters the symbol of the underlying security and presses
the "Options" button. The detailed symbol information including bid, ask, sizes,
last trade price and contracts traded, will appear in the view area.

Exchange Statistics

                                       5
<PAGE>   20

The exchange statistics screen allows the user to request statistics for each of
the Exchanges. The user selects the exchange they wish to query and the
statistic in which they are interested and select the "Query" button. The
information will appear in the view area.

Help

About

This provides information about the release of the FIFC.

Field Descriptions

Symbol

The Symbol is the exchange symbol under which the security is traded.

Time

Time is the time of the last trade.

Last

Last is the price of the last trade.

Change (%)

Change is the difference between the last trade and the previous close prices
and is followed by the percentage of the previous close that the difference
represents.

$ Value

$ Value represents the current dollar value of the symbol. This is calculated by
multiplying the number of shares currently owned (See Symbol Properties) by the
last trade price.

Bid (Size)

Bid is the current price at which the security can be sold. The size, shown in
parenthesis, is the number of 100 share blocks currently being offered at that
price. The availability of this data varies with the exchange on which the
symbol is traded.

Ask (Size)

Ask is the current price at which the security can be bought. The size, shown in
parenthesis, is the number of 100 share blocks currently being asked for at that
price. The availability of this data varies with the exchange on which the
symbol is traded.

High

The highest price at which a symbol was traded during the current/last trading
day.

                                       6
<PAGE>   21

Low

The lowest price at which a symbol was traded during the current/last trading
day.

Volume

The number of shares of the given symbol that have traded during the
current/last trading day.

Name

The full name or description of the given symbol.

Other Actions

Selecting A Portfolio

To select a portfolio you must click (with mouse button 1) the top line
containing the name of the portfolio.

Open/Close A Portfolio

Clicking (with mouse button 1) the arrow button located at the top of the
portfolio to the left of the name will open and close a portfolio. To conserve
space on the screen, a user may choose to close one or more portfolios. When the
arrow is pointing down, the portfolio is open. When it is pointing to the right,
it is closed.

Changing the order of Portfolios

After closing all of your portfolios, you may drag (using button 3 on your
mouse) the portfolios into any order you want.

Selecting A Symbol

A symbol may be selected by clicking (using button 1 on your mouse) anywhere on
the line containing the symbol information. The symbol will have an outline when
it is selected.

Changing the order of Symbols

You may drag (using button 3 on your mouse) the symbols within a portfolio into
any order you want. You may not drag a symbol outside of its original portfolio,
but it may be added to any number of portfolios using the Add Portfolio Edit
action.

4.2      Equipment and Devices Used

Data Processing Equipment

Data is received via land lease POTS line at the Company's premises and directly
to dual S & P Comstock Client Site Processors.

                                       7
<PAGE>   22

Data Parser & Quote Server

These two programs (S & P Comstock Client Site Processor v 3.0) reside in two
(2) S & P Comstock Client Site Processors, 32MB RAM, 512kb cache, Ethernet PCI
10/100 Mbps, UNIX.

Database & Webserver

The customer database (currently Microsoft SQL v 6.5) and web server (Microsoft
Internet Information Server) reside in a Digital Equipment Corporation Alpha
1000 Server. The AlphaServer configuration is 266 Mhz Pentium, 64-bit platform,
128 MB EDO RAM Windows NT Server v 4.0.

Applet Server

This program resides in a Digital Equipment Corporation Celebris XL 5166DP Dual
166 Mhz Pentium processors with 128MB EDO RAM, 512kb cache, Ethernet PCI 10/100
Mbps, Windows NT v 4.0

Router/Firewall

A protective firewall is between the Company's LAN and the Internet. Included is
a firewall filter and routing system, Bastion Host firewall and
application-level gateway with authentication, authorization, monitoring, and
logging capabilities, and a choke router backup to Bastion Host. The type of
firewall is a product supplied by Borderware.

User Interface

The user interface for the continual updating service is the applet itself (e.g.
Portfolio Manager). Because an applet can only connect back to the machine from
which it is loaded, the User Interface must be co-located with the Applet
Server(s) so it can be loaded and started in the Subscriber's browser. The
interface for the static quote service is the clients web browser and HTML.

Market Data Display

Java applets are downloaded to the client's personal computer, where the market
data is then displayed. The end user display device is completely dependent on
the users equipment, and FIFC has no control over what equipment is used by its
users.

4.3      Display Screens

The following are screen display samples based upon real-time last sale and bid
and ask NYSE market data.

Detailed Quote with Fundamentals

                           [GRAPHIC OF DISPLAY SCREEN]

                   [Screen Display Of BullSession.Com Report]

                                       8
<PAGE>   23

4.4      Block Diagram of the System and Communications Network

The following is a block diagram describing the overall system that will be
utilized in the dissemination of the market data.

                          [BLOCK DIAGRAM APPEARS HERE]

Subsystems

We currently have 6 distinct subsystems each providing a critical piece of
functionality.

Data Parser

Receives and parses the data feed, sending parsed data to the quote server. Part
of the S & P Client Site Processor.

Quote Server

Quote server maintains an in memory copy of the latest trading information for
all Symbols. Part of the S & P Client Site Processor.

Database

Database (currently Microsoft SQL) contains subscriber information, User Account
Files, as well as exchange and market information on Symbols. The database also
tracks usage-based interrogation amounts by quote packets (see section 5.0 for a
detailed explanation of this tracking system).

Applet Server

Ticker.bat maintains subscriber portfolios and applet options. Serves as applet
interface to quote information which resides in either the Database or the Quote
Server.

User Interface

The user interface is the applet itself (e.g. Portfolio Manager). Because an
applet can only connect back to the machine from which it is loaded, the User
Interface must be co-located with the Applet Server(s) so it can be loaded and
started in the Subscriber's browser.

Web Server

The web server is the Internet presence for FIFC. It contains the home page,
help files, ticker lookup, login forms and other html/cgi related files.

                                       9
<PAGE>   24

4.5      Delayed Price Service

FIFC currently has no plans to disseminate or use delayed last sale prices.

5.0      Data Entitlement - Control and Reports

5.1      Control

a)       The market data entitlement system resides on FIFC's system, therefore
         only FIFC has control of the entitlement of the market data. When a
         user initially registers for First International's services they are
         prompted to specify which exchanges they would like to receive data
         for. This information is recorded, tracked in User Account Files in the
         FIFC Customer Database and made readily available to the system. All
         market data is stored in a database at two levels: the first identifies
         which exchange the data originates from (Network A or Network B) and a
         second level identifies what symbol or security the data corresponds
         to. An exchange identifier is attached to each symbol. When the user
         requests a piece of market data from a specific exchange, the system
         will compare the request to the authorization limits for the exchanges
         that the user has been granted in their User Account File. In the event
         the user requests market data for an Exchange which they are not
         permissioned for, the system will alert the user and reject the
         request. Should the user want to obtain the restricted piece of market
         data they will have to return to the registration section and make a
         request to FIFC to add the desired exchange to their entitlements. FIFC
         will then determine whether or not they must fill out additional
         exchange agreements and what the incremental cost will be. Upon receipt
         of the required Subscriber Agreements and payment, FIFC then changes
         the User Account File granting the user access to the requested
         exchange data. The FIFC service only allows users to obtain real-time
         information for last sale and bid and asked data for both Network A and
         Network B.

         First International Financial's system identifies a user via a unique
         login ID, a unique password, and a unique FIFC Client Number. Only
         users with a valid login ID and password can access the market data.
         The user is prompted for their login ID and password upon entering the
         FIFC system. The Customer Database is then checked for verification of
         login ID and password and a log is created with their unique FIFC
         Client Number. If the password does not match the password recorded in
         the system then he/she will be prompted to re-enter the login
         identification. This process will re-iterate three times and upon
         failing on the third try, log the user out of the system and server.
         The forementioned processes and a firewall are very stringent measures
         employed to restrict access to the market data to only authorized
         users.

b)       Simultaneous use of the password is restricted via First
         International's System. As a user logs into the system his/her entry
         and FIFC Client Number is recorded. If Simultaneous use of the password
         is restricted via First International's System. As a user logs into the
         system his/her entry and FIFC Client Number is recorded. If another
         individual tries to enter the system using the same login
         identification and password the system will check the log to see if
         that corresponding FIFC Client Number is already logged in. If it is in
         use, the system will refuse to grant him/her access. Once the user
         signs off the system or the system detects the user is no longer
         present after 30 minutes of inactivity, then his/her user session is
         removed.

c)       When a prospective user registers for access to First International's
         system they are prompted to specify which exchanges they would like to
         view data for and informed what the cost will be for the specified
         combination. Additionally, they will be informed which exchange
         agreements must be downloaded and filled out. The completed forms are
         then faxed directly to the offices of First International Financial
         where they are reviewed and either accepted or rejected. After
         approving a user for use of the system, FIFC creates a User Account
         File using FIFC's Administration Program, proprietary software that is
         used for database administration. Each User Account File contains the
         following information; name, address, login ID, password, occupation
         and description, exchange entitlements, billing information, employer
         name and address, and age. Only FIFC can add, change, or delete
         exchange entitlements for the user by entering the appropriate exchange
         identifier in the user account file. If the application is rejected,
         the user is contacted via e-mail or telephone to elaborate on why they
         were rejected (e.g. insufficient data, designated a professional,
         etc.).

                                       10
<PAGE>   25

         Users are automatically billed each month once they have successfully
         been accepted into the system. In order to quit the service the user
         must notify the office of First International either by telephone,
         e-mail or fax. Furthermore, notification must be 30 days prior to the
         user's last day of service. Upon receiving notification of
         discontinuance, First International records the user's anticipated last
         day of service. Each day a process is executed that will remove users
         that no longer wish to use the service.

         User Account Files contain all the information on users and are stored
         in the Customer Database. Each day a report is generated from the
         Customer Database for billing purposes. From the same database, a
         report is generated every month for Exchange reporting purposes.

         Users do not have direct access to alter their data entitlements. Only
         FIFC has access to the entitlement system to change data access.
         Subscribers can only alter their entitlements by submitting a change of
         registration. Upon receipt of the change of registration FIFC
         physically enters in the new requests. The system will determine if the
         Exchange agreements that the user has completed are sufficient for the
         new data he/she would like to receive. In the event these agreements
         are not sufficient, the user will be prompted to download the remaining
         required agreements. Such agreements must be filled out and sent to
         First International for reviewing and approval. Upon granting approval,
         First International will notify and allow the user to request
         information from the new exchange or restrict data coming from an
         exchange that was removed. As well, the user will be notified what
         his/her change in pricing will be given the changes they have
         requested.

d)       Audit trail information is maintained in electronic and hard copy
         format. Each User Account File contains customers transactions history
         that is maintained for 6 years. In compliance with exchange and vendor
         agreements, a hard copy is generated monthly for exchange reporting
         purposes. The customer transaction history includes the time and date
         of registration for the FIFC service, the date and amount of payment
         for service, and the exchanges they have contracted to receive market
         data from. In addition to the user account files, the web servers of
         First International automatically track which users have entered into
         and for what duration they remained in the system. These log files are
         kept on-line and then archived to tape and a hard copy is generated
         once a month. In turn, these tapes and hard copies are to be kept for a
         period of eighteen months. The details of the log files include: which
         data instruments were requested/received and the time of the request
         for each user.

Exchange Indentifier Description

Our data provider, S&P Comstock, sends the exchange identifier attached to every
data message we receive, specifying exactly to which exchange the symbol
belongs. We append this to the symbol itself for storage and retrieval purposes,
meaning we cannot look up or display a symbol without knowing from which
exchange it is part of. For example AT&T's symbol comes in from the NYSE as T.N
in which the .N is the exchange identifier. AMEX symbols have .A attached as a
suffix.

Technical Specifications for the Record-Keeping of Per-Quote Charge Usage.

Our web based per-quote usage-based service allows a registered user to look up
the realtime data for a single stock. We have a secure method to accurately and
reliably track this action. First, we guarantee that each person requesting the
stock data has registered with our service, meaning they have agreed to the
enclosed sample agreements. Using standard HTTP authentication, the web pages
and CGI scripts are protected from unauthorized use. Only those who have a user
account with our service may view the pages.

Second, the CGI script that connects to our Data Server knows exactly who is
requesting the information and for which stock symbol and Exchange the client is
requesting. This gets logged

                                       11
<PAGE>   26

to disk before sending a single quote-packet allowing us to closely monitor
usage. It is impossible for a user to subvert this program to get stock
information without it recording the action first. For the purpose of counting
quotes, a "quote-packet" is any data element, or all data elements, for a single
issue. (For example, open, high, low, last, volume, net change, bid, offer, size
are data elements. "IBM" is a single issue.) An index value also qualifies as a
data element.

In a more detailed description, here is a sample user session. The client uses
their web browser to connect to our server and request the HTML page containing
a CGI form allowing them to enter a symbol. This HTML page is stored in an HTTP
protected directory, meaning the Web Server first checks that the user has
entered a valid username and password (which they were assigned upon
registration.) If one has not been entered yet, the Web Server sends a message
to the browser to obtain that information from the user. Once the username and
password are sent back, the Web Server checks that they are valid, and if not,
it denies the user access to the HTML page (and any other pages and programs
store in the protected directory.)

Once the Web Server has received a valid username and password, it then sends
the user's browser the HTML page with the form. The user fills out the form with
their desired stock symbol, and this information is passed back (always with
their username and password which the browser caches, so the Web Server can
verify who they are.) The CGI script that receives the information then logs the
transaction to disk. Only upon successful completion of this action will the CGI
script request the actual stock information from the Data Server and send it
back to the client.

The data is compiled into daily reports in hard copy and monthly reports that
are sent to the NYSE and Authorizing SRO's. The data logs are also backed up in
several locations on different computers, so in the event of a disk failure, the
logs remain unharmed.

5.2(a)   Applicable Fees and Reporting Requirements -- Per Quote Pricing

FIFC understands and acknowledges that there are separate fees for each of
Network A data Network B data.

Usage Based Fees - Network A

Each real-time (less than 20 minutes old) quote-packet disseminated will be
subject to a charge that is currently $.01 (one cent) which applies in respect
of each quote packet retrieved during the period of market open (currently
9:30am to 4:20pm ET). Quote-packets disseminated at any time other than this
period will not be subject to a charge.

Reporting Requirements -- Network A

FISC will submit monthly reports to the NYSE consisting of the number of
quote-packets that have been accessed during the month.

Usage Based Fees - Network B

Tiered Quote Fees apply to FIFC services which permit individuals to access
market data by dialing into the vendors computers via any network, including the
Internet. FIFC customers must

                                       12
<PAGE>   27
be in contractual privity with FIFC which contract contains language acceptable
to the AMEX (1) clearly enumerating the property rights of the Network B
participants and the AMEX, (2) prohibiting retransmission or redistribution of
the market data and (3) indicating that the market data is not guaranteed.

Fees

The Network B charge is a function of the number of quotes requested by each of
FIFC customers during the month being reported.
<TABLE>
<CAPTION>
                                                  Quotes Accessed by the                     Monthly Fee Per
                  Tier                            Customer in the Month                          Customer
<S>                                              <C>                                         <C>
                  I                                             1-50                            $ 0.50
                  II                                          51-250                            $ 3.25
                  III                                  more than 251                            $35.00
</TABLE>

A quote is any data element or all data elements for a single issue. An index
value also qualifies as a data element. If the vendor offers a portfolio pricing
feature, then each issue (index) priced is counted as a quote.

These rates will be increased 5% September 1 each year this Pilot is in effect.

The Vendor understands that, upon 60 days notice, the AMEX may also increase the
rates as well as change the quote ranges for each of the three categories.

Reporting Requirements

Vendor must report to the AMEX no later than the 15th of each month the number
of customers in each of the three tiers during the previous month.

In addition, Vendor must send to the AMEX, by the 15th of the following month, a
report of all quote usage listing the number of customers who requested or
accessed one quote in the month, two quotes, three quotes and so on. This report
must be a computer file readable into Excel.

In addition, Vendor agrees to supply other reports of a market research nature
as the AMEX may reasonably request.

5.2(b)   Sample Reports

All data is stored in our MS SQL database and any type of report can be
generated. Below is a sample of three reports.

a)       Customer Entitlement and Usage Report for January 1, 1997 - January 31,
         1997

                                       13
<PAGE>   28

                                    DEVICES

<TABLE>
<CAPTION>

Customer       Service   Billing   User   Account   Entitlements Previous  Change   Current   Active     Fees to
               Address   Address   File   Number                 Month              Total     Date       Exchange
-------------- --------- --------- ------ --------- ------------ --------- -------- --------- ---------- ----------
<S>            <C>       <C>       <C>    <C>       <C>          <C>       <C>      <C>       <C>        <C>

John Smith     1 Street  2 Street  107              NYSE,        1         0        1         11/11/96      4.25
                                                    AMEX,        1         0        1         11/11/96      3.25
                                                    NASDAQ,      0         +1       1         01/09/97      4.00
                                                    TSE          0         +1       1         01/09/97      6.00
</TABLE>

b)       Total Number of Customers (display units) by Exchange for January 1,
         1997 - January 31, 1997

<TABLE>
<CAPTION>

Name of Devices                   NYSE     AMEX     NASDAQ     NASDAQ     OPRA     VSE    TSE      ME       ASE
-------------------------------- -------- -------- ---------- ---------- -------- ------ -------- -------- --------
<S>                              <C>      <C>      <C>        <C>        <C>       <C>   <C>       <C>     <C>
Previous Month                        10        5         9           1        2       2       4        1        1

Change                                +2       +1        +1           0        0      -2      +1       -1       -1

Total this Month                      12        6        10           1        2       0       5        0        0

Total Fees Remitted to Exchange   $63.00   $19.50    $40.00      $50.00    $4.00   $0.00  $30.00    $0.00    $0.00
</TABLE>

c)       Metered Per-Quote Usage Report for January 1, 1998 - January 31, 1998

<TABLE>
<CAPTION>

Number of Users             Total Real Time Quote       Fee per Quote Packet         Total Fees Due to NYSSE
                            Packets
<S>                         <C>                         <C>                          <C>
103                         10,300                      $0.01                        $103.00
</TABLE>

6.0      Customer Affiliates

As defined in this agreement there are no customer affiliates.

7.0      Service Facilitators

Exodus Communications located at Harbourside Financial Center, Plaza III, Suite
800, Jersey City, NJ 07302. FIFC has leased office space from Exodus to house
its own servers and receive the S&P Comstock data feed in New Jersey.

                                       14
<PAGE>   29

                                    EXHIBIT C

                  AGREEMENT FOR RECEIPT AND USE OF MARKET DATA;
                              ADDITIONAL PROVISIONS

21.      NETWORK A AND NETWORK B PILOT TEST OPERATIONS

(a)      AUTHORIZATION - Exhibit A describes Services that Customer provides
         pursuant to a per-quote charge. Customer acknowledges and understands
         that it provides those services on a pilot test basis (the "Pilot Test
         Services"). The CTA Plan and the CQ Plan authorize the Authorizing SROs
         to enter into arrangements for pilot test operations designed to
         develop new Market Data services. Accordingly, Customer may provide the
         Pilot Test Services, but may do so only as and to the extent described,
         and in the manner specified, in Exhibit A. It may do so only for so
         long as this Agreement is in effect.

(b)      SHARING OF RESEARCH - Customer, NYSE and AMEX shall periodically
         discuss the results, progress and status of the Pilot Test Services and
         share any market research that Customer has generated, subject to
         Customer's obligation or reasonable need to maintain confidentiality in
         respect of certain information.

(c)      CUSTOMER AGREEMENTS WITH SUBSCRIBERS - Customer may provide the Pilot
         Test Services to a person only while the person is a party to an
         effective agreement with Customer that includes the terms and
         conditions in the form attached to this Exhibit C as Attachment A.
         (This Exhibit C refers to any such person as a "Pilot Test
         Subscriber".) Customer shall assure that it has the ability to modify
         its agreements with each Pilot Test Subscriber as NYSE or AMEX, as
         appropriate, may from time to time specify. Customer shall effect any
         such modification promptly, except that Customer may continue to
         provide a Pilot Test Service to a Pilot Test Subscriber without
         effecting the modification for 90 days from that receipt. Customer
         shall discontinue its provision thereafter if the Pilot Test Subscriber
         has not agreed to the modification(s). Customer shall promptly describe
         to NYSE or AMEX, as appropriate, any breach of the NYSE or
         AMEX-prescribed portions of Customer's agreements about which it may
         learn. Customer shall not in any way amend, supplement, or otherwise
         modify NYSE or AMEX-prescribed provisions or requirements or vitiate
         those provisions or requirements by any collateral agreement or
         understanding, except as NYSE or AMEX, as appropriate, may otherwise
         agree in writing.

(d)      PILOT TEST SERVICE CHARGES - In addition to the applicable charge(s)
         payable by Customer pursuant to Paragraph 10, Customer shall pay:

                  (1)      in respect of Network A Market Data, one cent ($0.01)
                           for each "quote packet" (as defined in Exhibit A)
                           that Customer distributes pursuant to the Pilot Test
                           Services; and

                  (2)      in respect of Network B Market Data, in accordance
                           with the following chart:
<TABLE>
<CAPTION>
                             Number of quotes accessed by
                                Customer during a month          That month's fee
                             ----------------------------        ----------------
<S>                          <C>                                 <C>
                                       1  -   50                        $0.50
                                      51  -  250                        $3.25
                                     more than 250                     $35.00
</TABLE>

 provided, however, that those fees shall not apply insofar as Customer has
delayed any such quote packet for no less than 20 minutes. Customer shall so pay
those amounts in accordance with Exhibit A and subject to the terms and
conditions that Paragraph 10 imposes in respect of other amounts payable
pursuant to this Agreement.

<PAGE>   30

(e)      TERMINATION OF PILOT TEST SERVICES - Customer understands that NYSE or
         AMEX intends to monitor the Pilot Test Services and may determine to
         amend the CTA Plan and the CQ Plan to permit the pilot test's Market
         Data services on a permanent basis, whether in the form described in
         Exhibit A, or to discontinue its authorization of one or more Pilot
         Test Services. If NYSE (in respect of Network A Pilot Test Services),
         or AMEX (in respect of Network B Pilot Test Services) makes any such
         determination, it shall so notify Customer. Within 30 days of receipt
         of that notice, Customer shall cease to provide the Pilot Test Services
         to which the notice refers and the provisions of this Exhibit C shall
         then terminate. If Customer wishes to continue to provide those
         services and NYSE or AMEX, as appropriate, is willing to permit
         Customer to do so, Customer shall amend Exhibit A to reflect any
         necessary changes and shall comply with such additional terms and
         conditions as NYSE or AMEX, as appropriate, may impose in respect of
         those services.

ACCEPTED AND AGREED:

CUSTOMER                                   NEW YORK STOCK EXCHANGE, INC.

First International Financial Corp.        acting in the capacities Paragraph 12
                                           describes

By:                                        By:
      ------------------------------           --------------------------------
      Name:     Brad G. Gunn                     Name:     Ronald Jordan
      Title:    President                        Title:    Managing Director,
                                                           Market Data
      Date:     Dec. 23, 1997                    Date:     1/11/98

                                       2
<PAGE>   31

                                  ATTACHMENT A

                              TERMS AND CONDITIONS

                  PROPRIETARY NATURE OF DATA - Subscriber understands and
acknowledges that each "Authorizing SRO" (i.e., the New York Stock Exchange,
Inc. ("NYSE"), each CTA Plan Participant and each CQ Plan Participant), and each
other entity whose information is made available over the facilities of the
Authorizing SROs (an "Other Data Disseminator") has a proprietary interest in
the Market Data that originates on or derives from it or its markets. For the
purposes of this Addendum, "Market Data" means (a) CTA Network A last sale
information, (b) CQ Network A quotation information, (c) such bond and other
equity last sale and quotation information, and such index and other market
information, as the Authorizing SROs or any Other Data Disseminator may make
available and as NYSE may from time to time designate as "Market Data", and (d)
all information that derives from any such information.

                  THIRD-PARTY BENEFICIARIES; ENFORCEMENT - Subscriber
understands and acknowledges that this Addendum confers third-party beneficiary
status on the Authorizing SROs. In authorizing Vendor to take any action, or to
receive any communication, this Addendum authorizes Vendor to act on its own
behalf and on behalf the Authorizing SRO(s). NYSE may enforce this Addendum as
to all Market Data, and any Authorizing SRO may enforce this Addendum as to
Market Data that originates on or derives from its markets, by legal proceeding
or otherwise, against Subscriber and may likewise proceed against any person
that obtains such Market Data other than as this Addendum contemplates. No act
or omission on the part of Vendor and no other defense that might defeat
recovery by Vendor against Subscriber shall affect the rights of the Authorizing
SROs as third-party beneficiaries under this Addendum. Subscriber shall pay the
reasonable attorney's fees that any Authorizing SRO incurs in enforcing this
Addendum against Subscriber.

                  DATA NOT GUARANTEED - Subscriber understands that neither
NYSE, any other Authorizing SRO, any Other Data Disseminator nor the Processor
under the CTA Plan or the CQ Plan (the "Disseminating Parties") guarantees the
timeliness, sequence, accuracy or completeness of Market Data or of other market
information or messages disseminated by any Disseminating Party. Neither
Subscriber nor any other person shall hold any Disseminating Party liable in any
way for (a) any inaccuracy, error or delay in, or omission of, (i) any such
data, information or message or (ii) the transmission or delivery of any such
data, information or message, or (b) any loss or damage arising from or
occasioned by (i) any such inaccuracy, error, delay or omission, (ii)
non-performance or (iii) interruption in any such data, information or message,
due either to any negligent act or omission by any Disseminating Party, to any
"force majeure" (e.g., flood, extraordinary weather conditions, earthquake or
other act of God, fire, war, insurrection, riot, labor dispute, accident, action
of government, communications or power failure, equipment or software
malfunction) or to any other cause beyond the reasonable control of any
Disseminating Party.

                  REDISSEMINATION PROHIBITED - Subscriber shall use Market Data
only for its individual use. Subscriber shall not furnish Market Data to any
person or entity other than an officer, partner or employee of Subscriber.

<PAGE>   32

                  DISSEMINATION DISCONTINUANCE OR MODIFICATION - Subscriber
understands that, at any time, the Authorizing SROs may discontinue
disseminating any category of Market Data, may change or eliminate any
transmission method and may change transmission speeds or other signal
characteristics. Subscriber shall not hold the authorizing SROs liable for any
resulting liability, loss or damages that may arise therefrom.

                  DURATION; SURVIVAL - This Addendum remains in effect for so
long as Subscriber has the ability to receive Market Data as contemplated by
this Addendum. In addition, either Subscriber or Vendor may terminate this
Addendum on 30 days' written notice to the other. Subscriber understands that
Vendor is obligated to terminate this Addendum pursuant to this Paragraph upon
notice to that effect from NYSE. Paragraphs [PROPRIETARY NATURE OF DATA],
[THIRD-PARTY BENEFICIARIES; ENFORCEMENT] AND [DATA NOT GUARANTEED] survive
termination of this Addendum. This Addendum supersedes each previous agreement
between the Subscriber and NYSE insofar as the superseded agreement pertains to
the Market Data services that Vendor provides to Subscriber pursuant to the
Vendor-Subscriber Agreement.

                                       4
<PAGE>   33

                                    EXHIBIT C

                          AGREEMENT FOR RECEIPT AND USE
                      OF MARKET DATA; ADDITIONAL PROVISIONS

22.      "CLICK-ON" AGREEMENTS

                  (a) SCOPE - The Agreement and Exhibit A require Customer to
enter into contracts with its subscribers for the benefit of the Authorizing
SROs. This Paragraph 22 applies insofar as Exhibit A allows Customer to satisfy
that obligation by means of on-line contracts to which the subscriber manifests
its assent by means of "clicking" an appropriate space on a computer screen (a
"Click-On Agreement"); provided, however, that, subsequent to the effective date
of this Paragraph 22, Customer may not so use a Click-On Agreement for the
benefit of the Authorizing SROs insofar as a subscriber enters into written
agreements (i.e., on paper) for Customer's benefit contemporaneously with the
subscriber's determination to receive Market Data from Customer.

                  (b) AUTHORIZATION - Customer may fulfill its obligation to
have its subscribers enter into agreements for the benefit of the Authorizing
SROs by means of a Click-On Agreement, subject to the indemnification provisions
set forth in Paragraph 22(c) below and the following conditions:

                  (i) NYSE must have approved the form and content of, and
         manner of entry into, the Click-On Agreement, and any change to that
         form, content and manner of entry, prior to its use.

                  (ii) Customer must maintain a hard copy of each NYSE-approved
         Click-On Agreement and careful records as to the scope of use of each
         such agreement. Those records ("Click-On Agreement Records") must
         indicate with precision exactly to which agreement each subscriber
         manifested its assent, the precise manner in which each subscriber
         manifested its assent and the effective dates of the Click-On Agreement
         and of any updated or revised versions.

                  (iii)    Upon request from NYSE, Customer must provide to
                           NYSE:

                           (A)      a hard copy of each Click-On Agreement that
                                    it uses in connection with its provision of
                                    the Services, including any revised version;

                           (B)      a description of the scope of use of, and
                                    manner of entry into, each such agreement;
                                    and

                           (C)      access to all Click-On Agreement Records.

                  (iv) Customer must prevent the subscriber from having the
         ability to manifest its assent to the Click-On Agreement unless all of
         the agreement's terms and conditions have first appeared on the
         computer screen.

                  (v) Each time a subscriber logs on to the Service(s) that the
         Click-On Agreement governs, the Subscriber must view the following
         message, which shall appear in a clearly legible form:

                   As your agreement for the receipt and use of market data
                  provides, the securities markets (1) reserve all rights to the
                  market data that they make available; (2) do not guarantee
                  that data; and

                                       5
<PAGE>   34

                  (3) shall not be liable for any loss due either to their
                  negligence or to any cause beyond their reasonable control.

                  (c) INDEMNIFICATION - Customer shall defend and indemnify the
Authorizing SROs, and hold the Authorizing SROs harmless, from and against any
suit or other proceeding at law or in equity, claim, liability, direct or
indirect loss, cost, damage, lost profits or expense (including attorneys' fees)
incurred by or threatened against the Authorizing SROs that arises out of or
relates to the unenforceability of a Click-On Agreement due to the manner in
which the subscriber manifests its assent to the terms and conditions of the
Click-On Agreement. NYSE's prompt written notice of the suit or proceeding is a
condition to Customer's obligations under the preceding sentence. Customer shall
have sole control of the suit or proceeding and all negotiations for its
settlement or compromise.

                  (d) APPLICABILITY OF AGREEMENT - Terms defined in the
Agreement shall have the same meaning in this Paragraph 22.

 Except as this Paragraph 22 may otherwise provide, all terms and conditions of
the Agreement shall govern this Paragraph 22. In particular, the parties
recognize and understand that clause (iii) of Paragraph 5(b) of the Agreement
and the provisions of Paragraph 5(b) that apply to that clause govern Customer's
use of Click-On Agreements. In the event of a conflict between the Agreement and
this Paragraph 22, this Paragraph 22 shall govern.

                  (e) TERMINATION OF PARAGRAPH 22 - If NYSE, in its sole
discretion, determines that statutory or common law have deemed, or are likely
to deem, Click-On Agreements to be unenforceable, it may so notify Customer.
Customer shall cease to allow subscribers to enter into Click-On Agreements
within 24 hours of Customer's receipt of that notice and this Paragraph 22 shall
then terminate; provided, however, that, as to any subscriber that has
manifested assent to a Click-On Agreement prior to that determination, Customer
may continue to provide one or more Services to that subscriber until 90 days
after Customer's receipt of that notice. Customer may provide one or more
Services to that subscriber thereafter only if the subscriber has entered into a
written agreement suitable to NYSE.

ACCEPTED AND AGREED:

CUSTOMER                               NEW YORK STOCK EXCHANGE, INC.

First International Financial Corp.    acting in the capacities Paragraph 12
                                       describes

By:                                    By:
      ----------------------------         ------------------------------
      Name:  Brad G. Gunn                 Name:  Ronald Jordan
      Title: President                    Title: Managing Director, Market Data
      Date:  12/15/97                     Date:  1/11/98

                                       2

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