Market Data Subscriber Agreements
For Scottrade to distribute real-time pricing and trade-related data (e.g. quotes, bid, ask), the stock exchanges require all account holders to complete the Market Data Subscriber Agreements and identify their account status as a Professional or Non-Professional Subscriber. The following information explains how this impacts your account.
1. Why would my account state that all market data is delayed?
Your account status has been identified as a Professional Subscriber based on the information provided when you opened your account or because the account does not currently have the completed Market Data Subscriber Agreements on file. The stock exchanges define Professional or Non-Professional Subscribers based on a number of factors that include, but are not limited to, your account type and employment information. Professional Subscribers will receive delayed market data across all platforms, with real-time market data only available on the Order Entry and Order Review screens. If you believe your account status has been incorrectly designated as Professional, please contact your local branch office.
For new accounts opened after Sept. 12, 2015, clients have the option to not complete the agreements. If you chose not to complete the Market Data Subscriber Agreements, you will not have access to any real-time pricing or trade-related data.
2. What other changes can I expect as a Professional Subscriber?
Several new features have been added for Professional Subscribers. These features include:
- Create and track delayed Watch Lists on the home page
- Delayed version of Scottrader® Streaming Quotes
- Delayed version of ScottradeELITE (if the applicable ScottradeELITE® criteria are met)
Unfortunately, certain tools will not be available on the delayed version of Scottrade's streaming platforms, including, but not limited to:
- Time and Sales
- Level II
- Market Depth
- Trade Ideas
- Alerts (with the exception of News Alerts)
3. How is my Professional Subscriber status determined?
The stock exchanges look at the account type and information about the user(s) when determining Professional Subscriber status.
Certain legal entity accounts are automatically considered Professional. These account types include, but are not limited to, the following:
- Trust or estate with more than four users
- Investment club
- Sole proprietorship
- Limited liability company
- Exempt or non-exempt charitable organization
- Pension/profit sharing plans
- SIMPLE IRA plans
If your account type does not automatically default to Professional, your subscriber status will be determined by the questionnaire and user information provided. Typically, a user is considered Professional if any of the following criteria is met:
- You use market data for business purposes.
- You are registered or qualified with FINRA, the CFTC and/or the SEC.
- You are located within or outside of the United States and you perform any job functions similar to those that would require you to be registered with FINRA, the CFTC and/or the SEC.
- You trade on behalf of others for your personal benefit, provide investment advice and/or are engaged as an asset manager.
4. What happens if I don't complete the Market Data Subscriber Agreements?
If you choose not to complete the Market Data Subscriber Agreements, you will not have access to any real-time pricing or trade-related data. All market data displayed in your account will be delayed by at least 15 minutes. To access real-time market data, you can log into your Scottrade® account to complete the process at any time.
5. Which exchanges require these agreements?
- NYSE MKT
- OPRA at the Chicago Board Options Exchange
6. What if I have multiple accounts?
Clients with multiple accounts will be required to complete the Market Data Subscriber Agreements for each account.
7. What if my employment status changes?
If your employment status changes, please contact your local Scottrade® team. They can request a reset of your Market Data Subscriber Agreements status.