Etrading Software has set out changes to its data licensing model, following industry feedback to its initial contract.
In the original outline, released in February, the cost of out-of-hours (OoH) support for the tape, was almost three times the price of tape access.
READ MORE: UK CTP will cost pennies – support will cost thousands
“We received feedback that the fixed fee element of the OoH support was a barrier to smaller redistributors. We absolutely don’t want anything to represent a barrier to redistribution, so we took that away. We are proposing to align the OoH support licensing model with the data licensing models,” explained chief revenue officer, Karl Wyborn.
Redistributors will no longer have to pay a £50,000 annual fixed fee to the CTP in order to offer OoH support. OoH fees will now be allocated to end users who choose to subscribe and will cost the same whether data is being accessed through a redistributor or directly from the CTP.
“If an end user goes directly to the CTP, they pay a fixed amount based on their gross revenue for OoH support. If they go via a redistributor, they pay the same fee. They only pay that once,” Wyborn said.
An exception to this structure is individual users, who will pay for OoH support for each channel they access CTP data through. As a result, the annual cost for individual users has been slashed from £24 to £2.40.
“The potential of double charging individual users is an acceptable compromise given the benefits of the service to the whole,” Wyborn affirmed. He added that no individual users had yet shared intentions to access the data through more than one channel.
He went on to explain the rationale behind the OoH offering.
In the original bid for the tape, market hours of 8am to 5pm GMT were prescribed by the Financial Conduct Authority (FCA).
“Through multiple client discussions, we saw that the appeal for some was that the data would be published on a 24-hour basis. The appeal of the tape was diminished if it paused publication and warehoused any reports at 5pm on any given trading day,” stated Wyborn.
The major difference between standard and out-of-hours support is the speed of query revolution. Under the contractual service level agreement, the CTP must provide resolution within 20 hours. This could be accelerated with an OoH license, as the time to resolution would be measured in real-time.
Elsewhere, changes to the data licence include the removal of separate licences and fees for each data format. Now, a single fee covers API, CSV and GUI access.
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