NASDAQ OMX Global Subscriber Agreement

Section 12

U.S. Information
Non-Professional Subscriber Any natural person who is NOT:

  1. registered or qualified in any capacity with the SEC, the Commodities Futures Trading
    Commission, any state securities agency, any securities exchange or association or any
    commodities or futures contract market or association;
  2. engaged as an “investment advisor” as that term is defined in Section 202(a)(11) of
    the Investment Advisors Act of 1940 (whether or not registered or qualified under
    that Act); or
  3. employed by a bank or other organization exempt from registration under federal or
    state securities laws to perform functions that would require registration or qualification if
    such functions were performed for an organization not so exempt.
Professional Subscriber All other persons who do not meet the definition of Non-Professional Subscriber.
Non-U.S. Information
Private Subscriber A natural person for the purpose of managing the Subscriber’s own personal investments
and not for any business purpose, nor for the purpose of giving any form of advice to any
other person. A Private Use Subscriber may not:

    1. contract for, receive or use Information for the purpose of Private Use on behalf of any
      other person or any corporation, partnership, limited liability company, trust, association
      or other form of entity,
    2. contract for, receive or use Information for the purpose of Private Use in any Service
      that is paid for by another person or any corporation, partnership, limited liability
      company, trust, association or other form of entity.
      A Private Use Subscriber shall, notwithstanding the above:

 

  1. be permitted to contract for, receive or use Information on behalf of or paid for by
    another natural person (person B) provided that (1) its for the purpose of managing
    person B’s own personal investments and not for any business purpose, and (2) person B
    have filed a power of attorney or equivalent documentation accordingly with Licensee,
  2. be permitted to contract for, receive or use Information for Private Use on behalf of
    and/or paid for by a legal entity or other form of non-natural Person in which the Private
    Use Subscriber has full (100%) ownership and exercises full (100%) control,
  3. Section (c) and (d) may not be combined.
Business Subscriber All other persons who do not meet the definition of Private Subscriber.



Cboe Global Markets Subscriber Agreement

Section 1

“Non-Professional Subscriber” means a natural person or qualifying trust that uses Data only for personal purposes and
not for any commercial purpose and, for a natural person who works in the United States, is not: (i) registered or qualified
in any capacity with the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state
securities agency, any securities exchange or association, or any commodities or futures contract market or association;
(ii) engaged as an “investment adviser” as that term is defined in Section 202(a)(11) of the Investment Advisors Act of
1940 (whether or not registered or qualified under that Act); or (iii) employed by a bank or other organization exempt from
registration under federal or state securities laws to perform functions that would require registration or qualification if
such functions were performed for an organization not so exempt; or, for a natural person who works outside of the
United States, does not perform the same functions as would disqualify such person as a Non-Professional User if he or
she worked in the United States.

“Professional Subscriber” means all other Persons who do not meet the definition of Non-Professional Subscriber.


CME Non-Professional Definition
Non-Professional shall mean and include either (i) an individual, natural person Subscriber(s) who, or (ii) certain small business entities (limited liability companies, partnerships, trusts or corporations) that, receive and use Information (excluding any pit traded data), in each case subject to the following restrictions:

The Non-Professional Subscriber must:

  1. have an active futures trading account;
  2. be an individual, natural person or small business entity

The Non-Professional Subscriber must not:

  1. be a member (or hold or lease any type membership) of any exchange;
  2. be registered or qualified as a professional trader or investment adviser with any stock, commodities or futures exchange or contract market, or with any financial regulatory authority
  3. be acting on behalf of an institution that engages in
    brokerage, banking, investment, or financial activities

The Non-Professional Subscriber’s Use of Information must:

  1. be solely for the Subscriber’s personal or private use;
  2. be limited to managing the Subscriber’s own assets, and not be used in connection with the management of any assets of any third party(ies) in any capacity

The Non-Professional Subscriber’s Access to Information
must only

  1. be via a maximum of two trading terminals per Distributor, permissioned for Real-Time Information and capable of routing orders to the CME Globex Platform (an “Order Routing Device”).

Any Subscriber who does not meet the qualifications of a Non-Professional Subscriber will be considered a Professional Subscriber.

Notwithstanding anything herein, CME reserves the right in all cases to make a final determination as to whether a Subscriber is a Non Professional or a Professional. CME reserves the
right to amend this policy or terminate reduced fees for Non-Professionals at any time.