Market data fees consist of two parts: a basic fee and a distribution fee.

• There are two types of usage: direct usage and indirect usage. Direct usage is where market data is supplied through a direct connection to TFX and the receiver of such data is called a direct user. Indirect usage is where market data is supplied through a direct user. The receiver of such data is called an indirect user. End users are those who simply receive the data and do not redistribute. Indirect users can only distribute to end users.


• If a contract has been signed with TFX, then fees must be paid to TFX regardless of whether the usage is direct or indirect. If the contract is with a direct user, then the fees must be paid to that direct user.

Direct Usage	Indirect Usage ·The case where there is no contract with TFX
	·The case where there is a contract with TFX

• In order to calculate the fees applicable to direct users, it is necessary to calculate how many end users there are. In the case where there is no contract with TFX, indirect users must report to their direct user the number of end users that they distribute data to. Direct users must then report to TFX the following:
• • The number of end users they have
  • The names of all of the indirect users they have
  • The number of end users that the indirect user reported to them

Fees

• There are four options for receiving data.
1. Option 1. Bid-offer quotes, intraday opening/closing/highest/lowest prices, indicative prices - real time
2. Option 2. Intraday opening/closing/highest/lowest prices, indicative prices - real time
3. Option 3. Intraday opening/closing/highest/lowest prices, indicative prices - delayed
4. Option 4. Closing prices only - delayed (Delay is around 10 minutes)


• This document gives information on prices for using the ITA Wave system, developed by TFX. It is also possible for direct users to receive more limited market data via the LIFFE CONNECT™ API. Please enquire separately in this case.
• VAT is not included in prices, please pay separately.
• Costs for setting up lines are contained in a separate document. These costs depend on your geographical location.

(1)Basic Fees (per month)>

Option(see above)	Basic Fee
	1st line	2nd line	>3 lines (per line)
Option 1	1,000,000yen	500,000yen	100,000yen
Option 2	550,000yen	250,000yen	50,000yen
Option 3 - indirect users only	100,000yen	-	-
Option 4 - indirect users only	50,000yen	-	-

* The lines used will have a 2MB capacity and will be paid for by the user.
* Backup lines are also available, which will only be used in emergency situations when the main line is damaged. Backup lines cost 30,000yen each.
* The above fees are only applicable to lines to direct users and indirect users. Lines to end users do not apply.

(2)Distribution Fees (per month)

Distribution End Point		Number of Terminals	Cost
Within your company		1~1,000	500yen
		1,001~3,000	400yen
		3,001~5,000	300yen
		5,001~10,000	200yen
		>10,000	100yen
Distribution outside your company	Terminals	1~1,000	1000yen
		1,001~3,000	800yen
		3,001~5,000	600yen
		5,001~10,000	400yen
		>10,000	200yen
	Unspecified (e.g. on homepage)	Option 3: 50,000yen Option 4: 30,000yen

* The fee applicable depends on whether you are distributing the market data within your company or outside your company. In the case of companies whose principal business is data distribution (news vendors), all companies within a consolidated group are considered to be ‘within your company’.
* Fees for usage within your company are targeted at those individuals who use the data regularly. News distribution, marketing, data collection, monitoring, back office and other such uses can be excluded.
* In the case of internet users, one user ID should be counted as one terminal above.
* There are no distribution fees for delayed data. In order to avoid erroneous orders, delayed bid-offer quotes are not available.
* Example» Where data is distributed to 7000 terminals outside your company, the distribution fee is 1,000yen × 1,000 terminals + 800yen × 2,000 terminals + 600yen × 2,000 terminals + 400yen × 2,000 terminals

For more information about TFX market information fees, please contact here.