In determining the range of market data subscription offerings to make available, IBKR seeks to balance the needs of a wide variety of clients, both in terms of the scope of products traded and the frequency of data use. To afford clients the opportunity to minimize their monthly subscription costs for U.S. data, both bundled and a la carte monthly services are offered as well as options for real-time streaming,…

Overview:

This article intends to clarify the definition of a Professional Market Data User (Commercial) versus a Non-Professional Market Data User (Private)…

REVIEW MARKET DATA SUBSCRIBER STATUS

Many exchanges classify customers as non-professional or professional. Exchange rules require that trusts and organizations (e.g. corporations, partnerships, LLCs and unincorporated businesses) must be classified as professional. NYSE, Amex, and TSE Professional Market Data require prior approval from the exchange…

Overview:

Insight into completing the new Non-Professional Questionnaire…

CHANGE MARKET DATA SUBSCRIBER STATUS

Use the button above or follow the below procedure to request an upgrade to Professional subscriber status:…

CHANGE MARKET DATA SUBSCRIBER STATUS

A registered professional client who uses the market data services for their own personal benefit can be categorized as a Non-commercial user. There are some market data vendors which allows a  non-commercial user to utilize the retail pricing…

The Market Data Group continuously reviews Professional or Non-Professional client designations for market data subscriptions. The reasons a client's status would change from Non-Professional to Professional are:

• The Non-Professional Questionnaire (NPQ) is outdated or not on file…

COMPLETE QUESTIONNAIRE

Use the button above or follow this procedure to complete the questionnaire:…

For the NYSE and many US exchanges, the Professional vs. Non-Professional definition is tied to the person using the data rather than the nature of its use. For instance, if the individual using the data is employed in the financial industry they may be classified as a Professional even if they do not work in a capacity relating to trading or other market oriented activity…

Requests to change market data subscriber status are usually processed overnight for the next trading day.

Market data is terminated when one switches subscriber status. Clients will then be able to re-subscribe to the market data subscriptions relevant to the new subscriber status from Client Portal. See…

If a client changes their market data status mid-month from Professional to Non-Professional the system will terminate any Professional market data and will look for the matching Non-Professional market data package. If there is an exact match, the system will automatically subscribe to the matching Non-Professional market data package and IBKR will issue a refund for the Professional market data subscription. The refund will be given typically on a one day lag from when the Non-Professional data was subscribed to. If there is no matching market data package, the Professional market data package will still be terminated but there will be no refund issued for that month…

A trust account which has an organization (ORG) listed as a trustee or beneficiary will be classified as a professional. However, if the trustee or beneficiary is an individual, the account will be classified as non-professional.

Additional Information…

The classification of subscribers as "Professional" or "Non-Professional" is by exchange designation. Note that virtually all exchanges are for-profit institutions, with market data subscriptions being a key source of their revenue. As trading is considered the principal business activity of Professional Subscribers and real-time quotes essential to their business, the exchanges tend to charge accordingly. In contrast, trading is considered an incidental activity for Non-Professionals, many of whose needs can be met with free delayed data. The Non-Professionals are therefore offered quote services at subscription rates which are intended to reflect their occasional use and the fact they can avail themselves of free delayed data…

Generally speaking, as a Professional, the cost of the market data subscriptions will be higher. Find our Market Data Fees in the IBKR website…