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Market Data Revenue Sharing

How does CHX share Market Data Revenue?

The SIPs operate three data feeds: Tape A, Tape B, and Tape C. The following table shows how CHX shares the Quote Revenue and Trade Revenue it earns from each data feed.

Tape

Quote Revenue

Trade Revenue

A

CHX allocates 50% of all Tape A Quote Revenue among CHX Participants based on their contribution to earning this revenue.
 

CHX allocates 50% of all Tape A Trade Revenue arising from single-sided (non-cross) orders among CHX Participants based on their contribution to earning this revenue.
 

B

CHX allocates 50% of all Tape B Quote Revenue in excess of a threshold amount among CHX Participants based on their contribution to earning this revenue.
 

CHX allocates 50% of all Tape B Trade Revenue arising from single-sided (non-cross) orders in excess of a threshold amount among CHX Participants based on their contribution to earning this revenue.
 

C

CHX allocates 50% of all Tape C Quote Revenue among CHX Participants based on their contribution to earning this revenue.
 

CHX allocates 50% of all Tape C Trade Revenue arising from single-sided (non-cross) orders among CHX Participants based on their contribution to earning this revenue.