SWX Preps Non-Display Data Fees

According to Exfeed's policy document, the fees will apply to systems that receive data "for the purpose of generating quotes or executing transactions automatically," including algorithmic and program trading systems, as well as applications for calculating reference prices.

"For example, automated trading applications can include spread betting and CFD [contracts for difference] systems that use our market data to price spreads that are distributed to clients," says Ottavio Gisler, vice pre

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