Customer Categories and Unit Sample Clauses
The 'Customer Categories and Unit' clause defines how customers are grouped into specific categories and how units of service or product are measured for each category. In practice, this clause may specify different pricing, service levels, or contractual terms based on whether a customer is classified as, for example, a retail, wholesale, or enterprise client, and it clarifies what constitutes a 'unit' for billing or delivery purposes. By establishing clear customer categories and unit definitions, the clause ensures accurate application of terms and pricing, reducing ambiguity and potential disputes over service levels or charges.
Customer Categories and Unit of-Count Devices The following description provides further details of the Customer Categories and respective counting of Devices applicable for the Non-Display Data Licence Fees. Examples of ‘trading based activities’ include semi-automated or automated order/quote generation, order pegging, price referencing for trading purposes, smart order routing to facilitate trading, order management, execution management, market making, ‘black box’ trading, algorithmic trading, program trading and the operation of trading platforms as well as quoting and trading of financial derivatives (including but not limited to futures, options, warrants and certificates linked to the respective underlying market data). The following Customer Categories are relevant for trading based activities:
(i) Trading as Principal The Customer Category Trading as Principal refers to proprietary trading activities (i.e. trading in own name and for own account; “Trading as Principal”). It includes algorithmic and/or automated and/or semi- automated order generation, automated execution management and/or automated quoting as part of market making and instrument pricing (e.g. as part of derivatives issuance and trading) for the purpose of trading in one’s own name. Trading as Principal does not include the completion of trades on behalf of Customer’s clients even if Customer is using its own inventory. Such usage is included in Customer Category “Brokerage”. E.g. the Customer Category Trading as Principal does not entitle Customers to grant third parties access for activating algorithmic orders and/or accessing APIs capable of receiving order messages from third parties. Non-Display Licence Fees are charged on a per Information Product basis according to the total number of Devices which have access to Information. Whenever a Device has the possibility to access Information simultaneously for the Customer Category “Trading as Principal”, each possible access shall be counted as a Device.
(ii) Brokerage Version 13_0 The Customer Category Brokerage refers to brokerage activities and the facilitation of client trading activities (i.e. trading in another’s name for the account of others or trading in own name for the account of others (brokerage business); “Brokerage”). It includes but is not limited to automated order generation and execution management for clients (e.g. smart order routing) as well as the provision of access for clients to functions augmenting the user’s trading activities and...