Subscribers must pay the fees for Real Time Market Data per each Access Point. Access Point is identification mean including code, login, password used for the granting of an individual authorized access to a particular Information product, containing the Real Time Market Data for the purpose to display the information on computer, tablet computer, mobile phone, other technical devices or for the purpose to use the information in Non-display System excluding the possibility of the simultaneous access to the information through more than one technical device or through more than one Non-display System.
Subscribers are entitled to individual use, store and process the Market Data received from the Refinitiv, including use in Non-display systems (e.g. algorithmic trading and risk management systems), but excluding systems for calculation of the Derived Data (defined as digital data including indexes and indicators calculated on the basis of the Market Data provided that they differ from the values of the initial Market Data used for their calculation and to the extent that the Derived Data calculation algorithm ensures the impossibility of the reverse display of the initial Market Data) intended for further public distribution. To avoid any doubts, calculating Derived Data (including Indexes) in Non-display systems is allowed provided that such Derived Data are intended for personal internal usage and not intended for further external distribution or licensing.
Subscribers are not entitled without prior written consent of the Exchange to perform the further distribution/transmission of the Market Data in any form and by any means including electronic, mechanic, photocopying, recording and other (including with a remote mobile (wireless) access), TV and radio broadcasting, displaying at Websites, as well as to use the data in test/training/simulator-based and others system publicly accessible for external audience and purposed for display and/or transmission of the data and to use the data for calculation of the Derived Data intended for the further public distribution.
Moscow Exchange shall be entitled to conduct (including by engaging third parties) information audits of the Subscribers in order to control the compliance with the terms and conditions of use of Market Data determined by the Moscow Exchange.