Dear Valued Clients,
Following the publication of Commission Delegated Regulation (EU) 2025/1156 (“DR”), Equiduct will implement changes to its Market Data Framework, including the Equiduct Product Licence Agreement (EPLA) and associated Schedules, in order to align the Equiduct Market Data offering and licensing framework with the requirements of the DR.
This communication is a formal notification, in accordance with clauses 1.3 and 5.6 of the EPLA, that the relevant changes will come into effect on 23 August 2026.
Additional supporting documentation and operational materials may also be updated from time to time in connection with the revised framework.
The revised EPLA and EPLA Schedules are attached to this notification and are also available on Equiduct’s document library (https://www.equiduct.com/document-library/).
Equiduct_EPLA-General-Terms-and-Conditions_August 2026
Equiduct_EPLA Schedules ABC_August 2026
Equiduct_Schedule D_Audit Guideline_August 2026
Overview of Changes
- Introducing Client Categories for licensing and commercial framework. In accordance with the DR, each Licensee will fall within a single Client Category, which reflects the activities for which the Information is used by the Licensee.
- Introducing Usage Tiers for Non-Display licences. Licensees receiving Information under a Non-Display licence will additionally be categorised into a Usage Tier, reflecting the scale and nature of the relevant Non-Display usage. A Licensee’s applicable Usage Tier will be determined based on the number of Devices associated with the relevant Non-Display use of the Information.
- Introducing Devices as the Unit of Count. For Non-Display usage, Equiduct will adopt Devices as the applicable Unit of Count under the revised framework.
- Additions and amendments to definitions. Where needed to accommodate the new licensing framework or where required by the DR, new definitions have been adopted and some existing definitions have been amended.
Other Changes
- Introducing the L2 Retail (L2R) feed. The L2R feed is an unconflated Level 2 market data feed providing consolidated liquidity and tick-by-tick market data suitable for automated trading systems, including both pre-trade and post-trade information.
- Introducing Level 1 licensing options for existing Market Data Products. The Equiduct Market Data offering now includes licensing options permitting Level 1 use of certain existing market data products.
Additional Notes
- Additional amendments have also been made to reporting, audit and operational framework provisions supporting the revised licensing model.
- Licensees currently receiving Information under a Non-Display licence will be contacted by Equiduct in connection with the implementation of the revised Device and Usage Tier framework. Licensees will be requested to review and confirm the number of Devices associated with the relevant Non-Display use of the Information.
- Existing Licensees will be Categorised by Equiduct effective 23 August 2026. For new Licensees, the Order Form will be updated to reflect the new Client Categories and, for Non-Display licences, Usage Tiers.
- Invoices issued from September 2026 onwards will reflect the revised framework, including the applicable Client Categories and Usage Tiers where relevant.
- If you would like to discuss which Client Category and/or Usage Tier your firm will fall under, please contact marketdata@equiduct.com.
For any questions regarding these updates, please contact the Equiduct Market Data team at marketdata@equiduct.com.
Kind regards,
Equiduct MD team.
