The definition of a “Professional Subscriber” varies for securities and futures. If any of the following statements below are true, then you are considered a “professional” subscriber.
Professional Subscriber Definition for Securities (equities and equity options)
- You use market data for anything other than personal, non-business use.
- Your account is opened as a business or other entity.
- You are currently registered with the SEC.
- You are currently qualified with the CFTC.
- You are currently registered or qualified with any securities agency, exchange, association, or regulatory body.
- You are currently registered or qualified with any commodities or futures contract market, association, or regulatory body in the United States.
- You are located within or outside of the United States and you perform functions that are similar to those that require an individual within the U.S. to register or qualify with the SEC, the CFTC, any other securities agency, any other securities exchange, securities association, securities regulatory body, or any commodities or futures contract market, association, or regulatory body.
- You are engaged to provide investment advice to any individual or entity.
- You are engaged as an asset manager.
- You use the capital of any other individual or entity in the conduct of your trading.
- You entered into any agreement to share the profit of your trading activities or receive compensation for your trading activities.
- You receive office space and equipment or other benefits in exchange for your trading work as a financial consultant to any person, firm, or business entity.
- You conduct trading for the benefit of a corporation, partnership, LLC, tax-exempt organization, trust, or other entity.
Professional Subscriber Definition for Futures
Non-Professional shall mean and include either (i) an individual, natural person Subscriber(s) who, or (ii) certain small business entities (limited liability companies, partnerships, trusts or corporations) that, receive and use Information (excluding any pit traded data), in each case subject to the following restrictions:
A non-professional subscriber must:
- have an active futures trading account and be an individual, natural person or small business entity.
A non-professional subscriber must not:
- be a member (or hold or lease any type membership) of any exchange;
- be registered or qualified as a professional trader or investment adviser with any stock, commodities or futures exchange or contract market, or with any financial regulatory authority;
- or be acting on behalf of an institution that engages in brokerage, banking, investment, or financial activities.
The Non-Professional Subscriber’s Use of Information must:
- be solely for the Subscriber’s personal or private use
- and be limited to managing the Subscriber’s own assets, and not be used in connection with the management of any assets of any third party(ies) in any capacity.
- The Non-Professional Subscriber’s Access to Information must only be via a maximum of two trading terminals per Distributor, permissioned for Real-Time Information and capable of routing orders to the CME Globex Platform (an “Order Routing Device”).