Market Data Exchange Access Fees

As a vendor of market data, IBKR is subject to various exchange agreements that specify and control the manner in which such data may be disseminated. In addition, some exchanges impose a monthly fee (also known as an Exchange Access Fee) on the vendor when real-time or delayed data is distributed.

The term Exchange Access Fee is generally used to describe an arrangement where the clients of an organization, such as a broker, obtain market data through our vendor agreement rather than through a direct agreement between the organization and exchange.

When an Exchange Access Fee exists, we allow an organization to opt out of the fee by restricting the ability of the organization's clients to subscribe to the exchange market data. However, the organization may enable client access to the market data subscriptions for a fee.

The table below illustrates existing Exchange Access Fees levied by Nasdaq, CBOE Global Markets and Deutsche Borse. Please note that the Exchange Access Fees for Deutsche Borse will be effective starting September 1, 2020. Exchange Access Fees for Nasdaq and CBOE Global Markets has been in effect since December 1, 2016.

Exchange Access Product                        
Exchange Access Fee
Client Enabled Subscription
BATS EU Exchange Access Fee
GBP 950
· European (BATS/Chi-X) Equities (P, L2)
· European (BATS/Chi-X) Equities (NP, L2)
Nasdaq OMX MFDS (US Mutual Funds)
USD 150
· US Mutual Funds (P,L1)
· US Mutual Funds (NP, L1)
Nasdaq OMX GIDS (Global Index Data)
USD 800
· Nasdaq Global Index Data Service (P)
· Nasdaq Global Index Data Service (NP)
Nordic Equity Level 1 & 2 Nonprofessional
EUR 800
· Nordic Equities (NP, L1)
· Nordic Equities (NP, L2)
Nordic Equity Level 1 & 2 Professional
EUR 2,140
· Nordic Equities (P, L1)
· Nordic Equities (P, L2)
Deutsche Borse Indices and Xetra ETF & Volatility Indices
EUR 824
· German ETFs and Indices (P, L1)
· German ETFs and Indices (NP, L1)
Eurex Core
EUR 1575
· Eurex Core (P, L2)
· Eurex Retail Europe (NP, L1)
· Eurex Core (NP, L1)
· Eurex Core (NP, L2)
STOXX Indices
EUR 1133
· STOXX Index Real-Time Data (P)
· STOXX Index Real-Time Data (NP)
Xetra Core
EUR 2940
· Spot Market Germany
(Frankfurt/Xetra) (P, L1)
· Spot Market Germany
(Frankfurt/Xetra) (P, L2)
· Spot Market Germany
(Frankfurt/Xetra) (NP, L1)
· Spot Market Germany
(Frankfurt/Xetra) (NP, L2)

The table reads as follows: An organization pays EUR 800 for the Nordic Equity Level 1 & 2 Non-professional product, which gives the organization’s clients the option to subscribe to Nordic Equities (NP, L1) or Nordic Equities (NP, L2).