Sanktionsrisiko bei unlizenzierter Marktdatennutzung
Definition
ASX’s Product and Services Guide stipulates that Distributors must control their Access & Entitlement Systems and have direct agreements with all End Users or Subscriber Firms, and that providing an uncontrolled datafeed or API connectivity requires ASX’s prior approval and attracts an ‘Indirect Market Access Fee – Internal Use’ on a per feed basis.[4] It also specifies that any distribution of Delayed Market Detail (depth) information still requires ongoing payment of Real Time royalties in perpetuity.[4] Benchmark licensing rules restrict redistribution of BBSW, BBSW Total and Realised AONIA data, with separate licences required for historical distribution beyond 10 days and for launching tradable products based on benchmarks.[1] Third‑party disclosures like AUSIEX and Nasdaq state that market data is for internal use only and must not be sold, leased or furnished to others; misuse entitles the rights holder to injunctive relief and implies claims for damages.[2] When firms manually manage who receives which feed, downstream systems or client portals may start displaying ASX data without a corresponding redistribution licence or sub‑vendor agreement, a pattern frequently uncovered in exchange data audits globally. Applying typical audit practices, exchanges often levy back‑dated fees for 1–3 years of under‑licenced redistribution plus interest, and in serious cases can suspend data supply or refer issues to ASIC where broader market integrity obligations might be implicated.[4][5] Based on ASX fee structures and global exchange enforcement patterns, a medium sized broker or data vendor can easily face six‑figure AUD back‑billing when hidden user populations and uncontrolled feeds are discovered.[4][7]
Key Findings
- Financial Impact: LOGIC: Back‑billing of missed ASX data distribution fees for 2–3 years plus interest; for 100–300 unlicensed external users at an effective AUD 25–40 per user/month, exposure is ca. AUD 60.000–432.000 in retroactive fees, plus potential legal costs (AUD 20.000–70.000) to resolve contractual disputes or respond to regulatory queries.
- Frequency: Low to medium frequency but high severity; typically arises during periodic ASX licence reviews, distributor audits, or corporate events (M&A, major platform upgrades) that trigger deeper scrutiny of data usage.
- Root Cause: Lack of central inventory of all datafeeds and their onward consumption; insufficient understanding in product/IT teams of what constitutes ‘redistribution’ or ‘display’ under ASX contracts; legacy uncontrolled APIs or normalised feeds to clients; failure to maintain current sub‑vendor and end‑user agreements as required by ASX.[2][4]
Why This Matters
The Pitch: Australische Börsen- und Rohstoffmarktteilnehmer riskieren jährlich AUD 50.000–500.000 an nachträglichen Lizenzgebühren und vertraglichen Sanktionen wegen versteckter Umverteilung von Marktdaten. Automated monitoring and policy-based access control for feeds and displays cuts this penalty exposure dramatically.
Affected Stakeholders
Chief Risk Officer, General Counsel / Head of Legal, Head of Market Data / Vendor Management, Compliance Manager, COO responsible for trading platforms, Heads of Data & Analytics products
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Financial Impact
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Current Workarounds
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Methodology & Sources
Data collected via OSINT from regulatory filings, industry audits, and verified case studies.
Evidence Sources:
Related Business Risks
Lizenzierungsfehler bei verzögerter Marktdatenverteilung
Manueller Lizenz- und Nutzerverwaltungsaufwand für Marktdaten
Trading Suspension Opportunity Costs
Compliance Monitoring Overhead
Novation Processing Bottlenecks
Novation Failure Penalties
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