🇦🇺Australia

Lizenzierungsfehler bei verzögerter Marktdatenverteilung

Updated: Feb 20264 verified sources

Definition

ASX’s Information Services and Benchmark Licence guides specify different licence types and royalty obligations for real‑time, delayed and historical data, including BBSW/BBSW Total/Realised AONIA and Market Detail (depth) data.[1][4] Firms redistributing delayed data or >10 days of historical values must hold specific distribution licences and pay per‑user royalties in perpetuity for delayed market depth.[1][4] Where firms manually manage data-use declarations and entitlements, users are often incorrectly tagged as ‘internal’ (non‑display) or missed entirely when accessing data via APIs or downstream applications, so they are not reported to ASX and no royalty is billed.[4] This creates hidden under‑licensing and unbilled usage, which becomes a financial exposure when ASX performs periodic audits and issues back‑billed royalties and penalties. Comparable market data usage audits in global markets (e.g. exchange vendor audits) commonly uncover 5–15 % under‑reported users; applied to Australian ASX fee schedules, this implies material revenue leakage and contingent liabilities for both data distributors and subscriber firms.[4][7] Twelve Data’s guidance reinforces that displaying ASX data externally always requires an appropriate ASX licence, meaning any missed flagging of display usage directly affects fee obligations.[3]

Key Findings

Financial Impact: LOGIC: Under‑reported display/non‑display users typically 5–15 % of actual usage; for a mid‑size broker paying ~AUD 20–40 per user/month for ASX display data, 50–150 unreported users equates to AUD 12.000–72.000 p.a. in back‑royalties exposure. For large data distributors with hundreds of downstream clients, aggregate unbilled royalties can reach AUD 100.000–250.000+ p.a.
Frequency: Recurring; usually detected during annual or ad‑hoc ASX market data audits or when renewing data distribution agreements.
Root Cause: Complex ASX licence taxonomy (display vs non‑display, delayed vs real‑time, historical redistribution, Market Detail depth) managed via manual spreadsheets and self‑declarations; lack of integrated entitlement tracking across terminals, APIs and white‑label platforms; poor alignment between legal/market‑data teams and product/IT on what constitutes ‘display’ or ‘redistribution’.

Why This Matters

The Pitch: Securities and commodity exchange participants in Australia 🇦🇺 waste schätzungsweise AUD 50.000–250.000 pro Jahr durch falsch konfigurierte ASX‑Datenlizenzen und nicht abgerechnete Endnutzer. Automating entitlement management, user classification and reporting eliminates this revenue leakage and compliance risk.

Affected Stakeholders

Head of Market Data / Market Data Manager, CFO / Financial Controller, Head of Trading Technology / CTO, Compliance Manager, Vendor Management / Procurement, Product Managers for data-driven services

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Financial Impact

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Methodology & Sources

Data collected via OSINT from regulatory filings, industry audits, and verified case studies.

Evidence Sources:

Related Business Risks

Sanktionsrisiko bei unlizenzierter Marktdatennutzung

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.

Manueller Lizenz- und Nutzerverwaltungsaufwand für Marktdaten

LOGIC: 300–1.000 Stunden/Jahr manueller Lizenz- und Nutzerverwaltungsaufwand bei einem internen Kostensatz von AUD 80–120/Stunde → ca. AUD 24.000–120.000 p.a. an gebundener Kapazität; plus durchschnittlich 1–2 Monate Verzögerung beim Launch datengetriebener Produkte, was Opportunitätskosten im Bereich von zusätzlichen sechsstelligen Umsätzen bedeuten kann.

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