Credit & Fixed Income
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13 Sep 2023
TraditionData launches new SHIR OIS dataset...
By Ian Sams
11 Sep 2023
China’s Divergent Monetary Path: Navigating Economic...
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24 Aug 2023
The cyclical relationship between inflation and...
16 Aug 2023
25 new USD SOFR Butterfly Spreads...
13 Feb 2023
TraditionData is the global brand under which the Compagnie Financière Tradition (CFT) group of companies offers the provision of data to clients and third parties. In this context, data includes a mix of products and services therefore below we have set out more detailed guidance on the use of our data. This guidance applies to any and all pricing, transaction, settlement and similar information provided electronically or via screen display in real-time, end-of-day, periodic or ad-hoc basis, regardless of the means or method of consumption (hereinafter, “Data”). This guidance sets forth TraditionData’s high-level governing requirements, expectations, rights, and prohibitions when dealing with clients that consume and utilize data.
TraditionData’s business philosophy is rooted in flexibility and value to our customers. A key aspect of that value proposition is flexibility both in the services we offer and in our commercial model. We work with customers to ensure they benefit from accessing the highest quality financial data in the most efficient manner possible. Should you require additional flexibility in terms of usage or licensing, we encourage you to contact us to discuss your requirements.
TraditionData is the exclusive distributor of proprietary Data generated and/or supplied by any member of the Group of the Compagnie Financière Tradition (CFT) group of companies (“the Group”). All Data is packaged and provided on an anonymous basis and therefore does not contain specific transaction and client identifying information.
Any access to and use of the Data (including, but not limited to use in analytical tools, spreadsheets and risk management systems, redistribution, downloading, storage, forwarding of all or part of the data or use in any internal composite pricing) shall solely be in accordance with the terms of either:
a) a written TraditionData Master Service Agreement (including its Schedules) (“MSA”);
b) a written license granted by one of Tradition Data’s authorised distributors (“Distributor License”); or
c) access granted by a member of the Group in connection with the use of Data as part of an active brokerage relationship in a particular asset class (“Group License”).
We have set out in this document guidance pertaining to typical types of usage of the Data. If there is any inconsistency between this guidance and the terms of the MSA, Distributor or Group License, the terms of the MSA, Distributor or Group License shall prevail.
Use of the Data within any non-display applications and/or products (including but not limited to the following types of applications: market/credit risk, portfolio management and valuation, fund administration, back office, quantitative analysis, research, compliance and auditing, instrument pricing, programmatic/algorithmic trading) is only permissible where the specific activity or use is identified as a “Permitted Use” within a relevant MSA or License. Application Use fees will apply. Please contact your account manager or email@example.com for details.
Except to the extent expressly permitted in an MSA or License, the Data, whether in whole or in part, may not be redistributed (including to affiliates and/or group entities), leased, licensed, transferred, retransmitted, resold, disclosed or otherwise made available (wholly or in part) to any third party in any form whatsoever.
“Derived Data” means any data or other information that is created in whole or in part from the Data and that cannot be: (i) readily reverse-engineered to recreate the Data; or (ii) used to create other data that is a reasonable facsimile for the Data; Unless expressly set out in an MSA or License, permitted use shall not include any right to create or use Derived Data or to create any financial product which directly or indirectly refers to or references the Data, including any exchange-traded fund, market indices, institutional or retail fund, derivative contract or other tradable financial instrument and any other interest provided for commercial value, whether or not publicly traded.
Where our MSA or License permits the creation of Derived Data, it is on the basis that a customer may create Derived Data for its internal use and purposes only and provides always that: (A) none of the Data is directly or indirectly identifiable as part of the Derived Data; (B) the Derived Data is not in any way a substitute for any of the Data; and (C) none of the Data can be reverse engineered or otherwise ascertainable directly or indirectly as a result of receipt of the Derived Data.
Unless expressly set out in an MSA or License, permitted use shall not include the right to use the Data directly or indirectly in connection with the Provision of a Benchmark as defined in article 3(1)(5) of EU Benchmark Regulation (Regulation (EU) 2016/1011) or as defined in the 2013 IOSCO Principles for Financial Benchmarks.
TraditionData seeks to work in an open and transparent manner with its customers particularly relating to understanding the usage cases around its Data. TraditionData recognises that there is no “one size fits all” model and welcomes discussions with customers where innovative rights over data usage are sought. TraditionData reserves the right to conduct an audit of customers data usage to ensure your compliance with its data policies and license grants.
TraditionData reserves the right to adjust the fees at the end of each calendar year by an amount equivalent to the Retail Price index (“RPI”) Increase. In addition, TraditionData may, from time to time, review the fees charged for its services to reflect enhancements and changes to the structure of its services. If such a review results in an increase, at least sixty (60) days written notice of such increase will be provided. “RPI Increase” shall mean, for any calendar year, the year-over-year increase, if any, of the UK Retail Price Index (as published by the UK government) over the previous calendar year, expressed as a percentage of the previous calendar year’s RPI.
TraditionData provides consistent, high-quality financial market data that reflects real price interest in global OTC Swaps markets, covering: Interest Rate Derivatives, Energy & Commodities, Credit & Fixed Income, and FX & Money Markets.
You can find a full list of our product offerings here.
Flexibility is one of the core strengths of our offering, and Tradition’s data is therefore available in a variety of ways. Thanks to our advanced internal data management systems, data can be delivered direct from our business to your internal infrastructure via a number of protocols including:
Real time streaming options delivered over dedicated circuit
Real time options delivered over VPN (ISP)
Snapshots (Inter-day, Intra-day, End Of Day and Bespoke)
Alternatively, data can be supplied via one of our global distribution partners such as Refinitiv, Bloomberg or another global vendor platform.
No. In addition to delivering data direct to you from our internal infrastructure, our data is also available from a number of authorised distributors including, among others, Bloomberg, CME, GOTTEX, ICE, Markit, Numerix, Quick and Refinitiv.
Yes. Tradition has carefully selected and works with partners that we believe add supply chain value, expertise and distribution efficiency across various asset classes and regions. A list of our accredited partners is available here.
Sales quotes on fees associated with data usage are made available upon request. Please contact us to find out more.
As part of our day-to-day brokerage service, data and prices produced by our desks are made available to traders on an on-going basis on an ‘as is’ model throughout the trading day. This provision of data to traders is considered part of our core brokerage service and is free-of-charge.
However, when data is consumed beyond that of the pricing relationship between the trader and the broker desk and that data is (a) being consumed into internal applications, (b) is used to facilitate various services within the firm, (c) is being seen by individuals beyond the trader him/herself and (d) a level of ‘professional’ service is expected by the firm for the data it is consuming, then ALL data covered by any or all of these use cases is subject to a Data License Agreement and an associated License Fee depending on the usage grant.
At a base level yes. However, we have recently brought much more granularity to the way we make our data available. Many firms take a highly holistic view of how data is sold, which typically leads to clients buying or subscribing to much more data than they actually need. Tradition’s data is available at global, regional, asset, product sector and product levels, either vertically within regions or horizontally across regions. This ensures that you are able to buy only the data you are looking for and not pay for data that you don’t need or want.
The full breakdown of how our Product Packages are structured can be found here.
Depending on your use case (display-only screens, non-display applications, black box technologies etc) and the agreement you sign with TraditionData, your usage grant can vary from specific applications or user environments in specific regions all the way through to global unlimited use within your firm or even in some cases the right to onward distribute the data to clients of your firm.
Unless you are specifically licensed under a Data Distribution Agreement, you are not allowed to distribute data in any way or to anyone outside of the (your) licensed firm.
Yes. In all regulatory jurisdictions in which we have operations we are fully compliant with the regulatory landscape as it relates to the businesses we run and the platforms we operate. Most recently, the implementation of the Dodd-Frank Act in the USA and MiFIDII/MiFIR in Europe has seen us restructure our operations and launch platforms in compliance with trading and liquidity formation requirements, namely SEFs in the USA and MTFs/OTFs in Europe. As a firm, we are actively engaged at all levels with regional regulators and often at the cutting edge of regulatory change.
In a number of instances it has been decreed by the global regulatory bodies that data used for, for example, Risk Analysis and Mark-to-market must (i) be independent, (ii) be relevant and (iii) should come from more than one source.
Our independent and neutral position in the facilitation of trading in global Listed and Swaps markets means that TraditionDATA is independent by definition. In addition, as the prices represented are for interbank size, they are relevant to any holder or valuation provider of material positions in any instrument in which we operate.
We have regional and centralised support teams that understand our data, the markets it comes from and the technology used to capture, manage and deliver that data to the client community. Our support systems are built not only to ensure that once an issue is recorded it is never lost, but which to provide an escalation process that ensures any issue is prioritised and dealt with in the appropriate manner. Clients are kept informed of progress with any issues on an ongoing basis until they are resolved. Our support team comprises both FISD and vendor-certified market data engineers.