FAQ: CME Group Benchmark Administration Limited

CME Group Benchmark Administration Limited, formerly known as NEX Data Services Limited, offers a variety of different multi-asset class data products. Delivering pricing, analytics, index, and regulatory solutions to clients for trading and market analysis. CME Group Benchmark Administration Limited is a group company of CME Group Inc. CME Group Benchmark Administration Limited is regulated by the UK Financial Conduct Authority.

CME Group, headquartered in Chicago, offers a wide range of global benchmark products across all major asset classes. For more information on CME Group, please visit our website.

CME Group acquired NEX Data Services Limited (now CME Group Benchmark Administration Limited), on November 2, 2018. Beginning in Q3 2020, all customers that hold an agreement with CME Group Benchmark Administration Limited will be required to migrate to a new Agreement.

These Agreements may include:

• Information License Agreement (ILA)

  • An ILA is required for all use of data not covered under a Derived Data License Agreement or DataMine Agreement.

• Derived Data License Agreement (DDLA)
  • CME Group requires those parties that use CME Group Benchmark Administration data, or any portion thereof, in the calculation, distribution, settlement, maintenance or support of any derivative work, except as expressly permitted pursuant to the CME Group ILA, to enter into a DDLA. Derivative works include, but are not limited to, indexes, exchange-traded products, or other structured products (e.g., ETFs, ETNs), OTC products, quotes, spot or indicative prices, curves, surfaces, contracts for difference (CFDs) and other similar leveraged products, indicative optimized portfolio values (IOPV), net asset values (NAV), or analytical reference figures or values calculated from market data for purposes of fund administration and portfolio management services, risk management services, or valuation services.

• DataMine Agreement

  • A DataMine Agreement is required when a customer wishes to use certain historical data that is accessible to customers via the CME DataMine platform.

Your firm may need to sign multiple agreements based on your receipt, use, and distribution of CME Group Benchmark Administration market data. This aligns with how data is licensed for CME Group.

Most of the data licensed by CME Group Benchmark Administration Limited was licensed under one Master Services Agreement (MSA) and order forms, depending on each individual client’s needs. CME Group is modifying that structure to harmonize with CME Group’s standard licensing practice. Generally, this means:

1. Historical data accessed through the CME DataMine platform for certain use cases will require a DataMine Agreement
2. Other data and other use cases will require an Information License Agreement, “ILA”, (or adjustments to Schedules, if you already have an executed ILA on file with CME Group); and
3. A Derived Data License Agreement, “DDLA”, where a customer seeks to license the use of data for the purposes of creating derivative works, principally for external distribution.

A customized workflow will provide guidance to you, in terms of which agreement is necessary for your data needs. Additionally, your dedicated Account Manager or Data Sales Representative can answer any questions you may have, as you complete that onboarding workflow.

Fees will remain the same when you transition to the new agreement, Information License Agreement and/or DataMine Agreement for all use excluding for the creation and external distribution of derived works which will be covered under a separate Derived Data License Agreement. However, fees may change if a new license or new data is required, based on your needs, or if you have additional variable use to declare, such as additional devices displaying data, or additional sites using data in a non-display application, for example. Should your firms’ use of data include the creation and external distribution of derived data, a member from Derived Data Services will be reaching out to you to discuss a Derived Data License Agreement and additional fees may apply.

If firms are receiving data via DataMine, they will be able to retrieve their Information using any of the below delivery mechanisms.

• API
• File browser
• S3 transfer
• SFTP

Note - if your firm currently receives files with weekly or monthly delivery from the NEX Data Services FTP, you will be able to retrieve them from the NEX Data Services FTP or DataMine on a daily basis for no extra cost.

For all other delivery methods, there are no changes.

Customers should refer to their new agreement for specific information, but can expect a similar term as their current agreement.

Please contact CME Group Data Sales at CMEDataSales@cmegroup.com.

If your firm no longer uses or receives CME Group Benchmark Administration Information, please contact CME Group Data Sales at CMEDataSales@cmegroup.com.

Please contact CME Group Data Sales at CMEDataSales@cmegroup.com.

Please contact CME Group DataSales at CMEDataSales@cmegroup.com.

The agreement should be completed within 120 days of receipt of the notification which details how to migrate to the new Agreement. Please contact CME Group Data Sales at CMEDataSales@cmegroup.com with questions related to the timelines.

Please contact CME Group Data Sales at CMEDataSales@cmegroup.com.

CME Group Benchmark Administration will not accept changes to any Agreements. This is a standard practice for CME Group, ensuring fair and equal terms for all customers.

Please contact CME Group Data Sales at CMEDataSales@cmegroup.com.

Your firm will be notified in Q3 2020 of its obligations to complete a new agreement. Details will be provided with regards to the type of agreement(s) your firm is required to complete, and the process by which to complete each agreement.