- From: Roberts, Michelle D <michelle.d.roberts@jpmorgan.com>
- Date: Tue, 12 May 2020 15:11:54 +0000
- To: "'public-md-odrl-profile@w3.org'" <public-md-odrl-profile@w3.org>
- CC: "'Mark R Durenberger'" <mark.r.durenberger@db.com>, "'Whittam Smith, Benedict (Refinitiv)'" <benedict.whittamsmith@refinitiv.com>
- Message-ID: <efa06231515b408d86afb43c5d67cb27@SFAEX007.exchad.jpmchase.net>
Hi Ben Here are my thoughts on this point: · I think maybe we need to distinguish between 'Non-display' and 'Derived', as they are (or can be) mutually exclusive activities and I have highlighted the extracts from the DBAG agreement to illustrate that 'non-display'1 in this instance is not the same as 'derived data'3. · The original introduction of Non-display was to cover activity where the data was being single counted in user reports, where the data was being consumed by an application, primarily for the purpose of 'Trading based activities' but this has been expanded to cover 'Other Application Usage'2. · In your example my understanding is that the non-display 'purpose' of the application is being defined as highlighted and is not related to the definition of whether derived data i.e. whether it must comply with being always "irreversible" and "non-substitutive". 1. Non-Display Information Usage Non-Display Information Usage is accessing, processing or consumption of Real-time Information for purposes other than the support of its display, onward dissemination to third parties or CFD Information Usage. The particular categories of a Non-Display Information Usage are specified in the Price List which shall be modified from time to time. A Non-Display Information Usage shall also be deemed to exist if in connection with the categories specified in the Price List a display of Real-time Information occurs. As far as in connection with a NonDisplay Information Usage a display or an Entitlement for display of Real-time Information, an onward General Terms and Conditions to the Market Data Dissemination Agreement of Deutsche Börse AG 8 Version 8_5 dissemination of Information to third parties or a CFD Information Usage occurs as well such Information Usage is to be reported and remunerated in addition to the Non-Display Information Usage. 2. Other Application Usage Contracting Party is entitled for Non-Display Information Usage for other purposes than trading-based activities and/or Index Calculation including, but not limited to, risk management, profit and loss calculation, portfolio valuation, quantitative analysis, fund administration, fund accounting, portfolio management or instrument pricing. It does not include the execution of Non-Display Information Usage by the Contracting Party as a vicarious agent ("Erfüllungsgehilfe") on behalf of a third party. 3. Information Quotes, prices, turnover figures, indices and other data marketed by Deutsche Börse AG, which are sourced by the Contracting Party either directly or indirectly. Data derived from Information is still deemed to be Information if (i) the quotes, prices, turnover figures, indices or other data originally marketed by Deutsche Börse AG can be determined through calculation or automated process and/or (ii) the alteration is formed in a way that the derived data can be used instead of the quotes, prices, turnover figures, indices or other data originally marketed by the Deutsche Börse AG (i.e. as substitute). In case of doubt Deutsche Börse AG determines at its sole discretion whether derived data is Information within the meaning of (i) and/or (ii) above I hope this is useful and open to other thoughts on the subject! Michelle From: Mark R Durenberger [mailto:mark.r.durenberger@db.com] Sent: 11 May 2020 21:27 To: Whittam Smith, Benedict (Refinitiv) <benedict.whittamsmith@refinitiv.com>; public-md-odrl-profile@w3.org Subject: RE: Derived data activities Hi Ben...All... My read on this would be that deriving data would not be uniquely applied to each of the activities, however products created from derived data could touch these activities whilst active. Some of the activities may not intuitively seem to leverage derived data (fund administration, instrument pricing), however in the Asset Management and Equity Derivative worlds there are practices of creating funds for clients or OTC products using benchmarks that are derived from either index or security values. Over the lifecycle of the products these could be subject to fund accounting, instrument pricing, etc. In risk management, we have Value At Risk (VaR) cost models where customization of securities are required to determine how much capital is required to hold in support of open positions. These typically are in the structured finance world, however it would be possible to see similar based on OTC products, mandates, etc. Thoughts from others? Kind regards, Mark Durenberger Director - Global Procurement Market Data Category Manager +1(201)593-1020 mark.r.durenberger@db.com<mailto:mark.r.durenberger@db.com> Access Global Procurement Services portal Here<https://secureweb.jpmchase.net/readonly/https:/mydb.intranet.db.com/groups/global-procurement-user-services> From: Whittam Smith, Benedict (Refinitiv) [mailto:benedict.whittamsmith@refinitiv.com<mailto:benedict.whittamsmith@refinitiv.com>] Sent: Monday, May 11, 2020 9:09 AM To: public-md-odrl-profile@w3.org<mailto:public-md-odrl-profile@w3.org> Subject: Derived data activities In one of the categories of non-display use, DBAG lists a number of permissible activities: risk management, profit and loss calculation, portfolio valuation, quantitative analysis, fund administration, fund accounting, portfolio management, and instrument pricing (e.g. certificates). Do all of these activities involve derived data - and are those derivations always "irreversible" and "non-substitutive"? Ben --- This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Please refer to https://db.com/disclosures<https://secureweb.jpmchase.net/readonly/https:/db.com/disclosures> for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. This message is confidential and subject to terms at: https://www.jpmorgan.com/emaildisclaimer including on confidential, privileged or legal entity information, viruses and monitoring of electronic messages. 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Received on Tuesday, 12 May 2020 15:34:45 UTC