Exchange Data Licensing Explained: Derived Intelligence vs. Redistributed Market Data
Transparent institutional guide to exchange market-data licensing: how Cortex Flash separates public primary-source event ingestion and Arenberg AG derived intelligence from venue order-book redistribution.
1. Why Raw Exchange Order-Book Redistribution Requires Direct Venue Agreements
Global execution venues—including futures exchanges, electronic communication networks (ECNs), and equities markets—govern real-time Level 1 top-of-book and Level 2/Level 3 depth-of-book feeds under strict commercial market-data policies.
Any platform that redistributes raw, tick-by-tick venue order books or acts as a consolidated display vendor must enforce direct exchange subscriber agreements, per-seat reporting, and monthly exchange pass-through fees.
2. How Cortex Flash Separates Primary-Source Event Ingestion From Derived Quantitative Intelligence
Cortex Flash separates its data architecture into two clear, auditable layers: (a) direct ingestion of public primary-source macroeconomic releases, central-bank policy statements, and regulatory disclosures from 16 central banks and national statistical offices across 20 jurisdictions; and (b) proprietary derived quantitative intelligence engineered and owned by Arenberg AG (Zug, Switzerland).
All 3-tick written event interpretations, standardized surprise z-scores, historical reaction distributions, cross-asset transmission graphs, and regime classifications delivered inside Cortex Flash are non-reconstructible derived works created by Arenberg AG.
3. Zero Unlicensed Venue Redistribution & Optional Bring-Your-Own-Entitlement Integration
Cortex Flash never fabricates synthetic order books and never redistributes unlicensed exchange depth. Institutional desks subscribing to the $1,500/month Professional licence receive full 125-series event intelligence, 45 benchmark reaction analytics, and $350/month in Ask Cortex AI credit with zero hidden exchange pass-through fees.
For Enterprise desks that require raw venue depth alongside Cortex Flash event cards, our engineering team integrates directly with the subscribing institution's existing licensed venue feeds or market-data distribution bus under a countersigned Enterprise agreement.