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A practical guide of signing direct agreements with UTP and CTA
A practical guide of signing direct agreements with UTP and CTA
George Huxley avatar
Written by George Huxley
Updated over a week ago

To obtain a subscription to the US Stock Market Data API dataset with real-time access for commercial use as a Professional Subscriber, you will need to establish agreements with both SIPs: UTP & CTA. This can be conveniently done through Finazon or by submitting the necessary documents yourself. This comprehensive guide will specifically focus on the latter option.

If your intended use of the data is solely for personal, non-commercial purposes, this guide is not applicable to you. In that case, you can gain instant access by simply confirming your non-professional status during the subscription process.


For comprehensive information regarding UTP, including fees, access, display, and other services, please consult the official UTP policy document.

Mandatory documents

Data Feed Approval Request

Complete this online form to specify the type of data your organization intends to receive. Although most fields are standard, ensure you pay close attention to the following:



Data Provider

Select Finazon LLC

Account Number or Datafeed Location with Datafeed Provider

Leave blank

Datafeed Source Type

Select Production

Datafeed Access Type

Select Indirect


Check UTP Quotation Data FeedSM (UQDF) and UTP Trade Data Feed (UTDF) boxes

System Description

UTP requires information about the system that will access their data.

System Information: In this section, describe the system that will distribute the data upon receipt, such as an ML & AI processing server, trader terminals, or redistributor APIs.

Entitlement System: This mechanism manages user access to data based on subscription levels and/or specific access rights. Typical entitlement systems include reporting, billing control, auditing, and other functionalities. Users commonly employ a database table as an entitlement system, though third-party solutions are also viable. Finazon plans to release a system this year; contact our team for updates.

โ€‹Display System: This software visually presents the results of an entitlement system. Display systems can be integrated or utilize a third-party solution.

Uncontrolled Data Feed: This access type occurs when the number of users who will view the data is unknown, such as on a stock price-displaying website like Tradingview.

Controlled Data Feed: This access type has three variations:

  1. Per Device: Applicable when data dissemination occurs through a limited number of devices, such as terminals.

  2. Per Query: Applicable when data is returned to users per request, like a stock price request data loader widget on a website.

  3. Non-Display: Applicable when full control of data distribution is maintained, and data is not displayed. Stock data APIs fit this category.

Usage Reporting: Select both NORA Reporting Application and VRXLS/Spreadsheet options.

Vendor Services: Indicate all potential methods through which internal and external users will receive data. This information forms the basis for fees and usage reporting.

Non-Display Usage: Refers to market data utilization for purposes other than visual display, such as consumption by applications, algorithms, or systems for algorithmic trading, risk management, quantitative analysis, or other automated processes.

Derived Data Usage: Involves using raw market data to generate new, value-added information or insights, typically through processing, analyzing, or aggregating original data to create new data sets, indicators, or analytics.

Depending on your choice between uncontrolled and controlled data feeds, a custom Appendix will be provided for completion at the end of the application.

Case-based documents

Vendor Agreement Level 1 for UTP Plan services

Mandatory for new customers, this agreement must be signed on the last page by an authorized officer and include basic information about your entity.

Non-Display Declaration

Complete this declaration only if you chose a non-display distribution method. If developing a broker, exchange, or similar service, the first category of electronic trading systems applies; otherwise, it does not. For categories two and three, responses depend on your specific use case.

Per Query Application

Complete this application form only if you selected the Per Query data feed.



Data Provider

Your user ID at Finazon can be found in the dashboard

Name of Data Feed Provider

Finazon LLC

Security Type Values

Write identifiers that you use to denote mentioned markets. It could be IDs, such as 1, 2, 3, ... or MICs, such as XNGS, XNMS, ...

Qualifying Subscriber's Nonprofessional status

This can usually be done via a series of simple yes/no questions, where subscribers should demonstrate that they do not intend to use the data for commercial purposes.

List of Affiliates

If affiliated companies were indicated in the System Description submission, an additional form containing a complete list of affiliates must be submitted.

Summiting documents

Submit all mandatory forms online via the UTP website. Email any additional forms to [email protected]. UTP may require further clarifications or request the completion of additional forms. The approval process typically takes up to one month.


CTA mandates that order forms must always be submitted by the vendor, such as Finazon. Following the submission, CTA will directly contact you to sign Exhibit A (for real-time data) and possibly additional documents depending on your specific use case. The processing time can be swift if all documents are properly prepared. This includes 1 day for Finazon to submit, 1-2 days for CTA to initiate contact with you, and a couple of days for the review process. As such, approval may be granted within a week.

Please note that if you require a delayed data feed, obtaining CTA permissions is not necessary.

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