This new tool, launched in December 2009, is a Web-based application that allows users to view and compare exchange data policies from around the world.

The NYSE Exchanges (NYSE, Arca, Euronext, LIFFE) have now been added to the list of 30 Exchanges available. Content in the guide covers the 20 key issues which every Market Data Manager wants to know about every Exchange to control his liabilities. These include terms for use of delayed data, fees for subscribers including use of data in Applications, and key issues surrounding potential liabilities for the Consumer Firm.

Wherever possible text from Exchange Agreements is quoted and live links are provided back to the original Exchange documentation. Data is stored in a back-end database by Exchange for current and historical rule sets. Historical and comparison reporting functionality has been well received by those managing multiple Exchange Audits as it enables Consumer Firms to assess liabilities going back several years and even to compare the current rules of an Exchange with the past.

As well in 2010 a new feature has been added to represent the way in which the rules of the parent Exchange Group apply to child Exchanges. And another innovation displays definitions of key terms such as "Non-Display" and "Unit of Count" so that nuances of the different ways in which these terms are used by each Exchange can be easily followed.

While many firms used to being audited by Exchanges will engage a consultant in this area every few years to review their technical and commercial environment to manage liabilities, principal Paul Serjeant says that some firms will prefer to buy a product such as The Exchange Guide that distills the knowledge of the consultant and is available 24/7.

Clients of EMD can log in to The Exchange Guide via Euro Market Data's Web site at exchangeguide.net.