Defining a professional subscriber as per market data exchanges

Before Questrade can provide real-time market data Questrade requires account holders to sign and (occasionally re-sign) their Market Data agreement questionnaire. Doing so ensures your Professional Subscriber status is up-to-date and you avoid any trading platform disruption such as inability to access it.

The Market Data agreement questionnaire helps determine whether you’re a “professional subscriber” when accessing our trading platforms and real-time market data. Your subscriber status doesn’t mean that you’ll be subscribing to Questrade's market data plans automatically— you can choose so only if you want to.

With that being said, let’s check what a professional subscriber is below:

What does it mean to be a professional subscriber?

In the investing world, a “professional trader” comes into mind when the word “professional” is used. The image of someone in front of several monitors comes into mind, analyzing charts, researching stocks, and buying securities multiple times in the day.

In reality, that's not the case— the financial sector has a lot of “professionals” that don't fit into the image above. However, they still work helping other people and entities on their investment and finances.

These people can be considered as professional subscribers. You are considered a professional subscriber if:

• You are licensed or certified with the Securities and Exchange Commission (SEC), Commodities Futures Trading Commission, ANY securities association or agency in Canada (which includes MFDA or CIRO), and ANY commodities/futures contract association.
• For example, you are a licensed MFDA advisor. You may not be a “professional trader” per se but you’d be a professional subscriber under the market data exchanges.

• You are engaged as an “Investment Advisor” or perform similar roles, investing on behalf of others or giving advice to clients. You are considered an investment advisor if you engage in the business of providing any investment advice to others or issuing reports or analyses regarding securities (stocks, bonds, mutual funds, and other types of assets) for compensation. To learn more about what it means to be an investment advisor, please check this helpful document (section II) from the U.S. Securities and Exchange Commission.

• Employed by a bank or other organization exempt from registration under federal and/or provincial securities laws

• An individual or entity trading in the account as a paid agent for a third party.

• An individual or entity whose account is in the name of a corporation, partnership or sole proprietorship.

Why is it important to understand what a professional subscriber is.

Investing typically has a lot of jargon, new terms, and concepts which sometimes can feel like learning a new language. Knowing what it means to be a professional subscriber can give you more clarity when answering market data questionnaires.

This also matters because if you’re a professional subscriber wishing to subscribe to additional data packages, additional charges may occur. Learn more about Questrade’s professional subscriber market data plans in our helpful guide.

Next Steps:

Now that you understand what a professional subscriber is, let’s look at some of the things you can do to ensure your account status is up-to-date and you don’t get locked temporarily.

1. Ensure to complete and update your Market Data agreement questionnaire if you haven’t done it yet. To do so, follow these steps:
• Log in to your account.
• Click the TRADE button at the top to open the Market Data Questionnaire.
• Answer all questions in the questionnaire, choosing the response which accurately describes your Market Data Professional Subscriber status.
• Sign the questionnaire .

Once you have submitted your questionnaire, you will then be able to access your trading platform and continue trading. If you do not have a Questrade account yet, you would need to open an account first.

Important: If you wish to subscribe to any data packages please note that there will be additional charges for professional users.

2. Learn more about Questrade’s market data plans and fees on our helpful guide.
3. If you need immediate assistance with Professional Subscriber or active trader pricing, please contact Customer Service at 1-888-783-7866.