AllCaps reconciles exchange fee schedules, user entitlements, non-display use, redistribution, derived data, and tier pricing against actual access data.
Green means user count, feed, use case, reporting category, and fee tier reconcile.
Market data contracts charge based on definitions. Display versus non-display, professional versus non-professional, redistribution, and derived data all matter.
Reconcile exchange reporting to entitlement systems.
Spot overbilling and avoid audit exposure from misclassified usage.
Map feeds, terminals, APIs, and applications to contract categories.
Market data spend is governed by product schedules and policy definitions, not just headcount.
AllCaps compares entitlement records and application inventories to the fee categories in the agreement.
The same feed can be billed differently depending on how it is consumed.
The exception documents the use case and the pricing rule so the firm can correct reporting or recover overbilling.
Non-display fees apply only to active production applications consuming the licensed data feed during the applicable reporting month.
The roll-up shows clean feeds, reporting categories under review, and fee exceptions.
That helps market data, finance, and technology stay aligned before the next exchange audit.
We turn the economic terms in the market data agreement into rules: rates, thresholds, caps, credits, formulas, and exceptions.
Invoices, statements, usage files, claim data, settlement reports, and performance records run against those rules as they arrive.
Green means in line. Anything else is surfaced with the clause, calculation, period, and counterparty-ready support.
We encode subscriber, device, feed, redistribution, non-display, derived data, and tier rules, then reconcile them to entitlement systems.