The Cboe (Chicago Board Options Exchange) agreement is what all users need to accept to begin trading equities on Abra. Cboe is how Abra gets the US market data (subsidiary of Cboe global markets).
They require all users/entities to agree to their terms and how their data is used. Consumers (Abra users) are unable to re-sell the information.
Also, Cboe charges us per real-time market data request, so we need to pay them on a per user basis (4 cents per user). However, this means the user does not pay a fee at any time to access Cboe data. We front this.
Our users are agreeing that they are not professional traders, meaning that they’re not registered with the SEC or other securities exchanges or associations or commodities or futures contract markets/associations and that they are NOT investment advisers.