Mainland Exchanges Tighten Rules On L2 Market Data Use

Mainland exchanges have issued new technical management rules for enhanced market data, drawing clear red lines around the use of Level 2 data to standardise data handling and protect market fairness, according to ETNet. The rules set out specific requirements for internal use and redistribution. For self-use, data must be used only in designated server rooms for approved written purposes, with forwarding or external transmission through any interface strictly banned. For redistribution, the rules prohibit bypassing the forwarding system through optical splitters or market-data mirroring to provide data to users, and bar paid or free redistribution to brokerages, information vendors and other member firms. Overseas users must be reported in advance, and MAC address verification will be mandatory.