Professional or Non-Professional Status?

Professional vs. Non-Professional Status

When subscribing to market data through your trading account, you will be asked to select either Professional or Non-Professional status. It’s important to understand the distinction, as it determines how your data fees are calculated.

With very limited exceptions, nearly all individual traders should select "Non-Professional."

These definitions are established by the exchanges (such as CME Group), and they retain the final authority in determining your status.

Who Qualifies as a Non-Professional?

A Non-Professional Subscriber is defined as:

• An individual (natural person), or

• A small business entity (LLC, partnership, trust, or corporation)
  that receives and uses market data for personal use only and meets all of the following criteria:

Requirements for Non-Professional Status

To qualify as Non-Professional, you must:

1. Have an active futures trading account

2. Not be a member or leaseholder of any exchange

3. Not have a primary business purpose that involves trading or investment services

4. Not be registered or qualified as:

   • A professional trader

   • Investment advisor

   • Broker or dealer
     with any exchange, contract market, regulatory authority, or professional association

5. Not be affiliated with any company or organization that meets the criteria of a Professional user

Who is Considered a Professional?

If you do not meet all of the Non-Professional requirements above, you will be classified as a Professional Subscriber.

Professionals include, but are not limited to:

• Individuals or entities that provide financial or investment services to third parties

• Anyone registered or qualified as a professional trader, broker, or investment adviser

• Employees or agents of companies involved in:

  • Brokerage

  • Banking

  • Asset management

  • Financial advising

• Anyone who holds membership or lease status at CME Group DCMs or any other futures or securities exchange

Important Note on Data Fees

If you select Professional status, you will be required to pay all exchange data fees directly to your broker or data provider, regardless of the cost.

These fees are generally substantially higher than Non-Professional rates and cannot be waived by Halcyon Trader Funding.

If you are unsure which category you fall into, we recommend reviewing your qualifications carefully before making your selection. Misrepresenting your status can result in data access being revoked by your broker or the exchange.