Broadly, vendor of record and service facilitator both define the relationship between an entity providing market data and the originating exchange. This article will outline what the responsibilities of a vendor of record are, and breakdown the roles and responsibilities between QuoteMedia and our clients in various arrangements.

Vendor of Record

Definition and Background

A vendor of record (VoR) is a supplier who is authorised to distribute data on behalf of an exchange. They enter a direct agreement with the exchange to control the distribution of uncontrolled raw data.

Exchanges issue licenses to these data vendors, for which the data vendors pay fees. The data vendor can then re-sell the data to 3rd parties in accordance with it's own business model. Because the exchanges are to be paid per user, the VoR is required to control, track and report on the distribution of the data.

In addition, exchanges are required by law and regulation to verify whether users are Professional or Non-Professional. A vendor of record fulfils these duties on behalf of the exchange.

Please note that while technically VoR agreements can apply to delayed data, this article will concern itself with the distribution of Real Time data.

VoR Compliance Responsibilities

Risk of Non-Compliance

  • Fines
  • Revocation of exchange license

Who is Vendor of Record? 

Either QuoteMedia or a client can be VoR depending on circumstances and what the client requires. Please note that having QuoteMedia as VoR can reduce a considerable administrative burden for your organisation.

There are some bespoke solutions in addition to these arrangements. Please reach out if you need to enquire further.

Technical implementation

If the client is VoR, they will use their own systems and services in order to ensure compliance. If QuoteMedia is VoR, we will provide the client with data-feed API services, including Streaming, Request and Snap APIs. Further details of our product and processes can be found here: How to Access Real Time Market Data.

Service Facilitator

Definition and Background:

Sometimes, a client will be vendor of record, but not be responsible for managing their own user accounts. For instance, they may prefer to use QuoteMedia's UMS services. In these circumstances, the client will still be registered with the exchange as VoR, but QuoteMedia will provide specific support as a Service Facilitator.


The Service Facilitator will:

  • Provide the client with retail/user level data entitlements
  • Present exchange agreements to the end user in the client's name
  • Verify pro/non-pro
  • Renew agreements annually
  • Provide data access
  • Record data access
  • Provide reporting to VoR of user statuses

The vendor of record will:

  • Apply for exchange approvals
  • Pay raw data-feed access exchange fees
  • Report/remit to the exchange

Who is a Service Facilitator? 

QuoteMedia will be Service Facilitator in these circumstances. If the client chooses this arrangement, we will support you in your capacity as VoR by fulfilling the responsibilities of a Service Facilitator described above. Our Quotestream Connect product embeds the steps required to fulfil this service into our systems and documents.