美国股市数据用户的专业状态

NYSE 有一份 AGREEMENT FOR MARKET DATA DISPLAY SERVICES (Usage-Based Services/Nonprofessional Subscriber Status) ，其中的 SECTION 2: NONPROFESSIONAL SUBSCRIBER 要求用户填写个人姓名、住址、职业和雇佣信息，还有十一个问题需要回答。用户需要每隔一两年填写一次该文件。这十一个问题的答案将决定用户的专业状态。如果回答错误，可能会产生严重后果，或者要求重新填写，因此正确回答这些问题非常重要。

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NONPROFESSIONAL SUBSCRIBER DEFINITION

先来看定义，我摘录如下：

9. NONPROFESSIONAL SUBSCRIBER DEFINITION -"Nonprofessional Subscriber" means any natural person who receives market data solely for his/her personal, non-business use and who is not a “Securities Professional.” A “Securities Professional” includes an individual who, if working in the United States, is:

(a) registered or qualified with the Securities and Exchange Commission (the "SEC"), the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association.

(b) engaged as an "investment advisor" as that term is defined in Section 202 (a) (11) of the Investment Advisor's Act of 1940 (whether or not registered or qualified under that Act), or

(c) employed by a bank or other organization exempt from registration under Federal and/or state securities laws to perform functions that would require him or her to be so registered or qualified if he or she were to perform such functions for an organization not so exempt. 

A person who works outside of the United States will be considered a “Securities Professional” if he or she performs the same functions as someone who would be considered a “Securities Professional” in the United States.

Subscriber may not receive Market Data as a “Nonprofessional Subscriber” unless the vendor providing that data to Subscriber first determines that the individual falls within Paragraph 9’s definition of “Nonprofessional Subscriber.”

我们不是  “Securities Professional” ，这个很好理解。但是 any natural person who receives market data solely for his/her personal, non-business use 这一条，在下面的问题 1 中回答 No 时，其余问题都回答 No，还是符合 Nonprofessional Subscriber，这个太矛盾了。这个协议的设计简直不可思议！

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再来看看十一个问题

下面是问题列表：

1. Do you use Market Data solely for your personal, non-business use?
2. Do you receive Market Data for your business or any other entity?
3. Are you currently registered or qualified with the SEC or the CFTC?
4. Are you currently registered or qualified with any securities agency, any securities exchange, association or regulatory body, or any commodities or futures contract market, association or regulatory body, in the United States or elsewhere?
5. Whether you are located within or outside of the United States, do you perform any functions that are similar to those that require an individual to register or qualify with the SEC, the CFTC, any other securities agency, any securities exchange, or association or regulatory body, or any commodities or futures contract market, or association or regulatory body?
6. Are you engaged to provide investment advice to any individual or entity?
7. Are you engaged as an asset manager?
8. Do you use the capital of any other individual or entity in the conduct of your trading?
9. Do you conduct trading for the benefit of a corporation, partnership, or other entity?
10. Have you entered into any agreement to share the profit of your trading activities or receive compensation for your trading activities?
11. Are you receiving office space, and equipment or other benefits in exchange for your trading or work as a financial consultant to any person, firm or business entity?

这十一个问题只能回答 Yes 或者 No。

如果问题 2 到 11 中的任何一个的回答是 Yes，那么你将被视为 professional 用户。

问题 1 的答案可以是 Yes 或者 No，取决于你的实际情况。可以参考文章 1 和 Interactive Brokers 的文章 2，还有文章 3。大多数个人选择回答 Yes，但是你需要根据自己的实际情况来回答该问题。

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Family Trsut 的 Trustee

在文章 1 里面，有如下的 Q/A：

Q: Can I qualify as a Non-Professional Subscriber if I am a trustee or beneficiary?

A: Yes, if you, as the trustee or beneficiary, are unpaid natural persons that otherwise qualify as Non-Professional Subscribers.

在文章 2 里面，有下面的一段话：

Trust Accounts:

• If the account is a Trust and the Trustee is not a Natural Person. The Trustee must be a Natural Person and cannot be an ORG.
• If the account is a Trust that has beneficiaries that are not immediate family members or if the beneficiaries are not Natural Persons.
• If the account is a Trust that is not a familial or family Trust. Any trust that is not familial will be marked as commercial. 

也就是说， 大多数的私人 Family Trust 的 Trustee 是自然人，且没有报酬，所以也是 Nonprofessional。

问题 7 不能回答 Yes，否则就必定是 professional。

如果问题 1 回答 Yes，最终会被打回来，要求重新填写，所以问题 1 必须回答 No。

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小公司的所有人

文章 1 里面，有如下文字：

This means that a corporation, limited liability company, trust, joint venture, limited or general partnership, unincorporated organization, or other entity cannot be a Non-Professional Subscriber.

在文章 2 里面，有如下文字：

If any of the following criteria are met, the user/usage is classified as Commercial:

• Is an ORG accounts (all will be marked as Commercial (i.e. Family Office Account/Small Business Account/Fully or Proprietary Trading Group Account/Hedge & Mutual Fund Accounts or other ORG accounts)).

参考上面的文字，所有 Small Business Account 的股票账户肯定是 professional 用户。问题 9 要回答 Yes；问题 1 要回答 No。

但是 ChatGPT 认为这是错误的理解。

请注意，根据 NYSE AGREEMENT FOR MARKET DATA DISPLAY SERVICES 文件中的规定，小公司的股票账户并不一定都是 professional 用户。具体要看回答问题 2 到 11 的情况来决定。如果所有问题的回答都是 No，那么该用户就是 Non-Professional Subscriber，即使其是一个小公司的所有人。

我问：

哪种情况下小公司的股票账户并不一定都是 professional 用户？

ChatGPT 回答：

如果小公司的股票账户符合非专业用户的标准，即股票账户是个人所有而非公司所有，且账户持有人未被注册或合格为证券或商品期货市场的专业人士，那么这个股票账户可能被认为是非专业用户。另外，如果账户持有人所在的小公司是一个家族信托公司，那么该小公司的股票账户也可能被认为是非专业用户，只要符合家族信托公司的相关标准。

继续问：

什么叫股票账户是个人所有而非公司所有？

ChatGPT 回答：

股票账户是个人所有指的是该账户的拥有者是一个自然人而不是公司或其他法律实体。这种情况下，账户所持有的股票是个人财产，而非公司资产，且账户使用的目的是为了个人投资或交易。相对地，如果股票账户是公司所有，则该账户的拥有者是一个公司或其他法律实体，该账户所持有的股票是公司的资产，且账户使用的目的是为了公司的经营和投资活动。在填写 NYSE 的 AGREEMENT FOR MARKET DATA DISPLAY SERVICES 表格时，如果股票账户是个人所有，则可以根据回答问题的情况来确定是否为 professional 用户或 nonprofessional 用户。

继续问：

小公司的股票账户难道还有个人所有的情况？

ChatGPT 回答：

小公司的股票账户一般是属于公司名下的，而不是个人名下的。但是，如果该账户是由个人所有并且被用于个人交易，而非公司交易，那么这个账户就可以视为个人账户，而不是小公司的股票账户。在这种情况下，如果该个人账户满足 NYSE 的 Non-Professional Subscriber 要求，则可以视为非专业用户。

继续问：

 “该账户是由个人所有并且被用于个人交易，而非公司交易” 这个怎么理解？

ChatGPT 回答：

这句话的意思是，该股票账户是由一个个人拥有并进行交易的，而不是由一个公司或其他机构拥有和控制进行交易。在这种情况下，该个人股票账户可以被视为非专业用户（即非商业用户）。

越来越糊涂了。怎么回答问题 2 和 9？既然我们是 NON-Professional，这两个问题我们不可能回答 Yes。和私人的 Family Trust 一样，所有问题都回答 No 就行了吧？嗯，我记得我是如此回答的，没有遇到问题。