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Black box, algorithmic applications, program trading applications or similar: applications which are able to generate orders or execute transactions automatically, without human intervention;

Clients: entities or persons who have access and distribute the Market Data to other Clients or to Final Users;

Controlled Network: the system through which the Subscriber utilizes or distributes the Market Data, made of the software and/ or network architecture and/ or technology (such as, by way of example without limitation, personal computers, dedicated terminals, local servers, private, public, dedicated or divided networks), which ensures the Technical Control by the Subscriber, and, where necessary due to the methods of utilization and distribution of the Market Data, the Measurement of Consumption;

Exchange Days: days in which trading is open on at least one of the Markets;

Final User: each person having access to the Market Data, but not distributing the Market Data;

Delayed Mode: the use and/ or distribution of the Market Data with a delay compared to the Time Mark of at least 15 minutes;

Derived Data: data created, in whole or in part, from the Market Data, which may not either (i) be reverse engineered with the purpose of recreating the original Market Data; or (ii) be used to create other data similar to the Market Data;

Devices: any type of device, whether fixed or portable, capable of receiving or gaining access to the Market Data;

Identification Code the individual security key granted on an individual basis to allow for access to the Market Data only within a closed user group of Final Users, identifiable through an appropriate registration procedure (User ID and password). Each Final User must be provided with an Identification Code which must be unique and made in a way to prevent more than one user to access the Market Data by using the same Identification Code. Where a Final User has access to the Market Data simultaneously by means of two or more Devices, using a single Identification Code, it shall report to Borsa Italiana all the accesses and pay the relevant applicable amounts. In case the Final User receives the Market Data from more than one source, be it external or internal, the relevant amounts shall be paid for each source.

Measurement of Consumption: measurement, within a given period of time, of the availability of the Market Data;

Non-display Usage: the access, processing or use of the Market Data for purposes other than displaying or disseminating such data;

Non Professional Users: any individual not included in the following point;

Professional Users: any individual or entity, public or private, receiving the Market Data for its own business and professional activities;

Pull: the receipt of Market Data without automatic update. Therefore a manual action by the Final User is necessary for such update;

Push: the receipt of Market Data with automatic update, without a manual action by the Final User being necessary for such update;

Service Facilitator: an entity providing marketing, sales, technical support or administration services to the Subscriber and/or Client of the Subscriber and, to these ends, has access to the Market Data;
Site: unless otherwise defined in this Agreement  or in any of the Attachments, any office of the Subscriber and of the Clients (including, by way of example without limitation, the registered offices, the administrative offices, the branches, the agencies or other offices) where the Market Data diffused by Borsa Italiana pursuant to the terms hereof are used or distributed;

System: the platforms of basic and applied hardware and software necessary for the supply of the Service;

Technical Control: a direct and continuous control on the use and distribution of the Market Data which allows, also for the purposes of possible Audits, the following:
a) the availability of the full and direct personal identification of each Final User, so to enable the attribution to each of them of an exclusive Identification Code, without any verification with third parties being necessary, and
b) keeping track, with auditable evidence, of the accesses which have occurred in the relevant period,  and
c) the prevention and exclusion of any utilization of the Market Data by subjects which are not authorized;

Time Mark: the indication of the time when Market Data are formed on the relevant Market, as provided by Borsa Italiana;

Subscriber: the company entering into this Agreement and all the companies of which such company holds, directly or indirectly, more than 50% of the corporate capital.

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