I guess I just don't really understand what it is you are talking about setting up. Let's just limit this to NASDAQ.. NASDAQ requires a $14/seat exchange fee fo

I guess I just don't really understand what it is you are talking about setting up. Let's just limit this to NASDAQ.. NASDAQ requires a $14/seat exchange fee for non-professional users. If you, as a distributor don't control the entity receiving the data (you wouldn't in this case), then everyone receiving data from you would still need to sign with NASDAQ: "All data feeds — including internally or externally distributed, real-time or delayed, snapshot or streaming — must be approved by NASDAQ OMX prior to initiation of service. This prior approval process creates a direct relationship between the Recipient and NASDAQ OMX. This direct relationship is essential in ensuring the correct display of the Information, an effective entitlement process and a timely reporting process of the market data usage." http://www.nasdaqtrader.com/content/AdministrationSupport/AgreementsData/datapolicies.pdf http://www.nasdaqtrader.com/content/AdministrationSupport/Ag... If this is not what you are planning on doing, could you be more specific about what you're talking about distributing? If you had 100 people that want the realtime feed, how would you handle bandwidth/equipment issues?