nigel-phelan
commented
3 years ago Our sense is that this is more likely a constraint on "Use" or "Derive" actions than an action itself. We tend to see it in terms that say "if this calculated result uses only a single instrument as an input to the calculation then the result is subject to the same licensing restrictions as the input and may not be considered derived data" or in terms like "if the information provider's data forms more than N per cent of the constituents in an index or ETF product, then the following terms apply"
Price verification involves bringing together data from various vendors to find the "golden value". (See DD-8 and DD-14.)
Creating data products can involve packaging together data from different sources.
In both cases, the value lies in "commingling" data. Do exchanges control our ability to mix data sets?
Often derivations will be generated from several data sets. Are we commingling then? (See DD-2, DD-3, and DD-4). Do exchanges care?