17.III.4.2.5 Unbundling of data services from other services

MiFID II also requires data services to be unbundled from other services (e.g. listing). The requirement to unbundle data from other services complements the MiFID II-requirement to disaggregate data into separate products (see paragraph above).1 ESMA noted it is important that data users ‘face sufficiently granular tariffs that enable the data users to access and pay for only those services they need’. In particular, ESMA wanted it to be possible to acquire and pay for market data services without having to acquire other services that they may not be wanted.2 The perspective of ESMA is visible in the final MiFID II text. MiFID II requires data services to be unbundled from other services.