17.III.3 Obligations

In order to ensure that MiFID II equity pre- and post-trade data is provided on a reasonable commercial basis in a consistent manner across the EU, MiFID II provides specifications. Delegated regulations specify the obligations that RMs, MTFs, SIs, APAs and CTPs (hereafter: MiFID II Data Suppliers) need to comply with.1 The obligations are based on the objective to ensure that the obligation to provide MiFID II equity pre- and post-trade on a reasonable commercial basis is sufficiently clear to allow for an effective and uniform application, whilst taking into account the different operating models and cost structures of the MiFID II Data Suppliers concerned.2 The concept of a reasonable commercial basis applies to ‘the public’, meaning that MiFID II Data Suppliers need to make the MiFID II equity pre- and post-trade data available to all interested parties willing to meet the commercial terms.3

MiFID II requires MiFID II Data Suppliers to comply with six obligations in order to ensure that the data is made available to the public on a reasonable commercial basis:

The six obligations can be considered as species of the genus ‘reasonable commercial basis’. This follows from the MiFID II-text. MiFID II notes that for the purposes of making MiFID II equity pre- and post-trade data available on a reasonable commercial basis compliance with the points (1-6) is required.4 The six obligations are examined below.