17.III.4.2.2.2 Assessment of general principles and disclosure obligations

The option of general principles and disclosure obligations (option b) was the least interventionist and most simple solution ESMA could consider (besides doing nothing). Option b would require data prices and the other terms on which data is supplied (e.g. use restrictions) to be fair, reasonable and non-discriminatory. Under this option MiFID II Data Suppliers would have to provide comprehensive transparency about their pricing models. Both market participants and NCAs would be able to observe and compare data prices.1 Option b would stay away from a discussion what constitutes a ‘reasonable’ relationship between revenues or costs made for producing and disseminating market data in relation to the price levels. However, the downside of option b was that it could be too vague and accordingly not result in reduced market data prices. In legal terms, option b would be a principle-based approach.2