17.III.3.4 Unbundled from other services

MiFID II also aims to reduce costs by requiring MiFID II Data Suppliers (RMs, MTFs, SIs, APAs, and CTPs) to make MiFID II market data available without being bundled with other services.1 CESR already provided similar guidance under MiFID I. CESR considered that RMs, MTFs, and investment firms could not make the supply of MiFID I pre- and post-trade data conditional on the purchase of other bundled services.2MiFID II transforms CESR’s guideline into formal law. The aim of the MiFID II-rule is to make it possible to acquire and pay for market data services without having to acquire other services that may not be wanted.3 The MiFID II-rules for the unbundling of market data and other services, complement the MiFID II-requirement to disaggregate pre- and post-trade data from each other (see paragraphs above).