17.III.3.2 Charge at the level of disaggregated data

MiFID II Data Suppliers (RMs, MTFs, SIs, APAs and CTPs) are required to price MiFID II equity pre- and post-trade data on the basis of the level of market data disaggregation as obliged for RMs and MTFs.1 This means that the price levels of market data need to be charged on the basis of: (1) asset class; (2) country of issue for shares; (3) the currency in which a financial instrument is traded; and (4) according to whether data comes from scheduled daily auctions or from continuous trading (see section II above).2 The MiFID II-rules relate to the objective of separating MiFID II equity pre- and post-trade data (disaggregation), that is – reducing market data costs. The MiFID II-rules intend to ensure that at each level of data disaggregation data is offered on a reasonable commercial basis.3