EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/17.III.4.2.2:17.III.4.2.2 Prices charged for data

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/17.III.4.2.2

17.III.4.2.2 Prices charged for data

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A main element of the MiFID II provisions of a reasonable commercial basis is that the prices for market data need to be charged on the basis of their production and dissemination costs. The Commission observed that a main drawback in specifying a reasonable commercial basis was the difficulty in setting such price levels.1 The difficulty was visible in the MiFID II drafting process of the regulatory technical standards. ESMA considered a wide range of options, varying from no (bottom-up) to extreme regulatory intervention (top-down). The considered options were the following:

(a)

do nothing;

(b)

provide general principles and enhance disclosure obligations;

(c)

provide limits based on (i) existing prices; (ii) revenues; or (iii) costs;

(d)

provide quantitative price caps; or

(e)

mandate all data to be provided for free.2

17.III.4.2.2.1 Assessment of doing nothing, free of charge data, and quantitative price caps17.III.4.2.2.2 Assessment of general principles and disclosure obligations17.III.4.2.2.3 Assessment of revenue-based or cost-based controls17.III.4.2.2.4 Final ESMA view: preference for general principles and disclosure obligations17.III.4.2.2.5 Final MiFID II text

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