16.III.3 Obligations

CESR noted that making available MiFID I equity pre- and post-trade data by RMs, MTFs, and investment firms (including SIs) could not be conditional on the purchase of other bundled services and/or data. CESR stated that it would not be an acceptable practice, for instance, where an investment firm would bundle it data to other services, such as financial research.1 CESR also recommended the full unbundling of pre- and post-trade data, that is – post-trade data would have to be sold separately from pre-trade data (and vice versa).2

CESR still permitted RMs, MTFs, and investment firms (including SIs) to make different levels or depths of pre- and post-trade information available to the market on different commercial terms.3 In other words, whether or not to make various combinations of data available was left up to the market, as long as the equity pre- and post-trade data was not conditional on other services and/or data.