ESMA final guidelines on the MiFID II/MiFIR market data obligations
On 1 June 2021, the European Securities and Markets Authority (ESMA) published its final Guidelines on the MIFID / MIFIR market data obligations.
While non-binding, the Guidelines seek to ensure more harmonized and consistent application across Member States of the relevant MiFID II and MiFIR provisions concerning market data. There are requirements for market data providers to provide free access to data 15 minutes after publication (delayed data) to any customer, including professional customers. Concerning the non-delayed data, they should be provided on a reasonable commercial basis (RCB) that means in particular that the fees levied should be based on the real cost of producing and dispersing such data and also that market data must be provided on a standalone basis without being combined with other services. The Guidelines will apply to Member State national competent authorities, trading venues, approved publication arrangements, consolidated tape providers and systematic internalizers. The application date for these market data guidelines has been set for 1 January 2022.