Commission Delegated Regulation (EU) 2025/1156 of 12 June 2025 supplementing Regulation (EU) No 600/2014
as it stood on 2025-06-12, permalink: /eu-eurlex/32025r1156/2025-06-12
Outline, 28 provisions
art_1 art_2 art_3 art_4 art_5 art_6 art_7 art_8 art_9 art_10 art_11 art_12 art_13 art_14 art_15 art_16 art_17 art_18 art_19 art_20 art_21 art_22 art_23 art_24 art_25 art_26 art_27 art_28
Article 1
For the purposes of this Regulation, the following definitions shall apply:
| (a) | ‘market data client’ means the natural or legal person who signs the market data agreement and is invoiced for the market data fees; |
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| (b) | ‘market data’ means the information market operators and investment firms operating a trading venue, approved publication arrangements (‘APAs’), consolidated tape providers (‘CTPs’) and systematic internalisers publish in accordance with Articles 3 and 4, Articles 6 to 11a, and Articles 14, 20, 21, 27g and 27h of Regulation (EU) No 600/2014; |
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| (c) | ‘delayed market data’ means market data made available 15 minutes after publication, pursuant to Article 13(2) of Regulation (EU) No 600/2014; |
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| (d) | ‘market data provider’ means a market operator or an investment firm operating a trading venue, an APA, a CTP or a systematic internaliser that is engaged in a commercial activity of market data dissemination to clients; |
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| (e) | ‘total costs’ means all the costs sustained by the market data provider directly related to the production and dissemination of market data; |
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| (f) | ‘operating profit’ means the income earned by the market data provider, subtracting the total costs from the revenues generated by the production and dissemination of market data; |
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| (g) | ‘market data agreement’ means any agreement between the market data provider and the market data client for the provision of market data and reflecting the information and fees disclosed in the market data policy; |
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| (h) | ‘market data policy’ means one or more documents from the market data provider, containing information on the provision of market data, in accordance with Chapter V of this Regulation; |
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| (i) | ‘per client fee’ means a model of charging fees for market data which enables clients to avoid multiple billing in case market data has been sourced through multiple market data providers or redistributors. |
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Article 2
- Market data providers shall calculate the total costs sustained over an accounting year. The calculation of the total costs shall include the following cost categories:
| (a) | infrastructure costs attributable to physical assets, software licenses and leased services, or any other infrastructure necessary for the production and dissemination of market data; |
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| (b) | connectivity costs attributable to any physical assets, software licenses and leased services which ensure the connectivity necessary for the production and dissemination of market data; |
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| (c) | costs attributable to personnel dedicated to the production and dissemination of market data; |
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| (d) | financial costs, including depreciation, amortization, and cost of capital financing market data services; |
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| (e) | other costs, including administrative costs necessary for the production and dissemination of market data. |
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Infrastructure costs which are shared with other services not directly related to the production and dissemination of market data shall be apportioned considering the usage of the relevant infrastructure by each service.
Connectivity costs which are shared with other services not directly related to the production and dissemination of market data shall be apportioned considering the usage of the relevant connectivity framework by each service.
Costs attributable to personnel partially dedicated to the production and dissemination of market data shall be allocated considering how much of that personnel’s working activity is related to the production and dissemination of market data.
Financial costs resulting from infrastructure, connectivity and personnel which are shared with other services not directly related to the production and dissemination of market data shall be apportioned considering the usage of the relevant assets and services.
Market data providers shall be able to specify any other costs which they attribute to the production and dissemination of market data and provide a reasoning for the inclusion of such costs.
Market data providers shall review on a yearly basis the methodology used for the apportioning of costs referred to in paragraphs 2 to 6.
Article 3
The reasonable margin for market data shall be the operating profit.
The reasonable margin for market data shall:
| (a) | be set as a percentage of the total costs; |
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| (b) | not exceed disproportionately the total costs; |
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| (c) | for market data providers who offer services other than the production and dissemination of market data, be reasonably comparable to the operating profit attributable to the overall business conducted by the market data provider. |
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- The reasonable margin shall be achieved by setting fees for market data which enable data access to the maximum number of market data clients.
Article 4
Market data providers shall grant access to market data on a non-discriminatory basis, as regards fees, terms and conditions related to access, technical arrangements, and distribution channels.
Market data providers shall apply the same schedule of fees and the same terms and conditions to access market data to all clients requesting access to market data.
Market data providers shall have scalable capacities in place to ensure that market data clients obtain timely access to market data at all times on a non-discriminatory basis.
Market data providers shall offer clients the same set of options with respect to technical arrangements and ensure that technical arrangements neither discriminate nor create any unfair advantage or disadvantage.
Market data providers shall be able to justify any divergences in the provided solutions for access to market data adopted on the basis of valid technical constraints.
Article 5
- Market data providers may only apply differentials in fees if those are determined on the basis of a categorisation of clients and provided that all of the following conditions are met:
| (a) | the criteria used to set forth categories are based on elements that are factual, easily verifiable and sufficiently general to be applicable to a group of clients; |
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| (b) | the margin for market data, established in accordance with Article 3, is the same for all clients within the same category; |
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| (c) | differences among categories are clear and clients are able to understand the category to which they belong; |
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| (d) | only one category is applicable per client. |
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Where there are multiple and significant different extra costs for the provision of the market data to the same client, market data providers may add an increment to the applicable fee determined by the extra costs incurred.
Market data providers may only grant discounts or other temporary reductions of fees provided that those discounts or reductions are based on elements which are factual, easily verifiable and sufficiently general to pertain to more than one client.
Article 6
Market data providers shall ensure that market data, including delayed market data, is sent through all distribution channels at the same time.
Article 7
Before the conclusion of the market data agreement, upon request of the market data client, market data providers shall provide clients with all the information on the actual fees and provisions applicable to those clients needed to compare the market data offers available on the market and make an informed decision on whether to conclude the market data agreement.
The information referred to in paragraph 1 shall be consistent with the fees displayed in the market data policy.
Article 8
The market data agreement shall achieve a balance between the rights and obligations of the parties arising from the contract and shall comply with the requirements of good faith.
Parties to the market data agreement shall refrain from enacting extensive or frequent requests or provisions of information not necessary for the correct execution of the contract or other practices which result in unjustified additional costs for one of the parties.
Article 9
The market data agreement shall specify in a clear and concise manner the terms and conditions for the provision of market data and allow the client to easily understand the obligations and rights in that agreement.
The market data agreement shall use clear and comprehensible definitions and terms and shall use the terminology of the market data policy as set out in Article 18.
Article 10
Market data providers shall ensure that the terms in the market data agreement are conform with the information provided in the published market data policy.
Article 11
Terms and conditions in market data agreements which may result in additional fees or fee increases, including inflation-linked adjustments, shall be clearly disclosed in the market data agreement.
Article 12
Market data providers shall put arrangements in place to ensure that a single provision of market data is charged only once.
To this aim, where market data has been sourced through multiple market data providers or redistributors, market data providers shall offer the possibility to charge fees only once per client for the same provision of market data.
Article 13
Market data providers shall not bundle the provision of market data with other services.
Article 14
Market data providers shall clearly indicate in the market data agreement the infringements of the rights and obligations arising under that agreement to which penalties are applicable.
The amount of penalties shall not unreasonably exceed the fees the client would have paid in case of compliance with the market data agreement.
A request for payment of a penalty may only be made within a reasonable time from the occurrence of the infringement, which shall not exceed five years from the date an audit is notified, and shall be based on clear evidence of the infringement.
Article 15
Where the market data agreement provides that audits may be requested by the market data provider to ascertain whether an infringement of the market data agreement occurred, the terms of the market data agreement shall ensure that:
| (a) | the audit request is based on specific and credible indications of a potential infringement that occurred no more than five years prior to the date the audit is notified; |
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| (b) | the documents and the information that the market data client is requested to provide are limited to what is necessary to collect evidence in respect of the alleged infringement. |
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Article 16
Where the terms and conditions of the market data agreement allow the market data provider to unilaterally change the fees or conditions for the provision of market data, such change shall be notified to the market data client at least 90 days in advance of that change entering into force.
Where the changes referred to in paragraph 1 result in less favourable fees and conditions for the market data client, the market data client shall have the right to withdraw from the market data agreement without incurring additional fees or penalties. That right shall be specified in the market data agreement.
Article 17
- Market data providers shall make available to the public a market data policy which discloses all information relevant to the offering of market data in clear and unambiguous terms. Such information shall include:
| (a) | the fee schedule for market data provision; |
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| (b) | the terms and conditions of the market data provision, including any indirect service necessary for accessing the market data; |
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| (c) | the terms and conditions of the audit referred to in Article 15. |
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- The information on the offering of market data disclosed in the market data policy shall enable market data clients to understand the fees and the terms and conditions applicable to them, prior to the conclusion of a market data agreement.
Article 18
In addition to the relevant definitions set out in Article 1, market data providers shall adopt the following terminology in their market data policy and fee schedules:
| (a) | ‘unit of count’ to indicate the unit that is used to measure the level of provision of market data to be invoiced to the market data client and that is applied for fee purposes. Where relevant, the unit of count may distinguish between display and non-display data or other types of data; |
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| (b) | ‘professional client’ to indicate a client operating a regulated financial service or regulated financial activity or providing a service for third parties; |
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| (c) | ‘non-professional client’ to indicate a client who does not meet the definition of professional client referred to in point (b); |
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| (d) | ‘display data’ to indicate the market data provided through the support of a monitor or a screen and that is human readable; |
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| (e) | ‘non-display data’ to indicate all the market data which does not meet the definition of display data referred to in point (d); |
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| (f) | ‘historical data’ to indicate market data which relates to a period prior to the previous business day which is archived and stored by the market data provider. |
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Article 19
Market data providers shall make the market data policy available on their websites on a free, non-discriminatory and easily accessible basis. Where the market data policy consists of more than one document, market data providers shall clearly indicate that and make all documents of the market data policy accessible via a single location on their website.
Market data providers shall make market data policies of the previous five years available on their websites on a free, non-discriminatory and easily accessible basis and shall ensure that the date and time of publication and application of those market data policies are clearly indicated.
Article 20
Market data providers shall display the fee of market data by unit of count to measure the provision of market data in their market data policy and in the template set out in Annex I.
The unit of count used by a market data provider for market data shall be unique per type of market data including, where relevant, display and non-display data and based on the costs of producing and distributing the type of market data.
Article 21
Market data providers shall publish the market data policy by using the template set out in Annex I. That template shall not be used for any other information.
In the market data policy market data providers shall provide information in a consistent manner and with the same level of granularity and ensure that offers to market data clients can be easily compared. Information on pre- and post-trade data shall be provided separately.
Article 22
Market data providers shall include in the market data policy a summary of how the level of fees for market data was set and a more detailed explanation of the cost accounting methodology used.
The explanation of the cost accounting methodology shall provide, at the minimum, the list of all the cost types included in the fees of market data with examples of such costs and the allocation principles and allocation keys for costs that are shared with other services not directly related to the production and dissemination of market data.
Market data providers shall disclose whether they include a margin in the fees of market data and explain how they ensure that the margins are reasonable.
Market data providers shall update the information referred to in paragraphs 1, 2 and 3 of this Article immediately after having finalised the review referred to in Article 2(7).
Article 23
Market operators and investment firms operating a trading venue, APAs and systematic internalisers shall provide access to delayed market data to any client on a non-discriminatory basis without requiring any type of registration.
Article 24
Market operators and investment firms operating a trading venue, APAs and systematic internalisers shall make available to the public the delayed market data from all the systems operated, in accordance with the following criteria:
| (a) | the delayed pre-trade market data shall contain the current best bid and offer prices available and the depth of trading interest at those best bid and offer prices; |
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| (b) | the delayed post-trade market data shall contain all the relevant fields for the purpose of post-trade transparency, as specified in Commission Delegated Regulations (EU) 2017/587 (8) and (EU) 2017/583 (9), and no other field. |
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Article 25
Market operators and investment firms operating a trading venue, APAs and systematic internalisers shall make available to the public the delayed market data in a format adapted to the clients’ needs for a sufficient period of time, as follows:
| (a) | the delayed pre-trade market data shall be made available in a machine-readable and human readable format, until and including the following business day; |
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| (b) | the delayed post-trade market data shall be provided in a machine-readable and human-readable format and be made available in commonly used programs which allow clients to automate data extraction. |
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For the purposes of point (b), that delayed post-trade market data shall be made available for all traded instruments or for a category of instruments in the same file, which shall include only the delayed market data. The data for each trading day shall be made available in the same file.
The daily file referred to in the second subparagraph shall be updated every minute. If the time period between reported data exceeds one minute, that file shall be updated as soon as the market data becomes eligible for delayed market data publication. The daily file shall be made available at least until and including the next business day to allow for data extraction by market data clients.
Article 26
Market data providers shall provide the competent authorities, upon request, with the information on the total costs, and reasonable margins, as referred to in Chapter II, by means of the template set out in Annex II.
The information to be provided to the competent authorities shall specify:
| (a) | details for the purpose of identification of the market data provider and, where applicable, the group to which that market data provider belongs; |
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| (b) | details on the type of market data offered; |
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| (c) | details on the total costs, including the following elements:(i)a description of the key infrastructures used by the market data provider;(ii)the components of that infrastructure which are relevant to determine the total costs;(iii)a specification of cost figures attributable to market data production and dissemination; |
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| (i) | a description of the key infrastructures used by the market data provider; |
| (ii) | the components of that infrastructure which are relevant to determine the total costs; |
| (iii) | a specification of cost figures attributable to market data production and dissemination; |
| (d) | the reasonable margin applied; |
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| (e) | explanations on how the level of fees is determined; |
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| (f) | where differentials in fees are applied, an explanation on how costs and margins are allocated among the distinct categories of market data clients, if applicable; |
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| (g) | any other information or supporting documents or both, which may be deemed relevant for the competent authority when considering the total costs and reasonable margins. |
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Article 27
For market operators and investment firms operating a trading venue, APAs and systematic internalisers which are authorised before 23 November 2025, this Regulation shall apply from 23 August 2026.
Article 28
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Provenance and validity dates, identifier, hash
| as of | 2025-06-12 → this version applied |
| valid | 2025-06-12 → open publisher-asserted |
| type | REG_DEL Commission Delegated Regulation (EU) 2025/1156 of 12 June 2025 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on the obligation to make market data available to the public on a reasonable commercial basis |
| language | en |
| published | 2025-06-12 |
| lex_id | eu-eurlex:32025r1156:2025-06-12 |
| record sha256 | 717e8874d8cf6da529d39a7499de6b6fc5280db4b8c8f48fdd9e84c2b1611f41 |
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