1This chapter applies to:

1. (1)

   a trading venue operator; and

2. (2)

   a systematic internaliser.

Making trade data available on a reasonable commercial basis

1. (1)

   1A trading venue operator must make the information published in accordance with articles 3, 4 and 6 to 11 of UK MiFIR available to the public on a reasonable commercial basis and ensure non-discriminatory access to the information.

2. (2)

   A trading venue operator must make available the information in (1) free of charge 15 minutes after publication.

3. (3)

   Paragraph (2) does not apply to a trading venue operator when making market data available to the public free of charge.

1. (1)

   1A systematic internaliser must ensure that the quotes published in accordance with article 15(1) of UK MiFIR are accessible to other market participants on a reasonable commercial basis.

2. (2)

   A systematic internaliser must ensure that the quotes published in accordance with article 18 of UK MiFIR are made public in a manner which is easily accessible to other market participants on a reasonable commercial basis.

3. (3)

   Paragraph (2) does not apply to a trading venue operator when making market data available to the public free of charge.

1. (1)

   1The price of market data must be based on the cost of producing and disseminating such data and may include a reasonable margin.

2. (2)

   The cost of producing and disseminating market data may include an appropriate share of joint costs for other services provided by a trading venue operator or a systematic internaliser.

1. (1)

   1A trading venue operator or systematic internaliser must make market data available at the same price and on the same terms and conditions to all customers falling within the same category in accordance with published objective criteria.

2. (2)

   Any differentials in prices charged to different categories of customers must be proportionate to the value which the market data represents to those customers, taking into account:

   1. (a)

      the scope and scale of the market data, including the number of financial instruments covered and their trading volume; and

   2. (b)

      the use made by the customer of the market data, including whether it is used for the customer’s own trading activities, for resale or for data aggregation.

3. (3)

   For the purposes of (1), a trading venue operator or systematic internaliser must have scalable capacities in place to ensure that customers obtain timely access to market data at all times on a non-discriminatory basis.

1. (1)

   1A trading venue operator or a systematic internaliser must:

   1. (a)

      charge for the use of market data according to the use made by the individual end-users of the market data; and

   2. (b)

      put arrangements in place to ensure that each individual use of market data is charged only once.

2. (2)

   A trading venue operator or a systematic internaliser may decide not to make market data available on a per user basis where to charge on a per user basis is disproportionate to the cost of making that data available, having regard to the scale and scope of the data.

3. (3)

   A trading venue operator or a systematic internaliser must provide grounds for the refusal to make market data available on a per user basis and publish those grounds on their webpage.

1A trading venue operator or a systematic internaliser must:

1. (1)

   make market data available without being bundled with other services; and

2. (2)

   offer pre-trade and post-trade transparency data separately.

1. (1)

   1A trading venue operator or a systematic internaliser must disclose the price and other terms and conditions for the provision of the market data in a manner which is easily accessible to the public.

2. (2)

   The disclosure for the purposes of (1) must include:

   1. (a)

      current price lists, including:

      1. (i)

         fees per display user;

      2. (ii)

         non-display fees;

      3. (iii)

         discount policies;

      4. (iv)

         fees associated with licence conditions;

      5. (v)

         fees for pre-trade and for post-trade market data;

      6. (vi)

         fees for other subsets of information, including those required in accordance with MiFID RTS 14; and

      7. (vii)

         other contractual terms and conditions regarding the current price list;

   2. (b)

      advance disclosure with a minimum of 90 days’ notice of future price changes;

   3. (c)

      information on the content of the market data, including:

      1. (i)

         the number of instruments covered;

      2. (ii)

         the total turnover of instruments covered;

      3. (iii)

         pre-trade and post-trade market data ratio;

      4. (iv)

         information on any data provided in addition to market data; and

      5. (v)

         the date of the last licence fee adaption for market data provided;

   4. (d)

      revenue obtained from making market data available and the proportion of that revenue compared with the total revenue of the trading venue operator or systematic internaliser; and

   5. (e)

      information on how the price was set, including the cost accounting methodologies used and the specific principles according to which direct and variable joint costs are allocated and fixed joint costs are apportioned, between the production and dissemination of market data and other services provided by the trading venue operator or systematic internaliser.