Commission Delegated Regulation (EU) 2017/567Show full title

CHAPTER II U.K. DATA PROVISION OBLIGATIONS FOR TRADING VENUES AND SYSTEMATIC INTERNALISERS

Article 6 U.K. Obligation to provide market data on a reasonable commercial basis(Article 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014)

1. For the purposes of making market data containing the information set out in Articles 3, 4, 6 to 11, 15 and 18 of Regulation (EU) No 600/2014 available to the public on a reasonable commercial basis, market operators and investment firms operating a trading venue and systematic internalisers shall, in accordance with Articles 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014, comply with the obligations set out in Articles 7 to 11 of this Regulation.

2. Articles 7, 8(2), 9, 10(2) and 11 shall not apply to market operators or investment firms operating trading venues or to systematic internalisers that make market data available to the public free of charge.

Article 7 U.K. Obligation to provide market data on the basis of cost(Article 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014)

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

2. The cost of producing and disseminating market data may include an appropriate share of joint costs for other services provided by market operators or investment firms operating a trading venue or by systematic internalisers.

Article 8 U.K. Obligation to provide market data on a non-discriminatory basis(Article 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014)

1. Market operators and investment firms operating a trading venue and systematic internalisers shall 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. Any differentials in prices charged to different categories of customers shall be proportionate to the value which the market data represents to those customers, taking into account:

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

(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. For the purposes of paragraph 1, market operators and investment firms operating a trading venue and systematic internalisers shall have scalable capacities in place to ensure that customers obtain timely access to market data at all times on a non-discriminatory basis.

Article 9 U.K. Obligations in relation to per user fees(Article 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014)

1. Market operators and investment firms operating a trading venue and systematic internalisers shall charge for the use of market data according to the use made by the individual end-users of the market data (‘per user basis’). Market operators and investment firms operating a trading venue and systematic internalisers shall put arrangements in place to ensure that each individual use of market data is charged only once.

2. By way of derogation from paragraph 1, market operators and investment firms operating a trading venue and systematic internalisers 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. Market operators and investment firms operating a trading venue and systematic internalisers shall provide grounds for the refusal to make market data available on a per user basis and shall publish those grounds on their webpage.

Article 10 U.K. Obligation to keep data unbundled and to disaggregate market data(Article 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014)

1. Market operators and investment firms operating a trading venue and systematic internalisers shall make market data available without being bundled with other services.

2. Prices for market data shall be charged on the basis of the level of market data disaggregation provided for in Article 12(1) of Regulation (EU) No 600/2014.

Article 11 U.K. Transparency obligation(Article 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014)

1. Market operators and investment firms operating a trading venue and systematic internalisers shall 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. The disclosure shall include the following:

(a) current price lists, including:

• (a) fees per display user;

• non-display fees;

• discount policies;

• fees associated with licence conditions;

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

• fees for other subsets of information, including those required in accordance with Commission Delegated Regulation (EU) 2017/572(1);

• other contractual terms and conditions regarding the current price list;

(b) advance disclosure with a minimum of 90 days' notice of future price changes;

(c) information on the content of the market data including:

(i)

the number of instruments covered;

(ii)

the total turnover of instruments covered;

(iii)

pre-trade and post-trade market data ratio;

(iv)

information on any data provided in addition to market data;

(v)

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

(d) revenue obtained from making market data available and the proportion of that revenue compared to the total revenue of the market operator and investment firm operating a trading venue or systematic internalisers;

(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 market operators and investment firms operating a trading venue or systematic internalisers.

(1)

Commission Delegated Regulation (EU) 2017/572 of 2 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on the specification of the offering of pre-and post-trade data and the level of disaggregation of data (see page 142 of this Official Journal).