Regulatory Alerts2025-06-12
Added · Updated
Commission Delegated Regulation (EU) 2025/1156 on regulatory technical standards for making market data available on a reasonable commercial basis
The European Commission adopted Delegated Regulation (EU) 2025/1156 to establish regulatory technical standards requiring market data providers, including trading venues, APAs, CTPs, and systematic internalisers, to make market data available on a reasonable commercial basis. The regulation mandates specific cost calculation methodologies, limits margins to operating profit expressed as a percentage of costs, and prohibits discriminatory fee structures and onerous contractual terms such as excessive audit burdens. It further requires that data be offered unbundled, on a per-client basis to prevent double billing, and sets a deferred application date to allow market participants time to revise agreements.
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