Recital 12

(12) Article 13 of Regulation (EU) No 600/2014 requires market operators and investment firms operating a trading venue to make the pre-trade and post-trade information on transactions in financial instruments available to the public on a reasonable commercial basis and to ensure non-discriminatory access to that information. That Article has, however, not delivered on its objectives. The information provided by trading venues, APAs and systematic internalisers on a reasonable commercial basis does not enable users to understand data policies and how the price for data is set. On 18 August 2021, ESMA issued guidelines explaining how the concept of ‘reasonable commercial basis’ should be applied. Those guidelines should be converted to legal obligations and strengthened in order to ensure that it is not possible for trading venues, APAs, CTPs and systematic internalisers to charge for data according to the value that the data represents to individual users. Due to the high level of detail required to specify the concept of ‘reasonable commercial basis’ and the required flexibility in amending the applicable rules on the basis of the fast-changing data landscape, ESMA should be empowered to develop draft regulatory technical standards specifying how the concept of ‘reasonable commercial basis’ is to be applied, thereby further strengthening the harmonised and consistent application of Article 13 of Regulation (EU) No 600/2014. Furthermore, ESMA should monitor and assess developments in data policies and price-setting in the market. ESMA should update those draft regulatory technical standards on the basis of its assessment.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-13 · Text as adopted (Official Journal); later amendments are not incorporated in this text.