EU · MiFIR · TITLE II TRANSPARENCY FOR TRADING VENUES · CHAPTER 3 Obligation to offer trade data on a separate and reasonable commercial basis
Article 13 MiFIRObligation to make pre-trade and post-trade data available on a reasonable commercial basis
Requires trading venues, APAs, CTPs and systematic internalisers to provide published market data on a reasonable commercial basis, with fair contractual terms, non-discriminatory access and public data policies; fees must reflect the cost of production and dissemination plus a reasonable margin. Venues, APAs and SIs must make data free 15 minutes after publication in machine-readable form, and ESMA RTS specify the details.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Regulation (EU) 2024/791 | Text amended; Provision replaced | 28 Mar 2024 |
Level 2: delegated and implementing acts
- RTSIn forceLegal basis
AI summaryRTS under the 2024 MiFIR review on providing market data on a reasonable commercial basis: trading venues, APAs, CTPs and systematic internalisers must base fees on the costs of producing and disseminating the data plus a reasonable margin, apply them without discrimination, keep data unbundled and use fair, transparent contractual terms, including on audits, penalties and fee changes.
- Delegated actIn forceLegal basis
AI summaryMiFIR delegated regulation covering the criteria for a liquid market in shares, depositary receipts, ETFs and certificates, market data on a reasonable commercial basis, systematic internalisers' quoting and execution obligations, portfolio compression, and the conditions for ESMA, EBA and competent authorities' product intervention and position management powers. Amended by Delegated Regulation 2026/482 after the 2024 MiFIR review.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredESMA rulebook
AI summaryData that trading venues and APAs must make free 15 minutes after publication must be clearly signposted, freely accessible to anyone in a readable and machine-readable form; publishing via subscription-based third parties, restricting human access to pre-registered IP addresses, or formats that prevent copying do not comply.
- Q&AAnsweredESMA rulebook
AI summaryData that trading venues and APAs must make free 15 minutes after publication should replicate the commercial data, delayed, and reach end users directly; venues may not charge redistribution fees to third parties passing that data on free of charge, but may charge those who charge for it, and may charge for historic data as an added-value service.
Commentary
No law-firm commentary is linked to this provision yet.
219 more documents relate to MiFIR as a whole without naming an article.
UK counterpart
- Article 13 UK MiFIR · Obligation to make pre-trade and post-trade data available on a reasonable commercial basis
Revocation enacted by Financial Services and Markets Act 2023; no commencement date yet.
DivergedExplicit referenceEU changes after exit: Regulation (EU) 2024/791 (from 28 Mar 2024). UK changes after onshoring: Financial Services and Markets Act 2023 (from 1 Dec 2024). UK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.
Version history
- From 28 Mar 2024
- From 2 Jul 2014 to 28 Mar 2024
Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.