Guidelines on the MiFID II/MiFIR obligations on market data

ESMA's June 2021 final report and guidelines (ESMA70-156-4305) on making market data available on a reasonable commercial basis: clear market data policies, fees based on the cost of production and dissemination, non-discriminatory terms, per-user fees, unbundling, transparency on prices and terms, and making data free 15 minutes after publication. The 2024 MiFIR review has since revised these obligations.