Skip to the text
Text as of 23 Nov 2025 · Consolidated version of 23 November 2025 · Same wording as today’s text.Today’s text

Article 13 — Obligation to make pre-trade and post-trade data available on a reasonable commercial basis

Financial servicesLevel 1RegulationMiFIRIn forceOfficial source

13(1)

1.Market operators and investment firms operating a trading venue, APAs, CTPs and systematic internalisers shall make available to the public the information published in accordance with Articles 3, 4, 6 to 11a, 14, 20, 21, 27g and 27h on a reasonable commercial basis, including unbiased and fair contractual terms.

Those market operators and investment firms, APAs, CTPs and systematic internalisers shall ensure non-discriminatory access to such information. The data policies of those market operators and investment firms, APAs, CTPs and systematic internalisers shall be made available to the public free of charge in a manner which is easy to access and to understand.

Copy link
13(2)

2.Market operators and investment firms operating a trading venue, APAs and systematic internalisers shall make available to the public the information referred to in paragraph 1 free of charge 15 minutes after publication in a format that is machine-readable and usable for all users, including retail investors.

Copy link
13(3)

3.The reasonable commercial basis shall include the level of fees and other contractual terms. The level of fees shall be determined by the cost of producing and disseminating the information referred to in paragraph 1 and a reasonable margin.

Copy link
13(4)

4.Market operators and investment firms operating a trading venue, APAs, CTPs and systematic internalisers shall, upon request, provide their competent authority with information on the actual costs of producing and disseminating the information referred to in paragraph 1, including a reasonable margin.

Copy link
13(5)

5.ESMA shall develop draft regulatory technical standards to specify:

Copy link
13(5)(a)
(a)what constitutes unbiased and fair contractual terms as referred to in paragraph 1, first subparagraph;
Copy link
13(5)(b)
(b)what constitutes non-discriminatory access to information as referred to in paragraph 1, second subparagraph;
Copy link
13(5)(c)
(c)the uniform content, format and terminology of the data policies to be made available to the public pursuant to paragraph 1, second subparagraph;
Copy link
13(5)(d)
(d)the data access, and the content and format of the information to be made available to the public pursuant to paragraph 1;
Copy link
13(5)(e)
(e)the elements to be included in the calculation of cost and reasonable margin as referred to in paragraph 3;
Copy link
13(5)(f)
(f)the uniform content, format and terminology of the information to be provided to the competent authorities pursuant to paragraph 4.
Copy link

ESMA shall, every two years, monitor and assess the developments in the cost of data and shall, where appropriate, update those draft regulatory technical standards on the basis of its assessment.

ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 29 December 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first and second subparagraphs in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.