{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-10-26","gaps":[],"covered":["2025/1156 — RTS — Obligation to make market data available to the public [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/articles/18","url":"https://www.headlesslaw.com/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/articles/18","title":"Article 18 — Terminology of market data 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Delegated Regulation (EU) 2025/1156 · binding · OJ L, 2025/1156, 3.11.2025 · dated 12 Jun 2025 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2025-06-12","published_on":"2025-11-03","entry_into_force":"2025-11-23","locators":{"document_date":"CELLAR 32025R1156 work_date_document","published_on":"CELLAR 32025R1156 official-journal-act_date_publication","entry_into_force":"CELLAR 32025R1156 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june","path":"/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june","name":"Commission Delegated Regulation (EU) 2025/1156","number":"2025/1156","celex":"32025R1156","title_official":"COMMISSION DELEGATED REGULATION (EU) 2025/1156 of 12 June 2025 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on the obligation to make market data available to the public on a reasonable commercial basis (Text with EEA relevance)","document_date":"2025-06-12"},"position":{"kind":"article","key":"18","index":18,"articles":28,"annexes":2},"prev":{"path":"/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/articles/17","key":"17","title":"Article 17 — Information to be included in the market data policy"},"next":{"path":"/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/articles/19","key":"19","title":"Article 19 — Accessible format of market data policies"},"act_anchor":"#art-18"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2025/1156/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june.md","unit_text_sha256":"b025201a0bf24e0e6b1dad439a3d3e2cb086841ae7a457e8f53f4158511adf61","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/art-18","kind":"article","key":"18","heading":"Article 18 — Terminology of market data policies","text":"## <a id=\"art-18\"></a>Article 18 — Terminology of market data policies\n\nIn addition to the relevant definitions set out in Article 1, market data providers shall adopt the following terminology in their market data policy and fee schedules:\\\n**(a)** ‘unit of count’ to indicate the unit that is used to measure the level of provision of market data to be invoiced to the market data client and that is applied for fee purposes. Where relevant, the unit of count may distinguish between display and non-display data or other types of data;\n**(b)** ‘professional client’ to indicate a client operating a regulated financial service or regulated financial activity or providing a service for third parties;\n**(c)** ‘non-professional client’ to indicate a client who does not meet the definition of professional client referred to in point (b);\n**(d)** ‘display data’ to indicate the market data provided through the support of a monitor or a screen and that is human readable;\n**(e)** ‘non-display data’ to indicate all the market data which does not meet the definition of display data referred to in point (d);\n**(f)** ‘historical data’ to indicate market data which relates to a period prior to the previous business day which is archived and stored by the market data provider.\n\n","marks":[],"text_hash":"b025201a0bf24e0e6b1dad439a3d3e2cb086841ae7a457e8f53f4158511adf61","revision":1}}