{"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/2","url":"https://www.headlesslaw.com/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/articles/2","title":"Article 2 — Total 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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":"2","index":2,"articles":28,"annexes":2},"prev":{"path":"/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/articles/1","key":"1","title":"Article 1 — Definitions"},"next":{"path":"/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/articles/3","key":"3","title":"Article 3 — Principles in setting a reasonable margin for market data"},"act_anchor":"#art-2"}},"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":"1e56a38354c2282d9220c262437278fa9ebff3b5b54c0988763616cf3e8d0412","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-2","kind":"article","key":"2","heading":"Article 2 — Total costs","text":"## <a id=\"art-2\"></a>Article 2 — Total costs\n\n1. <a id=\"art-2-p-1\"></a>Market data providers shall calculate the total costs sustained over an accounting year. The calculation of the total costs shall include the following cost categories:\n\n    <a id=\"art-2-p-1-a\"></a>**(a)** infrastructure costs attributable to physical assets, software licenses and leased services, or any other infrastructure necessary for the production and dissemination of market data;\n\n    <a id=\"art-2-p-1-b\"></a>**(b)** connectivity costs attributable to any physical assets, software licenses and leased services which ensure the connectivity necessary for the production and dissemination of market data;\n\n    <a id=\"art-2-p-1-c\"></a>**(c)** costs attributable to personnel dedicated to the production and dissemination of market data;\n\n    <a id=\"art-2-p-1-d\"></a>**(d)** financial costs, including depreciation, amortization, and cost of capital financing market data services;\n\n    <a id=\"art-2-p-1-e\"></a>**(e)** other costs, including administrative costs necessary for the production and dissemination of market data.\n\n1. <a id=\"art-2-p-2\"></a>Infrastructure costs which are shared with other services not directly related to the production and dissemination of market data shall be apportioned considering the usage of the relevant infrastructure by each service.\n1. <a id=\"art-2-p-3\"></a>Connectivity costs which are shared with other services not directly related to the production and dissemination of market data shall be apportioned considering the usage of the relevant connectivity framework by each service.\n1. <a id=\"art-2-p-4\"></a>Costs attributable to personnel partially dedicated to the production and dissemination of market data shall be allocated considering how much of that personnel’s working activity is related to the production and dissemination of market data.\n1. <a id=\"art-2-p-5\"></a>Financial costs resulting from infrastructure, connectivity and personnel which are shared with other services not directly related to the production and dissemination of market data shall be apportioned considering the usage of the relevant assets and services.\n1. <a id=\"art-2-p-6\"></a>Market data providers shall be able to specify any other costs which they attribute to the production and dissemination of market data and provide a reasoning for the inclusion of such costs.\n1. <a id=\"art-2-p-7\"></a>Market data providers shall review on a yearly basis the methodology used for the apportioning of costs referred to in paragraphs 2 to 6.\n\n","marks":[],"text_hash":"1e56a38354c2282d9220c262437278fa9ebff3b5b54c0988763616cf3e8d0412","revision":1}}