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In this act Article 3 of 28
Text as of 26 Oct 2026 · Commission Delegated Regulation (EU) 2025/1156, OJ L, 2025/1156, 3.11.2025 · Same wording as today’s text.Today’s text

Article 3 — Principles in setting a reasonable margin for market data

Financial servicesLevel 2RTSMiFIRIn forceOfficial source

3(1)

1.The reasonable margin for market data shall be the operating profit.

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3(2)

2.The reasonable margin for market data shall:

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3(2)(a)
(a)be set as a percentage of the total costs;
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3(2)(b)
(b)not exceed disproportionately the total costs;
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3(2)(c)
(c)for market data providers who offer services other than the production and dissemination of market data, be reasonably comparable to the operating profit attributable to the overall business conducted by the market data provider.
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3(3)

3.The reasonable margin shall be achieved by setting fees for market data which enable data access to the maximum number of market data clients.

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CHAPTER III — NON-DISCRIMINATORY ACCESS