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---
title: "ESMA Q&A 1554 — Q&A — Transparency - data [Published Answer Updated]"
shortTitle: "ESMA Q&A 1554 — Q&A — Transparency - data [Published Answer Updated]"
answer_id: ESMA_QA_1554
topic: "Equity transparency"
status: "Published Answer Updated"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MiFIR"
mifir_level3: true
mica_level2: false
legal_basis: "MiFIR"
date: 14 November 2018
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1554
lifecycle: "Published Answer Updated"
text_version: "ESMA Q&A register, 14 November 2018"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1554"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "ESMA"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
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    prepared_by: "ESMA Answer"
    locator: "ESMA Q&A entry ESMA_QA_1554: field 'ESMA Answer', no 'Answer provided by' line"
document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  published_on: "2018-11-14"
  last_updated: "2024-10-16"
  question_submitted_on: "2018-11-14"
  locators:
    published_on: "ESMA Q&A Excel export ESMA_QA_1554, column 'Esma responses', date line (earliest)"
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    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1554, column 'Date of submission'"
lifecycle_label: "Published Answer Updated"
---

**Answer by ESMA, published in its Q&A tool · not legislation · published 14 Nov 2018, updated 16 Oct 2024 [Published Answer Updated]**

*Published Answer Updated · ESMA Q&A register, 14 November 2018 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1554)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1554 — Q&A — Transparency - data \[Published Answer Updated\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1554 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 14 November 2018; updated 16 October 2024; question submitted 14 November 2018 |
| **Legal basis** | MiFIR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — an excerpt (not reproduced: 796 words after it) of the ESMA publication |

**Transparency - data (pre- and/or post-trade data) available free of charge 15 minutes after publication**

### Question

How should trading venues, APAs make data (pre- and/or post-trade data) available free of charge 15 minutes after publication and ensure non-discriminatory access to the information? What practices are not compatible with the requirement to make data available free of charge and ensure non-discriminatory access to the information?

***

### Answer

In order to ensure that all potential users can access the information made available free of charge 15 minutes after publication, trading venues and APAs should make clear instructions to the public on their website on how and where to access the data. The post-trade data should be available to anybody free of charge and in a format which can be understood by the average reader.

ESMA considers that publishing information on a website that is not accessible to everybody imposes restrictions on access to the data and does not meet the requirement for making information available free of charge. Similarly, the publication of data through third parties that do not charge specific fees for the relevant data but raise regular, for instance monthly or yearly, fees for subscribing to their services, does not meet the requirement to make information available free of charge. Furthermore, ESMA is of the view that allowing access to the data via a human interface only from ex ante registered IP addresses does not meet the requirement to make information available to the public free of charge. However, such a restriction is acceptable for data provided in a machine readable way.

Publishing information in a format that prevents users to read, use and copy the information

Trading venues and APAs should publish information in an electronic format that can be directly and automatically read by a computer, and that can be accessed, read, used and copied by any potential user through computer software that is free of charge and publicly available.

ESMA does not consider that publishing data as an image (i.e. in such a way that the user cannot copy the data in a format that can be read by a computer) or requiring the purchase of a specific software for downloading, processing or reading the information meets the requirement of making data available free of charge.

Requiring market participants to submit search queries in order to access data

The data made available free of charge should be published in a similar format as real-time data published on a reasonable commercial basis.

ESMA does not consider that offering only publication arrangements whereby market participants are required to submit search queries in order to access limited portions of the data (e.g. ISIN-by-ISIN searches, limited time periods) meet the requirement of making data available free of charge, but such search queries could exist in addition.

Deleting data shortly after publication

The data made available free of charge should replicate the information published on a reasonable commercial basis but with a 15 minutes delay. ESMA is of the view that the information should be available for any party to initiate a retrieval of the data for a period of at least 24 hours from the publication. It is not reasonable to have the data available for a period that is not long enough for it to be downloaded reliably either on an ad-hoc or in a repeatable manner

No publication of post-trade data on transactions benefitting from a deferral

ESMA recalls that the obligation to make available post-trade data free of charge 15 minutes after publication applies also to transactions benefitting from a deferral. ESMA therefore expects that information on those transactions is made available on the same conditions as information on transactions not subject to deferred publication.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1554)