EC Defines ‘Reasonable' MiFID 2 Data Fee Levels

The European Commission's latest guidance documents set out the principles for how execution venues should determine a "reasonable cost" for data──though the EC stops short of specifying a level.

European ETF market

On April 25, the European Commission released its latest sets of "delegated acts"─the documents that set out how the European Union's MiFID 2 regulation should be practically executed. These include definitions that will instruct exchanges and other trading venues on how much they will be able to charge consumers for market data, which the EC hopes will force providers to set their fees at reasonable levels.

The document states that the price of market data should be set according to "the cost o

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