Power to the People: Will MiFID II Data Disaggregation Deliver on Cost Control Promises?

MiFID II’s data disaggregation requirements aim to reduce data costs by forcing marketplaces to unbundle datasets and sell consumers only the specific data they need. But in reality, this seemingly simple and cost-reducing idea could make buying and selling data more complicated, and introduce new cost burdens, as Joanne Faulkner discovers.

Initially, some had hoped that MiFID II would introduce caps on market data fees, though they were left disappointed. Instead, the European Commission’s Regulatory Technical Standard (RTS) 14 instructs trading venues to make pre-trade and post-trade data, which has traditionally been “bundled” together, available to the public in an “unbundled” fashion—i.e., broken up into separate data items. The EC says these requirements will “reduce market data costs for market participants by allowing them

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