EU exchanges shake up data policies ahead of new pricing rules
As each EU exchange interprets the RCB regulation differently, market data users across the industry are left to grapple with the new pricing policies changes
At a recent event in London, the chair of market data user group IPUG, Caroline Poisson, asked attendees—37 representatives from capital markets firms—whether they had heard of the upcoming Reasonable Commercial Basis (RCB) changes to market data pricing. Only a quarter of the room raised their hands.
Of those hands, only four had started preparing for those changes. This concerned her.
The European Securities and Markets Authority (ESMA) had withdrawn its previous guidance on how financial firms
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