Commission Delegated Regulation (EU) 2025/1156of 12 June 2025supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on the obligation to make market data available to the public on a reasonable commercial basis(Text with EEA relevance)

Article 5 and 20 of this Regulation

[Insert a high-level summary of the fees offered in the fee schedule. The fee schedule should include the following items:

(i) fees per unit of count of pre-trade and post-trade market data;

(ii) categories of clients and the criteria used to set forth the categories;

(iii) discount policies;

(iv) fees for other subsets of information, including those required in accordance with the level of disaggregation of data pursuant to Commission Delegated Regulation (EU) 2017/572;

(v) other contractual terms and conditions.

Any changes to the price list should be clearly indicated and explained.]

Article 16 of this RegulationAdvance disclosure with a minimum of 3 months’ notice of future fee change with entry into force on the DD/MM/YYYY [Insert the hyperlink to the future fee schedule with the date of entry into force]Article 13(1) of Regulation (EU) No 600/2014Market Data Content InformationPeriod covered: 1.1.YYYY–31.12.YYYYAsset Class

(1) Number of instruments covered

(2) Total turnover of instruments covered

(3) Pre-trade/post-trade market data ratio

Equity instruments (shares, ETFs, DRs, certificates, other equity-like financial instruments)BondsETCs ETNsSFPsSecuritised derivativesInterest Rate DerivativesCredit DerivativesEquity derivativesFX derivativesEmission allowances derivativesC10 derivativesCommodity derivativesCFDsEmission allowances

Article 22 of this RegulationCost disclosure: year YYYYInformation on how the level of fees is set[Please, insert summary on how the level of fees is set]Cost accounting methodologies[Please, insert hyperlink to the cost accounting methodology]

(1) List of types of costs, according to Article 2 of this Regulation

(2) Allocation keys (%)

(3) Allocation principles

(4) Please explain whether a margin is included and how it is ensured to be reasonable

Annex

ANNEX II

Template for the information to be provided to the competent authority pursuant to Article 13(4) of Regulation (EU) No 600/2014

SECTION 1

Market data provider submitting the information

Table 1.A

General information

Entity name

[Full name of the market data provider, including:

the legal form as provided for in the register of the country pursuant to the law of which it is incorporated, where applicable, and

the Legal Entity Identifier (LEI) code in accordance with ISO 17442 LEI code, where applicable.]

Address[Full address (e.g. street, street number, postal code, city, state/province) and country.]Contact for additional request for information

[Person to be contacted within the market data provider for information relating to this template (e.g. CFO) and relevant contact details:

first name(s) and surname(s),

position of the contact person within the market data provider,

professional email address.]

Table 2.B

Information on the group

Is the entity part of a group?

☐

yes

☐

no

If yes, is the entity the only entity in the group supporting cost for the production and dissemination of data?

☐

yes

☐

no

If no, please specify which other entity within the group support the cost for the production and dissemination of data

[Full name of the entity, including:

the legal form as provided for in the register of the country pursuant to the law of which it is incorporated, where applicable, and

the Legal Entity Identifier (LEI) code in accordance with ISO 17442 LEI code, where applicable.

Full address (e.g. street, street number, postal code, city, state/province) and country.]

SECTION 2

Information on data provided

Data offeredLink to the market data policy as displayed on the website pursuant to [Articles on data provided] [SECTION A of the market data policy]What type of data is offered

Please specify the type of data offered:

☐

full book

☐

top of book

☐

last sale

☐

auction imbalance

☐

other, please specify:

SECTION 3

Costs

3.A

General description of the system

Briefly illustrate the system and processes of the production and dissemination of market data.

3.B

Components taken into account to determine the cost of market data

Taking into consideration the system as described, please indicate the components of that system that were taken into account to determine the cost of market data and the criteria used to identify these components.

3.C

Costs of market data

Indicate below the cost necessary to produce data, calculated over the accounting year per component (category of article 2)NOT SHARED COSTInfrastructure – including physical assets and software licenses and leased services necessary for the production and dissemination of market dataComponent (as in 3B)CostConnectivity – including physical assets and software licenses and leased services which ensure the connectivity necessary for the production and dissemination of market dataComponent (as in 3B)CostCosts attributable to personnel dedicated to the production and dissemination of market dataComponent (as in 3B)CostFinancial costs – including depreciation, amortization, and cost of capitalComponent (as in 3B)CostOther