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18 October 2021

Market Data: the AMF applies ESMA Guidelines

The Autorité des Marchés Financiers (AMF) will apply ESMA Guidelines on the MiFID II/MiFIR obligations on market data (ESMA70-156-4263).

These guidelines will apply from 1 January 2022

Published by ESMA on 18 August 2021, these Guidelines on market data will apply from 1 January 2022. The guidelines concern market data that trading venues, systematic internalisers, approved publication arrangements and consolidated tape providers have to make public on a reasonable commercial basis or on a free basis following pre- and post-trade transparency regime under MiFIR (articles 13, 15(1) abd 18(8)) and MiFID (articles 64(1), 64(2), 65(1) and 65(2)).

The guidelines provide clarifications on market data policies, access and their provision.

The guidelines’ aim, among others, is to ensure that financial market participants have a uniform understanding of the requirement to provide market data on a reasonable commercial basis, including the disclosure requirements, as well as the requirement to provide the market data 15 minutes after publication free of charge.

Details concerning the nineteen ESMA guidelines

The nineteen ESMA guidelines provide clarifications notably on the following elements:

  • the market data policies, that should be clear and easily accessible;
  • the provision of market data on the basis of cost;
  • the obligation to provide market data on a non-discriminatory basis;
  • the per-user fees;
  • the obligation to keep data unbundled;
  • the transparency obligations on policies;
  • the obligation to make market data available free of charge 15 minutes after publication.