Obligation to provide market data on a non-discriminatory basis
1. Market data providers shall grant access to market data on a non-discriminatory basis, as regards fees, terms and conditions related to access, technical arrangements, and distribution channels.
2. Market data providers shall apply the same schedule of fees and the same terms and conditions to access market data to all clients requesting access to market data.
3. Market data providers shall have scalable capacities in place to ensure that market data clients obtain timely access to market data at all times on a non-discriminatory basis.
4. Market data providers shall offer clients the same set of options with respect to technical arrangements and ensure that technical arrangements neither discriminate nor create any unfair advantage or disadvantage.
5. Market data providers shall be able to justify any divergences in the provided solutions for access to market data adopted on the basis of valid technical constraints.
Differentials in fees
1. Market data providers may only apply differentials in fees if those are determined on the basis of a categorisation of clients and provided that all of the following conditions are met:
(a)
the criteria used to set forth categories are based on elements that are factual, easily verifiable and sufficiently general to be applicable to a group of clients;
(b)
the margin for market data, established in accordance with Article 3, is the same for all clients within the same category;
(c)
differences among categories are clear and clients are able to understand the category to which they belong;
(d)
only one category is applicable per client.
2. Where there are multiple and significant different extra costs for the provision of the market data to the same client, market data providers may add an increment to the applicable fee determined by the extra costs incurred.
3. Market data providers may only grant discounts or other temporary reductions of fees provided that those discounts or reductions are based on elements which are factual, easily verifiable and sufficiently general to pertain to more than one client.
Distribution channels
Market data providers shall ensure that market data, including delayed market data, is sent through all distribution channels at the same time.
