Transparency obligation
Article 11
1. Market operators and investment firms operating a trading venue and systematic internalisers shall disclose the price and other terms and conditions for the provision of the market data in a manner which is easily accessible to the public. 2. The disclosure shall include the following: (a) current price lists, including: — fees per display user; — non-display fees; — discount policies; — fees associated with licence conditions; — fees for pre-trade and for post-trade market data; — fees for other subsets of information, including those required in accordance with Commission Delegated Regulation (EU) 2017/572 ( 5 ) ; — other contractual terms and conditions regarding the current price list; (b) advance disclosure with a minimum of 90 days' notice of future price changes; (c) information on the content of the market data including: (i) the number of instruments covered; (ii) the total turnover of instruments covered; (iii) pre-trade and post-trade market data ratio; (iv) information on any data provided in addition to market data; (v) the date of the last licence fee adaption for market data provided; (d) revenue obtained from making market data available and the proportion of that revenue compared to the total revenue of the market operator and investment firm operating a trading venue or systematic internalisers; (e) information on how the price was set, including the cost accounting methodologies used and the specific principles according to which direct and variable joint costs are allocated and fixed joint costs are apportioned, between the production and dissemination of market data and other services provided by market operators and investment firms operating a trading venue or systematic internalisers.