Obligation to provide market data on a non-discriminatory basis
Article 8
1. Market operators and investment firms operating a trading venue and systematic internalisers shall make market data available at the same price and on the same terms and conditions to all customers falling within the same category in accordance with published objective criteria. 2. Any differentials in prices charged to different categories of customers shall be proportionate to the value which the market data represents to those customers, taking into account: (a) the scope and scale of the market data including the number of financial instruments covered and their trading volume; (b) the use made by the customer of the market data, including whether it is used for the customer's own trading activities, for resale or for data aggregation. 3. For the purposes of paragraph 1, market operators and investment firms operating a trading venue and systematic internalisers shall have scalable capacities in place to ensure that customers obtain timely access to market data at all times on a non-discriminatory basis.