Today, MFA, AIMA, Bundesverband Alternative Investments, BVI (German Investment Funds Association), and the Investment Association submitted a letter to ESMA raising concerns with the increased fees that European exchanges and trading venues are charging for access to market data. In our letter, we discuss members’ experience with market data licensing agreements and trading venue audits of their market data usage; and raise concerns that trading venues are not complying with the MiFIR requirements to provide data on a reasonable commercial basis.
We recommended that ESMA reconsider policy approaches to market data, such as by examining fees relative to revenue or costs. We also recommended that ESMA consider how rules could support greater standardization in terms of definitions and other terminology or practices employed by market data licensing agreements.
Full text of the letter is available for download.