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Recital 3

Recital 3

(3)Market data providers, in particular trading venues, often offer a variety of services beyond the provision of market data. Those entities hence incur diverse costs covering categories such as technology and infrastructure, software development, sales and marketing, analytics, quantitative research, operations, or compliance. To establish fees for market data on a RCB, it is important to differentiate, for instance, the costs which are attributable to the primary business of bringing together buyers and sellers from the costs directly attributable to the production and dissemination of market data.

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