Preamble
Recitals 25
Chapter I - DEFINITIONS (Article 1) 1
Chapter II - CALCULATION OF TOTAL COSTS AND MARGINS OF MARKET DATA (Article 2-3) 2
Chapter III - NON-DISCRIMINATORY ACCESS (Article 4-6) 3
Chapter IV - UNBIASED AND FAIR CONTRACTUAL TERMS (Article 7-16) 10
Chapter V - CONTENT, FORMAT AND TERMINOLOGY OF THE MARKET DATA POLICIES (Article 17-22) 6
Chapter VI - DATA ACCESS, CONTENT AND FORMAT OF DELAYED MARKET DATA (Article 23-25) 3
Chapter VII - CONTENT, FORMAT AND TERMINOLOGY OF THE INFORMATION TO BE PROVIDED TO THE COMPETENT AUTHORITIES (Article 26) 1
Chapter VIII - FINAL PROVISIONS (Article 27-28) 2
Annexes 2
- Annex I
- Annex II

per client fee

Definitions over time (1)

23/11/2025 – today applies on 11/11/2026 Article 1, Commission Delegated Regulation (EU) 2025/1156 Scope: Whole act

For the purposes of this Regulation, the following definitions shall apply:

‘per client fee’ means a model of charging fees for market data which enables clients to avoid multiple billing in case market data has been sourced through multiple market data providers or redistributors.