The proposed Guidelines build on the assessments and recommendations from a 2019 ESMA Report on Market Data. They provide guidance on the requirement to publish market data on a reasonable commercial basis and the requirement to make market data available free of charge 15 minutes after publication.

The proposed Guidelines will ensure better and uniform application of the MiFID II/MiFIR obligations on market data. In addition, ESMA also believes that their implementation supports consistent, efficient and effective supervisory practices.

Next steps

The consultation closes on 11 January 2021. ESMA will consider the feedback received and expects to publish the final report and Guidelines by Q2 2021. Consultation Paper