MiFID II/MiFIR review report on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments

MiFID II/MiFIR review report on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments

from 12 July 2019 to 06 September 2019


Responding to this paper

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

  • respond to the question stated;
  • indicate the specific question to which the comment relates;
  • contain a clear rationale; and
  • describe any alternatives ESMA should consider.

ESMA will consider all comments received by 06 September 2019.

All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’.


In order to facilitate analysis of responses to the Consultation Paper, respondents are requested to follow the below steps when preparing and submitting their response:

  1. Insert your responses to the questions in the Consultation Paper in the present response form.
  2. Please do not remove tags of the type <ESMA_QUESTION_MDA_1>. Your response to each question has to be framed by the two tags corresponding to the question.
  3. If you do not wish to respond to a given question, please do not delete it but simply leave the text “TYPE YOUR TEXT HERE” between the tags.
  4. When you have drafted your response, name your response form according to the following convention: ESMA_MDA_nameofrespondent_RESPONSEFORM. For example, for a respondent named ABCD, the response form would be entitled ESMA_MDA_ABCD_RESPONSEFORM.
  5. Upload the form containing your responses, in Word format, to ESMA’s website (www.esma.europa.eu under the heading “Your input – Open consultations” à “Consultation on Position limits and position management in commodities derivatives”).

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found at www.esma.europa.eu under the heading Legal Notice.

Who should read this paper

All interested stakeholders are invited to respond to this consultation paper. This consultation paper is primarily of interest to users of market data and trading venues, but responses are also sought from any other market participant including trade associations and industry bodies, institutional and retail investors.

Documents available for this Consultation
12/07/2019ESMA70-156-1471Response Form - CP review report_cost of market data and consolidated tape equity
12/07/2019ESMA70-156-1065CP_MiFID review report_cost of market data and consolidated tape equity


Activity Institution Download
Asset Management Citadel
Asset Management Invesco
Asset Management EFAMA
Asset Management BVI
Asset Management Norges Bank Investment Management
Asset Management AIMA and MFA
Asset Management ICI Global
Banking European Association of Co-operative Banks (EACB)
Banking DDV, German Derivatives Association
Banking Association of German Banks (BdB), Deutscher Sparkassen- und Giroverband (DSGV) and Associaton of German Public Banks, VÖB, e.V.
Banking Association for Financial Markets in Europe
Banking DACSI
Investment Services AMAFI
Investment Services Virtu ITG Europe Limited
Investment Services The Investment Association
Investment Services Associazione Intermediari Mercati Finanziari - ASSOSIM
Investment Services Finance Denmark
Investment Services Bundesverband der Wertpapierfirmen e.V.
Regulated markets Federation of European Securities Exchanges
Regulated markets Nasdaq
Regulated markets London Stock Exchange Group plc (LSEG)
Exchanges and Trading Systems World Federation of Exchanges
Exchanges and Trading Systems BÖAG Börsen AG
Exchanges and Trading Systems Cboe Europe
Others Association of Proprietary Traders
Others IInternational Capital Market Association (ICMA)
Others FIA
Others European Banking Federation
Others FIA European Principal Traders Association (FIA EPTA)
Others Refinitiv
Others Austrian Federal Economich Chamber, Division Bank and Insurance
Others FIX Trading Community
Others Cossiom
Others Swedish Securities Dealers Association
Others Global Legal Entity Identifier Foundation (GLEIF)
Regulated markets, exchanges & trading systems Börse Stuttgart
Regulated markets, exchanges & trading systems Deutsche Börse Group
Regulated markets, exchanges & trading systems EVIA
Regulated markets, exchanges & trading systems Aquis Exchange PLC
Fintech Clarus Financial Technology
Fintech Oktris Limited
Fintech IHS Markit
Fintech CFIMonitor.com