About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Briefs

FESE and Oxera Publish New Analysis on Market Data Fees in EU Equity Trading

Subscribe to our newsletter

The Federation of European Securities Exchanges (FESE) has commissioned Oxera to conduct an analysis of market data fees and revenues since the implementation of MiFID II, building on previous studies from 2019 and 2022. This analysis is timely, aligning with the ESMA’s recent consultation on the Regulatory Technical Standards (RTS) on Reasonable Commercial Basis.

The Oxera study reveals that market data revenues from stock exchanges have remained relatively stable, suggesting that overall market data prices have not significantly increased. The findings also indicate a shift from display to non-display data usage, with fees adjusted accordingly to reflect this change and accommodate smaller clients.

FESE urges ESMA to consider these findings in shaping the final RTS to avoid overregulation, which could restrict data access and investment. FESE also recommends a principle-based approach to cost allocation, ensuring fairness across different customer groups.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Best approaches for trade and transaction reporting

Compliance practitioners and technology leaders in capital markets face mounting pressure to ensure that reporting processes are efficient, accurate, and aligned with global standards. Market developments and jurisdictional nuances in regulatory frameworks like MiFID II, EMIR, SFTR and MAS create a continual challenge for compliance teams. This webinar brings together senior RegTech executives and seasoned...

BLOG

Global Relay Reports Shift Towards AI in Surveillance Amid Rising Regulatory Pressure

A new report from Global Relay reveals a growing appetite for AI in financial compliance, with 31% of firms either having implemented or planning to adopt AI in surveillance workflows within the next year. The State of AI in Surveillance Report 2025 highlights changing attitudes across the sector, with a 19% decline in firms hesitant...

EVENT

Data Licensing Forum 2025 NYC

The Data Licensing Forum will explore industry trends, themes and specific developments relating to licensing of financial market data from Exchanges and Data Vendors.

GUIDE

AI in Capital Markets: Practical Insight for a Transforming Industry – Free Handbook

AI is no longer on the horizon – it’s embedded in the infrastructure of modern capital markets. But separating real impact from inflated promises requires a grounded, practical understanding. The AI in Capital Markets Handbook 2025 provides exactly that. Designed for data-driven professionals across the trade life-cycle, compliance, infrastructure, and strategy, this handbook goes beyond...