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🔗 Back to Summary. 🇫🇷 French Version: 2025R1156_FR.3. Back to Summary of LVL1. Open the PDF. Direct link to EUR-LEX.
Article 2 – Total costs ⬅️ | ➡️ Article 4 – Obligation to provide market data on a non-discriminatory basis
Article 3 - Principles in setting a reasonable margin for market data
1.
The reasonable margin for market data shall be the operating profit.
2.
The reasonable margin for market data shall:
(a)
be set as a percentage of the total costs;
(b)
not exceed disproportionately the total costs;
(c)
for market data providers who offer services other than the production and dissemination of market data, be reasonably comparable to the operating profit attributable to the overall business conducted by the market data provider.
3.
The reasonable margin shall be achieved by setting fees for market data which enable data access to the maximum number of market data clients.