Article 89
Transparency obligation
1.
APAs and CTPs shall disclose and make easily available to the public the price and other terms and conditions for the provision of the market data in a manner which is easily accessible.
2.
The disclosure shall include the following:
(a)
current price lists, including the following information:
(i)
fees per display user;
(ii)
non-display fees;
(iii)
discount policies;
(iv)
fees associated with licence conditions;
(v)
fees for pre-trade and for post-trade market data;
(vi)
fees for other subsets of information, including those required in accordance with the regulatory technical standards pursuant to Article 12(2) of Regulation (EU) No 600/2014;
(vii)
other contractual terms and conditions;
(b)
advance disclosure with a minimum of 90 days' notice of future price changes;
(c)
information on the content of the market data including the following information:
(i)
the number of instruments covered;
(ii)
the total turnover of instruments covered;
(iii)
pre-trade and post-trade market data ratio;
(iv)
information on any data provided in addition to market data;
(v)
the date of the last licence fee adaption for market data provided;
(d)
revenue obtained from making market data available and the proportion of that revenue compared to total revenue of the APA or CTP;
(e)
information on how the price was set, including the cost accounting methodologies used and information about the specific principles according to which direct and variable joint costs are allocated and fixed joint costs are apportioned, between the production and dissemination of market data and other services provided by APAs and CTPs.