Euronext overhauls market data pricing under new EU transparency rules
Euronext has introduced a new pricing framework for real-time market data, based on updated European regulations. The changes follow rules on Reasonable Commercial Basis (RCB) pricing and aim to ensure transparency and cost-based fees. Some users will pay less, while others may face higher charges under the revised system.
The updated fee structure replaces the previous model, which is no longer comparable to the new approach. Euronext has designed the system using cost-plus-margin principles, applying them uniformly across all user categories. The goal is to align pricing with regulatory standards while maintaining broad access to high-quality data.
Market data revenues in Europe have remained steady over the past five years, averaging around €350 million annually with a 3% nominal growth rate. Euronext's adjustments are not connected to the Market Integration and Structure Package (MISP) but stem directly from the RCB requirements.
No other European stock exchanges have publicly adjusted their market data fees under the new RCB rules in 2024 or earlier. This makes Euronext's model the first of its kind under the updated regulations. The exchange continues to discuss the changes with market participants, clarifying the regulatory background and how the new pricing works.
The new framework focuses on regulatory compliance and fair access to market data. It does not target specific user groups, though individual fees may rise or fall depending on usage. Euronext remains in dialogue with participants to explain the adjustments and their impact.
