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Commission Delegated Regulation (EU) 2017/567 of 18 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions (Text with EEA relevance) (MiFIR Delegated Regulation)RecitalsChapter I Determining liquid markets for equity instruments (arts. 1-5)Article 1 Determining liquid markets for sharesArticle 2 Determining liquid markets for depositary receiptsArticle 3 Determining liquid markets for exchange traded fundsArticle 4 Determining liquid markets for certificatesArticle 5 Assessment of liquidity of equity instruments by the competent authoritiesChapter II Data provision obligations for trading venues and systematic internalisers (arts. 6-11)Article 6 Obligation to provide market data on a reasonable commercial basisArticle 7 Obligation to provide market data on the basis of costArticle 8 Obligation to provide market data on a non-discriminatory basisArticle 9 Obligations in relation to per user feesArticle 10 Obligation to keep data unbundled and to disaggregate market dataArticle 11 Transparency obligationChapter III Data publication obligations for systematic internalisers (arts. 12-16)Article 12 Obligation for systematic internalisers to make quotes public on a regular and continuous basis during normal trading hoursArticle 13 Obligation for systematic internalisers to make quotes easily accessibleArticle 14 Execution of orders by systematic internalisersArticle 15 Orders considerably exceeding the normArticle 16 Size specific to the instrumentChapter IV Derivatives (arts. 17-18)Article 17 Elements of Portfolio compressionArticle 18 Publication requirements for Portfolio compressionChapter V supervisory measures on product intervention and position management (arts. 19-22)Section 1 Product intervention(arts. 19-21)Article 19 Criteria and factors for the purposes of ESMA temporary product intervention powersArticle 20 Criteria and factors for the purposes of EBA temporary product intervention powersArticle 21 Criteria and factors to be taken into account by competent authorities for the purposes of product intervention powersSection 2 Position management powers (art. 22)Article 22 Position management powers of ESMAChapter VI Final provisions (arts. 23-24)Article 23 Transitional provisionsArticle 24 Entry into ForceAnnex - Data to be provided for the purpose of determining a liquid market for shares, depositary receipts, exchange-traded funds and certificatesDone at
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Version status: Applicable | Document consolidation status: No known changes
Version date: 3 January 2018 - onwards
Version 3 of 3

Article 7 Obligation to provide market data on the basis of cost

(Article 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014)

1. The price of market data shall be based on the cost of producing and disseminating such data and may include a reasonable margin.

2. The cost of producing and disseminating market data may include an appropriate share of joint costs for other services provided by market operators or investment firms operating a trading venue or by systematic internalisers.

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