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Asset managers and financial market data procurement: Pay or die!

Author

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  • Siebel, Rudolf

    (Managing Director, BVI, Germany)

Abstract

This paper describes the issues asset managers are facing in financial market data procurement. It discusses possible short- and medium-term regulatory measures in the European Union’s Markets in Financial Instruments Directive/Regulation (MiFID/R), benchmark regulation and credit rating agency regulations (CRAR) to deal with the associated exchanges price, index and ratings data-procurement and usage issues, collectively referred to as financial market data (FMD). As first step, in the near term, increased supervision and enforcement of existing MiFID/R market data cost regulation by both European Securities and Markets Authority (ESMA) and National Competent Authorities (NCAs) could help to address somewhat the ongoing dispute between market data users on the buy- and the sellside and market data providers, mainly exchanges and market data distributors. Additionally, changes to applicable supervisory laws across the different regulated data providers, namely exchanges, benchmark providers and credit-rating agencies, are suggested to be implemented during the mandate of the new European Commission, which operates until 2024, to achieve a coherent regulation of FMD cost and transparency rules.

Suggested Citation

  • Siebel, Rudolf, 2020. "Asset managers and financial market data procurement: Pay or die!," Journal of Securities Operations & Custody, Henry Stewart Publications, vol. 12(4), pages 302-319, September.
    • Handle: RePEc:aza:jsoc00:y:2020:v:12:i:4:p:302-319
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    More about this item

    Keywords

    market data; benchmark and index data; ratings data; data cost; data licence; EU regulation;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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