TITLE IITRANSPARENCY FOR TRADING VENUES
CHAPTER 3Obligation to offer trade data on a separate and reasonable commercial basis
Article 12Obligation to make pre-trade and post-trade data available separately
1.
Market operators and investment firms operating a trading venue shall make the information published in accordance with F1, or with rules made under, Articles 3, 4 and 6 to 11 available to the public by offering pre-trade and post-trade transparency data separately.
2.
Article 13Obligation to make pre-trade and post-trade data available on a reasonable commercial basis
1.
Market operators and investment firms operating a trading venue shall make the information published in accordance with F4, or with rules made under, Articles 3, 4 and 6 to 11 available to the public on a reasonable commercial basis and ensure non-discriminatory access to the information. Such information shall be made available free of charge 15 minutes after publication.
2.
F5 The Treasury may by regulations clarify what constitutes a reasonable commercial basis to make information public as referred to in paragraph 1.