Market Data Fees Disclosures

Article 11 of Commission Delegated Regulation (EU) 2017/567 of 18 May 2016 as published in the Official Journal of the European Union on 31 March 2017 (the ‘Transparency obligation’), requires that, ‘Market operators and investment firms operating a trading venue and systematic internalisers shall disclose the price and other terms and conditions for the provision of the market data in a manner which is easily accessible to the public’. This document is intended to cover the relevant disclosures required by the Transparency obligation, and for ease of accessibility to the public is published on the Tradeweb website.

This disclosure is effective from 3 January 2018.

(a)  Price lists  This section details TWE’s current market data price list. 

   

DELAYED DATA

REAL-TIME DATA

    WEBSITE/ DOWN-LOADABLE FILES

WEB OR DISPLAY (PER USER)

DATA FEED (PER USER)

NON-DISPLAY/ALGO INPUT

APA Post Trade Reporting

All Data

£0

£1,200

£1,200

£55,000

APA Pre Trade SI Reporting

All Data

Not Available

£9,000

£9,000

£55,000

MTF Post Trade Reporting

All Data

£0

£1,200

£1,200

£30,000

MTF Pre Trade SI Reporting

All Data

£0

£7,500

£7,500

£30,000

MTF Combined Pre and Post Trade Reporting

All Data

£0

£8,000

£8,000

£55,000

NOTES
1. Fees are quoted on a per annum basis
2. Web/display & Data Feed fees are per user
3. Discounts are available for Enterprise Distribution
4. Disaggregated Data Sets (each data set is 50% of the All Data fee)
    Set 1  Government, Supranational Coupon Bonds and Interest Rate Derivatives
    Set 2  Corporate Bonds, Credit and Index Derivatives
    Set 3  Exchange Traded Funds, Equities and Options
    Set 4  Other (Commodities, EMM, Futures, C10 etc.)

(b) Price changes

Date of the last licence fee adaption for market data: 3 January 2018

(c) Content of the market data 

Information on the pre-trade and post-trade market data ratio is not currently available. Market data has not previously been made available by TWE MTF, and waivers and deferrals have not previously been applicable.

NUMBER OF INSTRUMENTS COVERED

MTF

APA

Shares

22,000 (ETFs)

All shares and ETFs that are ToTV

Bonds

248,000

All bonds that are ToTV

Derivatives

343,350

All derivatives that are ToTV

 

TURNOVER IN INSTRUMENTS COVERED

MTF

APA

Shares

217 Billion

267 Billion

Bonds

4.49 Trillion

95.13 Trillion

Derivatives

7.964 Trillion

5.682 Quadrillion

Full Year 2018

 

 

All numbers are only for the U.K. entity as the B.V. did not have any activity in 2018. Please note all policies apply equally to both the U.K. and B.V. legal entities.

(d)  Revenue from market data

Tradeweb’s MiFID Transparency Market Data represent less than 1% of the firm’s revenues and as such are not material to the firms overall business.

(e) How the price was set

With MiFID go-live we made real time market data available for the first time. Demand for the data was hard to predict and subject to several significant unknowns. These included: the number of liquid instruments, the percentage of transactions that are deferred, and the quality of the data.

As direct costs of the provision of market data we identified market data sales, market data business management, APA build, APA support, distribution infrastructure, and website built.  Joint costs were identified by our market data and finance team. They include Trading Infrastructure, MiFID platform compliance and MiFID conformance.  The cost allocation methodology used is consistent with our general approach to cost allocation in the company.

The pricing for market data was set as such that it would cover the cost and generate a reasonable margin based on highly uncertain revenue projections. As of today the actual fees generated from market data do not cover the cost.