Market Data Fees Disclosures

Article 11 of Commission Delegated Regulation (EU) 2017/567 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’. 

Article 89 of Commission Delegated Regulation (EU) 2017/565 requires that ‘APAs and CTPs shall disclose and make easily available to the public the price and other terms and conditions for the provision of the market data in a manner which is easily accessible.’

This document is intended to cover the relevant disclosures required by these ‘Transparency obligations’, for both Tradeweb Europe Limited and Tradeweb EU B.V., and for ease of accessibility to the public, is published on the Tradeweb website.

This disclosure is effective from 3 March 2021.

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

		DELAYED DATA	REAL-TIME DISPLAY	PROFESSIONAL USE
		WEBSITE/ DOWN-LOADABLE FILES	WEB OR DISPLAY (PER USER)	PROFESSIONAL LICENSE (INC. 25 USERS)	MACHINE-TO-MACHINE INPUT	ENTERPRISE
APA-Post Trade Reporting	All Data	£0	£600	£24,000	£60,000	£75,000
APA Pre-Trade SI Reporting	All Data	Not Available	£600	£24,000	£60,000	£75,000
MTF Post- Trade Reporting	All Data	£0	£600	£24,000	£60,000	£75,000
MTF Pre- Trade SI Reporting	All Data	£0	£600	£24,000	£60,000	£75,000

NOTES
1. Fees are quoted on a per annum basis
2. Real Time Display fees are per user
3. Professional Use type licenses delivered via real time data feed and/or End of Day file
4. Professional  Licenses above 25 users are subject to per user fees
5. Enterprise Professional Use License includes unlimited users, and Machine-to-Machine Input
6. 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: 23 July 2020

(c) Content of the market data 
The number of instruments covered reflect unique MiFID instruments published by the Tradeweb MTF

NUMBER OF INSTRUMENTS COVERED	UK MTF	NL MTF
Equity & Equity Like	2,587	2,483
Bonds	20,440	13,651
Derivatives	29,803	12,988

The turnover in instruments covered reflect the volume published by the Tradeweb MTF in MiFID instruments, displayed in Euro

TURNOVER IN INSTRUMENTS COVERED	UK MTF	NL MTF
Equity & Equity Like	€158 Billion	€247 Billion
Bonds	€4.7 Trillion	€990 Billion
Derivatives	€8.7 Trillion	€2.3 Trillion
Full Year 2020

The number of instruments covered reflect unique MiFID instruments published by the Tradeweb OTF

NUMBER OF INSTRUMENTS COVERED	UK OTF	NL OTF
Equity & Equity Like	-	-
Bonds	2,806	1,206
Derivatives	-	-

The turnover in instruments covered reflect the volume published by the Tradeweb OTF in MiFID instruments, displayed in Euro

TURNOVER IN INSTRUMENTS COVERED	UK OTF	NL OTF
Equity & Equity Like	-	-
Bonds	€2.8 Billion	€1.2 Billion
Derivatives	-	-
Full Year 2020

The number of instruments covered reflect unique ToTV instruments published by the Tradeweb APA service

NUMBER OF INSTRUMENTS COVERED	UK APA	NL APA
Equity & Equity Like	10,479	4,773
Bonds	51,822	5,913
Derivatives	921,239	80,454
Full Year 2020

 

The turnover in instruments covered reflect the volume published by the Tradeweb APA service in ToTV instruments, displayed in Euro

TURNOVER IN INSTRUMENTS COVERED	UK APA	NL APA
Equity & Equity Like	€1.5 Trillion	€81 Billion
Bonds	€40 Trillion	€249 Billion
Derivatives	€680 Trillion	€7.8 Trillion
Full Year 2020

 

(d)  Revenue from market data

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

(e) How the price was set

We identified market data sales, market data business management, APA build, APA support, distribution infrastructure, and website build as direct costs for the provision of market data.  Joint costs were then 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 Tradeweb’s overall approach to cost allocation.

The pricing for market data was established to cover the abovementioned costs and to generate a reasonable margin based on highly uncertain revenue projections. During 2020 the actual fees generated from market data do not cover the cost.