Euronext's new market data pricing sparks debate among traders

Euronext is rolling out a new pricing model for real-time market data in response to updated European regulations. The changes aim to ensure transparency and cost-based fees, though reactions from market participants have been mixed. Some users will pay less under the new structure, while others face higher costs.

The shift follows European rules on Reasonable Commercial Basis (RCB) pricing, which require exchanges to justify fees based on actual costs. Euronext's framework uses a cost-plus-margin approach, applied uniformly across all user types. Unlike previous models, this one does not target specific groups but focuses on broad accessibility and regulatory compliance.

Euronext has been meeting with market participants to clarify the changes and their regulatory background. The exchange stresses that the update is independent of the Market Integration and Structure Package (MISP) and is purely about aligning with RCB requirements. Other European exchanges have already adjusted their pricing. Deutsche Börse and SIX Swiss Exchange introduced flat-rate fees for real-time data—such as €25 per month per feed from January 2026—while Euronext plans a gradual rollout with volume discounts by Q2 2026. This difference in approach has led to varied fee impacts, with some users benefiting from reductions and others seeing increases. The European market data sector has remained stable in recent years, with average annual growth of 3% and revenues around €350 million. Euronext's changes aim to maintain this stability while ensuring fair and transparent pricing for all users.

The new pricing model will take full effect by mid-2026, with Euronext continuing to engage with users during the transition. Some participants will pay less, while others may face higher fees, depending on usage. The exchange insists the changes are necessary to meet regulatory standards and sustain high-quality data access.