MiFIR EU Pricing

Direct Reporting

Direct Reporting tariffs detailed below are applied to messaging volumes relating to a firm’s own activity, where the submitting entity is party to the transaction sent to the Approved Reporting Mechanism (‘ARM’).

Subscription Fees (Standard)

Product name Product family Recurring/One off Type Contract length Price
REG Reporting MiFIR EU Direct Reporting Standard Flat fee MiFIR Recurring Annual fixed 5 years € 3,838
<5 years € 4,477
Out-of-contract € 5,117

Subscription Fees (Category A)

Product name Product family Recurring/One off Type Price
REG Reporting MiFIR EU Direct Reporting Category A Flat fee MiFIR Recurring Annual fixed € 63,963 License fee + Prepaid fee

Variable Fees (Standard)

# Volume (p.a) Maximum (p.a) Volume per band Price per trade Price per band
1 0 111,111 111,111 Included in the subscription fee
2 111,112 1,260,000 1,148,889 € 0.023027 € 26,455
3 1,260,001 5,040,000 3,780,000 € 0.019189 € 72,534
4 5,040,001 12,600,000 7,560,000 € 0.015351 € 116,054
5 12,600,0001 25,200,000 12,600,000 € 0.011513 € 145,064
6 25,200,001 50,400,000 25,200,000 € 0.008955 € 225,666
7 50,400,001 126,000,000 75,600,000 € 0.005373 € 406,199
8 126,000,001 Unlimited Unlimited € 0.002686 Unlimited

Variable Fees (Category A)

# Volume (p.a) Flat fee Price per additional transaction volume
1 Up to 5,000,000 Included in subscription fee € 0.012793
2 More than 5,000,000 and up to 13,000,000 € 95,945 € 0.007380
3 More than 13,000,000 and up to 26,000,000
€ 127,926 € 0.004920
4 More than 26,000,000 and up to 40,000,000
€ 159,907 € 0.003998
5 More than 40,000,000 and up to 78,000,000 € 191,890 € 0.002460 
6 More than 78,000,000 and up to 104,000,000 € 223,871 € 0.002153
7 More than 104,000,000 and up to 130,000,000 € 255,852 € 0.001968
8 More than 130,000,000 and up to 156,000,000 € 287,833 € 0.001845
9 More than 156,000,000 and up to 260,000,000 € 319,816 € 0.001231

Category B Incentives

Clients that meet the criteria for ‘Category B’ will be eligible for a reduction in fees based on product usage and duration of contract.

Definitions

Category A

Clients must meet one of the below criteria to be determined as ‘Category A’.

  • Primary business is High-Frequency/Algorithmic trading.
  • Primary business function is the provision of an electronic platform to retail investors.

And both of the below;

  • Contracts with minimum term of 3 years.
  • Pre-payment above the product minimum included in the subscription fee.

If the above criteria are met, clients are not eligible for Category B classification. 

Category B

To be classified as a ‘Category B’, a client must meet all the below criteria.

  • Active LSEG Regulatory Reporting products within the MiFIR product family (including annual product value of entities within the same ‘Ultimate Parent’) with a minimum annual subscription value of €600,000 (or equivalent).
  • Combined MiFIR message volumes of 50,000,000 across entities within the same ‘Ultimate Parent’ (excluding back reporting).
  • Contracts with minimum term of 3 years.
  • Pre-payment above the minimum included in the relevant MiFIR subscription fee.