Description

Will Cowling | https://www.linkedin.com/in/will-cowling-58451451/LinkedIn

Understanding the EU Market Data Regulation Changes - with Will Cowling

In this episode, David Anderson is joined by Will Cowling to break down the upcoming changes in EU market data licensing and regulation, focusing on the RTS and RCB standards that come into effect in August 2026. This discussion covers the impact on exchanges, vendors, and end-users, highlighting practical steps for preparation and compliance.

Key Topics:

• Overview of the EU RTS (Regulatory Technical Standards) and RCB (Reasonable Commercial Basis)
• Timeline for implementation and key dates (notably August 23, 2026)
• Major articles causing industry change, including Article 5.1d (client fee categories) and Article 15 (audit provisions)
• How exchanges like AQUIS, BME, CBOE, Deutsche Börse, Euronext, and others are adapting their policies
• Implications for different market participants, including client firms and vendors
• The importance of updating inventory and application management systems
• The shift towards ongoing, live audits and entitlement reporting
• Cross-border effects and applicability outside the EU
• Practical recommendations for firms to prepare and potential pitfalls to avoid

Note:

For clients and vendors, this podcast highlights critical actions: update inventory and entitlement systems, review exchange policies, and prepare for continuous audit requirements to ensure compliance by August 2026. Stay vigilant for further updates from regulators and exchanges.

DAVID ANDERSON  -- https://www.linkedin.com/in/atradia/