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MiFID II implementation: Questions and answers Impact of data disaggregation and transparency on our market data offering

This page provides up-to-date information on the implementation of MiFID II requirements related to Deutsche Börse’s market data business.

MiFID II will apply from 3 January 2018.

The below catalogue of questions and answers will be expanded continuously to ensure the seamless implementation of all MiFID II related requirements.

Please note that these questions and answers are provided as a service of Deutsche Börse and are for information purposes only. The information provided reflects the current state of planning, is not legally binding and may change without notice.

If you have any further questions, please do not hesitate to contact us.

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Which data feeds will be amended in order to meet MiFID II requirements concerning data disaggregation and transparency?

Deutsche Börse will make technical changes to its CEF Core data feed to implement MiFID II requirements on data disaggregation and transparency. This applies to the following data sources:

  • Xetra/Börse Frankfurt
  • Eurex
  • European Energy Exchange (EEX)(derivatives only)
  • Powernext (derivatives only)
  • Eurex Bonds
  • Irish Stock Exchange
  • Regional Exchanges Germany (Börse Düsseldorf, Börse Berlin, Börse München, Börse Hamburg-Hannover)
  • Malta Stock Exchange
  • Bulgaria Stock Exchange
  • Tradegate
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What is the underlying timeline for the implementation of the technical changes?

Deutsche Börse plans to implement the MiFID II related technical changes in the framework of CEF Core Release 13.0 on 4 December 2017.

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What is the timeline for the publication of technical specifications?

Details regarding changes to the CEF Core data feed will be communicated to all CEF clients through our CEF release notes as usual. We aim to distribute these notes to all clients as soon as possible, but at the latest 90 days prior to the release date, therefore latest on 5 September 2017.

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Will Deutsche Börse implement the MiFID II requirements regarding data disaggregation technically or only commercially?

Deutsche Börse will provide a full MiFID II compliant product structure as of January 2018. We are planning to offer the required information products in accordance with MiFID II data disaggregation technically as separate products being available via CEF Core. This new product structure will also be taken into account in our license model.

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Will Deutsche Börse continue to provide consolidated products?

Deutsche Börse plans to continue to provide consolidated products in addition to the required disaggregated information products. However, it is our aspiration to limit additional administrative complexity.

This approach addresses the requirements communicated by vendors and subscribers in the conversations we had over the last months.

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Which additional information products is Deutsche Börse going to offer in the light of MiFID II?

Deutsche Börse plans to offer separate pre-trade and post-trade information products for the relevant trading venues. These products will be provided in addition to any consolidated products, which will be part of our offering as of January 2018.