EBF calls for closer scrutiny of wholesale financial data markets to strengthen EU capital markets competitiveness

EBF calls for closer scrutiny of wholesale financial data markets to strengthen EU capital markets competitiveness

Brussels, 29 October 2026 – The European Banking Federation (EBF) has published a new policy paper, “Fair Access to Wholesale Financial Data: Supporting More Competitive, Efficient and Attractive EU Capital Markets”, highlighting challenges related to access to wholesale financial data and calling on relevant EU market authorities to gather and examine further evidence to establish a fuller picture.

Reliable, affordable and timely access to wholesale financial data, including core market data from trading venues, and value-added data such as reference data, benchmarks, credit ratings and ESG-related information, has become essential for capital markets activities. Financial institutions rely on these data both for their day-to-day operations and to comply with regulatory and disclosure requirements. 

Fair and transparent access to these data a is therefore integral to the well-functioning, attractiveness and competitiveness of EU capital markets. 

The EBF has collected qualitative feedback from Members on the conditions and practices under which wholesale financial data are made available by providers, including incumbent capital markets infrastructures and data aggregators, and their implications for users.

The paper describes possible examples of pricing practices, licensing conditions and commercial arrangements which, combined with the absence of substitutes for core market data, high switching costs for value-added data and structural dependency on a limited number of providers, may generate additional costs and administrative complexity without corresponding improvements in the underlying services.

Taken together, these factors can constrain users' effective commercial choice, stifle innovation and ultimately affect progress towards the objectives of the Savings and Investments Union (SIU): developing well-integrated, competitive and attractive EU capital markets.

Against this background, the EBF calls on the European Commission and the European Securities and Markets Authority (ESMA), in cooperation with other relevant authorities, to conduct a dedicated assessment of the conditions and practices affecting access to wholesale financial data. 

Such an assessment should examine market concentration, substitutability, switching costs, pricing and licensing practices, as well as the implementation and effectiveness of the Reasonable Commercial Basis requirements applicable to core market data under MiFIR.

Through this paper, the EBF aims to raise awareness of these challenges and contribute to an open, evidence-based discussion on their implications for the competitiveness of EU capital markets.

Read the full EBF Policy Paper here

For more information:

Jacopo Borgognone, Head of Capital Markets – j.borgognone@ebf.eu 

Emanuela Manenti, Policy Adviser of Capital Markets – e.manenti@ebf.eu 

About the EBF:

The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The federation is committed to a thriving European economy that is underpinned by a stable, secure, and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.