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Market data, MiFID and Technology

We have a unique and market leading understanding of the financial trade and market data industry and the complex interactions of regulation, contract, intellectual property and competition law that underpin it.

We have significant, practical experience of guiding clients along the important interface between regulation and technology and through the legislative maze of FSMA, MiFID (the Markets in Financial Instruments Directive) EU directives and regulations, UK implementing rules and CESR and FSA consultations, guidance and rules.

Our clients include:

Exchanges, index providers and other data sources
Electronic communications networks
Data aggregators and revendors
Software developers
Sell side principals, brokers and dealers and
Fund and investment managers

Our recent experience includes:

Acting on real-time, end of day, partnering and global deals for a leading index provider
Advising on strategic and operational contracts for the acquisition and revending of trade data, market data, software and related services
Advising banks on market data acquisition and use
Advising on the application of FSMA to market data service providers
Advising on contractual, competition law and regulatory aspects of exchange, MTF and other platform membership, participation and rules
Advising on the applicability of the FSA’s system and operational control rules to outsourcing, trade and market data and related agreements under FSMA and MiFID
Assessing the impact of MiFID’s pre-trade and post-trade disclosure requirements on market patterns and contract structures at various levels of the value chain
Assessing MiFID best execution requirements for pan EU data aggregation; and
Analysing intellectual property rights and competition law duties in trade data and market data flows
Advising in relation to the ability of rights holders to refuse access to data under the competition law rules, and the terms (especially price) on which data should be licensed
Assisting clients in preparing responses to European Commission competition investigations into the supply of market data under Article 82 of the EC Treaty

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