Article 25

Market operators and investment firms operating a trading venue, APAs and systematic internalisers shall make available to the public the delayed market data in a format adapted to the clients’ needs for a sufficient period of time, as follows:

(a)	the delayed pre-trade market data shall be made available in a machine-readable and human readable format, until and including the following business day;

(b)	the delayed post-trade market data shall be provided in a machine-readable and human-readable format and be made available in commonly used programs which allow clients to automate data extraction.

For the purposes of point (b), that delayed post-trade market data shall be made available for all traded instruments or for a category of instruments in the same file, which shall include only the delayed market data. The data for each trading day shall be made available in the same file.

The daily file referred to in the second subparagraph shall be updated every minute. If the time period between reported data exceeds one minute, that file shall be updated as soon as the market data becomes eligible for delayed market data publication. The daily file shall be made available at least until and including the next business day to allow for data extraction by market data clients.