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Execution quality (RTS 27/EU 2017/575)

NOREXECO will make tables and documentation regarding Commission Delegated Regulation (EU) 2017/575 available to those with an interest. Please contact us at post@norexeco.com.

Market Data Revenue

Information required by Article 11(2)(d) of Commission Delegated Regulation (EU) 2017/567: 15 k€ , 6.8% (2018).


Article 11(2)(e) of Commission Delegated Regulation (EU) 2017/567 is about how prices for market data are set:
The price for subscribing to NOREXECO data is based on ‘peer comparison’ and due care is taken to make it an attractive service to participants in the global pulp and paper market.


The regulators of the European financial markets have worked out a new Directive, MiFID II, and a new Regulation, MIFIR. With a few thousand pages of level 2 details issued by the European Securities and Markets Authority (ESMA), exchanges and market participants have prepared systems and procedures to be ready for the effective date of MiFID II and MIFIR: 3 January 2018.

MiFID II and MIFIR are revisions of MiFID I that take into account development in the trading environment since its implementation in 2007 and, in light of the financial crisis, to improve the functioning of financial markets making them more efficient, resilient and transparent.

The original scope of MiFID I has been expanded to cover a larger group of companies and financial products. MiFID II will bring the majority of non-equity products into a robust regulatory regime and move a significant part of OTC trading onto regulated platforms. Furthermore, MiFID II strengthens pre- and post-trade transparency requirements and introduces position limits for commodity derivatives. Moreover, investor protection has become a key focus of MiFID II.

Exchanges and Investment firms are required to report transactions and positions to the regulators to improve their oversight of the markets.

We have prepared a short Q&A related to being a member of NOREXECO and trading pulp and paper derivatives on the exchange. Download the Q&A here.

Here are some useful sources for information:

Reference data download

The European securities and Markets Authority (ESMA) website on MiFID II and MIFIR
The Norwegian Financial Supervisory Authority’s website on MiFID II
The UK FCA website on MiFID II

NOREXECO has extensive co-operation with the Deutsche Boerse group that includes European Commodity Clearing (ECC) and also the European Energy Exchange (EEX).


DISCLAIMER: The information on this page is for information purposes only and may not substitute legal advice!