A new study finds that some of Europe’s largest exchanges have been using their incumbent advantage as must-have sources of data to boost their revenues by structuring datasets originally sold together into increasingly complex bundles at increased costs.

Market Structure Partners, a market intelligence and advisory firm, published a report analyzing market data prices and fee structures from 2017 to 2024, and found that fee schedules have increased exponentially across Deutsche Börse, Euronext, London Stock Exchange Group (LSEG), Nasdaq Nordics, and SIX, far outpacing the period’s inflation rates.