On 28 April 2022, the Board of the International Organization of Securities Commissions (IOSCO) published a report that sets out some issues and considerations for regulators when reviewing the regulation of market data. The Report Market Data in the Secondary Equity Market: Current Issues and Considerations highlights that market data is an essential element of efficient price discovery and for maintaining fair and efficient markets. Specifically, market data enables market participants to identify liquidity, make informed order routing and investment decisions and comply with regulatory requirements, such as best execution.