13.III.3.4 Timing

MiFID II requires CTPs to make the consolidated equity post-trade data available to the public as close to real time as is technically possible.1 Under MiFID II ‘real time’ means as fast as technically possible and in any case within one minute (i.e. MiFID I covered a maximum of three minutes).2 The objective of reducing the real time-definition to one minute under MiFID II is to enhance price formation process.3 The timing requirements for the consolidated tape should be read in conjunction with the MiFID II rules for (i) APA time-stamping by APAs (paragraph 3.1.3 above); and (ii) clock synchronisation by RMs, MTFs, and their members and participants (paragraph 3.2.3 above). Time-stamping and clock synchronisation on the level of APAs, respectively RMs, MTFs, and their members and participants, are in place to support the reliability of a consolidated tape (whether or not provided by a CTP or non-qualifying CTP).4