EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/3.III.3:3.III.3 The dominant role of RMs in publishing equity pre-trade data

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/3.III.3

3.III.3 The dominant role of RMs in publishing equity pre-trade data

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Many of the potential regulatory concerns with respect to ATSs and order internalising systems were mitigated by the dominant position of RMs. RMs were during the ISD timeframe – in addition to data vendors redistributing the RM data – mainly in charge of equity pre-trade data publication.1 There were at least three factors that explain the dominant position of RMs.

3.III.3.1 Factor 1: optional ISD concentration-rule3.III.3.2 Factor 2: national regulation3.III.3.3 Factor 3: modernization of EU RMs

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