8.IV.2.4 Interim conclusion

The next step of making calculations and estimates for the MiFID I equity post-trade transparency regime was to publish the results. For this reason, MiFID I introduced top-down elements in the area of result publication. In contrast to the ISD, where equity (pre- and) post-trade transparency calculations/estimates were a national matter, MiFID I introduced harmonised publication requirements. MiFID I required NCAs to publish the calculations and estimates, unless CESR already published the results on behalf of the NCA. Additionally, CESR needed to publish the individual NCA results in a consolidated manner. CESR operated the MiFID I Database for Shares Admitted to Trading on an RM to ensure the consolidated view. The MiFID I aim was to ensure all market participants across the EU would have access to data relevant for the equity (pre- and) post-trade transparency regime, namely in determining ‘large in scale transactions’ relevant for the delayed post-trade publication. The harmonised publication provisions of MiFID I were in place to ensure a similar approach across the NCAs, including a consolidating role for CESR, in publishing the results at the EU level.