Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/17.V.3
17.V.3 Providing data on a reasonable commercial basis
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS266853:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Voetnoten
Voetnoten
As noted, MiFID II has tightened the reasonable commercial basis requirements compared to MiFID I. MiFID II requires APAs and CTPs to publish post-trade data on a reasonable commercial basis (CTPs are not authorised under MiFID II). A similar requirement applies to RMs and MTF with respect to equity pre- and post-trade data. MiFID II also requires SIs to make public their quotes (pre-trade data) on a reasonable commercial basis. For a detailed examination, reference is made to section III above.
The transparency plus approach, in short, refers to the current MiFID II approach that requires transparent equity pre- and post-trade data prices (transparency) and the relation between the costs of data production and dissemination and the data prices (plus). For an examination of the transparency plus approach, reference is made to section III above.
ESMA, MiFID II/MiFIR Review Report No. 1, 5 December 2019 (ESMA70/156-1606), p. 26.
Another aspect of the ESMA MiFID II Review are the MiFID II provisions to offer MiFID II equity pre- and post-trade data on a reasonable commercial basis.1 The ESMA assessment in the MiFID II Review can be divided in two elements. First, ESMA considers that the current reasonable commercial basis approach (the so-called transparency plus approach)2 has not delivered on its objectives. This ESMA observation is not shared by trading venues, but concurs with the feedback received from data users. Second, ESMA agrees with most stakeholders that it is premature to conclude that the transparency plus approach needs to be replaced by an alternative approach (e.g. a revenue cap). For these reasons, ESMA provides proposals to improve the current transparency plus approach (i.e. not replace it).3 The ESMA proposals consist out of supervisory guidance and legislative changes.
17.V.3.1 ESMA proposals on supervisory guidance17.V.3.2 ESMA proposals on legislative changes17.V.3.3 Interim conclusion