9.III.1.3.1 General

The general equity post-trade transparency obligations of MiFID II are laid down in MiFIR. MiFIR requires investment firms to make public (1) the price; (2) volume; and (3) the time of the transactions executed in equity instruments traded on a trading venue.1 A difference with MiFID I is that MiFIR does not refer to any terms indicating minimum harmonisation, such as ‘at least’.2 This means that under MiFID II Member States cannot require investment firms trading outside an RM or MTF to publish more equity post-trade data than required by the MiFID II framework (i.e. maximum harmonisation).3 Another difference with MiFID I is that the general MiFID II are laid down in a regulation (MiFIR) instead of in a directive (MiFID I Directive). As consequence, the MiFIR requirements apply directly to the individual Member States.