17.II.2 Scope

The MiFID II data separation-rules apply to RMs and MTFs.1 The MiFID II-rules do not apply to investment firms operating outside RMs and MTFs (including SIs), APAs, and CTPs. The MiFID II-rules also do not apply to data vendors redistributing equity pre- and post-trade data (as originally published by, for example, one or multiple RMs).2 In addition, the MiFID II-rules for RMs and MTFs only apply in relation to MiFID II equity pre- and post-trade data (i.e. equity pre- and post-trade data MiFID II requires to make public).3

The exclusion of scope in relation to investment firms operating outside RMs and MTFs, APAs and CTPs is not surprising. These persons are mainly concerned with MiFID II equity pre- or post-trade data.4 By contrast, RMs and MTFs are always responsible for publishing both equity pre- and post-trade data.5 The exclusion of data vendors from the MiFID II scope is more striking. Data vendors play an important role in the value chain of equity pre- and post-trade data by redistributing data collected from, among others, RMs, MTFs, and APAs. The lack of MiFID II disaggregation rules for data vendors entails the risk that the splitting of equity pre- and post-trade data by RMs and MTFs is not carried through to end-users.6 The exclusion of data vendors from the MiFID II scope is part of the MiFID II Review.