5.II.1.6.1 Goals

The importance of equity pre-trade data was widely recognised during the MiFID I-review. CESR noted that under MiFID I pre-trade transparency obligations for shares admitted to trading on an RM were in place with the aim of (1) providing the wider investing public with access to information on current opportunities to trade on a timely basis.1 CESR added that the pre-trade transparency obligations were also (2) a way of mitigating potential adverse impact of fragmentation, (3) ensuring a level playing field between RMs and MTFs (and SIs), (4) promoting the efficiency of the overall price formation process in the EEA, and (5) assisting an effective operation of best execution-obligations.2 CESR did not contest these goals in drafting MiFID II. Similar perspectives were apparent in the MiFID II proposal of the Commission,3 as well as in the positions taken on MiFID II by the European Parliament and Council.4 The EU did accordingly not challenge the goals of the MiFID I pre-trade transparency obligations. The latter is evident in the final MiFID II text. The MiFID II aim of the MiFID II equity pre-trade transparency obligations for RMs and MTFs reflect the goals CESR described above (points 1-5).5