8.II.1.3.1 General

The general MiFID I post-trade transparency obligations were laid down in the MiFID I Directive. The MiFID I Directive required RMs and MTFs to make public ‘at least’: (1) the price; (2) volume; and (3) time of the transactions concluded through their systems1 in relation to shares admitted to trading on an RM.2 The term ‘at least’ indicated minimum harmonisation. Member States were permitted to require RMs and MTFs to publish more post-trade information than prescribed by the MiFID I-regime.3 MiFID I applied the post-trade transparency obligations without calibration to the underlying trading model, such as whether the RM or MTF was order-driven or quote-driven. This contrasted with the MiFID I pre-trade transparency regime. The MiFID I pre-trade transparency regime adapted the pre-trade transparency obligations depending on the underlying trading model. MiFID I did not deem calibration in the context of post-trade transparency necessary.4 MiFID I did not require RMs and MTFs to make public the identity of the transacting parties. MiFID I ‘merely’ required the publication of the market identifier code (MIC) of the trading venue in question, being the MIC of the RM or MTF.5

The foregoing indicates that, despite the minimum harmonised nature of the general MiFID I post-trade transparency obligation, MiFID I introduced substantially higher post-trade transparency obligations compared to the ISD.6