19.III.3.4 More calculations and databases

From the ISD to MiFID II a trend is apparent in which more data is being collected, calculated, stored and published on an EU level to ensure an EU approach for the equity pre- and post-trade transparency parameters (e.g. the MiFID II double volume cap and to determine a ‘liquid’ equity instrument). MiFID II was delayed with a year due to the complex technical infrastructure required, being a system that connects ESMA with over a significant amount of EU venues and NCAs. Current EU issues are the (lacking) data quality of the EU databases and whether or not there should be further EU expansion in terms of EU databases and EU competence in collecting, calculating, storing, and publishing data.