EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/13.III.2:13.III.2 Publication through an RM or MTF

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/13.III.2

13.III.2 Publication through an RM or MTF

Documentgegevens:

mr. J.E.C. Gulyás, datum 01-02-2021

Datum: 01-02-2021
Auteur: mr. J.E.C. Gulyás
JCDI: JCDI:ADS266861:1
Vakgebied(en): Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht

The previous paragraph examined the situation where investment firms trading outside RMs or MTFs need to report MiFID II equity post-trade data to APAs, where APAs subsequently publish such data. The obligation to report to an APA does not apply to investment firms executing a trade on an RM or MTF.1 In this situation, the RM or MTF is subject to the MiFID II equity post-trade transparency rules.

An RM or MTF can publish MiFID II equity post-trade data itself (i.e. through the publication arrangement of the RM, respectively MTF),2 but may (not: must) also do so through an APA.3MiFID II only requires equity post-trade publication through an APA for investment firms operating outside an RM or MTF.4 This section looks at the situation where RMs and MTFs publish the MiFID II equity post-trade data themselves (i.e. without intermediation of an APA). The MiFID II rules for equity post-trade data publication by RMs and MTFs are examined below.

13.III.2.1 Details: content, flags, and formats 13.III.2.2 Timing 13.III.2.3 Technical accessibility 13.III.2.4 Accuracy

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Art. 20(1) and art. 6(1) MiFIR.

Art. 6(1) MiFIR.

Article 6(1) MiFIR (RMs and MTFs) and article 20(1) MiFIR (investment firms operating outside an RM or MTF) both require RMs/MTFs, respectively investment firms operating outside an RM/MTF, to ‘make public’ the MiFID II equity post-trade information. The articles indicates that RMs, MTFs, and investment firms operating outside such venues are subject to MiFID II equity post-trade transparency requirements. A difference is that article 20(1) MiFIR (investment firms operating outside an RM or MTF) also notes how the equity post-trade information should be made public, that is – through an APA. Article 6(1) MiFIR (RMs and MTFs) does not cover such an explicit provision, suggesting that RMs and MTFs can choose how to publish their equity post-trade data. This suggestion is confirmed by art. 64(2)(g) MiFID II, noting that an APA needs to publish ‘the code of a trading venue (…)’, which makes explicit that APAs can (not: must) also publish equity post-trade data for an RM or MTF. See in this context also TRADEcho APA. TRADEcho APA supports MTF post-trade reporting. Here, the MTF supplies their equity post-trade data, including Market Identification Code (MIC) and the appropriate role (MTF), to TRADEcho APA. TRADEcho APA publishes the completed trades submitted by MTFs. See TRADEcho, TRADEcho MiFID II Post-Trade (APA & On-Exchange/Off-Book) FIX Specification, 16 November 2018, p. 10, 55 and 57.

Art. 20(1) MiFIR.