5.VI.3.7 Interim conclusion

The expansion of the MiFID II equity pre-trade transparency regime in terms of financial instruments and transparency thresholds, resulted in a highly top-down approach for databases. Where MiFID I introduced the first EU approach for equity transparency databases, MiFID II takes the EU approach to the next level. The result is a greater implementation challenge of EU equity pre-trade transparency regulation compared to MiFID I, not to mention the ISD. The MiFID II equity pre-trade transparency regime (and other MiFID II and even MAR provisions) are highly data-driven and accordingly a new technical infrastructure has been set up on the EU level. ESMA plays a pivotal role in ensuring the databases function in practice. ESMA is required to publish consolidated reference data (FIRDS), results of transparency calculations and estimates (FITRS), including for the double volume cap (DVC Database), and on a voluntarily basis publishes SI calculation data (SI calculation database). Although the ESMA efforts – in cooperation with the NCAs and industry – are praiseworthy, the current situation is not perfect. Problems have been encountered with the databases (e.g. inaccurate data).1 The databases are part of the MiFID II Review of ESMA and is examined in section VII below.