EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/13.III.3.6:13.III.3.6 Accuracy

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/13.III.3.6

13.III.3.6 Accuracy

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MiFID II also provides rules to support the accuracy of consolidated equity post-trade data of CTPs. MiFID II requires CTPs, as an organizational requirement, to have in place sound security mechanisms designed to minimize the risks of data corruption (see paragraph below).1 In addition, MiFID II covers provisions to prevent duplicative trades. The risk of duplication is apparent, since MiFID II permits investment firms to report equity post-trade information to more than one APA.2MiFID II provides a two-step process to ensure that duplicative trade reports is not published to market, nor becomes part of the consolidated equity post-trade data of a CTP:

1.

As noted above, APAs need to require each investment firm: (a) to certify that it only reports trades in a particular equity instrument through an APA; or (b) to use an identification mechanism which flags one report as the original one (‘ORGN’), and all other reports of the same transaction as duplicates (‘DUPL’).3 Where an investment firms uses the latter option, the APA needs to insert the code ‘DUPL’ in publishing the duplicate trade reports. This enables the CTP to differentiate between the original trade report and any duplicates.4

2.

MiFID II prohibits a CTP to consolidate trade reports with the code ‘DUPL’ in the reprint field.5

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