8.IV.2.3.1 MiFID I text: setting up the general publication framework

The publication requirements for NCAs (national level) and CESR (EU level) for the MiFID I equity post-trade transparency regime stemmed from the MiFID I drafting process on Level 2. The drafting history starts with the CESR proposals for the ‘standard market size’, which was relevant for the MiFID I equity pre-trade transparency regime (SI obligations). CESR advised the Commission to introduce ‘a system that guarantees full access to this information (standard market size for liquid shares) across EU countries’.1 CESR noted that the relevant NCA needed to publish an announcement at least on the NCA webpage to make public the class to which each share belonged. CESR added that, in addition, a consolidated list ‘needed to be made available at a single access, i.e. the CESR website’.2

Along the same lines, the Commission adopted publication requirements for NCAs and CESR in the MiFID I Implementing Regulation for all shares admitted to trading on an RM, including for equity (pre- and) post-trade transparency purposes. This view was apparent in the final MiFID I text. As examined above, MiFID I required NCAs to publish results of the MiFID I equity post-trade transparency calculations and estimates, unless CESR had already published the data on behalf of the NCA (the safe harbour-provision). CESR was in turn required to publish consolidated and regularly updated data through a single access point. The consolidated data needed to include the calculation and estimates performed by the NCAs. To fulfill the MiFID I obligations, CESR created the MiFID I Database.3 The broader aim was to provide all market participants in the EU a consolidated view of data relevant for the MiFID I equity (pre- and) post-trade trade transparency regime.4