8.II.1.5.5 Publication of the RM or MTF market identifier code

MiFID I did not require the identity of parties to a transaction to be disclosed. Instead, MiFID I ‘only’ required the market identifier code (MIC) of the RM or MTF to be published. The MiFID I text stems from CESR’s guidance. CESR noted that post-trade data needs to be published in order to provide sufficient data for ‘identifying trends on the market, checking the quality of completed trades and assisting intermediaries in assessing which trading venues consistently offer the most competitive prices’.1 Trends on the market can also be observed without publishing the identity of parties to a transaction. In fact, the publication of parties to a transaction can harm the position of the traders to the transaction (e.g. increased position risks). Along similar lines, CESR did not propose to publish the identity of the individual parties to a trade. The latter is evident in the final MiFID I text. The MiFID I equity post-trade transparency regime for RMs and MTFs only requires the publication of the MIC of the RM or MTF.