EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.III.2.6.1:5.III.2.6.1 Level 1 text: aim to publish more meaningful pre-trade data

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.III.2.6.1

5.III.2.6.1 Level 1 text: aim to publish more meaningful pre-trade data

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MiFID II intends to make the pre-trade transparency data published by SIs more meaningful compared to MiFID I. Under MiFID I SIs were permitted to quote one-sided (bid or offer) and in a size of only one share (no minimum size obligation was in place). During the MiFID I review, CESR noted that this meant that SIs could publish quotes that told the market little about the size of business the SIs were prepared to take on.1 CESR recommended requiring SIs to publish firm two-way quotes in a minimum size of 10 percent of the standard market size.2

The Commission adopted a similar position in its MiFID II proposal. The Commission proposed requiring SIs to publish firm two-way quotes in a minimum size at least equivalent to 10 percent of the standard market size.3 The European Parliament and Council took a similar perspective.4

The latter is apparent in the final MiFID II text. MiFID II requires SIs to publish firm two-way quotes. Furthermore, a minimum quoting size has been introduced.

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