EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/7.III.3:7.III.3 The dominant role of RMs in publishing post-trade information

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/7.III.3

7.III.3 The dominant role of RMs in publishing post-trade information

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Many of the potential regulatory concerns raised by ATSs and order internalising systems were mitigated by the dominant position of RMs during the ISD timeframe. RMs were during the ISD timeframe – in addition to data vendors redistributing the RM data – mainly in charge of equity pre-trade data publication.1 There were at least three factors why this was the case, namely: (1) the optional ISD concentration-rule, (2) national regulation, and (3) modernization of RMs.

7.III.3.1 Factor 1: optional ISD concentration-rule7.III.3.2 Factor 2: national regulation7.III.3.3 Factor 3: modernization of EU RMs

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