13.IV.6 Consolidation of equity pre-trade data: market-driven

The previous paragraphs examined the publication of MiFID II equity pre-trade data through RMs, MTFs, APAs, SIs, (i.e. proprietary arrangements) and ARMs (in case of client limit orders outside RMs/MTFs). To have an overview of the current trading opportunities in the European equity market, the published equity pre-trade data needs to be available in a reliable, timely, and consolidated way. MiFID II relies mainly on market forces to achieve this result.