5.II.1.3 Types of equity pre-trade data

The general equity pre-trade transparency obligations of MiFID II are laid down in MiFIR. MiFIR is directly applicable across the Member States. MiFIR requires RMs and MTFs to make the following pre-trade information public: (i) the current bid and offer prices; and (ii) the depth of trading interests (attached volume) at those prices that are advertised through their systems.1MiFID II removes the MiFID I wording to make public ‘at least’, indicating that the MiFID II equity pre-trade transparency obligations are maximum harmonised. Under MiFID II Member States are not permitted to require RMs and MTFs to publish more equity pre-trade data than prescribed by MiFIR. CESR (predecessor of ESMA) clarified under MiFID I that the wording ‘advertised through their systems’ referred to the MiFID I pre-trade information RMs and MTFs at a minimum needed to publish (‘advertise’), not what information actually was published (‘advertised’) through their systems.2 Given no indications otherwise, the clarification of CESR appears still to be valid under MiFID II.