19.IV Consequences of the increase of EU equity pre- and post-trade transparency regulation

The research examined the consequences of the increase of EU equity pre- and post-trade transparency regulation from the ISD to MiFID II. The consequences are examined by looking at how successful the ISD, MiFID I, and MiFID II equity pre- and post-trade transparency regimes were, respectively are. The measure of ‘success’ is controversial, since stakeholders disagree about what constitutes the right amount and timing of equity pre- and post-trade transparency, the right amount of consolidation and what ‘reasonable’ equity pre- and post-trade data prices are. In effect, one cannot provide a clear-cut answer whether or not the degree of regulatory intervention was successful. However, taking the final view of the EU as a measure one can draw the following conclusions. The growth of EU equity pre- and post-trade transparency regulation has been successful, but only in part.