EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/15.I:15.I Introduction

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/15.I

15.I Introduction

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The ISD timeframe can be characterized as a national approach for equity pre- and post-trade data prices. The ISD text covered no rules concerning the costs of market data1 and FESCO provided no guidance in this area (bottom-up).2 Only CESR provided broad standards on data prices in relation to alternative trading systems (ATSs).3 The chapter sets out the CESR standards, an overview of the national approach, as well as the background of the bottom-up approach of the EU under the ISD.

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