5.VI Performing calculations and operating databases

Whereas MiFID I was already quite operational in terms of data handling, with MiFID II a new era of operational quality has started. The combination of a broader MiFID II equity pre-trade transparency scope (MiFID I was confined to shares admitted to trading on an RM) and the introduction of new MiFID II equity pre-trade transparency thresholds mean more: (a) reference data, (b) calculations and estimates, as well as (c) the publication of the results. The EU addresses the situation by introducing data obligations for market participants, NCAs, and ESMA. Market participants are required to provide data, whilst NCAs and ESMA are subject to harmonised provisions for calculations and estimates. ESMA is also required to operate EU databases/registers. Most importantly, ESMA can perform the data-driven tasks of NCA where those tasks are delegated from the NCA to ESMA. The operational quality results in an implementation challenge for the MiFID II equity pre-trade transparency regime. Data availability, quality and completeness are crucial for the functioning of the MiFID II equity pre-trade transparency regime, in particular compared to MiFID I, and not to mention the ISD.1