9.IV.1.1 General

As already examined in chapter 5, reference data is the type of data other systems point or refer to.1 Reference data describes the characteristics of a financial instrument, such as the instrument identification number (ISIN), which enables to see the applicability of the MiFID II obligations. Reference data is – in light of its function as a reference point – a cornerstone of the MiFID II data system in general.2 The same is true for the MiFID II equity post-trade transparency regime. MiFID II requires RMs, MTFs (and OTFs), and SIs to report reference data to their NCA. The reporting requirements apply with regard to financial instruments admitted to trading on an RM or traded on an MTF (or OTF).3MiFID II requires trading venues and SIs to report, among other things, the following reference data:

The MiFID II reference data, among other things, enables to identify whether an equity instrument is ‘traded on a trading venue’ (see point d above), which is relevant for the MiFID II equity post-trade transparency obligations.5 Reference data also enables to distinguish between equity and non-equity instruments (asset classes), as well as between sub-asset classes (e.g. shares versus certificates) (see point c above). Reference data accordingly enables to determine which MiFID II (equity) post-trade transparency obligations apply, for example, the MiFID II equity post-trade transparency obligations for shares or certificates (while being generally the same, MiFID II covers a different delay period for shares than it does for certificates).6 Reference data is therewith relevant for both market participants (e.g. RMs, MTFs, and APAs) and NCAs and ESMA in supervising and/or providing calculations for the MiFID II equity post-trade transparency regime.7

Given the importance of reference data for the MiFID II equity post-trade transparency regime (and other MiFID II provisions, such as transaction reporting), MiFID II covers several reference data provisions. In short, MiFID II requires RMs, MTFs and SIs to report the MiFID II reference data to their NCA (or ESMA in case of delegation) on a daily basis. The RMs, MTFs, and SIs need to ensure complete and accurate reference data.8 NCAs (or ESMA in case of delegation) need(s) to monitor the data.9 The NCA (non-delegating) must in turn submit the ‘complete and accurate’ reference data to ESMA.10MiFID II obliges ESMA to consolidate the reference data from the individual NCAs (see paragraph 3 below).