13.III.3.8 Additional services

MiFID II permits a CTP, in addition to its core task of collecting and consolidating MiFID II (equity) post-trade data, to provide additional services. The additional services that a CTP may provide are laid down in a non-exhaustive list.1 The wording ‘may’ indicates that a CTP is not obliged to provide additional services.2 Where a CTP performs additional services, MiFID II requires the CTP to ensure that the additional services do not interfere with the CTP core function of consolidating and publishing MiFID II post-trade data.3 The objective of the MiFID II rules is to strike a balance between the commercial dimension of a CTP (additional services) and the quality and independence of the core CTP activity (consolidating and publishing post-trade data).4

The list of additional services for CTPs includes, among other things, the provision of pre-trade data (both equity and non-equity).5MiFID II therewith makes clear that a CTP can also support (not: is required to establish) a consolidated view of pre-trade data, that is –a consolidated quote. The MiFID II-rules for equity pre-trade consolidation are examined in paragraph 4.3 below.