9.III.1.1 Goal

MiFID II subjects investment firms operating outside an RM or MTF to a post-trade transparency regime for equity instruments.1 The aim of the equity post-trade transparency obligations is to achieve a high degree of transparency. MiFID II considers a high degree of transparency as essential to ensure investors are adequately informed as to the actual level of transactions in equity instruments, irrespective whether those transactions took place on RMs, MTFs, or outside those facilities.2 The high degree of transparency should ensure that the price discovery process in respect of particular equity instruments traded on different venues is not impaired by the fragmentation of liquidity, and investors are thereby not penalised.3 A similar reasoning was in place under MiFID I.4