18.IV.1 Consequences for the amount and timing of equity pre- and post-trade data

From the ISD to MiFID II the EU mainly encountered complexities with the amount and timing of equity pre-trade (not: post-trade) data. The EU approach was overall successful in terms of the amount and timing of equity post-trade transparency. The foregoing is in particular true since MiFID I. To support the research findings, the paragraph below provides a summary of the equity pre- and post-trade transparency regimes under the ISD, MiFID I, and MiFID II. The summary is followed by the consequences of the respective regimes.