EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/12.II.2.2:12.II.2.2 Equity pre-trade transparency

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/12.II.2.2

12.II.2.2 Equity pre-trade transparency

Documentgegevens:

mr. J.E.C. Gulyás, datum 01-02-2021

Datum: 01-02-2021
Auteur: mr. J.E.C. Gulyás
JCDI: JCDI:ADS267200:1
Vakgebied(en): Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht

In the context of equity pre-trade transparency, MiFID I provided no harmonised rules on the content of the pre-trade reports.1 CESR provided guidance to supplement the MiFID I text. For MiFID I data in general (including pre-trade information), CESR encouraged the use of the ISO-format, and content where relevant, in case of system changes (see paragraph 2.1 above).2

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See art. 17-26 MiFID I Implementing Regulation. For the sake of clarity, MiFID I did require RMs, MTFs, and investment firms outside such venues (including SIs) to publish certain equity pre-trade data, such as bids and offers and attached depth (content) (see chapter 4), but MiFID I did not harmonise the content of the pre-trade reports.

CESR, Feedback Statement: Publication and Consolidation of MiFID Market Transparency Data, February 2007 (CESR/07-086), p. 10.