13.IV.4.3 Technical accessibility

MiFID II requires RMs and MTFs to make the equity pre-trade information available to the public (on a continuous basis during normal trading hours).1 The availability (also: accessibility) of the data includes technical accessibility. While MiFID II is explicit when RMs and MTFs publish SI quotes, MiFID II does not require RMs and MTFs to publish MiFID II equity pre-trade data in the RM/MTF system in a machine-readable way. ESMA complements the MiFID II text. ESMA expects RMs and MTFs to publish data in machine-readable way.2 CESR provided somewhat similar guidance for RMs and MTFs in terms of machine-readability under MiFID I (with the main change being stricter MiFID II requirements).3