8.II.1.5.6 Timing of equity post-trade data

MiFID I introduced a real-time requirement for the publication of post-trade information. Such a requirement was not in place under the ISD.1 CESR assisted the Commission in drafting delegated measures on the real-time concept. CESR noted that, taking into account the importance of post-trade information and the objectives of MiFID I, it would be extremely important to publish post-trade data as soon as technically possible. CESR therefore took a strict view on the timing.2 Taking into account the characteristics of the market and the complexity of the trade, CESR recommended a three minute-deadline after execution of the trade as the maximum permissible time limit to publish post-trade information. CESR added that the real-time required needed to apply during the normal trading hours of the RM/MTF. CESR argued this was because post-trade information on RMs and MTFs was considered vital for investors.3 CESR noted that ‘incidental trades’ outside normal trading hours needed to be published by the RM or MTF before the opening of their next trading day.4

The Commission accepted CESR’s recommendations. A main difference was that the Commission removed references to ‘incidental trades’ outside normal trading hours, which reflected the aim to have in place a simple regime. Another difference was that the Commission added specific provisions for portfolio trades. The latter was clear in the final MiFID I text. MiFID I required RMs and MTFs to publish post-trade data in real-time during normal trading hours, which in any case meant within three minutes.5 Post-trade data relating to ‘transactions’ (not: incidental trades) taking place on the RM/MTF needed to be made public before the opening of the next trading day.6 Portfolio trades needed to be made available with respect to each constituent transaction as close to real-time as possible, having regard to the need to allocate prices to particular shares.7