18.IV.1.2.5 MiFID I Review: equity post-trade transparency on RMs, MTFs, and outside such venues

MiFID I required RMs, MTFs, and investment firms operating outside such venues (including SIs) to publish post-trade data in real-time (with a maximum of three minutes). Deferral was permitted under certain conditions and the deferral length depended on the transaction size. During the MiFID I-review, CESR argued that the maximum of three minutes was taken as a basic rule, rather than an exception. CESR believed that this was a wrong reading of the MiFID I-requirement. CESR also considered the maximum of three minutes to be too long in light of technological development (faster trading). Similarly, CESR argued the deferral lengths were too long.1 Although market participants were divided on this matter, CESR suggested clarifying the timing provisions through EU rules, as well as to shorten the possibilities for publication and deferral. The view of CESR is apparent in the final MiFID II text. MiFID II covers more details, limits the publication requirement (maximum of one minute) and reduces deferral lengths.2 In other words, the final EU opinion was that the publication of MiFID I equity post-trade data was too slow and that the MiFID I rules were not sufficiently clear.