9.IV.2.1 General

The MiFID II equity post-trade transparency regime relies on calculations and estimates. Similar to MiFID I, MiFID II requires calculations and estimates to determine the length of deferral in relation to ‘large in scale transactions’ (provided all deferral conditions are met). New under MiFID II is that the equity calculations/estimates need to be made for a broader range of instruments, namely shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on an RM/MTF (MiFID I was confined to shares admitted to trading on an RM).1 The MiFID II equity post-trade transparency regime requires less calculations and estimates compared to the MiFID II equity pre-trade transparency regime (the latter including, among other things, the determination of the double volume caps, a liquid market, standard market size, and so forth).2 Despite this difference, the overall MiFID II framework for data collection and calculations and estimates is the same for equity pre- and post-trade transparency. Many NCAs (not: all) have delegated their MiFID II calculation/estimation tasks, including the related data collection, to ESMA (so-called ‘delegating NCAs’).3 This means that where the MiFID II text refers to NCAs, ESMA will often perform the calculation/estimations in practice.