9.III.1.3.2 Timing of publication (speed)

MiFIR requires the equity post-trade transparency to be made public as close to real-time as technically possible during daily trading hours.1 A MiFIR Delegated Regulation specifies that ‘real-time’ means in any case within one minute of the relevant transaction.2MiFID II therewith reduces the maximum timeframe for equity post-trade data publication from three minutes (MiFID I) to one minute (MiFID II).3 Similar to MiFID I, MiFID II obliges equity post-trade data to be published close to the prescribed maximum time limit only in exceptional cases where the systems available do not allow for publication in a shorter period of time.4 The meaning of the term ‘real-time’ has the same meaning for RMs and MTFs and investment firms operating outside such venues.5

MiFID II also covers timing rules where transactions are concluded outside daily trading hours. Where the transaction takes place: (1) outside the daily trading hours of the most relevant market in terms of liquidity6 or (2) outside the daily trading hours of the investment firm, the equity post-trade data needs to be published ‘immediately upon the commencement of the investment firm’s daily trading hours and at the latest before the opening of the next trading day of the most relevant market in terms of liquidity’.7 Specific timing rules apply in relation to portfolio trades.8 A portfolio trade needs to be made public with respect to each constituent transaction as close to real-time as is technically possible, having regard to the need to allocate prices to equity instruments.9 Similar provisions were in place under MiFID I.10