EU Equity pre- and post-trade transparency regulation: from ISD to MiFID II
Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/17.V.4.2:17.V.4.2 Interim conclusion
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/17.V.4.2
17.V.4.2 Interim conclusion
Documentgegevens:
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS266446:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Toon alle voetnoten
Voetnoten
Voetnoten
See in this context also ESMA, Consultation Paper: Guidelines on the MiFID II/MiFIR obligations on market data, 6 November 2020(ESMA70-156-2477), p. 26-29 where ESMA sets out further details concerning the MiFID II requirement of making equity pre- and post-trade data available free of charge 15 minutes after publication.
Deze functie is alleen te gebruiken als je bent ingelogd.
In sum, the ESMA MiFID II Review covers several top-down recommendations. ESMA recommends rule-based provisions (e.g. definition of ‘data distribution’) to replace and specify the MiFID II provisions and current ESMA guidance.1 ESMA also focuses more on enforcement. The focus on rule-based provisions and enforcement would mean less flexibility for the market. In addition, ESMA emphasizes non-discrimination and pragmatic solutions. Examples include recommendations that registration for free data is permitted as long as it applies for all users (non-discrimination) and the T+1 approach (i.e. 24-hour period interpreted as free data until at least the next trading day) (pragmatic).