9.IV.2.2.1 Reporting parties: RMs, MTFs, APAs, and CTPs

The calculations/estimates for the MiFID II equity post-trade transparency regime require complete and accurate data. Otherwise, NCAs (or ESMA in case of delegation) would not be able to perform the calculations/estimates.1MiFID II covers provisions to ensure the data is submitted to the NCA (or ESMA in case of delegation). The general MiFID II requirement is laid down in MiFIR. MiFIR states that, in order to perform the MiFID II transparency calculations, NCAs may require information from: (a) RMs and MTFs (trading venues), (b) APAs and (c) CTPs.2 RMs, MTFs, APAs, and CTPs are required to cooperate with the data requests from NCAs (or ESMA in case of delegation).3MiFID II intends to get a complete source of data for the calculations/estimates by requiring RMs, MTFs, APAs and CTPs to submit data to their NCA (or ESMA in case of delegation) (under MiFID I data was mainly collected from RMs and some MTFs). Additionally, there is another reason for including APAs and CTPs. MiFID II by definition requires APAs and CTPs to engage in publication and/or consolidation services with regard to post-trade data. As examined, APAs provide post-trade services for investment firms outside RMs/MTFs, whilst CTPs provide consolidation and publication services for all post-trade data of RMs, MTFs, and APAs.4 Given that the MiFID II equity post-trade calculations/estimates require post-trade data (determine the average daily turnover), MiFID II also includes APAs and CTPs as reporting parties.5

For the sake of completeness, until this point in time no CTP has been authorised under MiFID II.6 This means that at the moment the data for the MiFID II equity post-trade transparency calculations/estimates only comes from RMs, MTFs, and APAs. In order to stay aligned with the MiFID II text and to accommodate potential future changes (i.e. CTPs might become authorised in the future), the following sections refer to the MiFID II text including ‘CTPs’.