EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/18.IV.1.2:18.IV.1.2 Situation under MiFID I

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/18.IV.1.2

18.IV.1.2 Situation under MiFID I

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The EU wanted to change the ISD situation and establish a competitive market with MiFID I. MiFID I abolished the optional ISD concentration rule, which meant that investment firms were free to choose where to execute orders (provided the MiFID I best execution-obligations were met).1 The EU relied on highly harmonised pre- and post-trade transparency rules and best execution-obligations (top-down) to compensate for the lack of concentration rules.2 The MiFID I pre- and post-trade transparency rules were part of the broader EU strategy to promote competition between venues for trade execution services.3 The EU deemed a high degree of transparency to be an essential part of this framework, so as to ensure a level playing field and so that fragmentation of liquidity would not impair price formation.4 The general pre- and post-trade transparency rules were laid down in a directive (MiFID I) as supplemented by the MiFID I Implementing Regulation and MiFID I Implementing Directive.

18.IV.1.2.1 Main changes from the ISD to MiFID I18.IV.1.2.2 MiFID I Review: scope18.IV.1.2.3 MiFID I Review: RM and MTF equity pre-trade transparency waivers and waiver process18.IV.1.2.4 MiFID I Review: equity pre-trade transparency outside RMs and MTFs18.IV.1.2.5 MiFID I Review: equity post-trade transparency on RMs, MTFs, and outside such venues18.IV.1.2.6 MiFID I Review: performing calculations and operating databases18.IV.1.2.7 Interim conclusion

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