9.III.1.2.2 Financial instruments

The scope of the MiFID II post-trade transparency regime is broader than the previous regime (MiFID I). The MiFID I post-trade transparency regime was confined to shares admitted to trading on an RM.1 The MiFID II equity post-trade transparency obligations apply to shares, depositary receipts, ETFs, certificates and other similar financial instruments (equity) traded on a trading venue.2 The condition ‘traded on a trading venue’ means that the obligations only apply where the equity instrument has been traded on an RM or MTF.3 The OTF is a trading venue too, but is not eligible, since equity instruments cannot be traded on an OTF.4 MiFID I permitted (not: required) Member States to expand the equity post-trade transparency obligations for shares to other financial instruments.5 A similar possibility is in place under MiFID II, albeit in different terms. The MiFID II equity post-trade transparency obligations for investment firms can also apply to ‘other similar financial instruments’, that is - similar to shares, depositary receipts, ETFs, and certificates.6