Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/6.III.2
6.III.2 Speed
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS266552:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Voetnoten
Voetnoten
ESMA, Final Report: Technical Advice to the Commission on MiFID II and MiFIR, 19 December 2014(ESMA/2014/1569), p. 297. The data feed (technical infrastructure to receive market data) can be direct (i.e. straight from the source, for example an RM) or indirect (i.e. through a data vendor). For a further examination of data feeds, reference is made to chapter 10.
See, for example, E. Banks, Dark Pools: Off-Exchange Liquidity in an Era of High Frequency, Program, and Algorithmic Trading, Springer, Second Edition, 2014, p. 153-173. The changes in EU regulatory requirements in terms of speed for equity – where applicable – are examined in chapters 7-9.
An important variable of post-trade information is its speed (also referred to as latency). Similar to pre-trade information (chapter 2), speed for post-trade information can be divided in (1) delayed, (2) real-time or (3) low-latency.1 Delayed post-trade information is made available at a higher latency (slower) than real-time, for example after 10 or 15 minutes. Data-users who subscribe to real-time services can receive post-trade data as it is generated (usually at an additional fee).2 Real-time services are made available through a standard data feed.13 Low-latency refers to more speedily data compared to real-time (lower latency). Low-latency is enabled through a data feed intended to minimize network and other types of latencies (e.g. so-called co-location, proximity hosting, or direct electronic access).14 The speed of post-trade information has increased over the past decades due to a combination of technological development and stricter regulation.3