EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/13.IV.4:13.IV.4 Publication of equity pre-trade data by RMs and MTFs

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/13.IV.4

13.IV.4 Publication of equity pre-trade data by RMs and MTFs

Documentgegevens:

mr. J.E.C. Gulyás, datum 01-02-2021

Datum: 01-02-2021
Auteur: mr. J.E.C. Gulyás
JCDI: JCDI:ADS267084:1
Vakgebied(en): Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht

As noted above, MiFID II permits RMs and MTFs to publish the MiFID II equity pre-trade data themselves (instead of being required to use, for example, an APA).1 The rules for RMs and MTFs publishing MiFID II equity pre-trade data are examined below.

13.IV.4.1 Content and format 13.IV.4.2 Timing 13.IV.4.3 Technical accessibility 13.IV.4.4 Accuracy

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Art. 3(1) MiFIR. While it sounds quite self-evident that RMs and MTFs can publish the equity pre-trade data themselves, it should be noted that one proposal for MiFID II was to let APAs publish all equity post-trade data. Although the proposal was made in the context of equity post-trade data, it is – in theory – possible to require RM and MTF equity pre-trade data through another party (e.g. an APA). For an examination of the MiFID II proposal for equity post-trade data, reference is made to section III, paragraph 4.1.2 above.