9.II.1.5.4 Minimum set of post-trade data to publish

MiFID II retains the MiFID I-model in requiring a minimum set of post-trade data to publish. Reference is made to the initial guidance in drafting the MiFID I pre-trade transparency standards. CESR advised the Commission to require ‘a minimum level of pre-trade information’. A similar perspective is apparent under MiFID II, that is – a minimum set of equity post-trade data needs to be published (top-down). RMs and MTFs can exceed the MiFID II equity post-trade transparency standards by voluntarily publishing more and/or faster equity post-trade data (bottom-up) (see paragraph 1.4 above).