18.I Introduction

By means of four parts, the research examined several themes of EU equity pre- and post-trade transparency regulation from the ISD to MiFID II. Parts I-II of the research examined the persons responsible for publishing equity pre- and post-trade data (e.g. an RM or SI), including what equity pre- and post-trade data should be published and when. Part III of the research subsequently discussed EU equity pre- and post-trade transparency regulation for the publication and consolidation of equity pre- and post-trade data. Part IV of the research examined EU equity pre- and post-trade transparency regulation for the price of equity pre- and post-trade data.

This chapter provides a synthesis of parts I-IV of the research. The aim of the synthesis is to (a) increase the generality and applicability of the research findings and (b) to develop new knowledge through the process of integration.1 The synthesis is in effect an academic strategy to answer the research question. As noted in chapter 1, the research question is the following:

The synthesis is split into four sections to examine elements of the research question. First, an examination is made about what EU equity pre- and post-trade transparency regulation is (section II). Second, a discussion is provided of why EU equity pre- and post-trade transparency regulation has increased from the ISD to MiFID II (section III). Third, an examination is made of the consequences of the increase in EU equity pre- and post-trade transparency regulation (section IV). Fourth, and finally, a conclusion is drawn (section V).