12.IV.2 Level 2: specifying the publication and consolidation rules

MiFID I required the Commission to provide specifications on Level 2. CESR advised the Commission. CESR advised, among other things, on equity pre- and post-trade data content (for pre-trade only the content, not the reports) and on post-trade data flags, and timing requirements.1 The Commission adopted CESR’s recommendations, whilst adding currency to the content of the MiFID I post-trade reports. The CESR and Commission views are evident in the final MiFID I Implementing Regulation.2 Reflecting the Commission’s earlier unease in leaving publication and consolidation entirely up to the market, the MiFID I Implementing Regulation covered some preconditions for a reliable and accessible overview of EEA trading activity (e.g. flags for certain trades, such as negotiated trades).