9.IV.2.2.4 Format of the data

The MiFIR Delegated Regulation also sets out requirements for the data format. MiFID II requires RMs, MTFs, APAs and CTPs to submit the data for the calculations/estimates in a so-called common XML format (in short, being a technical format that can be read by both humans and machines).1MiFID II adds that RMs, MTFs, APAs, and CTPs, where available, also need to report the data in compliance with any other specifications in terms of content and format.2 The aim of the harmonised MiFID II format provisions is to facilitate an efficient and automated process of data delivery, as well as its consolidation with similar data from other sources.3 For example, the XML format is a way of keeping the data ‘raw’ (i.e. not modified) to ensure as few inconsistencies as possible between data sets from the reporting entities.4MiFID II states that the harmonised formats are important, considering the sensitivity of the necessary calculations and the potential commercial consequences for trading venues, issuers and other market participants of publishing incorrect data.5