4.V.2.1 General

The next step after making the calculations and/or estimates was to make them public. Publication was required to enable market participants and NCAs to see the results of the calculations and estimates relevant for the MiFID I equity pre-trade transparency regime (‘large in scale orders’, ‘liquid market’, and the ‘standard market size’). MiFID I used a two step process, namely: (1) assigning an NCA to publish the results (2) through an EU database (i.e. MiFID I Database for Shares Admitted to Trading on an RM). Similarly, MiFID I used a two step process for an oversight of SI activity, namely: (a) assigning an NCA to publish a list of SIs (b) through the CESR website (MiFID I SI Register). The MiFID I publication requirements and the related MiFID I Database and SI Register are set out below.