5.III.2.3.1 General

As noted, MiFID II only requires SIs to publish equity pre-trade data (quotes) in relation to liquid instruments (up to a standard market size).1MiFID II specifies the term ‘liquid market’ (and ‘standard market size’). MiFID II covers a liquid market definition depending on whether the instruments are (1) shares; (2) depositary receipts; (3) ETFs; or (4) certificates.2 The standard market size is the same for all equity instruments.3 Under MiFID II the definition of a liquid market and standard market size for shares has been tightened (MiFID I only applied to certain shares) tightened definitions of a liquid market and standard market size means that SIs have to publish equity pre-trade data for shares faster compared to MiFID I. The aim here is to ensure MiFID II achieves its goal of enhancing transparency compared to MiFID I,4 as well as improving the level playing field between SIs and RMs/MTFs (i.e. further aligning the pre-trade transparency requirements of SIs to RMs/MTFs compared to MiFID I).5