5.II.1.4 Timing of the publication (speed)

MiFIR requires RMs and MTFs to make the MiFID II equity pre-trade data public on a continuous basis during normal trading hours (timing).1 A MiFIR Delegated Regulation specifies this requirement. A definition of the ‘normal trading hours’ is in place.2MiFID II does not make explicit whether or not real-time publication of equity pre-trade data is required during normal trading hours (although an explicit MiFID II requirement is in place for equity post-trade transparency).3 A MiFIR Delegated Regulation states more generally that ‘(i)nvestors need to have reliable and timely information about the level of trading interest in financial instruments’ (emphasis added).4MiFID II is in effect principle-based with respect to the timing of equity pre-trade data publication. The situation contrast with MiFID I. MiFID I required RMs and MTFs to publish equity pre-trade data in real-time. MiFID I specified the term ‘real-time’ (rule-based).5