EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/11.II.3.1:11.II.3.1 Timing, content, and format

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/11.II.3.1

11.II.3.1 Timing, content, and format

Documentgegevens:

mr. J.E.C. Gulyás, datum 01-02-2021

Datum: 01-02-2021
Auteur: mr. J.E.C. Gulyás
JCDI: JCDI:ADS266454:1
Vakgebied(en): Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht

In the vast majority of Member States RMs (and some alternative trading systems) made pre- and post-trade data public in real-time.1 RMs published the pre- and post-trade data in a variety of formats. RMs used different formats for the time, date, price, and volume of the published pre- and post-trade data.2 CESR noted this made it difficult to translate (‘map’) matching fields from one database to another. The published pre- and post-trade data was difficult to compare and costly to consolidate.3

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CESR, Public Consultation: Publication and Consolidation of Market Transparency, October 2006 (CESR/06-551), p. 5. CESR gave no interpretation of the term ‘real-time’.

CESR, Public Consultation: Publication and Consolidation of Market Transparency, October 2006 (CESR/06-551), p. 6.

CESR noted that under the ISD a number of data disseminators indicated that the cost of mapping to a new complex source of data, such as an RM, was up to EUR 100,000, with an additional EUR 100,000 per annum for support upgrades and maintenance (CESR, Public Consultation: Publication and Consolidation of Market Transparency, October 2006 (CESR/06-551), p. 6).