13.IV.2.4 Technical accessibility

MiFID II requires SI quotes to be made easily accessible.1MiFID II provides rules on how an RM, MTF, and APA should make the quotes of SI easily accessible, which apply in case the SI quotes are published through the RM, MTF, and/or APA. The term ‘easy access’ includes, among other things, technical access.2 First, MiFID II requires RMs, MTFs, and APAs to publish SI quotes in a machine readable-way.3 A MiFIR Delegated Regulation provides guidance on the machine readability-criteria. The MiFID II criteria for machine readability include, among other things, that the SI quotes are: (1) in an electronic format; (2) stored in an appropriate IT architecture; (3) robust; and can (4) be accessed, read, used and copied by computer software that is free of charge and publicly available.4MiFID II adds that for the purposes of point (1) (electronic format), the format shall be specified by free, non-proprietary and open standards (i.e. protocols).5 The machine readability-criteria aim to facilitate the consolidation of a SI quotes with similar data from other sources.6 Second, in order for a quote to be easily accessible, all market participants wishing to see the quotes need to be aware where the quotes can be found. MiFID II therefore requires SIs to specify and update on their website’s homepage which of the publication arrangements (including RMs, MTFs, and APAs) the SI uses to make the SI quotes public.7