EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/8.II.1.3.2:8.II.1.3.2 Timing of the publication (speed)

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/8.II.1.3.2

8.II.1.3.2 Timing of the publication (speed)

Documentgegevens:

mr. J.E.C. Gulyás, datum 01-02-2021

Datum: 01-02-2021
Auteur: mr. J.E.C. Gulyás
JCDI: JCDI:ADS266650:1
Vakgebied(en): Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht

The MiFID I Directive required RMs and MTFs to make the post-trade information public as close to real-time as possible during normal trading hours.1 The MiFID I Implementing Regulation specified that ‘real-time’ meant in any case within three minutes of the relevant transaction.2 Where the transaction took place outside the normal trading hours of the RM/MTF, the post-trade data needed to be made public before the opening of the next trading day of the RM/MTF.3 The term ‘normal trading hours’ referred to those hours which the RM or MTF established in advance and made public as its trading hours.4 Specific timing-rules applied to so-called portfolio trades.5 A portfolio trade needed to be made available with respect to each constituent transaction as close to real-time as possible, having regard the need to allocate prices to particular shares.6

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Art. 45(1) and art. 30(1) MiFID I Directive.

Recital 18 and art. 29(2) MiFID I Implementing Regulation. CESR clarified through formally non-binding guidance that it considered the three-minute cap not to be the standard time for publication, but rather as an exception (CESR, Publication and Consolidation of MiFID Market Transparency, February 2007(CESR/07-043)(CESR/07-043), p. 9).

Art. 29(4) MiFID I Implementing Regulation.

Art. 2(5) MiFID I Implementing Regulation.

A ‘portfolio trade’ referred to a transaction in more than one security where those securities were grouped and traded as a single lot against a specific reference price (art. 2(6) MiFID I Implementing Regulation).

Art. 29(3) MiFID I Implementing Regulation. The MiFID I Implementing Regulation also specified several other details of the post-trade information to be published, such as the trading day, venue of execution, currency, and data format (art. 27(1)(a) and Table 4 MiFID I Implementing Regulation). These aspects are examined in chapter 12.