8.IV.2.3.2 CESR guidance: operating and maintaining the MiFID I Database

The MiFID I goals of a consolidated view would only be available in practice where the MiFID I Database ran smoothly, facilitated updates, and ensured a clear presentation of the data for market participants.1 CESR played an important role here. CESR monitored and altered the MiFID I Database where deemed necessary. CESR realised that, while a broad range of data assisted market participants, it would also create additional complexity for CESR in operating the database. For this reason, the data fields and search functions in the MiFID I Database for Shares Admitted to Trading on an RM were basic. CESR only expanded the data fields and search functions where deemed necessary, as balanced against the additional complexity it would bring for CESR, as well as the legal requirements laid down in MiFID I.2 For example, CESR received requests to include the threshold amounts for delayed publication post-trade data of Table 4 Annex II of the MiFID I Implementing Regulation in the MiFID I Database.3 CESR stated that including such value-added data to the MiFID I Database would be useful, but that such data could also be derived from other sources. CESR added that, in addition to the workload of adding such information would bring to CESR, CESR did not consider it to be a core (MiFID I) requirement for CESR to provide value added data that could be calculated or received elsewhere.4 CESR did take into account feedback on (technical) issues where deemed necessary, such as improvements for downloading the content.5 CESR also published a Protocol for the NCAs on how to deal with the MiFID I Database in order to ensure data accuracy and a consistent approach.6