EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/11.II.3.3:11.II.3.3 Accuracy

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/11.II.3.3

11.II.3.3 Accuracy

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Pre- and post-trade data needs to be accurate. Otherwise, the data is not reliable. The ISD and FESCO provided no provisions/guidance in this area.1 CESR indicated that, as a general rule, RMs monitored data quality and took appropriate remedial action where necessary.2 More specifically, CESR observed the following:

a)

For pre-trade data, RMs typically had automated computer systems that measured orders against a reference price or put a limit on daily price fluctuations and triggered an alert if certain thresholds were crossed.3

b)

In respect of post-trade data, all RMs had control mechanisms in place to check for price and volume anomalies, reporting in due time and compliance with deferred publication arrangements for large transactions. RMs had technical systems that triggered alerts when anomalies were identified and for potential double-reporting.

c)

For off-exchange trades (outside the technical systems of an RM) made public through the publication arrangements of an RM, CESR noted there could be checks by the RM for compatibility of the details reported by both sides of the trade.4

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