9.IV.2.2.2 Content of the data to be reported

MiFID II provides rules on the content that RMs, MTFs, APAs, and CTPs need to report. The rules are laid down in a MiFIR Delegated Regulation. The MiFIR Delegated Regulation requires RMs, MTFs, APAs, and CTPs to provide their NCA (or ESMA in case of delegation) ‘all the data required’ to perform the MiFID II calculations/estimates.1 ‘All the data required’ refers, among other things, to the data required for the periodic equity post-trade transparency thresholds, being a ‘large in scale transaction’, as defined under MiFID II.2 As the name implies, periodic data refers to the data necessary for calculations that need to be performed on periodic basis, for example, on an annual basis.3

MiFID II also covers a provision for ad hoc data, being data required for non-periodic calculations/estimates. The responsible NCA (or ESMA in case of delegation) is permitted, where necessary, to request additional data (ad hoc data) from RMs, MTFs, APAs, and CTPs. The rationale of the ad hoc data requests is to enable the NCA (or ESMA in case of delegation) to monitor and adjust the MiFID II post-trade transparency thresholds where deemed necessary4 (e.g. recalculating and reclassifying a new instrument, based on its liquidity profile, shortly after its issuance).5