9.II.1.3.2 Timing of publication (speed)

MiFIR requires the post-trade data to be made public as close to real-time as technically possible during daily trading hours.1 A MiFIR Delegated Regulation specifies that ‘real-time’ means in any case within one minute of the relevant transaction.2MiFID II therewith reduces the maximum timeframe for post-trade transparency publication from three minutes (MiFID I) to one minute (MiFID II).3 Where the transaction takes place outside the daily trading hours of the RM/MTF, the post-trade data needs to be made public before the opening of the next trading day of the RM/MTF.4 The term ‘daily trading hours’ refers to those hours that the RM/MTF set in advance and made public as its trading hours.5 Specific rules apply in relation to portfolio trades.6 A portfolio trade needs to be made public with respect to each constituent transaction as close to real-time as is technically possible, having regard to the need to allocate prices to equity instruments.7 Similar provisions were in place under MiFID I.8