13.III Publication and consolidation of equity post-trade data

The current MiFID II framework provides stricter equity post-trade transparency rules compared to MiFID I. Under MiFID II RMs, MTFs, and investment firms operating outside such venues (regardless whether or not they are a SI) are subject to equity post-trade transparency rules.1 A new element of MiFID II is that, in the area of equity trading, the post-trade transparency rules apply to a wider range of financial instruments, that is - shares, depositary receipts, ETFs, certificates, and other similar financial instruments admitted to trading on an RM or traded on an RM or MTF (hereafter: equity instruments).2 Another new aspect of MiFID II is that investment firms trading outside RMs and MTFs can only publish MiFID II equity post-trade data through APAs.3

This paragraph focuses on the MiFID II rules concerning the publication and consolidation of equity post-trade data. The reason to examine equity post-trade data first, instead of equity pre-trade data, is due to the strong emphasis of MiFID II on equity post-trade data publication and consolidation. MiFID II covers a list of preconditions for producing a consolidated tape of equity post-trade data. The list includes: