9.V.3.2 Interim conclusion

The ESMA MiFID II Review addresses a common question in EU equity post-trade transparency regulation, namely the speed of equity post-trade data publication. Technological innovation has historically always resulted in quicker publication times and accordingly ESMA assesses whether a stricter timeframe is necessary at the moment. A similar discussion took place in drafting MiFID II, where a debate took place on whether faster publication (MiFID I covered a maximum of three minutes) was necessary under MiFID II (to one minute, which ultimately happened).1 The arguments presented back then are still relevant today, namely the prevention of deliberate delays (i.e. faster publication) versus creating a too burdensome regime (i.e. keeping the current regime or at least keep it lenient). Important here is also the level playing field. Respondents indicated that similar rules across RMs, MTFs, and investment firms operating outside such venues are necessary. Whilst certain types of electronic trading could publish faster than one minute, ESMA believes that on the whole (i.e. also taking into account technical and negotiated trades) the current real-time condition remains sufficient for the MiFID II regime.