13.IV.2.1 The role of RMs, MTFs, and APAs in publishing SI quotes

As noted above, under MiFID II SIs can - besides their proprietary arrangements (e.g. SI website) - publish their quotes through: (a) the facilities of RMs and MTFs; and/or (b) the facilities of an APA.1 Before discussing the substantive rules, two observations should be made:

First, it is useful to delineate between the role of RMs, MTFs, and APAs in the area of equity pre- respectively post-trade data publication. Already under MiFID I SIs could use the publication infrastructure of RMs and MTFs to publish SI quotes.2 With the introduction of APAs under MiFID II, SIs can also publish their quotes through APAs (instead of through ‘third parties’). The APA-definition of MiFID II makes clear that equity APAs have the core task of publishing MiFID II (equity) post-trade information on behalf of investment firms trading outside RMs and MTFs (see section III above).3 APAs can provide additional publication services in the area of equity pre-trade data, here being quote publication on behalf of SIs.4 In other words, APAs can, in addition to their core-services in the area of equity post-trade publication, provide additional equity pre-trade publication services. When an APA publishes SI quotes, the APA is subject to the same rules as when RMs and MTFs publish SI quotes.5

The second observation relates to the first. MiFID II has replaced the MiFID I possibility for SIs to publish their quotes by a ‘third party’ with an APA. ‘Third parties’ did not require MiFID I authorization and supervision. The situation is different for APAs. The introduction of APAs as a potential SI publication arrangement under MiFID II reflects the MiFID II aim to ensure equity pre-trade data is published through a MiFID II authorised person (i.e. SI, RM, MTF, or APA). MiFID II requires RMs, MTFs, and APAs (and SIs) to comply with MiFID II rules for the publication of SI quotes.