13.IV.3.1 Content and format

When it comes to the details of the published quotes, MiFID II requires proprietary arrangements to publish the SI quotes in accordance with standards and specifications (content and format) for certain MiFID II equity post-trade reports.1 The MiFID II standards and specifications for proprietary arrangements are almost the same as for RMs, MTFs, and APAs (see paragraph 2.2 above).2 ‘Almost’, since proprietary arrangements are not subject to an explicit requirement to include the identity of the SI in the pre-trade report (i.e. the SI identity is already evident, since the SI itself publishes).3