Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/11.II.3.2
11.II.3.2 Technical accessibility
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS266700:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Voetnoten
Voetnoten
CESR, Public Consultation: Publication and Consolidation of Market Transparency, October 2006 (CESR/06-551), p. 5-6.
CESR, Public Consultation: Publication and Consolidation of Market Transparency, October 2006 (CESR/06-551), p. 21. A well-known protocol is the so-called FIX protocol. ‘FIX’ stands for ‘Financial Information eXchange’. The FIX protocol was originally designed to link information systems and thereby reduce traders dependence on telephone calls and handwritten records (L. Harris, Trading & Exchanges: Market Microstructure for Practitioners, Oxford University Press, 2003, p. 149).
CESR, Public Consultation: Publication and Consolidation of Market Transparency, October 2006 (CESR/06-551), p. 21. In plain terms, the lack of protocols meant that the information systems spoke in different languages (protocols), which required interpreters (i.e. costs) for translation (‘mapping’).
CESR stated that during the ISD timeframe national law, which was supplemented by details of RM rulebooks, provided provisions with respect to the technical accessibility (so-called protocols) of published pre- and post-trade data.1 Protocols refer to the data communication standard (the language) used to transmit information to another party.2 CESR stated that in the vast majority of Member States pre- and post-trade data on RMs was made accessible through a range of different protocols. The limited use of common protocols posed a barrier, as well as significant cost, to data consolidation.3