EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/18.IV.2.2.2:18.IV.2.2.2 MiFID I Review: equity pre- and post-trade data

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/18.IV.2.2.2

18.IV.2.2.2 MiFID I Review: equity pre- and post-trade data

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The MiFID I text, once available in its final form, resulted in all sorts of questions and concerns from the market. A main concern was the consolidation of post-trade data, which could be fragmented across a much wider range of trading platforms compared to the concentrated market setting of the ISD.1 Another concern was the freedom that MiFID I gave to the publication of equity pre- and post-trade data, in particular to investment firms operating outside RMs and MTFs. Especially websites of investment firms operating outside RMs and MTFs could be difficult to read (difficult to consolidate)2 and could harm data quality compared to the experienced RM (and some MTF) publication systems.3 All of these matters were, albeit in a formally non-binding way, addressed by the CESR guidelines and recommendations.4 CESR’s guidance, although formally non-binding (soft law), urged market participants to take the guidance into account when designing or upgrading systems.5

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