Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/13.III.1.4
13.III.1.4 Technical accessibility
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS266695:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Voetnoten
Voetnoten
CESR, Publication and Consolidation of MiFID Market Transparency Data, February 2007 (CESR/07-043), p. 7-8.
ESMA, Cost Benefit Analysis – Annex II: Draft Regulatory and Implementing Technical Standards MiFID II/MiFIR, 28 September 2015 (ESMA/2015/1464), p. 349.
ESMA notes that data protocols are a means to compete across venues, the arrangements in place typically being at the cutting edge of technology (…) (ESMA, Cost Benefit Analysis – Annex II: Draft Regulatory and Implementing Technical Standards MiFID II/MiFIR, 28 September 2015(ESMA/2015/1464), p. 349).
APAs need to make public any changes to the instructions how and where to easily access and use the post-trade data (a) at least three months before the come into effect, (b) unless there is an ‘urgent and duly justified need’ for changes in instructions to take effect more quickly (art. 14(5)(b) MiFIR Delegated Regulation 2017/571). An ‘urgent and duly justified need’ is not defined in further detail. While intending to remain ‘technology’ neutral, the MiFID II changes aim to further facilitate access to, and consolidation of, equity post-trade data compared to MiFID I. Reference is made to recital 21 MiFIR Delegated Regulation 2017/571 and ESMA, Cost Benefit Analysis – Annex II: Draft Regulatory and Implementing Technical Standards MiFID II/MiFIR, 28 September 2015 (ESMA/2015/1464), p. 349).
For an examination of the CESR guidance under MiFID I, reference is made to chapter 12.
APAs need to efficiently and consistently publish the MiFID II equity post-trade data in a way that ensures fast access to the information.1 Fast access can be achieved where the equity post-trade data is easily available through technology (automated processes). MiFID II requires APAs to make equity post-trade data public in a machine readable-way.2 An EU approach for automated processes, including machine readability are not new. CESR already provided recommendations in this area under MiFID I.3MiFID II turns the CESR-recommendations into regulation. Besides harmonising the CESR recommendations, MiFID II is stricter compared to CESR.4 First, MiFID II says that ‘machine readable’ is only possible where the data is in an electronic format (not: physical) designed to be directly and automatically read by a computer. MiFID II does not prescribe one common protocol (language for computers), thereby permitting competition in terms of data protocols.5 However, MiFID II does specify that the format must be made available by free, non-proprietary and open standards (i.e. protocols).6 Second, the APA needs to store the post-trade data in an appropriate IT architecture that enables automatic access.7 Third, the APA needs to ensure that the equity post-trade data can be accessed, read, used and copied by computer software that is free of charge and publicly available.8 Fourth, MiFID II requires the robustness and continuity of the machine readable-arrangements.9 Finally, MiFID II introduces a notice period for the public to access and use the post-trade information.10 The CESR guidance under MiFID I left more freedom for the publication of equity post-trade data.11