8.II.1.5.4 Minimum set of post-trade data to publish

A change under MiFID I were the introduction of harmonised rules on the actual post-trade data that RMs and MTFs needed to publish. In contrast to the ISD, MiFID I required the publication of the price, volume, and time of the share transaction. CESR assisted the Commission in drafting the level 2 rules. CESR gave no explicit statement on ‘a minimum level’ of post-trade information, which CESR by contrast did in the context of pre-trade information.1 This reflects the different granularity in pre- versus post-trade information (e.g. there is no best bid- and offer, partial order book, and full order book for post-trade information). Whatever the case may be, it seems reasonable to apply the CESR statement also in the context of post-trade information. If RMs and MTFs want to publish post-trade data beyond the MiFID I standards, there is little objection against this. Private commercial incentives going beyond the law, including equity post-trade data beyond MiFID I, go back to the root of free enterprise. There was (and is) in effect little objection against RMs and MTFs publishing equity post-trade data beyond MiFID I.