4.II.1.5.6 Timing of equity pre-trade data publication

MiFID I introduced a timing requirement for the publication of MiFID I pre-trade data. Such a requirement was not in place under the ISD.1 CESR assisted the Commission in drafting Level 2 measures. CESR noted that, taking into account the importance of pre-trade information and the objectives of MiFID I, it would be extremely important to publish pre-trade data as soon as technically possible. CESR therefore took a strict view on the timing.2 CESR noted that pre-trade data publication would be required in real-time, that is - ‘as close to instantaneously as technically possible, assuming a reasonable level of efficiency of expenditure on systems of the part of the person concerned’.3 CESR gave no maximum time-limit for the meaning of real-time pre-trade publication (in contrast to post-trade publication).4 CESR noted that the real-time required needed to apply during the normal trading hours of the RM/MTF. CESR stated this was because pre-trade data of RMs and MTFs is vital for investors.5

The Commission accepted CESR’s recommendations. In doing so, the Commission added specific provisions for portfolio trades. The latter was clear in the final MiFID I text. MiFID I required RMs and MTFs to publish pre-trade data in real-time during normal trading hours.6 Portfolio trades needed to be made available with respect to each constituent transaction as close to real-time as possible, having regard to the need to allocate prices to particular shares.7