8.II.1.4 Might RMs and MTFs publish post-trade data beyond MiFID I?

A question is whether RMs and MTFs were permitted to publish more and/or faster equity post-trade data than MiFID I prescribed, that is – be stricter than MiFID I? A similar question arose in the context of the MiFID I equity pre-trade transparency regime. CESR advised ‘a minimum level of pre-trade information’ to be made available under MiFID I.1 It seems likely that a similar reasoning applied for post-trade transparency under MiFID I. In effect, MiFID I permitted RMs and MTFs to publish post-trade data beyond the MiFID I standards, such as more and/or faster data. Such a reading would also correspond with the MiFID I goals. Main objectives of MiFID I were investor protection and the ‘smooth operation of securities markets’.2 MiFID I stated that transparency about trades was necessary to achieve these objectives.3 As a consequence, if an RM or MTF wanted to publish more and/or faster equity post-trade data than MiFID I prescribed, there could be little objection to this.4