17.II.4 Background

The MiFID II-rules for disaggregating equity pre- and post-trade data are not entirely new. Already under MiFID I CESR provided non-binding guidelines to ensure that equity pre- and post-trade data was not conditional on the purchase of other data (or services).1MiFID II institutionalizes CESR’s guidelines into formal law. MiFID II does so in a more rule-based manner than CESR. The legislative history of the MiFID II-rules can be divided in two sections, namely level 1 and level 2.