18.IV What are the consequences of increased EU equity pre- and post-trade transparency regulation?

The third part of the synthesis covers what the consequences of increased EU equity pre- and post-trade transparency regulation are. As noted in chapter 1, this part of the research question is examined by looking at the EU opinion of whether or not the ISD, MiFID I, respectively MiFID II equity pre- and post-trade transparency has been successful. Taking the final view of the EU as a perspective, the conclusion is that the EU top-down strategy was only successful in part. To support this conclusion, the paragraphs below review three central elements of EU equity pre- and post-trade transparency regulation to underpin this conclusion from the ISD to MiFID II. The three elements concern the consequences of: (1) the amount and timing of equity pre- and post-trade data; (2) published and consolidated equity pre- and post-trade data; and (3) equity pre- and post-trade data prices.