MiFIR requires market operators and investment firms operating a trading venue to make publicly available the information published in accordance with Articles 3, 4 and 6 to 11 by offering pre-trade and post-trade transparency data separately.

Article 12(2) of MiFIR gives the European Commission the power to adopt, following submission of draft regulatory technical standards (RTS) by the European Securities and Markets Authority (ESMA), a Delegated Regulation further specifying the offering of pre-trade and post-trade transparency data, including the level of disaggregation of the data to be made available to the public.

A consultation on the draft RTS was published on 19 December 2014 on ESMA’s website and the consultation closed on 2 March 2015.

The Commission has now adopted a Delegated Regulation supplementing MiFIR with regard to RTS on the specification of the offering of pre-and post-trade data and the level of disaggregation of data.

If neither the European Parliament or the Council of the EU objects to the Delegated Regulation it will enter into force on the twentieth day following that of its publication in the Official Journal of the EU. The Delegated Regulation applies from the date referred to in the second paragraph of Article 55 of MiFIR.

View Commission Delegated Regulation of 2.6.2016 supplementing Regulation (EU) No. 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on the specification of the offering of pre- and post-trade data and the level of disaggregation of data, 2 June 2016