Post Trade Transparency
Purpose of post trade transparency
- Improve price discovery and enable clients to verify that their brokers comply with best exeuction rules.
- Standardize post-trade transparency requirements for equity trading conducted on a trading venue.
- Enhance market data reporting, enabling regulators to monitor and ensure fair and orderly functioning of markets.
Participant scope
- EU MiFID II qualifying investment firms
- Non-EU branches of EU MiFID II investment firms
- EU branches of non-EU MiFID II qualifying firms
Product Scope
- Equity shares
- Depository receipts
- Exchange traded funds
- Certificates
- Other equity type financial institutions
- Bonds
- Structured finance products
- Emission allowances
- Derivatives
Data should be submitted to:
Approved Publication Arrangements (APA)
Some APAs are:
- Euronext APAs
- MarketAxess
- CBOE Europe
- Tradeweb
- Bloomberg Data Reporting Services
- UnaVista
Who needs to report?
- Trading venue (RM, MTF and OTF)
- Systematic Internalizer
- Qualifying Investment Firm (QIF)
QIF - any legal person whose regular occupation or business is the provision of one or more investment services to third parties and/or the performance of one or more investment activities on a professional basis.
What trades need to be reported?
Report trades in a financial instrument that is traded on a trading venue (TOTV). If a trade is done on a financial instrument which is NOT TOTV then reporting need not be done.
Data fields that need to be reported
- Trading date and time
- Instrument identification code
- Price
- Venue of execution
- Price currency
- Quantity
- Publication date and time
- Venue of publication
- Transaction identification code
- Instrument identification code type
- Price notation
- Notation of the quantity in measurement unit
- Quantity in measurement unit
- Notional amount
- Notional currency
- Type
- Transaction to be cleared
- Type
- Executing entity identification code (with buyer / seller identification)
- Systematic internalizer (SI) status indicator
- Trading capacity
Sample information as published by Bloomberg
| Field Name |
Data |
| Trading date and time |
2023-03-22T10:36:56:122000+00:00 |
| Instrument ID type |
ISIN |
| Instrument ID |
XS1762770680 |
| Price |
1016.6 |
| Venue of execution |
XOFF |
| Price notation |
PERC |
| Price currency |
- |
| Notation of quantity in measurement unit |
NA |
| Quantity in measurement unit |
NA |
| Quantity |
22 |
| Notional amount |
22 |
| Notional currency |
USD |
| Publication date and time |
2023-03-22T10:36:57:483738+00:00 |
| Venue of publication |
BAPE |
| Transaction ID |
848e98ed-57be-4c88-bee3-9e05147cd132 |
| To be cleared |
FALSE |
| LMTF Flag |
FALSE |
| FULF Flag |
FALSE |
| DATF Flag |
FALSE |
| FULA Flag |
FALSE |
| VOLO Flag |
FALSE |
| FULF Flag |
FALSE |
| FWAF Flag |
FALSE |
| FULJ Flag |
FALSE |
| IDAF Flag |
FALSE |
| VOLW Flag |
FALSE |
| COAF Flag |
FALSE |
| BENC Flag |
FALSE |
| ACTX Flag |
FALSE |
| LRGS Flag |
FALSE |
| ILQD Flag |
FALSE |
| Size Flag |
FALSE |
| TPAC Flag |
FALSE |
| XFPH Flag |
FALSE |
| CANC Flag |
FALSE |
| AMND Flag |
FALSE |
Article 3 Recital
Post trade transparency requirements for trading venues in respect of shares, depository receipts, ETFs, certificates, and other similar financial instruments.
- Market operators and investment firms operating a trading venue shall make public the price, volume and time of the transaction executed in respect of shares, depository receipt, ETFs, certificates, and other similar financial instruments traded on a trading venue. Market operators and investment firms operating a trading venue shall make details of all such transactions public as close to real-time as is technically possible.
- Market operators and investment firms operating a trading venue shall give access, on reasonable commercial terms and on a non-discriminatory basis, to the arrangements they employ for making public the information under paragraph-1 of this Article to investment firms which are obliged to publish the details of their transaction in shares, depository receipts, ETFs, certificates, and other similar financial instruments pursuant to Article 20.
Article 7 Recital
Authorization of deferred publication.
- Competent authorities shall be able to authorize market operators and investment firms operating a trading venue to provide for deferred publication of the details of transactions based on their type or size.
In particular, the comptent authorities may authorize the differed publication in respect of transactions that are large in scale compared with normal market size for that share, depository receipt, ETF, certificate or other similar financial instrument or that class of share, depository receipt, ETF, certificate, or other similar financial instrument.
Market operators and investment firms operating a trading venue shall obtain the competent authority's prior approval of proposed arrangements for deffered trade-publication and shall clearly disclose those arrangements to market participants and the public. ESMA shall monitor the application of those arrangements for deferred trade publication and shall submit on annual report to the Commission oh how they are applied in practice.
Where are competent authority authorizes deferred publication and a competent of another Member State disagrees with the deferral or disagrees with the effective application of the authorization granted, that competent authority may refer the matter back to ESMA, which may act in accordance with the powers conferred on it under Article 19 of Regulation (EU) No 1095/2010.
- ESMA shall develop draft regulatory technical standards to specify the following in such a way as to enable the publication of information required under Article 64 of Directive 2041/65/EU.