Leaked EC Draft Seeks to Clarify Ambiguity in MiFID 2 Data Rules

In the draft document, the European Commission attempts to address uncertainty around the obligations of market participants under MiFID 2.

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The EC is putting together a document─a leaked draft of which surfaced Tuesday, Dec. 15─that considers the technical advice provided by ESMA, and aims to clear up some of the confusion around how APAs (Approved Publication Agreements) and CTPs (Consolidated Tape Providers) will meet the obligation to provide market data on a "reasonable commercial basis," though it leaves the definition of "reasonable" up to the market to decide.

The document notes that clarity around MiFID 2's aims to address t

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