Esma Probes APAs Amid Mifid Trade Data Issues

Approved Publication Arrangements—a critical component in the new Mifid II European markets regulation—may be falling short of their requirements under the new transparency rules, and have drawn Esma’s attention. By Samuel Wilkes, with additional reporting by Lukas Becker

The controversy concerns APAs, which investment firms use to fulfill new pre- and post-trade transparency requirements under Mifid II and its accompanying Mifir regulation, which came into force on January 3. Pre-trade transparency means publishing offered executable quotes, while the price and quantity of certain trades must be published after execution.

The APAs must make the data free and available to the public 15 minutes after execution of the trade, but they can charge users for real-time

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