APAs Under Pressure as Esma Cracks Down on Data Tangle

Reporting platforms told by regulator to substantially improve quality of publicly reported data.

On May 29, the European Securities and Markets Authority (Esma) updated its guidance on the implementation of the revised Markets in Financial Instruments Directive (Mifid II), with sections targeting transparency requirements. One section focused on how some reporting platforms are making this data available to the public.

In particular, Esma criticized the fact that some of the platforms—which include Approved Publication Arrangements (APAs), Consolidated Tape Providers and trading venues—are

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