EU · MiFIR · TITLE II TRANSPARENCY FOR TRADING VENUES · CHAPTER 3 Obligation to offer trade data on a separate and reasonable commercial basis

Article 12 MiFIRObligation to make pre-trade and post-trade data available separately

In force

Read the official text on EUR-Lex(opens in a new tab)

AI-generated What this provision does

Requires trading venues to make pre-trade and post-trade transparency data available to the public separately, unbundled, with ESMA RTS specifying the level of disaggregation.

Amendments and application dates

Amending act	Change	Applies from
Regulation (EU) 2024/791	Text amended	28 Mar 2024

Level 2: delegated and implementing acts

RTSIn forceLegal basis
Commission Delegated Regulation (EU) 2017/572 of 2 June 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
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryRTS requiring trading venues to offer pre- and post-trade transparency data unbundled, disaggregated by asset class, country of issue, trading currency, and scheduled auctions versus continuous trading, and to offer any combination of those criteria on a reasonable commercial basis.

Level 3: ESMA Q&As, guidelines and opinions

Q&AAnsweredInferred · 85%
ESMA_QA_1596: Data disaggregation
ESMA · 18 Nov 2016 · the ESMA website
AI summaryFor disaggregation of share data by 'country of issue' under RTS 14, the country is the issuer's home Member State as defined in the Transparency Directive, including for issuers incorporated outside the EU.
Q&AAnsweredInferred · 90%
ESMA_QA_1593: Data disaggregation
ESMA · 18 Nov 2016 · the ESMA website
AI summaryData disaggregation under RTS 14 is required for each separately authorised trading venue, not at the level of the market operator or investment firm running several venues.
Q&AAnsweredInferred · 90%
ESMA_QA_1594: Data disaggregation
ESMA · 18 Nov 2016 · the ESMA website
AI summaryAnyone, user of the venue or not, may request disaggregated market data under RTS 14, in any form that clearly asks for it; venues need only provide it on request, on reasonable commercial terms with non-discriminatory technical requirements, and must respond as quickly as practicable and no slower than to requests for bundled data.
Q&ALegacy Q&A documentESMA rulebook
ESMA70-872942901-38: Questions and Answers On MiFID II and MiFIR market structure topics
ESMA · the ESMA website
AI summaryESMA's consolidated legacy Q&A document (ESMA70-872942901-38, final version 13 October 2023) on market structure topics, covering data disaggregation, direct electronic access and algorithmic trading, the tick size regime, multilateral and bilateral systems (including OTFs and systematic internalisers) and access to CCPs and trading venues. It is no longer updated; later Q&As are in ESMA's Q&A tool.

Commentary

No law-firm commentary is linked to this provision yet.

219 more documents relate to MiFIR as a whole without naming an article.

UK counterpart

Article 12 UK MiFIR · Obligation to make pre-trade and post-trade data available separately
UK MiFIR
Revocation enacted by Financial Services and Markets Act 2023; no commencement date yet.
DivergedExplicit reference
EU changes after exit: Regulation (EU) 2024/791 (from 28 Mar 2024). UK changes after onshoring: Financial Services and Markets Act 2023 (from 1 Dec 2024). UK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.

Version history

From 28 Mar 2024
From 2 Jul 2014 to 28 Mar 2024

Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.