The MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR) repealed and recast the Markets in Financial Instruments Directive (2004/39/EC) (MiFID).

Together, the MiFID II Directive and MiFIR form the legal framework governing the requirements applicable to investment firms, trading venues, data reporting service providers and third-country firms providing investment services or activities in the EU.

This note summarises the requirements relating to public disclosure of trade data under the pre-trade and post-trade transparency rules set out in Articles 3 to 21 of MiFIR. The requirements apply to trading venues and investment firms (including systematic internalisers (SIs)).