The views expressed are those of the authors and do not necessarily reflect those of the ECB, the EIB or the SSM. [...] We define, for the purposes of this policy brief, transparency as releasing post-trade data to the general public close to the time of the trade.2 With the brief, we aim at taking stock of where the regulators of these two markets stand on this matter. [...] 25 See, for the regulators’ perspective on MIFID transparency, ESMA’s reports in 2019 and 2020 on the effectiveness of the transparency regime as adjusted after the introduction of the MIFID II package in 2018, as well as its consultation on the same matter in 2021: 2189_cp_review_report_transparency_non-equity_tod.pdf and the repo. [...] 37 See also the conclusions of the “Group of 30” (an independent body aiming to deepen the understanding of global and financial issues) regarding the impact of transparency on investor access, but also access of additional dealers to the market: . [...] This view has been supported in the past by stakeholders with different perspectives (ESMA51, as well as the industry52) and, when examining the structure of the new rules both in the US and the EU, appears to be a common direction of travel.
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