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Deferred publication regime ‘flawed’

Friday 27 January 2012 – by [email protected]


A leading trade body is calling for European regulators to revise the deferred publication regime for equity post trade transparency saying the current reporting delays permitted under MiFID regime are “flawed” and will damage the market.

The Association of Financial Markets in Europe released a report on Friday, urging the European Securities and Markets Authority to rethink its proposals on the current and proposed deferred publications regime and calling for an official European consolidated tape.

Afme says that large equity trades should be reported as early as possible within permitted delay periods that should be based on prevailing market conditions.

A consolidated tape similar to the blueprint published by the European Fund and Asset Management Association in September 2011 should also be implemented and should form the measure of liquidity used in calculating the allowable delay period.

Christian Krohn, a managing director at Afme says: “Whilst recognising the need for timely information on trading activity, it is important that reporting rules allow for delays to avoid damaging the returns of investors who act collectively to trade in large sizes.

The issue with the current MiFID regime is that permitted delays are based on Average Daily Turnover – which means that a given trade will have the same allowable delay whether it is executed on Christmas Eve or on the day a company announces its results.

Related articles:
Proportion of OTC trades just 16 per cent
AFME appoints former CRD coordinator
ECB loan-level rules backed by AFME

“To protect the efficiency of this mode of execution there must be an appropriate period of confidentiality when transferring the execution risk of a large trade from one party to another, whilst at the same time, maintaining an appropriate level of transparency.”



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