Data Reporting: Market Structures and Regulatory Framework

37 Pages Posted: 6 Nov 2020

See all articles by Christian Schmies

Christian Schmies

affiliation not provided to SSRN

Alexander Sajnovits

Johannes Gutenberg University Mainz

Date Written: November 6, 2020


The European legislature has identified weaknesses in the functioning and transparency of financial markets as major shortcomings of the regulatory framework under MiFID I. The new MiFID II/MiFIR regime essentially addresses these identified deficits by means of three regulatory measures: First, it considerably extends the scope and increases the stringency of the obligations with regard to pre- and post-trade transparency with a view to improving the quality of pre- and post-trade transparency data. Second, it instigates a shift towards increased trading on regulated trading venues or on other regulated platforms (more extensive market regulation and trading obligations) and, third, it extends the scope of reporting obligations vis-à-vis the supervisory authorities to enable better monitoring of the financial markets. The already extensive Level 1 requirements have been further specified by numerous pieces of highly detailed Level 2 legal acts. In addition, ESMA has already issued several guidelines and Q&As to harmonize supervisory practice. The resulting network of regulations poses immense challenges for legal practice - as is increasingly characteristic of European capital market law today. The paper sets out to shed some light on the subject.

Keywords: data reporting, data standards, financial regulation, financial markets infrastructure, MiFID, MiFIR

JEL Classification: G14, G15, G18, G28, K22

Suggested Citation

Schmies, Christian and Sajnovits, Alexander, Data Reporting: Market Structures and Regulatory Framework (November 6, 2020). European Banking Institute Working Paper Series 2020 - no. 76, Available at SSRN: or

Christian Schmies

affiliation not provided to SSRN

Alexander Sajnovits (Contact Author)

Johannes Gutenberg University Mainz ( email )

Saarstr. 21
Jakob Welder-Weg 4
Mainz, 55122

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Abstract Views
PlumX Metrics