One of the key provisions of Mifid II was the establishment of a consolidated tape provider (CTP) for non-equity products. To date, no provider has been appointed, meaning that transparency data has to be collected from the various APAs.
Approved publication arrangements (APAs) are interpreting rules set out in the second Markets in Financial Instruments Directive (Mifid II) differently, impacting the quality and clarity of post-trade data, according to consultants and market participants.