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.
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.