{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2017-11-15","gaps":[],"covered":["ESMA Q&A 1549 — Q&A — Transparency - Trading venues [Answer Published] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/level-3/q-and-a/esma/esma-qa-1549-transparency-trading-venues","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1549-transparency-trading-venues","title":"ESMA Q&A 1549 — Q&A — Transparency - Trading venues [Answer Published]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1549-transparency-trading-venues","status":"answer published","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 15 November 2017","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1549","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"a7e28c42b6e1f6f0","change_date":null,"nearest_versions":["2017-11-15"],"first_text_date":null,"correction_applies":false,"versions":["2017-11-15"],"version_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1549-transparency-trading-venues/versions/2017-11-15","revision_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1549-transparency-trading-venues/versions/2017-11-15/rev/a7e28c42b6e1f6f0","versions_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1549-transparency-trading-venues/versions","relations_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1549-transparency-trading-venues/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 15 Nov 2017 [Answer Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2017-11-15","question_submitted_on":"2017-11-15","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1549, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1549, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1549","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1549-transparency-trading-venues.md","body_sha256":"1d6cf3382043d3e4ec39a22cdaa0780035e9b1d939db16e1669c105f34cf0334"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1549 — Q&A — Transparency - Trading venues [Answer Published]\"\nshortTitle: \"ESMA Q&A 1549 — Q&A — Transparency - Trading venues [Answer Published]\"\nanswer_id: ESMA_QA_1549\ntopic: \"Equity transparency\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"Regulation 2017/583- RTS on transparency requirements in respect of non-equity financial instruments (RTS 2)\"\ndate: 15 November 2017\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1549\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 15 November 2017\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1549\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1549: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2017-11-15\"\n  question_submitted_on: \"2017-11-15\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1549, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1549, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 15 Nov 2017 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 15 November 2017 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1549)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1549 — Q&A — Transparency - Trading venues \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1549 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 15 November 2017; question submitted 15 November 2017 |\n| **Legal basis** | Regulation 2017/583- RTS on transparency requirements in respect of non-equity financial instruments (RTS 2) |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Transparency - Trading venues**\n\n### Question\n\nTables 3 and 4 of Annex I of RTS 1 and tables 2 and 3 of Annex II of RTS 2 require the publication of some information using text fields and 4-character codes that are not suitable for binary digital feeds. How should trading venues and investment firms/ Approved Publication Arrangements (APAs) ensure that transactions are published as close to real-time as technically possible? Is it possible to transport and publish the real-time data via digital feeds or does the data have to be transported and published in the reporting format defined in Annex I of RTS 1 and Annex II of RTS 2?\n\n***\n\n### Answer\n\n\\[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 2.2\\]\n\nMiFIR and RTS 1 and RTS 2 intend to enable data-users to consume highly reliable and comparable sets of data in a fragmented market. This includes the trade flags and details defined by ESMA in Annex I of RTS 1 and Annex II of RTS 2. It is therefore important to ensure that trading venues, market operators and APAs efficiently disseminate unambiguous content.\n\nRTS 1 and 2 do not require the use of a specific technical format (such as XML) for transporting and making data public. Encoding data feeds, including using binary digital feeds, for transportation purposes is therefore possible as long as it contributes to keeping the speed of transmission as close to real time as possible. What matters for meeting the post-trade transparency requirements in MiFIR and RTS 1 and 2 is that post-trade data is published as soon as possible and that the details and flags specified in Annex II of RTS 1 and 2 are used.\n\nTrading venues and APAs have to make sure that at the point of converting digital real-time feed into human readable data points the details and flags as specified in Annex I of RTS 1 and Annex II of RTS 2 are used.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1549)\n"}