Market players struggle to access Mifid trade-report data

Approved publication arrangements break the spirit of new transparency rules, says lawmaker

Transparency issue: sources complain the data published by two APAs is potentially unusable

Firms providing trade-reporting services under new European Union financial market rules are in danger of breaching the spirit of the law, and in some cases possibly the letter, according to lawyers and a key lawmaker.

The controversy concerns approved publication arrangements (APAs), which investment firms use to fulfil new pre- and post-trade transparency requirements under the second Markets in Financial Instruments Directive (Mifid II) and its accompanying regulation (Mifir). Pre-trade tran