Esma expected to tighten rules for Mifid data services

After criticism of new regime, market is braced for guidance that could pile pressure on APA business

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Public handover: controversy has surrounded the way APAs disseminate delayed data

European authorities are expected to issue guidance on how trading venues publish post-trade data. Confusion over the rules, part of a wider overhaul of transparency in Europe’s financial markets, has dogged initial attempts to release trade information.

Two sources at trading venues that operate APAs, or approved publication arrangements, believe either the European Securities and Markets Authority or the UK’s Financial Conduct Authority will make further recommendations.

“We are expecting

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