Mifid’s free data mirage vexes markets

Users struggle to access post-trade data despite European regulator’s push for transparency

With great fanfare, Europe’s reform of markets and transparency laws came into force two years ago. Mifid II – an update of the Markets in Financial Instruments Directive – promised to shine a light on the darkest corners of the financial markets, making trade data easily accessible, and bringing best execution and fair pricing to all.

Amid subsequent complaints that trading venues and data providers were not releasing information in accordance with the law, the region’s regulator in May 2018