How soon after MiFID II comes into effect will venues and firms have to publish RTS 27 and 28 reports?

Answer 6

The data venues are required to collect and publish under RTS 27 are tied to several provisions stemming from MiFID II and MiFIR, such as the 'Size Specific to The Instrument’ (SSTI) thresholds under the transparency regime and the transaction reporting requirements. ESMA therefore considers that the first report published under RTS 27 should cover a reporting period that is representative of the first quarter of 2018 and should be published by 30 June 2018.

The information that firms will be required to publish under RTS 28 is of a different nature. Along with the report on the top five venues where they have executed their client orders, it requires a summary of the outcomes achieved by firms when executing those orders. As best execution is not a new requirement under MiFID II, firms should already have implemented most of the necessary arrangements to conduct this analysis.