Oslo Børs: Change to publication of broker IDs with MiFID II

Markets, Statistics, Stock Markets — By on May 30, 2017 at 10:42 AM
30/05/2017 – With the implementation of MiFID II, the identities of broking firms that carry out equity trades will not be published in real-time.

All equity trades are currently published immediately after the trade is executed, including the identities of the buying and selling broker firms. This is not common practice elsewhere in Europe.

With the implementation of MiFID II, there will be detailed requirements regarding the information that has to be published once a trade has been executed – and before it is carried out. A consequence of the new EU regulation is that identities of broking firms may be revealed in the order book if the current post-trade transparency model is carried forward. Disclosing broking firms’ positions in the order book in real-time may be used by other market participants to their advantage, weakening Oslo Børs’ attractiveness as a market place. As a result of this, Oslo Børs will introduce post-trade anonymity by removing brokers’ identities from executed trades, in harmony with other European marketplaces.

MiFID II will be implemented in January 2018, and the removal of brokers’ identities will be implemented in the fourth quarter with the MiFID II release of our trading system, Millennium Exchange.

Oslo Børs will continue to publish members’ market shares for Oslo Børs marketplaces following the change. While the publication frequency is yet to be determined, we are looking at publishing statistics with at least the same frequency as other regulated markets, which is to say weekly, in addition to publishing monthly statistics as we do today.

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