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European Union

EU MiFIR/MiFID II DRSPs (APAs, CTPs, ARMs): ESMA authorisation, transparency and transaction reporting obligations, consolidated tape selection, and enforcement following the MiFIR Review

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Practice notes
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This Practice Note outlines the data reporting services providers (DRSPs) framework introduced by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (EU MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (EU MiFIR). It provides a synopsis of the obligations for approved publication arrangements (APAs), consolidated tape providers (CTPs) and approved reporting mechanisms (ARMs), which are integral to the pre- and post-trade transparency and transaction reporting regimes under EU MiFIR, and flags the principal updates to the DRSP regime made by Regulation (EU) 2024/791 (the MiFIR Review)...

Regulatory overview

EU MiFIR requires investment firms, including systematic internalisers (SIs), to make post-trade information public through an approved publication arrangement (APA). An APA is a person authorised under EU MiFIR to provide the service of publishing trade reports for investment firms. A consolidated tape provider (CTP) is a person authorised under EU MiFIR to offer the service of gathering post-trade reports for financial instruments from regulated markets, multilateral trading facilities (MTFs), organised trading facilities (OTFs) and APAs, and consolidating them into a continuous electronic live data stream that supplies price and volume data...

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Web page updated on 21/05/2026

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