RTS 2: Non Equity Transparency
MiFID II introduces comprehensive pre- and post-trade transparency obligations for a wide range of asset classes outside of equity and equity like instruments. Collectively, the new asset classes in scope for transparency are known as "non-equity instruments". Details of transactions must be published, with some deferrals permitted, and firms that are classified as Systematic Internalisers must publish quotes.
Bats investigated the possibility of extending its BXTR suite of trade reporting services to include non-equity instruments, but will not seek to become an APA for non-equity instruments. Bats is committed to migrating its TDM business to the MiFID II APA regime for equity and equity-like instruments (as well as ETCs and ETNs). More details are available about our plans regarding the APAs as well as Equity Transparency.