Exchanges

Deutsche Börse unveils new post-trade data product

German exchange Deutsche Börse plans to offer a new unbundled post-trade data product for equities, MIFID Post Trade.

MiFID Post Trade will be available from 1 December 2010. Deutsche Börse claims the service will be considerably cheaper than existing information products, with a monthly fee of €15 for professional investors and €1 for private investors.

The new product will contain the last traded prices and volumes for all MiFID-relevant instruments traded on the Frankfurt Stock Exchange – which includes Deutsche Börse”s Xetra trading platform, and the trading floor – and via Berlin-based Tradegate Exchange.

MiFID Post Trade is intended to complement Deutsche Börse”s existing information product MiFID OTC, which aims to provides post-trade transparency on the OTC market.

The move follows the recent commitment by members of the Federation of European Securities Exchanges (FESE), the trade body that represents 52 stock exchanges, to improve the quality of their post-trade data.

Part of FESE's proposals include a commitment to provide separate access to pre- and post-trade data from the exchanges that it represents at a “reasonable cost” by the end of the year.

FESE announced its plans shortly before European regulatory body the Committee of European Securities Regulators (CESR) released its advice to the European Commission for reforming MiFID, based on an industry consultation in April. Part of the recommendations from CESR were to create a consolidated source of post-trade data, which involves delivering post-trade data “in a format that is conducive to data analysis, including execution quality or transaction cost analysis”.