January 3, 2018 marked the implementation of the Markets in Financial Instruments Directive (MiFID II) and the accompanying Regulation (MiFIR). MiFID II and MiFIR provide an updated harmonized legal framework governing requirements applicable to investment firms, regulated markets, data service providers, and third-country companies providing investment services or performing investment activities within the Union.

The goal of MiFID II and MiFIR is to improve the efficiency, resilience and integrity of financial markets.

Under MiFID II, investment firms trading OTC, including systematic internalisers, are required to make public through an APA certain transaction information.

Article 20 of MiFIR states that, "investment firms which, either on own account or on behalf of clients, conclude transactions in shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on a trading venue, shall make public the volume and price of those transactions and the time at which they were concluded. That information shall be made public through an APA".

A similar obligation is placed by Article 21 of MiFIR on investment firms in relation to bonds, structured finance products, emission allowances and derivatives traded on a trading venue.