Approved Publication Arrangement
Under MiFID II, regulated firms are required to publish post-trade reports in near real-time to the market. APAs provide the service of publishing the trade reports on behalf of investment firms - enabling them to meet their obligations under Articles 20 and 21 of MiFIR. The APA scheme replaced the Trade Data Monitors (TDM) regime under MiFID I which was introduced to make sure that third parties publishing data have adequate arrangements in place to ensure the quality of the data. The list of current APAs can be found here.