Recital 45

(45)Inconsistencies in the quality, formatting, reliability and cost of trading data have a detrimental effect on transparency, investor protection and market efficiency. In order to enhance the monitoring and reconstruction of trading data, and to improve the consistency and quality of those data and their availability and accessibility at reasonable cost throughout the Union for the relevant trading venues, Directive 2014/65/EU of the European Parliament and of the Council ¹¹ introduced a new legal framework for data reporting services, including the authorisation and supervision of data reporting services providers.