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2.3. Best execution - publication of data related to the quality of executionby trading venues for each financial instrument tradedBackground/Mandate/EmpowermentArticle 27(10)(a), MiFID IIESMA shall develop draft regulatory technical standards to determine:(a) the specific content, the format and the periodicity of data relating to the quality of execution to bepublished in accordance with paragraph 3, taking into account the type of execution venue and the typeof financial instrument concerned;[…]ESMA shall submit those draft regulatory technical standards to the Commission by [....]Power is delegated to the Commission to adopt the regulatory technical standards referred to in the firstsubparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.Analysis1. MiFID II requires that venues publish periodic reports that include details about price, cost, speedand likelihood of execution for individual financial instruments. 23 The mandate to ESMA for developingRTS further specifies that the reports should take into account the type of execution venue and thetype of financial instruments concerned. The reporting requirement applies to execution venues 24 orto trading venues and systematic internalisers. 252. ESMA considers that if the intention is to require standardised reporting from all venues, it shouldalso apply to market makers 26 that execute directly with clients (or their agents) rather than using atrading venue central order book.3. MiFID II is clear that all execution quality data is to be provided by venues in respect of individualfinancial instruments, and that all types of financial instruments are subject to best execution. Nevertheless,ESMA considers that in developing execution quality data it may be appropriate to prioritisetrading in certain types of instruments.23Set out in Article 27(3).24Execution venue means a Regulated Market, an Multilateral Trading Facility (MTF) an Organised Trading Facility (OTF), asystematic internaliser, or a market maker or other liquidity provider or an entity that performs a similar function in a third countryto the functions performed by any of the foregoing.25The scope of reporting on execution quality is set out in Article 27(3) of MiFID II as being, “for instruments subject to the tradingobligation in Articles 23 and 28 of MiFIR each trading venue and systematic internaliser and for other instruments each executionvenue…”26As defined by MiFID I a market maker is "a person who holds himself out on the financial markets on a continuous basis as beingwilling to deal on own account by buying and selling financial instruments against his proprietary capital at prices defined byhim" Since market makers fulfil a role in price discovery and can fulfil some of the functions of execution venues, particularly forretail clients in some market structures, it is appropriate to apply the execution quality reporting obligation to them.25