Imported from previous forum
I am not sure, it may be that ESMA meant main session (aka continuous trading) with the term “trade reporting” but it could also be that they missed something fundamental here (unless omitting it is an option and represents the main session). Trading Mode is key for ESMA together with Trading System and Trading Platform.
Prior to Article 1, RTS 27 says in (3) “It is appropriate to differentiate the amount and nature of reported data according to trading systems,” and in (6) “To ensure an accurate picture of the quality of execution that effectively occurred, trading venues should not publish among executed orders those traded over the counter and reported onto the trading venue.”
So, does Trading Mode only apply to “executed orders”? The “trade reporting” could be the standard case. Or does it apply to all three? Then OTC would be missing in the list of trading modes.
A lot of guesswork and no real answers…