An Approved Publication Arrangement (APA) is an entity authorized under the MiFID II directive to publish trade reports on behalf of investment firms, fulfilling requirements outlined in Article (4)(1)(52).
[1][2] These reports contribute to increased transparency in over-the-counter (OTC) markets by disseminating both pre-trade quotes and post-trade transaction data.
The MiFID II directive, which came into force in January 2018, mandates the use of APAs to enhance transparency in OTC markets.
APAs, Approved Reporting Mechanisms and Consolidated Tape Providers are new categories of Data Reporting Services Providers (DRSPs) that did not exist under MiFID I.
For the APA data, one distinguishes three asset classes: bonds, derivatives of all kind (interest rate/Credit/FX/Commodity/Equity), and Structured Finance.