Q&A · ESMA

Pre-trade transparency- RFQ system

Answered

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AI-generated Summary

Equity RFQ systems must make quotes and actionable indications of interest pre-trade transparent no later than when they become executable, whether or not a trade follows; disclosure only at execution is not enough, and an RFQ system cannot be split into a quote stage followed by a separate bilateral confirmation.

Details

Reference	ESMA_QA_1552
Issuer	ESMA
Published	16 Oct 2024
Answered	14 Nov 2018, 16 Oct 2024
Submitted	14 Nov 2018
ESMA topics	Equity transparency
Earlier Q&A document	ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 2.7

Provisions it relates to

Article 3 MiFIR · Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
MiFIR
ESMA rulebook
Article 8 MiFIR · Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances
MiFIR
ESMA rulebook
MiFIR (whole act)
Explicit reference

Documents it refers to

RTSIn forceExplicit reference
Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryRTS 2 on transparency for bonds, structured finance products, emission allowances and derivatives: sets pre-trade transparency by trading system type, large-in-scale and size-specific-to-the-instrument thresholds, order management facility sizes, the liquidity assessment of each instrument class, and post-trade publication content and deferral regimes. Amended several times, notably by Delegated Regulations 2021/529, 2022/629, 2023/945 and 2025/1246.
RTSIn forceExplicit reference
Commission Delegated Regulation (EU) 2017/587 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and on transaction execution obligations in respect of certain shares on a trading venue or by a systematic internaliser
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryRTS 1 on transparency for shares, depositary receipts, ETFs, certificates and similar instruments: defines non-price forming transactions, sets pre-trade transparency by trading system, the conditions for negotiated trade, large-in-scale and order management facility waivers, systematic internaliser quoting rules, and post-trade publication and deferrals, and covers the share trading obligation. Amended notably by Delegated Regulations 2019/442, 2023/944 and 2025/1246.