{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2017-04-03","gaps":[],"covered":["ESMA Q&A 1551 — Q&A — Transparency - pre-trade quote publication and ISIN [Answer Published] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/level-3/q-and-a/esma/esma-qa-1551-transparency-pre-trade-quote-publication-and-isin","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1551-transparency-pre-trade-quote-publication-and-isin","title":"ESMA Q&A 1551 — Q&A — Transparency - pre-trade quote publication and ISIN [Answer Published]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1551-transparency-pre-trade-quote-publication-and-isin","status":"answer published","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 3 April 2017","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1551","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"d4b0c86722e5a958","change_date":null,"nearest_versions":["2017-04-03"],"first_text_date":null,"correction_applies":false,"versions":["2017-04-03"],"version_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1551-transparency-pre-trade-quote-publication-and-isin/versions/2017-04-03","revision_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1551-transparency-pre-trade-quote-publication-and-isin/versions/2017-04-03/rev/d4b0c86722e5a958","versions_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1551-transparency-pre-trade-quote-publication-and-isin/versions","relations_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1551-transparency-pre-trade-quote-publication-and-isin/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 3 Apr 2017 [Answer Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2017-04-03","question_submitted_on":"2017-04-03","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1551, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1551, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1551","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1551-transparency-pre-trade-quote-publication-and-isin.md","body_sha256":"3fc1d864bef10c1173606ccb10fd6b394583e4067ef9b0482fe6ae57f6a13e35"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1551 — Q&A — Transparency - pre-trade quote publication and ISIN [Answer Published]\"\nshortTitle: \"ESMA Q&A 1551 — Q&A — Transparency - pre-trade quote publication and ISIN [Answer Published]\"\nanswer_id: ESMA_QA_1551\ntopic: \"Equity transparency\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"MiFIR\"\ndate: 3 April 2017\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1551\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 3 April 2017\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1551\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1551: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2017-04-03\"\n  question_submitted_on: \"2017-04-03\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1551, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1551, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 3 Apr 2017 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 3 April 2017 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1551)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1551 — Q&A — Transparency - pre-trade quote publication and ISIN \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1551 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 3 April 2017; question submitted 3 April 2017 |\n| **Legal basis** | MiFIR |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Transparency - pre-trade quote publication and ISIN**\n\n### Question\n\nDoes an ISIN need to be included for pre-trade quote publication?\n\n***\n\n### Answer\n\n\\[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 2.5\\]\n\nPre-trade transparency information should allow identifying unequivocally the financial instrument to which the information published refers. ISINs are one of the available ways to ensure the unequivocal identification of a financial instrument. However, ESMA recognises that ISINs may not always be available when providing a quote. Trading venues and systematic internalisers are free to use other ways for identifying instruments for pre-trade transparency purposes as long as the financial instrument can be unequivocally identified.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1551)\n"}