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published 14 Nov 2018, updated 16 Oct 2024 [Published Answer Updated]","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":"2018-11-14","last_updated":"2024-10-16","question_submitted_on":"2018-11-14","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1552, column 'Esma responses', date line (earliest)","last_updated":"ESMA Q&A Excel export ESMA_QA_1552, column 'Esma responses', date line (latest)","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1552, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1552","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1552-pre-trade-transparency-rfq-system.md","body_sha256":"c31a465f0dd7fe5a6d425c880fcc033c95cdd57dc887b15e924bbf25a4bb52ff"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1552 — Q&A — Pre-trade transparency- RFQ system [Published Answer Updated]\"\nshortTitle: \"ESMA Q&A 1552 — Q&A — Pre-trade transparency- RFQ system [Published Answer Updated]\"\nanswer_id: ESMA_QA_1552\ntopic: \"Equity transparency\"\nstatus: \"Published Answer Updated\"\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: \"Regulation 2017/583- RTS on transparency requirements in respect of non-equity financial instruments (RTS 2)\"\ndate: 14 November 2018\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1552\nlifecycle: \"Published Answer Updated\"\ntext_version: \"ESMA Q&A register, 14 November 2018\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1552\"\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_1552: 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: \"2018-11-14\"\n  last_updated: \"2024-10-16\"\n  question_submitted_on: \"2018-11-14\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1552, column 'Esma responses', date line (earliest)\"\n    last_updated: \"ESMA Q&A Excel export ESMA_QA_1552, column 'Esma responses', date line (latest)\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1552, column 'Date of submission'\"\nlifecycle_label: \"Published Answer Updated\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 14 Nov 2018, updated 16 Oct 2024 [Published Answer Updated]**\n\n*Published Answer Updated · ESMA Q&A register, 14 November 2018 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1552)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1552 — Q&A — Pre-trade transparency- RFQ system \\[Published Answer Updated\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1552 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 14 November 2018; updated 16 October 2024; question submitted 14 November 2018 |\n| **Legal basis** | Regulation 2017/583- RTS on transparency requirements in respect of non-equity financial instruments (RTS 2) |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — an excerpt (not reproduced: 403 words after it) of the ESMA publication |\n\n**Pre-trade transparency- RFQ system**\n\n### Question\n\na) When should the operator of an RFQ system provide pre-trade transparency?\n\nb) Which quotes should be made public in a RFQ system?\n\nc) Can an RFQ system be construed as a two-step process where (i) an RFQ is initiated and quotes are received in response to that RFQ, and (ii) the transactions are ultimately executed following a bilateral confirmation with one of the respondents?\n\n***\n\n### Answer\n\n(a) Trading venues trading equity instruments are responsible for designing their RFQ systems in compliance with the pre-trade transparency requirements defined in MiFIR and specified in Annex I of RTS 1. The arrangements used may differ depending on the approach chosen by individual trading venues. Such approaches might include arrangements where trading interests become executable after a pre-defined period of time but would, in any circumstances, require the indications of interest to be disclosed no later than when they become actionable and in any case before the conclusion of a transaction. However, the conclusion of a transaction is not a condition for the publication of pre-trade transparency. Therefore, pre-trade transparency should also apply where a quote provided on request, including actionable indications of interest, is not acted upon.\n\nThe disclosure of the pre-trade quotes or actionable indications of interest only at the time of execution would not be consistent with the obligations set in Annex I of RTS 1.\n\n(b) A quote received in response to an RFQ that contains all the necessary information to agree on a trade and therefore complies with the definition of an actionable indication of interest as defined in Article 2(1)(33) of MiFIR should be made pre-trade transparent. The requirement within Annex I of RTS 1 that quotes should be made public “no later than when they become executable” is simply meant to ensure that all quotes are treated equally for the purpose of pre-trade transparency and can be published all at the same time. In any case the concept of executable quotes should not be interpreted in a way that would preclude quotes that qualify as A-IOIs to be made pre-trade transparent.\n\n(c) No, Annex I of RTS 1 defines RFQ systems as systems “where a quote or quotes are provided in response to a request for quote submitted by one or more members or participants. The quote is executable exclusively by the requesting member or participant. The requesting member or participant may conclude a transaction by accepting the quote or quotes provided to it on request”. Therefore, the definition does not foresee the possibility to privately negotiate with one RFQ respondent to agree on the final details of the transaction. If such a bilateral negotiation is necessary it should be considered as a separate trading process outside the initial RFQ session.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1552)\n"}