Risk glossary

Pre-trade transparency is a requirement within the Markets in Financial Instruments Regulation or Mifir, accompanying the Markets in Financial Instruments Directive, for European Union trading venues and market-makers to publish offered, executable quotes before a trade is complete.

The requirement can be waived if the trade is below certain size thresholds; if the instrument being quoted is deemed illiquid; or if the instrument is not traded on venues or equivalent to those traded on venues.

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