How requests for quotes could amount to ‘insider information’

Lawyers say Esma’s incoming pre-hedging guidance could make firms liable for multimillion-euro fines

When a liquidity provider receives a request for quote on an instrument, should that be considered inside information? And if so, should the liquidity provider be forced to stop all trading in the instrument and its underlyings until it is clear that the trade has been executed?

This is one of the hot topics for debate as market participants gear up for a battle over the use of RFQ information for pre-hedging purposes. The European Securities and Markets Authority has been asking for input on

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