Mifid changes will avert 'race-to-the-bottom' pricing

esma-hq — Esma's latest RTS relaxes pre-trade transparency rules for RFQ trades

Fiona Maxwell
09 Oct 2015

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A change to the controversial pre-trade transparency regime in Europe has brought relief to some market participants. Dealers and trading venues previously warned the original rules would discourage market-makers from responding promptly to requests for quotes (RFQs) on electronic trading platforms.

The European Securities and Markets Authority (Esma) said last December that all quotes provided by dealers in response to RFQs would be subject to the immediate pre-trade transparency requirements

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