ESMA · ESMA_QA_1551 Answer Published

Transparency - pre-trade quote publication and ISIN

Regulation
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets
Topic
Equity transparency
Submitted
2017-04-03
Answered
2017-04-03
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Question

Does an ISIN need to be included for pre-trade quote publication?

Answer

[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 2.5] Pre-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.
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This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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