Part II UK Securities Markets, 6 The Trading Architecture and Pre- and Post-Trade Transparency

This chapter provides an overview of the regulatory requirements that are intended to generate and maintain price transparency for publicly tradeable securities. It describes some of the key distinguishing features of the evolving trading architecture in Europe. It also explains how the regulatory requirements are organised at a European level through the Markets in Financial Instruments Regulation (MiFIR) and continue to apply in substance in the UK notwithstanding the its withdrawal from the European Union. This chapter draws attention to pre—trade transparency, which ensures that market participants can access and see sufficient information about the prevailing bid and offer prices for a given security. It “post—trade” transparency is about ensuring market participants have access to more or less real time data concerning competed transactions.