3.II.5 Background

The foregoing illustrates that the ISD pre-trade transparency regime for RMs was rather limited. The ISD pre-trade transparency obligation was minimum harmonised and limited in detail. Publication of pre-trade data was not required under the ISD. Instead, the ISD only required a fixed price for published pre-trade data on RMs. Similar flexibility was in place with respect to the ISD exceptions. The limited pre-trade transparency provisions made the ISDbottom-up. Member States and, where permitted by national regulation, also RMs themselves had great flexibility with respect to pre-trade transparency. The bottom-up approach is best understood against the background of the ISD drafting process. At least three elements determined the ISD’s bottom-up approach with respect to pre-trade transparency regulation for RMs.