2.III.4 Identity disclosure versus anonymity

Pre-trade data can include the identity of a party to a potential trade and/or its investment firm executing the order on the clients’ behalf. By contrast, pre-trade data can also be anonymous. Without going in too much detail here, the ISD, MiFID I, and MiFID II in principle only require(d) anonymous pre-trade data. Overall, the venue of execution1 is displayed (e.g. the RM or MTF), whilst party and investment firm identity remained undisclosed to the general public. ‘Overall’, because SIs have traditionally been required (MiFID I/MiFID II) to display their identity in the displayed SI quotes.2