> For the complete documentation index, see [llms.txt](https://initiativ.gitbook.io/initiativ/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://initiativ.gitbook.io/initiativ/mm_internal/retained-from-version-0.1-not-yet-reworked/v01-11.7.1-pre-trade-transparency.md).

# (v01) 11.7.1 Pre Trade Transparency

The Exchange publishes bid and offer prices, depth of trading interest, and other pre-trade information in accordance with MiFIR Article 8 and related transparency requirements.

## Order Book Display

The following information is publicly available in real-time:

* Best bid and best offer prices
* Aggregate quantity at the best bid and offer
* Depth of interest at additional price levels (subject to configuration)
* Last trade price
* Last trade volume
* Current trading session statistics (high, low, volume)

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**\[DECISION REQUIRED - Item 24]:** Specify depth of book displayed publicly (e.g., top 5 levels, top 10 levels)
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## Pre-Trade Transparency Waivers

In accordance with MiFIR, the Exchange may apply transparency waivers for certain order types and sizes:

### Large-in-Scale (LIS) Waiver

Orders that exceed the Large-in-Scale threshold are not displayed in the public Order Book prior to execution. The LIS threshold is determined in accordance with MiFIR and RTS 2.

Orders qualifying for the LIS waiver are not shown in the public Order Book prior to execution but remain subject to all other trading rules, including price-time priority upon execution.

For the purposes of determining whether an order meets the LIS threshold, hidden liquidity (from Iceberg Orders) is included in the calculation of aggregate order interest.

### Size-Specific-to-the-Instrument (SSTI) Waiver

The SSTI waiver may apply to illiquid instruments. Orders above the SSTI threshold may be exempt from pre-trade display.

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**Note:** SSTI does not apply to EUA as ESMA has classified EUA (RTS 2 category C11) as liquid.
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**\[DECISION REQUIRED - Item 25]:** Confirm LIS/SSTI thresholds and update frequency
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### Liquidity Classification

Liquidity classification is determined under MiFIR’s transparency framework and RTS 2 based on trading activity, turnover, and number of transactions. For EUA (RTS 2 category C11), ESMA has classified the asset class as liquid. \[For UKA and other instruments, classifications are reviewed periodically and published by the Exchange.]