FX: pre-trade transparency (MiFiD II: costs & charges)

1

Hi all,

The MiFiD II extensions EP222 and EP228 have a lot of information on post-trade transparency but what about the costs & charges breakdown requirement of pre-trade transparency? Our interpretation is that we need to show clean price and costs in each 35=S quote message during RFQ negotiation process, i.e.:

  • all-in price
  • clean price (without margin)
  • costs (margin)

What are the suitable tags for clean price and costs in this case if all-in price is in LegBidPx / LegOfferPx, spot rate in BidSpotRate / OfferSpotRate, and fwd points in LegBidForwardPoints / LegOfferForwardPoints?

Thanks.