A type of price or trading transparency that involves providing information about prices at which trades at certain volumes may be executed. This information must be available to market participants before trading in order for them to decide on their course of action. Content of the order book will be publicly disclosed in near real time (in an order-driven market). In a quote-driven market, this transparency must be immediate and complete, otherwise it will lose its value.

Pre-trade information include live bid and offer prices and volumes (market depth), either on consolidated or non-consolidated basis.

Pre-trade transparency is a key feature of light markets (lit markets).