(14)Sections 15 and 33 of the SFA require AEs and RMOs, respectively, to ensure that the market they operate is fair, orderly and transparent, regardless of the execution protocol used. Section 15(1)e of the SFA requires the business rules of an AE to make satisfactory provision for the operation of a fair, orderly and transparent market. The Guidelines on the Regulation of Organised Markets, together with the Monograph on Objectives and Principles of Financial Sector Oversight in Singapore, further specify that a transparent market is a market where pre- and post-trade information about trading is made publicly available on a continuous and real-time basis. For the trading of derivatives, MAS does not require that execution is made through a specific protocol. However, in practice, a large proportion of the trades are executed through the ‘request for quote’ protocol. Electronic order book trading systems require the publication of best bids and offers continuously, while other trading systems (such as ‘request for quote’ systems or ‘voice-based systems’) require the dissemination of information on price and volume to eligible market participants before they become executable. Inter-dealer voice brokers facilitating multilateral trading are subject to MAS' market licensing regime and are required to ensure pre-trade transparency of their organised markets. Therefore, pre-trade information is made publicly available to enable investors to know which transactions they may enter into and at what prices. Post-trade information on executed trades must similarly be publicised to reflect the product details, the price and volume. AEs and RMOs are expected to publicly disclose submitted quotes as soon as they are executable and the transaction details should be publicly disclosed as soon as possible after the quote is executed.