# Can a Firm Justify Choosing a Higher Priced Quote in an RFQ under MiFID II? ▴ Question

**Published:** 2025-08-09
**Categories:** Question

---

![A gold-hued precision instrument with a dark, sharp interface engages a complex circuit board, symbolizing high-fidelity execution within institutional market microstructure. This visual metaphor represents a sophisticated RFQ protocol facilitating private quotation and atomic settlement for digital asset derivatives, optimizing capital efficiency and mitigating counterparty risk](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-precision-execution-engine-optimizing-digital-asset-derivatives-rfq-protocols-within-market-microstructure.jpg)

![Abstract geometric planes in teal, navy, and grey intersect. A central beige object, symbolizing a precise RFQ inquiry, passes through a teal anchor, representing High-Fidelity Execution within Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-digital-asset-derivatives-high-fidelity-execution-liquidity-aggregation-price-discovery-market-microstructure.jpg)

## Concept

The question of whether a firm can justify selecting a [higher-priced quote](https://prime.greeks.live/question/can-a-firm-justify-selecting-a-higher-priced-quote-under-best-execution-rules/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) within a [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) process under the Markets in Financial Instruments Directive II (MiFID II) strikes at the core of modern execution obligations. The architecture of MiFID II moves the goalposts from a simplistic pursuit of the lowest price to a sophisticated, multi-variable optimization problem. The regulation mandates that firms take “all sufficient steps” to obtain the best possible result for their clients.

This phrasing is a deliberate pivot, establishing a fiduciary standard that is both more demanding and more nuanced than its predecessor’s “all reasonable steps” language. The framework compels an investment firm to consider a holistic set of [execution factors](https://prime.greeks.live/area/execution-factors/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), where price is but one component of a larger equation aimed at maximizing a client’s total benefit.

> The central tenet of MiFID II best execution is the achievement of the best possible overall result, a concept that transcends the singular dimension of price.

This regulatory environment acknowledges that the “cheapest” quote is not always the “best” execution. The directive explicitly lists several execution factors that must be weighed ▴ price, costs, speed, likelihood of execution and settlement, size, nature of the order, and any other relevant consideration. For professional clients, the firm has the discretion to determine the relative importance of these factors based on the client’s objectives, the instrument’s characteristics, and the nature of the order. This creates a defensible space for a firm to prioritize a factor like execution certainty or counterparty reliability over a marginal price improvement, especially in complex or illiquid markets.

![A central RFQ engine flanked by distinct liquidity pools represents a Principal's operational framework. This abstract system enables high-fidelity execution for digital asset derivatives, optimizing capital efficiency and price discovery within market microstructure for institutional trading](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-optimal-execution-for-digital-asset-derivatives.jpg)

## The Anatomy of the Best Possible Result

Understanding the justification for a higher-priced quote begins with deconstructing the “best possible result.” It is a client-centric determination that requires a firm to establish and follow a robust execution policy. This policy acts as the firm’s foundational logic, outlining how it will weigh the [various execution factors](https://prime.greeks.live/question/how-does-the-fix-protocol-facilitate-communication-between-an-sor-and-various-execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for different asset classes and client types. For instance, when executing an order for a large block of an illiquid corporate bond, the likelihood of execution and settlement becomes paramount. A quote from a dealer with a proven track record of completing such trades, even at a slightly inferior price, may represent the best possible result compared to a cheaper quote from a counterparty with a history of failed settlements or [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

The directive recognizes that [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is not a one-size-fits-all concept. The context of the trade dictates the hierarchy of the execution factors. For a high-frequency strategy where speed is critical to capturing fleeting alpha, the velocity of execution may be the dominant variable.

Conversely, for a pension fund executing a large, strategic rebalancing trade, minimizing [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and ensuring settlement integrity are the primary objectives. The ability to document this decision-making process, linking the chosen execution strategy back to the client’s stated objectives and the firm’s [execution policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), is the key to justifying the choice of a higher-priced quote.

![A translucent sphere with intricate metallic rings, an 'intelligence layer' core, is bisected by a sleek, reflective blade. This visual embodies an 'institutional grade' 'Prime RFQ' enabling 'high-fidelity execution' of 'digital asset derivatives' via 'private quotation' and 'RFQ protocols', optimizing 'capital efficiency' and 'market microstructure' for 'block trade' operations](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

## From Price to Total Consideration

The concept of “[total consideration](https://prime.greeks.live/area/total-consideration/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” is a useful lens through which to view this process. It represents the total economic impact of a trade, encompassing both explicit and implicit costs. The headline price of a quote is an explicit cost, but it is often overshadowed by implicit costs that are harder to quantify but no less real.

- **Market Impact** ▴ The adverse price movement caused by the act of trading. A large order executed carelessly can move the market, resulting in a worse average execution price than the initial quote suggested. A dealer skilled in managing large orders may offer a slightly wider quote but ultimately deliver a better all-in price by minimizing market impact.

- **Information Leakage** ▴ The risk that a dealer will use the knowledge of a client’s trading intention to their own advantage, or that this information will disseminate to the broader market. A trusted counterparty, even at a [higher price](https://prime.greeks.live/guide/why-your-bitcoin-entry-price-is-higher-than-it-should-be/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), provides a valuable service in discretion and minimizing this risk.

- **[Settlement Risk](https://prime.greeks.live/area/settlement-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ The possibility that a trade will fail to settle, leading to operational costs, reputational damage, and the opportunity cost of having to re-execute the trade at a potentially worse price.

- **Opportunity Cost** ▴ The cost associated with a failed or delayed execution. If a trade is not completed, the market may move away, and the original investment thesis may be compromised.

[MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) empowers firms to consider these implicit costs when making execution decisions. A higher-priced quote may be justified if it demonstrably leads to a lower total consideration for the client once these other factors are taken into account. The burden of proof lies with the investment firm to evidence this calculus through robust pre-trade analysis, clear documentation, and diligent post-trade monitoring.

![A glowing blue module with a metallic core and extending probe is set into a pristine white surface. This symbolizes an active institutional RFQ protocol, enabling precise price discovery and high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-driving-institutional-digital-asset-derivatives-high-fidelity-execution-precise-price-discovery-for-block-trades-and-capital-efficiency.jpg)

![A precision mechanism, symbolizing an algorithmic trading engine, centrally mounted on a market microstructure surface. Lens-like features represent liquidity pools and an intelligence layer for pre-trade analytics, enabling high-fidelity execution of institutional grade digital asset derivatives via RFQ protocols within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-microstructure.jpg)

## Strategy

Strategically navigating the MiFID II [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) framework requires a firm to architect a decision-making process that is both systematic and adaptable. The justification of a higher-priced quote is not an ad-hoc decision but the output of a well-defined strategy that balances competing execution factors. This strategy must be codified in the firm’s execution policy and applied consistently, yet be flexible enough to accommodate the unique characteristics of each order. The core of this strategy is the development of a qualitative and quantitative scoring system that moves beyond a simple price comparison to a holistic assessment of execution quality.

![A precision-engineered metallic institutional trading platform, bisected by an execution pathway, features a central blue RFQ protocol engine. This Crypto Derivatives OS core facilitates high-fidelity execution, optimal price discovery, and multi-leg spread trading, reflecting advanced market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-institutional-digital-asset-derivatives-execution-core-facilitating-rfq-protocol-driven-optimal-price-discovery-and-multi-leg-spread-trading-for-capital-efficiency.jpg)

## A Multi-Factor Execution Calculus

A sophisticated execution strategy involves assigning weights to the various execution factors based on the specific context of the trade. This “execution calculus” is a dynamic assessment that prioritizes factors according to the client’s profile, the order’s characteristics, and the nature of the financial instrument. For example, a retail client is often presumed to prioritize total consideration (price and costs) above all else. However, for a professional client, the calculus can be substantially different.

Consider the following scenarios, which illustrate how the strategic weighting of execution factors changes based on context:

- **Scenario A ▴ High-Frequency Arbitrage.** For a quantitative fund executing a statistical arbitrage strategy, the primary execution factor is speed. A delay of milliseconds can erase the profitability of a trade. In this context, a firm can justify paying a higher price or commission to a venue or broker that offers the lowest latency execution. The documentation for such a trade would emphasize the time-sensitivity of the strategy and demonstrate that the chosen execution method offered the highest probability of a timely fill.

- **Scenario B ▴ Illiquid Asset Disposition.** A portfolio manager needing to sell a large block of an unrated, off-the-run corporate bond faces a different set of challenges. Here, the likelihood of execution and settlement is the paramount concern. The market for such an instrument may be thin, with only a few specialized dealers willing to provide capital. A firm would be justified in accepting a quote that is demonstrably lower than the theoretical “fair value” if it comes from a dealer with the capacity and willingness to complete the trade, thereby avoiding the risk of a failed transaction and the negative market impact of shopping the order around.

- **Scenario C ▴ Multi-Leg Option Strategy.** When executing a complex, multi-leg options strategy, the integrity of the entire package is critical. The execution quality depends on filling all legs of the strategy simultaneously at the desired spread. A broker that can provide a single, firm quote for the entire package, even if the implied price for one leg is slightly off-market, offers significant value. This certainty of execution for the entire strategy can easily justify a marginal price difference on one component.

> The strategic imperative is to shift the focus from optimizing a single variable (price) to optimizing a complex system of interdependent variables that collectively define execution quality.

![A sleek, disc-shaped system, with concentric rings and a central dome, visually represents an advanced Principal's operational framework. It integrates RFQ protocols for institutional digital asset derivatives, facilitating liquidity aggregation, high-fidelity execution, and real-time risk management](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-digital-asset-derivatives-execution.jpg)

## Quantifying the Qualitative

A key challenge in implementing this strategy is the quantification of qualitative factors like counterparty reliability and likelihood of execution. While difficult, it is not impossible. Firms can develop internal scoring models that incorporate both quantitative and qualitative data points to create a composite “Execution Quality Score” (EQS) for each potential counterparty or venue.

The table below provides a simplified model of how such a scoring system might be structured for a hypothetical RFQ for a corporate bond:

### Hypothetical Execution Quality Score (EQS) Calculation

| Counterparty | Price Quote | Historical Fill Ratio (%) | Settlement Failure Rate (%) | Information Leakage Score (1-10) | Weighted EQS |
| --- | --- | --- | --- | --- | --- |
| Dealer A | 100.25 | 99.5% | 0.1% | 8 | 9.2 |
| Dealer B | 100.27 | 95.0% | 1.5% | 5 | 7.5 |
| Dealer C | 100.24 | 85.0% | 2.5% | 3 | 5.8 |

In this model, even though Dealer C offers the most attractive price, its low historical fill ratio and poor [information leakage score](https://prime.greeks.live/question/how-does-a-counterparty-performance-score-differ-from-a-traditional-credit-score/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) result in the lowest EQS. Dealer A, despite a slightly higher price, presents the best overall execution quality due to its reliability and discretion. The justification for selecting Dealer A would be documented by referencing this internal scoring model, demonstrating a systematic and data-driven approach to best execution.

![Central metallic hub connects beige conduits, representing an institutional RFQ engine for digital asset derivatives. It facilitates multi-leg spread execution, ensuring atomic settlement, optimal price discovery, and high-fidelity execution within a Prime RFQ for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocol-execution-hub.jpg)

## The Strategic Role of the Execution Policy

The firm’s execution policy is the central pillar of this strategy. It is not a static compliance document but a living framework that guides decision-making. The policy must be sufficiently detailed to explain to clients and regulators how the firm approaches execution for different asset classes.

It should clearly articulate the factors the firm considers and the logic it applies when weighing them. This policy provides the “safe harbor” for justifying a higher-priced quote, as any execution decision that is consistent with the policy is presumptively compliant with the best execution obligation.

Furthermore, the policy must be subject to regular review and monitoring. Firms are required to monitor the effectiveness of their execution arrangements and policies to identify and, where appropriate, correct any deficiencies. This involves a robust [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) program that goes beyond simple price benchmarks to evaluate performance across all relevant execution factors. This feedback loop, from policy to execution to analysis and back to policy, is the hallmark of a truly strategic approach to MiFID II best execution.

![A modular, spherical digital asset derivatives intelligence core, featuring a glowing teal central lens, rests on a stable dark base. This represents the precision RFQ protocol execution engine, facilitating high-fidelity execution and robust price discovery within an institutional principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/principal-trading-digital-asset-derivatives-rfq-execution-core.jpg)

![A futuristic metallic optical system, featuring a sharp, blade-like component, symbolizes an institutional-grade platform. It enables high-fidelity execution of digital asset derivatives, optimizing market microstructure via precise RFQ protocols, ensuring efficient price discovery and robust portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-for-high-fidelity-rfq-execution-and-optimal-price-discovery.jpg)

## Execution

The operational execution of a MiFID II-compliant best execution process, particularly one that justifies the selection of a higher-priced quote, hinges on a robust technological and procedural architecture. This is where strategic theory is forged into auditable reality. The entire lifecycle of an order, from inception to post-trade analysis, must be captured, time-stamped, and archived in a manner that allows for the complete reconstruction of the decision-making process. This requires a seamless integration of Order Management Systems (OMS), Execution Management Systems (EMS), and data analytics platforms.

![Institutional-grade infrastructure supports a translucent circular interface, displaying real-time market microstructure for digital asset derivatives price discovery. Geometric forms symbolize precise RFQ protocol execution, enabling high-fidelity multi-leg spread trading, optimizing capital efficiency and mitigating systemic risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-market-microstructure-intelligence-layer.jpg)

## The Operational Playbook for a Defensible Decision

Executing and justifying a trade at a higher price is a deliberate, multi-stage process. Each step must be meticulously documented to create an unassailable audit trail. The following operational playbook outlines the critical stages:

- **Pre-Trade Analysis and Policy Alignment** ▴ Before the RFQ is initiated, the trader must classify the order according to the firm’s execution policy. This involves identifying the client type (retail or professional), the instrument’s characteristics (liquidity, complexity), and the order’s specific objectives (e.g. urgency, market impact sensitivity). This initial classification determines the weighted importance of the various execution factors and should be logged in the OMS.

- **Systematic Counterparty Selection** ▴ The choice of which dealers to include in the RFQ is itself a best execution decision. The firm must have a due diligence process for approving counterparties, considering factors like financial stability, operational reliability, and historical execution quality. The EMS should facilitate the selection of an appropriate panel of dealers based on the instrument and trade size.

- **Synchronous Data Capture** ▴ When the RFQ is sent, the EMS must capture a complete snapshot of the market at that moment. This includes the prevailing bid/ask on lit venues, relevant data from consolidated tapes, and any other market data used for price discovery. All quotes received from the dealers must be time-stamped to the millisecond, including the quoted price, size, and any attached conditions. This data forms the basis of the ex-post analysis.

- **Documenting the Rationale** ▴ This is the most critical step. If a quote other than the best-priced one is selected, the trader must record a clear and concise justification at the point of execution. Modern EMS platforms provide dedicated fields for this purpose. The justification should explicitly reference the execution factors that drove the decision. For example ▴ “Selected Quote B at 101.50 over Quote A at 101.48 due to Counterparty B’s superior historical settlement rate (99.9% vs 97.5%) for this asset class. Given the order size and client’s low tolerance for settlement risk, certainty of execution was prioritized over the marginal price difference.”

- **Post-Trade [Transaction Cost](https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Analysis (TCA)** ▴ The trade must be analyzed as part of the firm’s regular TCA process. This analysis should compare the executed price not only against the other quotes received but also against relevant market benchmarks (e.g. arrival price, VWAP). The TCA report should validate that the decision to prioritize other factors over price ultimately served the client’s best interest and was consistent with the execution policy.

![A gleaming, translucent sphere with intricate internal mechanisms, flanked by precision metallic probes, symbolizes a sophisticated Principal's RFQ engine. This represents the atomic settlement of multi-leg spread strategies, enabling high-fidelity execution and robust price discovery within institutional digital asset derivatives markets, minimizing latency and slippage for optimal alpha generation and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/inst-digital-asset-deriv-rfq-os-for-optimal-high-fidelity-trade-exec.jpg)

## Quantitative Modeling in Practice

To move beyond subjective judgment, firms must employ quantitative models to support their execution decisions. The table below presents a more detailed, hypothetical pre-trade analysis for a large block trade in an OTC derivative, showcasing how a multi-factor model can be operationalized within an EMS.

### Pre-Trade Counterparty Assessment for a Large OTC Derivative Block

| Factor | Weighting | Dealer X | Dealer Y | Dealer Z |
| --- | --- | --- | --- | --- |
| Price (Normalized Score 1-10) | 30% | 9.5 (Price ▴ 99.80) | 10.0 (Price ▴ 99.78) | 8.0 (Price ▴ 99.85) |
| Counterparty Risk (Credit Rating Score 1-10) | 25% | 9.0 (AA-) | 7.0 (A+) | 9.0 (AA-) |
| Likelihood of Execution (Historical Fill Rate) | 25% | 9.8 (99.8%) | 8.5 (98.5%) | 7.0 (97.0%) |
| Information Leakage (Proprietary Score 1-10) | 20% | 9.2 | 6.5 | 8.8 |
| Final Weighted Score | 100% | 9.39 | 8.28 | 8.26 |

In this scenario, Dealer Y provides the most competitive price. However, when weighted against other critical factors, Dealer X emerges as the superior choice. The lower [counterparty risk](https://prime.greeks.live/area/counterparty-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), higher probability of execution, and significantly better information leakage score produce a higher overall weighted score.

This quantitative framework provides a powerful, evidence-based justification for selecting Dealer X’s quote, even at a higher price. The record of this analysis, stored within the EMS, becomes a key part of the compliance file.

> A robust audit trail is the ultimate defense, transforming a subjective judgment into a verifiable, data-driven decision.

![Mirrored abstract components with glowing indicators, linked by an articulated mechanism, depict an institutional grade Prime RFQ for digital asset derivatives. This visualizes RFQ protocol driven high-fidelity execution, price discovery, and atomic settlement across market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-rfq-high-fidelity-execution-microstructure.jpg)

## System Integration and the Audit Trail

The integrity of this entire process relies on the firm’s technological infrastructure. The OMS, EMS, and TCA systems must be tightly integrated to ensure a seamless flow of data. Key information, often transmitted via the Financial Information eXchange (FIX) protocol, needs to be captured and linked to the parent order.

Relevant FIX tags include Tag 11 (ClOrdID) to uniquely identify the order, Tag 134 (QuoteRespID) for the quote response, and Tag 30 (LastMkt) to identify the execution venue. The ability to link these data points together to form a coherent narrative of the trade’s lifecycle is non-negotiable.

Ultimately, the execution of the MiFID II best execution obligation is an exercise in systemic discipline. It requires a firm to build and maintain a sophisticated operational apparatus that can consistently apply a complex set of rules, capture the necessary data, and produce a clear, defensible record of its actions. This system is the firm’s primary tool for demonstrating that every decision, including the choice of a higher-priced quote, was made with the client’s best [possible result](https://prime.greeks.live/question/how-does-implied-volatility-skew-affect-the-range-of-possible-strike-prices-for-a-zero-cost-structure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) as the guiding principle.

![A spherical, eye-like structure, an Institutional Prime RFQ, projects a sharp, focused beam. This visualizes high-fidelity execution via RFQ protocols for digital asset derivatives, enabling block trades and multi-leg spreads with capital efficiency and best execution across market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-prime-os-rfq-protocol-digital-asset-derivatives-block-trade-execution.jpg)

## References

- Tradeweb. “Best Execution Under MiFID II and the Role of Transaction Cost Analysis in the Fixed Income Markets.” 2017.

- Association for Financial Markets in Europe (AFME). “BEST EXECUTION (MIFID 2).” 2024.

- Bloomberg L.P. “Best Execution Under MiFID II.” 2018.

- Deloitte. “Guide for drafting/review of Execution Policy under MiFID II.” 2016.

- Financial Conduct Authority. “COBS 11.2A Best execution ▴ MiFID provisions.” 2018.

- European Securities and Markets Authority. “ESMA clarifies certain best execution reporting requirements under MiFID II.” 2024.

- Electronic Debt Markets Association. “The Value of RFQ.”

- European Securities and Markets Authority. “Final Report on the Technical Standards specifying the criteria for establishing and assessing the effectiveness of investment firms’ order execution policies.” 2025.

![A blue speckled marble, symbolizing a precise block trade, rests centrally on a translucent bar, representing a robust RFQ protocol. This structured geometric arrangement illustrates complex market microstructure, enabling high-fidelity execution, optimal price discovery, and efficient liquidity aggregation within a principal's operational framework for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-rfq-execution-framework-optimizing-digital-asset-derivatives-liquidity-aggregation-across-complex-market-microstructure.jpg)

## Reflection

![Precision-engineered modular components display a central control, data input panel, and numerical values on cylindrical elements. This signifies an institutional Prime RFQ for digital asset derivatives, enabling RFQ protocol aggregation, high-fidelity execution, algorithmic price discovery, and volatility surface calibration for portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/firm-fx-options-rfq-trade-system-key-microstructure-data-flow-core-engine.jpg)

## From Compliance Mandate to Competitive Advantage

The granular requirements of MiFID II’s best execution framework can be viewed as a significant compliance burden. However, a more insightful perspective reveals the regulation as a catalyst for operational excellence. The systems and processes required to justify a higher-priced quote ▴ robust data capture, quantitative analysis, and a dynamic execution policy ▴ are the very same components that constitute a superior trading infrastructure. The discipline imposed by the regulation forces a firm to systematically interrogate its own execution quality, moving from anecdotal evidence to data-driven validation.

The ability to articulate why a more expensive quote delivers a better outcome is a reflection of a firm’s deep understanding of market microstructure and its commitment to the client’s ultimate success. It signals a maturity that transcends the simple pursuit of low-cost execution and enters the realm of holistic value creation. The question for firms is whether their execution framework is merely a defensive shield for regulatory audits or a proactive weapon in the pursuit of superior performance. The architecture you build to answer the regulator is, in the end, the same architecture that allows you to outperform the market.

![Precision system for institutional digital asset derivatives. Translucent elements denote multi-leg spread structures and RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-infrastructure-for-institutional-digital-asset-derivatives-request-for-quote-protocol-optimization.jpg)

## Glossary

<a href="https://prime.greeks.live/question/can-a-firm-justify-selecting-a-higher-priced-quote-under-best-execution-rules/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Stacked, distinct components, subtly tilted, symbolize the multi-tiered institutional digital asset derivatives architecture. Layers represent RFQ protocols, private quotation aggregation, core liquidity pools, and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/layered-institutional-digital-asset-derivatives-rfq-protocols-optimizing-principal-execution-management-systems-for-best-execution.jpg)

## Higher-Priced Quote

A firm can justify a higher-priced quote by documenting that non-price factors created a superior total execution outcome. </a><a href="https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sharp, crystalline spearhead symbolizes high-fidelity execution and precise price discovery for institutional digital asset derivatives. Resting on a reflective surface, it evokes optimal liquidity aggregation within a sophisticated RFQ protocol environment, reflecting complex market microstructure and advanced algorithmic trading strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-precision-execution.jpg)

## Request for Quote

Meaning ▴ A Request for Quote, or RFQ, constitutes a formal communication initiated by a potential buyer or seller to solicit price quotations for a specified financial instrument or block of instruments from one or more liquidity providers. </a><a href="https://prime.greeks.live/area/execution-factors/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A textured spherical digital asset, resembling a lunar body with a central glowing aperture, is bisected by two intersecting, planar liquidity streams. This depicts institutional RFQ protocol, optimizing block trade execution, price discovery, and multi-leg options strategies with high-fidelity execution within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-optimized-rfq-execution-protocol-dynamic-liquidity-management.jpg)

## Execution Factors

Meaning ▴ Execution Factors are the quantifiable, dynamic variables that directly influence the outcome and quality of a trade execution within institutional digital asset markets. </a><a href="https://prime.greeks.live/question/how-does-the-fix-protocol-facilitate-communication-between-an-sor-and-various-execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek teal and beige forms converge, embodying institutional digital asset derivatives platforms. A central RFQ protocol hub with metallic blades signifies high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-microstructure.jpg)

## Various Execution Factors

The FIX protocol provides a universal messaging standard for an SOR to issue commands and receive feedback from diverse venues. </a><a href="https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision probe, symbolizing Smart Order Routing, penetrates a multi-faceted teal crystal, representing Digital Asset Derivatives multi-leg spreads and volatility surface. Mounted on a Prime RFQ base, it illustrates RFQ protocols for high-fidelity execution within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-digital-asset-derivatives-high-fidelity-execution-probe.jpg)

## Information Leakage

Meaning ▴ Information leakage denotes the unintended or unauthorized disclosure of sensitive trading data, often concerning an institution's pending orders, strategic positions, or execution intentions, to external market participants. </a><a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract forms depict a liquidity pool and Prime RFQ infrastructure. A reflective teal private quotation, symbolizing Digital Asset Derivatives like Bitcoin Options, signifies high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-intelligence-layer.jpg)

## Execution Quality

Meaning ▴ Execution Quality quantifies the efficacy of an order's fill, assessing how closely the achieved trade price aligns with the prevailing market price at submission, alongside consideration for speed, cost, and market impact. </a><a href="https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A segmented teal and blue institutional digital asset derivatives platform reveals its core market microstructure. Internal layers expose sophisticated algorithmic execution engines, high-fidelity liquidity aggregation, and real-time risk management protocols, integral to a Prime RFQ supporting Bitcoin options and Ethereum futures trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-core-microstructure.jpg)

## Execution Policy

Meaning ▴ An Execution Policy defines a structured set of rules and computational logic governing the handling and execution of financial orders within a trading system. </a><a href="https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sphere split into light and dark segments, revealing a luminous core. This encapsulates the precise Request for Quote RFQ protocol for institutional digital asset derivatives, highlighting high-fidelity execution, optimal price discovery, and advanced market microstructure within aggregated liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-execution-framework-for-institutional-digital-asset-derivatives-request-for-quote-protocol-optimization.jpg)

## Market Impact

Meaning ▴ Market Impact refers to the observed change in an asset's price resulting from the execution of a trading order, primarily influenced by the order's size relative to available liquidity and prevailing market conditions. </a><a href="https://prime.greeks.live/area/total-consideration/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Symmetrical internal components, light green and white, converge at central blue nodes. This abstract representation embodies a Principal's operational framework, enabling high-fidelity execution of institutional digital asset derivatives via advanced RFQ protocols, optimizing market microstructure for price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-core.jpg)

## Total Consideration

Meaning ▴ Total Consideration represents the comprehensive economic value exchanged in a transaction, encompassing all components of payment, fees, and other direct or indirect value transfers. </a><a href="https://prime.greeks.live/guide/why-your-bitcoin-entry-price-is-higher-than-it-should-be/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precisely engineered central blue hub anchors segmented grey and blue components, symbolizing a robust Prime RFQ for institutional trading of digital asset derivatives. This structure represents a sophisticated RFQ protocol engine, optimizing liquidity pool aggregation and price discovery through advanced market microstructure for high-fidelity execution and private quotation](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-digital-asset-derivatives-rfq-execution-core-systemic-hub.jpg)

## Higher Price

Your Bitcoin entry price is a choice, not a chance. </a><a href="https://prime.greeks.live/area/settlement-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Translucent geometric planes, speckled with micro-droplets, converge at a central nexus, emitting precise illuminated lines. This embodies Institutional Digital Asset Derivatives Market Microstructure, detailing RFQ protocol efficiency, High-Fidelity Execution pathways, and granular Atomic Settlement within a transparent Liquidity Pool](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-market-microstructure.jpg)

## Settlement Risk

Meaning ▴ Settlement risk denotes the potential for loss occurring when one party to a transaction fails to deliver their obligation, such as securities or funds, as agreed, while the counterparty has already fulfilled theirs. </a><a href="https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark, metallic, circular mechanism with central spindle and concentric rings embodies a Prime RFQ for Atomic Settlement. A precise black bar, symbolizing High-Fidelity Execution via FIX Protocol, traverses the surface, highlighting Market Microstructure for Digital Asset Derivatives and RFQ inquiries, enabling Capital Efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-1.jpg)

## Mifid Ii

Meaning ▴ MiFID II, the Markets in Financial Instruments Directive II, constitutes a comprehensive regulatory framework enacted by the European Union to govern financial markets, investment firms, and trading venues. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precisely balanced transparent sphere, representing an atomic settlement or digital asset derivative, rests on a blue cross-structure symbolizing a robust RFQ protocol or execution management system. This setup is anchored to a textured, curved surface, depicting underlying market microstructure or institutional-grade infrastructure, enabling high-fidelity execution, optimized price discovery, and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-engineered-rfq-block-trade-execution-for-digital-asset-derivatives.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/question/how-does-a-counterparty-performance-score-differ-from-a-traditional-credit-score/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A light blue sphere, representing a Liquidity Pool for Digital Asset Derivatives, balances a flat white object, signifying a Multi-Leg Spread Block Trade. This rests upon a cylindrical Prime Brokerage OS EMS, illustrating High-Fidelity Execution via RFQ Protocol for Price Discovery within Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-prime-os-high-precision.jpg)

## Information Leakage Score

A counterparty performance score is a dynamic, multi-factor model of transactional reliability, distinct from a traditional credit score's historical debt focus. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, multi-component device with a dark blue base and beige bands culminates in a sophisticated top mechanism. This precision instrument symbolizes a Crypto Derivatives OS facilitating RFQ protocol for block trade execution, ensuring high-fidelity execution and atomic settlement for institutional-grade digital asset derivatives across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/08/advanced-mechanism-for-principal-trading-firm-rfq-protocols-and-high-fidelity-digital-asset-derivatives-execution.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </a><a href="https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A geometric abstraction depicts a central multi-segmented disc intersected by angular teal and white structures, symbolizing a sophisticated Principal-driven RFQ protocol engine. This represents high-fidelity execution, optimizing price discovery across diverse liquidity pools for institutional digital asset derivatives like Bitcoin options, ensuring atomic settlement and mitigating counterparty risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-for-prime-os.jpg)

## Transaction Cost

Meaning ▴ Transaction Cost represents the total quantifiable economic friction incurred during the execution of a trade, encompassing both explicit costs such as commissions, exchange fees, and clearing charges, alongside implicit costs like market impact, slippage, and opportunity cost. </a><a href="https://prime.greeks.live/area/counterparty-risk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central glowing core within metallic structures symbolizes an Institutional Grade RFQ engine. This Intelligence Layer enables optimal Price Discovery and High-Fidelity Execution for Digital Asset Derivatives, streamlining Block Trade and Multi-Leg Spread Atomic Settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-core.jpg)

## Counterparty Risk

Meaning ▴ Counterparty risk denotes the potential for financial loss stemming from a counterparty's failure to fulfill its contractual obligations in a transaction. </a><a href="https://prime.greeks.live/question/how-does-implied-volatility-skew-affect-the-range-of-possible-strike-prices-for-a-zero-cost-structure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A detailed view of an institutional-grade Digital Asset Derivatives trading interface, featuring a central liquidity pool visualization through a clear, tinted disc. Subtle market microstructure elements are visible, suggesting real-time price discovery and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-system-microstructure-display.jpg)

## Possible Result

Implied volatility skew dictates the trade-off between downside protection and upside potential in a zero-cost options structure. </a>

**Tags:** [RTS 28](https://options.greeks.live/area/rts-28/), [Execution Policy](https://options.greeks.live/area/execution-policy/), [Total Consideration](https://options.greeks.live/area/total-consideration/), [Transaction Cost](https://options.greeks.live/area/transaction-cost/), [Counterparty Risk](https://options.greeks.live/area/counterparty-risk/), [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/)	

## Discover More

- 
### [How Does MiFID II Define Best Execution for Asset Managers?](https://options.greeks.live/question/how-does-mifid-ii-define-best-execution-for-asset-managers/)
![A sleek, institutional-grade device, with a glowing indicator, represents a Prime RFQ terminal. Its angled posture signifies focused RFQ inquiry for Digital Asset Derivatives, enabling high-fidelity execution and precise price discovery within complex market microstructure, optimizing latent liquidity.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-terminal-facilitating-high-fidelity-price-discovery-and-optimal-liquidity-aggregation.jpg)

MiFID II defines best execution as a demonstrable system for achieving the optimal result based on price, cost, speed, and likelihood.

- 
### [How Does the SI Regime Affect a Buy-Side Firm’s Approach to Achieving Best Execution?](https://options.greeks.live/question/how-does-the-si-regime-affect-a-buy-side-firms-approach-to-achieving-best-execution/)
![Intersecting multi-asset liquidity channels with an embedded intelligence layer define this precision-engineered framework. It symbolizes advanced institutional digital asset RFQ protocols, visualizing sophisticated market microstructure for high-fidelity execution, mitigating counterparty risk and enabling atomic settlement across crypto derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-system-microstructure-dynamics.jpg)

The SI regime forces a buy-side firm to architect a systematic, data-driven process to harness private liquidity for best execution.

- 
### [How Do Reporting Deferrals for RFQ Platforms Affect a Firm’s Best Execution Obligations?](https://options.greeks.live/question/how-do-reporting-deferrals-for-rfq-platforms-affect-a-firms-best-execution-obligations/)
![A sleek, futuristic apparatus featuring a central spherical processing unit flanked by dual reflective surfaces and illuminated data conduits. This system visually represents an advanced RFQ protocol engine facilitating high-fidelity execution and liquidity aggregation for institutional digital asset derivatives. It embodies precise price discovery, multi-leg spread processing, and atomic settlement within a Prime RFQ framework.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-options-rfq-liquidity-aggregation-interface.jpg)

Reporting deferrals embed market impact mitigation into best execution, demanding a dynamic, evidence-based analysis of delayed data.

- 
### [How Do Regulatory Mandates like MiFID II Shape a Firm’s Best Execution Policies?](https://options.greeks.live/question/how-do-regulatory-mandates-like-mifid-ii-shape-a-firms-best-execution-policies/)
![A sophisticated mechanism depicting the high-fidelity execution of institutional digital asset derivatives. It visualizes RFQ protocol efficiency, real-time liquidity aggregation, and atomic settlement within a prime brokerage framework, optimizing market microstructure for multi-leg spreads.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-liquidity-aggregation-system.jpg)

MiFID II mandates a shift from subjective best effort to a data-driven, auditable system for proving superior execution outcomes.

- 
### [How Does MiFID II Define Best Execution for Complex Derivatives?](https://options.greeks.live/question/how-does-mifid-ii-define-best-execution-for-complex-derivatives/)
![A precision-engineered interface for institutional digital asset derivatives. A circular system component, perhaps an Execution Management System EMS module, connects via a multi-faceted Request for Quote RFQ protocol bridge to a distinct teal capsule, symbolizing a bespoke block trade. This depicts high-fidelity execution, optimizing market microstructure within a Principal's operational framework for atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-interface-for-institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-within-principal-operating-system.jpg)

MiFID II defines best execution for complex derivatives as a systematic process of achieving the optimal result based on a weighted analysis of price, cost, speed, and counterparty risk.

- 
### [What Are the Key Differences in Applying Best Execution to RFQs versus Lit Markets?](https://options.greeks.live/question/what-are-the-key-differences-in-applying-best-execution-to-rfqs-versus-lit-markets/)
![A central toroidal structure and intricate core are bisected by two blades: one algorithmic with circuits, the other solid. This symbolizes an institutional digital asset derivatives platform, leveraging RFQ protocols for high-fidelity execution and price discovery. It optimizes market microstructure for capital efficiency, managing multi-leg spreads and latent liquidity within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-hub-integrating-algorithmic-intelligence-for-high-fidelity-price-discovery-and-liquidity-aggregation.jpg)

Best execution requires managing algorithmic impact in lit markets and curating competitive, discrete auctions in RFQ systems.

- 
### [What Are the Key Components of a MiFID II Compliant Best Execution Policy?](https://options.greeks.live/question/what-are-the-key-components-of-a-mifid-ii-compliant-best-execution-policy/)
![Precision-engineered institutional grade components, representing prime brokerage infrastructure, intersect via a translucent teal bar embodying a high-fidelity execution RFQ protocol. This depicts seamless liquidity aggregation and atomic settlement for digital asset derivatives, reflecting complex market microstructure and efficient price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-prime-os-core.jpg)

A MiFID II best execution policy is the operational blueprint for a firm's fiduciary duty, systematically translating market data into auditable, optimal client outcomes.

- 
### [What Are the Key Differences in Applying Best Execution to a Professional Client versus a Retail Client for OTC Trades?](https://options.greeks.live/question/what-are-the-key-differences-in-applying-best-execution-to-a-professional-client-versus-a-retail-client-for-otc-trades/)
![An abstract composition featuring two intersecting, elongated objects, beige and teal, against a dark backdrop with a subtle grey circular element. This visualizes RFQ Price Discovery and High-Fidelity Execution for Multi-Leg Spread Block Trades within a Prime Brokerage Crypto Derivatives OS for Institutional Digital Asset Derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-options-rfq-for-multi-leg-spreads-price-discovery.jpg)

Best execution for OTC trades shifts from a protective duty of ensuring fair cost for retail clients to enabling strategic, multi-factor performance for professionals.

- 
### [How Can a Firm Effectively Demonstrate the “Sufficient Steps” Taken to Achieve Best Execution to Regulators?](https://options.greeks.live/question/how-can-a-firm-effectively-demonstrate-the-sufficient-steps-taken-to-achieve-best-execution-to-regulators/)
![A sleek, spherical white and blue module featuring a central black aperture and teal lens, representing the core Intelligence Layer for Institutional Trading in Digital Asset Derivatives. It visualizes High-Fidelity Execution within an RFQ protocol, enabling precise Price Discovery and optimizing the Principal's Operational Framework for Crypto Derivatives OS.](https://options.greeks.live/wp-content/uploads/2025/07/precision-lens-for-institutional-digital-asset-derivatives-rfq-execution.jpg)

Demonstrating best execution requires architecting a defensible system of record, proving diligent process through empirical data.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "Can a Firm Justify Choosing a Higher Priced Quote in an RFQ under MiFID II?",
            "item": "https://options.greeks.live/question/can-a-firm-justify-choosing-a-higher-priced-quote-in-an-rfq-under-mifid-ii/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/question/can-a-firm-justify-choosing-a-higher-priced-quote-in-an-rfq-under-mifid-ii/"
    },
    "headline": "Can a Firm Justify Choosing a Higher Priced Quote in an RFQ under MiFID II? \u25b4 Question",
    "description": "Under MiFID II, a higher price is justifiable when qualitative factors like execution certainty demonstrably produce a superior overall outcome. \u25b4 Question",
    "url": "https://options.greeks.live/question/can-a-firm-justify-choosing-a-higher-priced-quote-in-an-rfq-under-mifid-ii/",
    "datePublished": "2025-08-09T00:54:16+00:00",
    "dateModified": "2025-08-09T00:54:34+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-prime-os-high-precision.jpg",
        "caption": "An abstract composition features a light blue sphere, representing an Implied Volatility Surface for Digital Asset Derivatives like Bitcoin Options. A flat white object, symbolizing a Multi-Leg Spread Block Trade, precisely balances on a cylindrical structure. This cylinder depicts a Prime Brokerage OS Execution Management System EMS for RFQ Protocol Price Discovery, ensuring High-Fidelity Execution and Capital Efficiency. It underscores Market Microstructure dynamics, Slippage mitigation, and Best Execution via an Intelligence Layer."
    },
    "keywords": [
        "Best Execution",
        "Cost Analysis",
        "Counterparty Risk",
        "Execution Factors",
        "Execution Policy",
        "Execution Quality",
        "Information Leakage",
        "Market Impact",
        "MiFID II",
        "Order Management System",
        "Request for Quote",
        "RTS 28",
        "Settlement Risk",
        "Total Consideration",
        "Transaction Cost",
        "Transaction Cost Analysis"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/question/can-a-firm-justify-choosing-a-higher-priced-quote-in-an-rfq-under-mifid-ii/
