# Can a Firm Use a Single Best Execution Policy to Cover Both Uk and Eu Operations Post-Brexit? ▴ Question

**Published:** 2025-08-06
**Categories:** Question

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## Concept

The fundamental question of whether a single [best execution policy](https://prime.greeks.live/area/best-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) can govern both United Kingdom and European Union operations post-Brexit is a direct confrontation with the reality of [regulatory divergence](https://prime.greeks.live/area/regulatory-divergence/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). After the UK’s departure from the EU, the once-unified framework of the Markets in Financial Instruments Directive II (MiFID II) was bifurcated into two distinct, albeit initially similar, legal regimes ▴ UK MiFID and EU MiFID. This separation means firms operating across both jurisdictions are no longer governed by a single set of rules but by two that can, and do, evolve independently. The core challenge is managing this divergence efficiently while upholding the non-negotiable obligation to achieve the best possible result for clients in each respective regulatory sphere.

Initially, the UK onshored the bulk of EU legislation, creating a moment of apparent continuity. However, this was a starting point for divergence, not a permanent state of alignment. The UK’s [Financial Conduct Authority](https://prime.greeks.live/area/financial-conduct-authority/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (FCA) and EU bodies like the European Securities and Markets Authority (ESMA) have since taken different paths on key aspects of [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) monitoring and reporting. The most prominent example is the UK’s formal removal of the obligation to produce detailed execution quality reports under Regulatory Technical Standards (RTS) 27 and 28, while the EU has taken a softer approach of “deprioritising” them.

This single change creates a significant operational schism. A policy designed for the UK market alone would be silent on these reports, whereas a policy for the EU must still account for them, even if their enforcement is currently relaxed.

> A unified best execution policy must now be a dynamic document, architected to manage two separate but overlapping compliance streams originating from the UK and EU.

The loss of passporting rights is the structural mechanism that enforces this separation. A firm can no longer rely on its authorisation in one jurisdiction to seamlessly provide services in the other. This necessitates a dual regulatory adherence that permeates every aspect of a firm’s execution arrangements, from venue selection to client disclosures. A single policy, therefore, cannot be a monolithic document.

It must be a sophisticated, modular framework designed with jurisdictional specifics in mind. It must articulate a core philosophy of [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) while clearly delineating how its application and verification differ between the UK and the EU. This requires a level of granularity that treats the two markets as distinct operational theatres governed by a unified strategic command.

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## Strategy

Crafting a strategy for best execution across the UK and EU requires a firm to make a foundational choice ▴ maintain two entirely separate policies or engineer a single, overarching policy with distinct jurisdictional annexes. The latter approach, while more complex to design, offers a more coherent governance framework. It allows for a consistent articulation of the firm’s core principles and methodologies regarding the “execution factors” ▴ price, costs, speed, likelihood of execution, and other qualitative elements ▴ while providing the flexibility to adapt to regulatory nuances in each market. This prevents the development of two siloed compliance cultures and centralizes oversight, which is critical for effective risk management.

![Modular circuit panels, two with teal traces, converge around a central metallic anchor. This symbolizes core architecture for institutional digital asset derivatives, representing a Principal's Prime RFQ framework, enabling high-fidelity execution and RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-engine-prime-os.jpg)

## Architecting a Dual-Jurisdiction Policy

A successful single-policy framework must be built on a modular architecture. The core of the document would define the firm’s universal approach to best execution. This includes the relative importance of execution factors for different asset classes and client types, the process for selecting and reviewing [execution venues](https://prime.greeks.live/area/execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and the overarching governance structure for monitoring execution quality. Appended to this core document would be two separate, detailed annexes ▴ one for UK operations and one for EU operations.

These annexes are where the regulatory divergence is managed. For instance, the UK annex would reflect the FCA’s stance on [RTS 27](https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)/28 reporting, stating these are no longer required. The EU annex, conversely, would detail the firm’s approach to these reports, acknowledging their deprioritized status but maintaining the capability to produce them if required by a specific National Competent Authority (NCA). This structure ensures that staff in each location have clear, unambiguous guidance relevant to their specific regulatory environment, while senior management retains a holistic view of the firm’s global execution strategy.

> The strategic objective is to create a single source of truth for best execution principles, with clearly demarcated pathways for jurisdictional compliance.

Another area of divergence to be managed is the treatment of research payments. [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)’s “unbundling” rules, which required firms to charge separately for research and execution, have been relaxed differently in the UK and EU. The UK has moved to allow the re-bundling of payments for research on small and medium-sized enterprises (SMEs) and in the fixed-income space, treating it as a “minor non-monetary benefit” in certain contexts.

The EU has introduced its own “quick fix,” also allowing for some re-bundling but with different conditions and disclosures. A [unified policy](https://prime.greeks.live/question/what-are-the-primary-challenges-in-creating-a-unified-global-dealer-selection-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) must clearly articulate how the firm will manage these differences, ensuring that payment structures are compliant in the jurisdiction where the service is provided.

![Stacked, glossy modular components depict an institutional-grade Digital Asset Derivatives platform. Layers signify RFQ protocol orchestration, high-fidelity execution, and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/layered-digital-asset-derivatives-rfq-protocol-stack-for-prime-brokerage.jpg)

## How Do the Regulatory Frameworks Compare?

The table below provides a comparative analysis of the key best execution components under [UK MiFID](https://prime.greeks.live/area/uk-mifid/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and EU MiFID, highlighting the areas of divergence that a unified policy must address.

| Component | UK MiFID Regime (FCA) | EU MiFID II Regime (ESMA/NCAs) |
| --- | --- | --- |
| RTS 27 Reporting (Venue Quality) | Formally abolished. No requirement for execution venues to publish these reports. | Obligation remains, but ESMA has advised NCAs to “deprioritise” supervisory actions. |
| RTS 28 Reporting (Firm Quality) | Formally abolished. No requirement for firms to publish top-five venue reports. | Obligation remains, but ESMA has advised NCAs to “deprioritise” supervisory actions. |
| Research Unbundling | Rules relaxed to allow for bundled payments for SME and fixed-income research under certain conditions. | “Quick fix” allows for some bundling, but with specific client agreement and disclosure requirements. |
| Post-Trade Transparency | Reforms introduced to tailor transparency waivers and deferrals to UK market needs. | Moving towards a single volume cap mechanism to limit dark trading. |
| Client Disclosures | Must clearly state that specific client instructions may prevent the firm from achieving best execution. | Identical requirement to warn clients about the potential impact of specific instructions. |

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## Execution

The execution of a dual-jurisdiction best [execution policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) moves beyond strategic choices into the granular details of operational implementation. The success of such a policy is contingent on its clarity, the robustness of its monitoring systems, and the thoroughness of its review processes. It must function as a practical playbook for traders, compliance officers, and risk managers operating across both the UK and EU.

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## Core Components of a Unified Policy Document

A unified policy must be meticulously structured to ensure there is no ambiguity for its users. The document should be organized to clearly distinguish between universal principles and jurisdiction-specific rules. The following table outlines the essential sections and subsections of a robust, unified best execution policy.

| Section | Subsection | Purpose and Content |
| --- | --- | --- |
| Part 1 ▴ Core Principles | 1.1 Overarching Obligation | A clear statement of the firm’s commitment to achieving the best possible result for all clients, defining the scope of the policy. |
| Part 2 ▴ Governance and Oversight | 2.1 Responsibility | Designation of the individuals and committees responsible for the policy and its oversight. |
| Part 3 ▴ Jurisdictional Application | Annex A ▴ United Kingdom | Specific UK rules, including the absence of RTS 27/28 reporting and the application of FCA rules on research payments and transparency. |

![Modular institutional-grade execution system components reveal luminous green data pathways, symbolizing high-fidelity cross-asset connectivity. This depicts intricate market microstructure facilitating RFQ protocol integration for atomic settlement of digital asset derivatives within a Principal's operational framework, underpinned by a Prime RFQ intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/modular-high-fidelity-execution-architecture-for-institutional-digital-asset-derivatives-rfq-protocol-integration-and-principals-operational-framework-optimization.jpg)

## Procedural Steps for Policy Implementation and Review

Implementing and maintaining a unified policy is an ongoing process, not a one-time event. It requires a clear, repeatable cycle of review and adaptation to keep pace with regulatory change. The following steps provide a procedural guide for firms:

- 
**Initial Design and Gap Analysis** ▴ Conduct a thorough comparison of the firm’s existing practices against the requirements of both UK MiFID and EU MiFID. Identify all areas of divergence and document the specific operational changes needed for compliance in both jurisdictions.

- 
**Policy Drafting and Approval** ▴ Draft the unified policy document using the modular structure outlined above. Ensure the language is clear and unambiguous. The policy must be formally approved by the relevant governing body within the firm.

- 
**System and Control Adjustments** ▴ Update all relevant systems, from order management systems (OMS) to monitoring tools. This includes configuring monitoring alerts to flag potential issues under each jurisdiction’s rules and ensuring data capture is sufficient for both UK and EU oversight.

- 
**Staff Training** ▴ Conduct mandatory training for all relevant staff, including traders, compliance personnel, and client-facing employees. Training must cover the core principles of the policy and the specific requirements detailed in the UK and EU annexes.

- 
**Annual Review Cycle** ▴ Institute a formal annual review of the policy. This review must assess the ongoing effectiveness of the firm’s execution arrangements, consider any new regulatory guidance from the FCA or [ESMA](https://prime.greeks.live/area/esma/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and evaluate the performance of execution venues.

- 
**Trigger-Based Ad Hoc Reviews** ▴ In addition to the annual cycle, the policy must be reviewed in response to specific trigger events. These include significant changes in market structure, the introduction of new financial instruments, or any material change to the regulatory landscape in either the UK or the EU.

By embedding these procedural steps into the firm’s operational DNA, the unified best execution policy becomes a living document that actively supports compliance and demonstrates a robust governance framework to regulators in both the United Kingdom and the European Union.

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## References

- Macfarlanes LLP. “The UK’s post-Brexit balancing act begins with MiFID II.” 2021.

- eflow Global. “Navigating the complexities of best execution legislation.” 2024.

- BestX. “Best Execution Under and Beyond MiFID II ▴ a User’s Guide post Brexit.” 2016.

- Corinna Schempp, et al. “The Divergence of UK and EU Financial Regulations Post-Brexit ▴ A Focus on Key Areas.” 2024.

- Thornbridge Investment Management LLP. “Best Execution Policy.”

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## Reflection

The architecture of a best execution policy in a post-Brexit world is a direct reflection of a firm’s operational sophistication. The exercise of constructing a policy that is simultaneously unified in its principles and bifurcated in its application forces a deeper understanding of the firm’s own execution pathways. It compels an honest assessment of data quality, monitoring capabilities, and the true drivers of execution performance across different market structures.

Does your current framework possess the modularity and precision to navigate this divided regulatory landscape effectively? Viewing this challenge as a systemic design problem reveals the path to a more resilient and intelligent execution framework, one that transforms a compliance burden into a source of operational strength and strategic clarity.

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## Glossary

<a href="https://prime.greeks.live/area/best-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Best Execution Policy

Meaning ▴ The Best Execution Policy defines the obligation for a broker-dealer or trading firm to execute client orders on terms most favorable to the client. </a><a href="https://prime.greeks.live/area/regulatory-divergence/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Illuminated conduits passing through a central, teal-hued processing unit abstractly depict an Institutional-Grade RFQ Protocol. This signifies High-Fidelity Execution of Digital Asset Derivatives, enabling Optimal Price Discovery and Aggregated Liquidity for Multi-Leg Spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-best-execution.jpg)

## Regulatory Divergence

Meaning ▴ Regulatory Divergence refers to the structural inconsistencies in legal and supervisory frameworks governing financial activities, particularly within the nascent and evolving domain of institutional digital asset derivatives, across distinct sovereign jurisdictions. </a><a href="https://prime.greeks.live/area/financial-conduct-authority/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic algorithmic trading component with a central circular mechanism rests on angular, multi-colored reflective surfaces, symbolizing sophisticated RFQ protocols, aggregated liquidity, and high-fidelity execution within institutional digital asset derivatives market microstructure. This represents the intelligence layer of a Prime RFQ for optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-system-architecture-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## Financial Conduct Authority

Meaning ▴ The Financial Conduct Authority operates as the conduct regulator for financial services firms and financial markets in the United Kingdom. </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">
![Internal components of a Prime RFQ execution engine, with modular beige units, precise metallic mechanisms, and complex data wiring. This infrastructure supports high-fidelity execution for institutional digital asset derivatives, facilitating advanced RFQ protocols, optimal liquidity aggregation, multi-leg spread trading, and efficient price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-rfq-engine-for-institutional-digital-asset-options.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/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, multi-segmented sphere embodies a Principal's operational framework for institutional digital asset derivatives. Its transparent 'intelligence layer' signifies high-fidelity execution and price discovery via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-digital-asset-derivatives-execution-engine.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/area/execution-venues/?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)

## Execution Venues

Meaning ▴ Execution Venues are regulated marketplaces or bilateral platforms where financial instruments are traded and orders are matched, encompassing exchanges, multilateral trading facilities, organized trading facilities, and over-the-counter desks. </a><a href="https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Stacked, modular components represent a sophisticated Prime RFQ for institutional digital asset derivatives. Each layer signifies distinct liquidity pools or execution venues, with transparent covers revealing intricate market microstructure and algorithmic trading logic, facilitating high-fidelity execution and price discovery within a private quotation environment](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-framework.jpg)

## Rts 27

Meaning ▴ RTS 27 mandates that investment firms and market operators publish detailed data on the quality of execution of transactions on their venues. </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 sleek, metallic module with a dark, reflective sphere sits atop a cylindrical base, symbolizing an institutional-grade Crypto Derivatives OS. This system processes aggregated inquiries for RFQ protocols, enabling high-fidelity execution of multi-leg spreads while managing gamma exposure and slippage within dark pools](https://options.greeks.live/wp-content/uploads/2025/07/principal-trading-crypto-derivatives-rfq-protocol-execution-system.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/question/what-are-the-primary-challenges-in-creating-a-unified-global-dealer-selection-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A deconstructed spherical object, segmented into distinct horizontal layers, slightly offset, symbolizing the granular components of an institutional digital asset derivatives platform. Each layer represents a liquidity pool or RFQ protocol, showcasing modular execution pathways and dynamic price discovery within a Prime RFQ architecture for high-fidelity execution and systemic risk mitigation](https://options.greeks.live/wp-content/uploads/2025/08/modular-institutional-digital-asset-derivatives-execution-framework-dissected-for-optimal-rfq-performance.jpg)

## Unified Policy

A unified global dealer policy is an architectural system designed to manage diverse regulatory and counterparty risks efficiently. </a><a href="https://prime.greeks.live/area/uk-mifid/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, abstract system interface with a central spherical lens representing real-time Price Discovery and Implied Volatility analysis for institutional Digital Asset Derivatives. Its precise contours signify High-Fidelity Execution and robust RFQ protocol orchestration, managing latent liquidity and minimizing slippage for optimized Alpha Generation](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-execution-via-optimized-rfq-protocols-enhancing-market-microstructure.jpg)

## Uk Mifid

Meaning ▴ UK MiFID, the United Kingdom's Markets in Financial Instruments Directive, establishes a comprehensive regulatory framework governing investment firms, trading venues, and financial instruments within the UK. </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 sophisticated modular component of a Crypto Derivatives OS, featuring an intelligence layer for real-time market microstructure analysis. Its precision engineering facilitates high-fidelity execution of digital asset derivatives via RFQ protocols, ensuring optimal price discovery and capital efficiency for institutional participants](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-module.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/esma/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A glossy, teal sphere, partially open, exposes precision-engineered metallic components and white internal modules. This represents an institutional-grade Crypto Derivatives OS, enabling secure RFQ protocols for high-fidelity execution and optimal price discovery of Digital Asset Derivatives, crucial for prime brokerage and minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-platform-revealing-core-rfq-protocol-mechanisms-for-optimized-high-fidelity-execution.jpg)

## Esma

Meaning ▴ ESMA, the European Securities and Markets Authority, functions as an independent European Union agency responsible for safeguarding the stability of the EU's financial system by ensuring the integrity, transparency, efficiency, and orderly functioning of securities markets, alongside enhancing investor protection. </a>

**Tags:** [RTS 27](https://options.greeks.live/area/rts-27/), [UK MiFID](https://options.greeks.live/area/uk-mifid/), [Best Execution](https://options.greeks.live/area/best-execution/), [Execution Venues](https://options.greeks.live/area/execution-venues/), [Cross-Border Compliance](https://options.greeks.live/area/cross-border-compliance/), [Research Unbundling](https://options.greeks.live/area/research-unbundling/)	

## Discover More

- 
### [What Are the Key Differences in Best Execution Obligations between the US and Europe?](https://options.greeks.live/question/what-are-the-key-differences-in-best-execution-obligations-between-the-us-and-europe/)
![Sleek metallic components with teal luminescence precisely intersect, symbolizing an institutional-grade Prime RFQ. This represents multi-leg spread execution for digital asset derivatives via RFQ protocols, ensuring high-fidelity execution, optimal price discovery, and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-best-execution-system.jpg)

US best execution emphasizes a flexible, principles-based "reasonable diligence," while Europe's MiFID II mandates a prescriptive, data-driven "all sufficient steps" approach.

- 
### [What Are the Primary Differences between Fca and Esma Best Execution Reporting?](https://options.greeks.live/question/what-are-the-primary-differences-between-fca-and-esma-best-execution-reporting/)
![An abstract visual depicts a central intelligent execution hub, symbolizing the core of a Principal's operational framework. Two intersecting planes represent multi-leg spread strategies and cross-asset liquidity pools, enabling private quotation and aggregated inquiry for institutional digital asset derivatives. Underlying blocks signify robust portfolio margin and atomic settlement infrastructure.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

The primary difference is the FCA's definitive removal of RTS 27/28 reporting in the UK versus ESMA's transitional non-enforcement in the EU.

- 
### [How Can Firms Use RTS 27 and RTS 28 Data to Improve Their RFQ Best Execution Policies?](https://options.greeks.live/question/how-can-firms-use-rts-27-and-rts-28-data-to-improve-their-rfq-best-execution-policies/)
![Intersecting metallic structures symbolize RFQ protocol pathways for institutional digital asset derivatives. They represent high-fidelity execution of multi-leg spreads across diverse liquidity pools. Spheres denote aggregated inquiry and price discovery within a robust Prime RFQ, optimizing capital efficiency and mitigating systemic risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-framework-optimizing-multi-leg-spreads-and-liquidity-aggregation-for-best-execution.jpg)

Firms can use RTS 27/28 data to build a dynamic, evidence-based RFQ policy, replacing static relationships with quantitative analysis.

- 
### [Did the Removal of RTS 27 and RTS 28 Reporting Requirements Weaken MiFID II’s Best Execution Mandate?](https://options.greeks.live/question/did-the-removal-of-rts-27-and-rts-28-reporting-requirements-weaken-mifid-iis-best-execution-mandate/)
![A split spherical mechanism reveals intricate internal components. This symbolizes an Institutional Digital Asset Derivatives Prime RFQ, enabling high-fidelity RFQ protocol execution, optimal price discovery, and atomic settlement for block trades and multi-leg spreads.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-revealing-rfq-execution-core-mechanics.jpg)

The removal of RTS 27/28 reporting shifted the best execution burden from public disclosure to robust internal analytics and governance.

- 
### [How Does MiFID II Define the Best Execution Obligations for Investment Firms?](https://options.greeks.live/question/how-does-mifid-ii-define-the-best-execution-obligations-for-investment-firms/)
![A sharp, dark, precision-engineered element, indicative of a targeted RFQ protocol for institutional digital asset derivatives, traverses a secure liquidity aggregation conduit. This interaction occurs within a robust market microstructure platform, symbolizing high-fidelity execution and atomic settlement under a Principal's operational framework for best execution.](https://options.greeks.live/wp-content/uploads/2025/07/principal-grade-digital-asset-derivatives-rfq-protocol-execution-engine.jpg)

MiFID II mandates that investment firms systematically ensure the most favorable client order outcomes through a demonstrable, data-driven process.

- 
### [How Has the Suspension of RTS 27 and RTS 28 Reports Affected Best Execution Monitoring in Europe?](https://options.greeks.live/question/how-has-the-suspension-of-rts-27-and-rts-28-reports-affected-best-execution-monitoring-in-europe/)
![A smooth, light-beige spherical module features a prominent black circular aperture with a vibrant blue internal glow. This represents a dedicated institutional grade sensor or intelligence layer for high-fidelity execution. It embodies the Prime RFQ capability for price discovery within RFQ protocols, ensuring atomic settlement and mitigating counterparty risk in digital asset derivatives trading.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-intelligence-layer-for-optimal-digital-asset-rfq-execution.jpg)

The suspension of RTS 27/28 reports catalyzed a shift from public compliance rituals to internal, data-driven best execution intelligence.

- 
### [How Do Regulators Define the “All Sufficient Steps” in Best Execution?](https://options.greeks.live/question/how-do-regulators-define-the-all-sufficient-steps-in-best-execution/)
![A symmetrical, multi-faceted structure depicts an institutional Digital Asset Derivatives execution system. Its central crystalline core represents high-fidelity execution and atomic settlement. Distinct principal entities feature API integration points, symbolizing robust RFQ protocol connectivity for cross-asset liquidity aggregation and block trades.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure.jpg)

Regulators define "all sufficient steps" as a firm's obligation to create a dynamic, multi-faceted process for achieving the best possible client outcome.

- 
### [Can a Single Best Execution Policy Satisfy Both the Fca and an Eu National Competent Authority?](https://options.greeks.live/question/can-a-single-best-execution-policy-satisfy-both-the-fca-and-an-eu-national-competent-authority/)
![A precision-engineered blue mechanism, symbolizing a high-fidelity execution engine, emerges from a rounded, light-colored liquidity pool component, encased within a sleek teal institutional-grade shell. This represents a Principal's operational framework for digital asset derivatives, demonstrating algorithmic trading logic and smart order routing for block trades via RFQ protocols, ensuring atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-os-core-algorithmic-execution-engine.jpg)

A single policy is insufficient; a modular framework with a common core and jurisdiction-specific annexes is required to navigate UK/EU divergence.

- 
### [How Does MiFID II Define Best Execution for Different Venue Types?](https://options.greeks.live/question/how-does-mifid-ii-define-best-execution-for-different-venue-types/)
![A luminous conical element projects from a multi-faceted transparent teal crystal, signifying RFQ protocol precision and price discovery. This embodies institutional grade digital asset derivatives high-fidelity execution, leveraging Prime RFQ for liquidity aggregation and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-rfq-protocol-orchestration-for-institutional-digital-asset-derivatives-high-fidelity-execution.jpg)

MiFID II defines best execution as a data-driven process of taking all sufficient steps to optimize outcomes across a multi-venue system.

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---

**Original URL:** https://options.greeks.live/question/can-a-firm-use-a-single-best-execution-policy-to-cover-both-uk-and-eu-operations-post-brexit/
