# How Did Mifid Ii Change the Best Execution Standard for Rfq Platforms? ▴ Question

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

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![A Prime RFQ interface for institutional digital asset derivatives displays a block trade module and RFQ protocol channels. Its low-latency infrastructure ensures high-fidelity execution within market microstructure, enabling price discovery and capital efficiency for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-protocol-engine-high-fidelity-execution-digital-asset-derivatives.jpg)

![A focused view of a robust, beige cylindrical component with a dark blue internal aperture, symbolizing a high-fidelity execution channel. This element represents the core of an RFQ protocol system, enabling bespoke liquidity for Bitcoin Options and Ethereum Futures, minimizing slippage and information leakage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-engine-core-precision-component.jpg)

## Concept

The implementation of the Markets in Financial Instruments Directive II (MiFID II) fundamentally re-architected the operational obligations for best execution, particularly for quote-driven protocols like Request for Quote (RFQ) platforms. The directive moved the standard from a principle-based “all reasonable steps” to a more stringent and evidence-based “[all sufficient steps](https://prime.greeks.live/area/all-sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” framework. This shift compelled investment firms to transition from a qualitative assessment of [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to a quantitative, data-centric process that could be systematically demonstrated and audited. For RFQ platforms, which historically operated with greater opacity than lit order books, this created a new imperative for transparency and data provision.

Prior to MiFID II, [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in the RFQ space often relied on the “legitimate reliance test,” a four-part assessment to determine if a client was justifiably depending on the firm for price protection. This created ambiguity, especially in professional markets where “shopping around” was common practice. MiFID II dissolved much of this ambiguity by extending its data-driven requirements across nearly all asset classes, including the fixed income and [OTC derivatives](https://prime.greeks.live/area/otc-derivatives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) markets where RFQ is the dominant execution protocol.

The directive mandated that firms prove, with verifiable data, that they are consistently achieving the best possible results for their clients. This necessitated a systemic overhaul of how [RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) trades were initiated, recorded, and analyzed.

> MiFID II transformed best execution from a qualitative guideline into a quantifiable and auditable engineering problem, demanding systemic proof of optimal outcomes.

The core of this transformation lies in the data. The directive introduced new reporting requirements, such as [RTS 27](https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for execution venues and RTS 28 for investment firms, which for the first time required detailed public disclosure on execution quality. For [RFQ platforms](https://prime.greeks.live/area/rfq-platforms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), this meant they had to evolve from simple communication channels for soliciting quotes into sophisticated data hubs.

They became critical partners for their clients, providing the granular data needed for compliance, including timestamps for quote requests and responses, execution prices, and information on why a particular quote was chosen. This data became the raw material for the [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ([TCA](https://prime.greeks.live/area/tca/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) that firms now needed to perform to validate their execution policies, even in less liquid, quote-driven markets.

This new architecture effectively forced a convergence between the historically separate worlds of lit, order-driven markets and dark, quote-driven markets. While the execution mechanisms remain distinct, the principles of data capture, analysis, and proof of performance became universal. The change elevated the role of the RFQ platform from a mere liquidity sourcing tool to an integral component of a firm’s compliance and execution quality monitoring system. The platform’s ability to provide high-fidelity, structured data became a primary factor in its selection by investment firms navigating the new regulatory landscape.

![Close-up of intricate mechanical components symbolizing a robust Prime RFQ for institutional digital asset derivatives. These precision parts reflect market microstructure and high-fidelity execution within an RFQ protocol framework, ensuring capital efficiency and optimal price discovery for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/07/engineered-core-systems-driving-institutional-digital-asset-derivatives-rfq-protocol-execution.jpg)

![A multi-faceted geometric object with varied reflective surfaces rests on a dark, curved base. It embodies complex RFQ protocols and deep liquidity pool dynamics, representing advanced market microstructure for precise price discovery and high-fidelity execution of institutional digital asset derivatives, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/multi-faceted-institutional-digital-asset-derivatives-execution-infrastructure.jpg)

## Strategy

In response to the systemic changes mandated by [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), both buy-side firms and the RFQ platforms themselves had to develop new operational strategies. The regulation acted as a catalyst, forcing a strategic pivot from relationship-based execution to a more defensible, data-driven methodology. The core strategic challenge became how to integrate the RFQ workflow into a holistic and demonstrable best [execution framework](https://prime.greeks.live/area/execution-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

![Precision-engineered modular components, with teal accents, align at a central interface. This visually embodies an RFQ protocol for institutional digital asset derivatives, facilitating principal liquidity aggregation and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-interface-for-atomic-settlement.jpg)

## How Did Buy-Side Execution Strategies Evolve?

For buy-side firms, the strategy shifted from merely seeking the best price on a given trade to building a comprehensive and repeatable process that could withstand regulatory scrutiny. This involved several key strategic adjustments.

First, the formalization of the **[Execution Policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** became paramount. [Under MiFID](https://prime.greeks.live/question/what-are-the-key-differences-in-best-execution-obligations-for-rfqs-under-mifid-i-vs-mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) II, this document evolved from a high-level statement of intent into a detailed operational blueprint. The policy had to specify, for each class of financial instrument, the execution venues and factors that would be considered. For RFQ-heavy asset classes like bonds and derivatives, firms had to explicitly list the platforms they used and justify their selection based on factors beyond just price, including speed, likelihood of execution, and counterparty quality.

Second, **[Transaction Cost](https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Analysis (TCA)** became a strategic necessity for all asset classes, not just equities. Buy-side firms needed to develop or procure TCA systems capable of analyzing RFQ executions. This presented a unique challenge, as traditional TCA benchmarks like VWAP (Volume-Weighted Average Price) are often irrelevant in illiquid, quote-driven markets.

The new strategy involved using different benchmarks, such as comparing the winning quote against all other quotes received, or against evaluated pricing data from third-party sources. The goal was to create a quantitative record to prove that the execution process was consistently delivering optimal outcomes.

> The strategic response to MiFID II involved re-engineering the entire execution workflow to embed data analysis and systematic evaluation at every stage.

Third, **Counterparty and Venue Management** became a more dynamic and data-informed process. Instead of relying on static relationships, firms began using the data from their RFQ platforms and TCA systems to systematically evaluate the performance of their liquidity providers. This included analyzing quote response times, hit rates (the percentage of quotes that result in a trade), and the competitiveness of the prices provided. This data-driven approach allowed firms to optimize their counterparty lists and direct flows to providers who consistently offered the best results, creating a feedback loop that reinforced the principles of best execution.

![Precisely aligned forms depict an institutional trading system's RFQ protocol interface. Circular elements symbolize market data feeds and price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-interface-optimization.jpg)

## The Strategic Response of RFQ Platforms

RFQ platforms, in turn, had to evolve their own strategies to remain relevant and valuable in the MiFID II era. Their strategic focus shifted from simply facilitating transactions to providing the data and analytical tools their clients needed for compliance.

- **Data as a Service** Platforms recognized that the vast amounts of data generated by the RFQ process ▴ quote requests, timestamps, prices, sizes, counterparty identities ▴ was now a critical asset. Their strategy became to capture, structure, and deliver this data to clients in a usable format for their TCA and reporting obligations under [RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

- **Pre-Trade Transparency Tools** To help clients meet their “all [sufficient steps](https://prime.greeks.live/area/sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” obligation, platforms began developing pre-trade analytics. This included tools that provided historical spread analysis, data on liquidity provider performance, and access to composite pricing to help traders benchmark the quotes they were receiving in real-time.

- **Integration with the Ecosystem** A key strategy was to ensure seamless integration with the buy-side’s Order Management Systems (OMS) and Execution Management Systems (EMS). This allowed for the automated capture of execution data, reducing operational friction and ensuring the integrity of the audit trail from order creation to post-trade analysis.

The table below illustrates the strategic shift in the RFQ ecosystem before and after MiFID II.

| Strategic Area | Pre-MiFID II Approach | Post-MiFID II Strategy |
| --- | --- | --- |
| Execution Justification | Qualitative; often based on trader’s discretion and the “legitimate reliance test”. | Quantitative and demonstrable; based on a systematic policy and supported by TCA data. |
| Data Management | Data was primarily for internal record-keeping; often unstructured (e.g. chat logs). | Data is a core asset; platforms must provide structured, granular data for client compliance (RTS 28). |
| Venue Selection | Based on relationships, perceived liquidity, and anecdotal performance. | Data-driven; based on formal review of venue execution quality reports (RTS 27) and internal TCA. |
| Technology Focus | Focus on connectivity and facilitating communication between counterparties. | Focus on data capture, analytics, pre-trade decision support, and OMS/EMS integration. |
| Platform Role | A communication utility for sourcing liquidity. | A critical compliance and data partner in the execution workflow. |

![Metallic, reflective components depict high-fidelity execution within market microstructure. A central circular element symbolizes an institutional digital asset derivative, like a Bitcoin option, processed via RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution.jpg)

![A precision institutional interface features a vertical display, control knobs, and a sharp element. This RFQ Protocol system ensures High-Fidelity Execution and optimal Price Discovery, facilitating Liquidity Aggregation](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-platform-interface.jpg)

## Execution

The execution of the MiFID II best execution standard required a granular, technology-driven implementation that permeated every level of a firm’s trading architecture. The directive’s mandate for “all sufficient steps” translated into a concrete set of operational protocols and data management requirements that transformed how RFQ-based trades are executed, monitored, and reported. This section provides a deep dive into the precise mechanics of this new execution framework.

![A dual-toned cylindrical component features a central transparent aperture revealing intricate metallic wiring. This signifies a core RFQ processing unit for Digital Asset Derivatives, enabling rapid Price Discovery and High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-best-execution-prime-os.jpg)

## The MiFID II Compliant RFQ Workflow

Executing an RFQ in a post-MiFID II world is a multi-stage process, with data capture and analysis embedded at each step. The following is a procedural guide to the modern RFQ execution protocol:

- **Pre-Trade Analysis and Venue Selection**

<li>**Policy Check** Before initiating an RFQ, the trader’s actions are governed by the firm’s formal execution policy. The system (typically an EMS) must confirm that the intended RFQ platform and potential counterparties are listed in the policy for that specific asset class.

- **Market Data Analysis** The trader must assess the fairness of the price. For OTC products, this involves gathering available market data, which could include evaluated pricing from vendors, data from similar instruments, or historical trade data to establish a reasonable price expectation before requesting quotes.

- **Counterparty Selection** The trader selects a list of counterparties to send the RFQ to. This selection is informed by ongoing monitoring of counterparty performance metrics, such as response rates, quote stability, and historical price competitiveness, all of which must be documented.

</li>
- **Quote Solicitation and Execution**

<li>**Timestamping** The moment the RFQ is sent, the system must record a precise timestamp. This is a critical data point for subsequent analysis of counterparty response times.

- **Quote Capture** As quotes are received from liquidity providers, the platform must capture the price, size, and timestamp for each individual quote. This creates a complete record of the available liquidity at that moment.

- **Execution and Justification** The trader executes against the chosen quote. The system must record the rationale for the decision. If the best-priced quote is not selected, a justification must be provided (e.g. better size, higher certainty of settlement). This justification is a key part of the audit trail.

</li>
- **Post-Trade Analysis and Reporting**

<li>**Transaction [Cost Analysis](https://prime.greeks.live/area/cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA)** The executed trade is fed into the firm’s TCA system. The analysis compares the execution price against all other quotes received (quote shortfall), the pre-trade expected price, and other relevant benchmarks. This analysis must be performed regularly to monitor the effectiveness of the execution policy.

- **RTS 28 Reporting** The data from all RFQ executions is aggregated. Annually, the firm must publish its top five execution venues (which can include the firm itself if it acts as a [Systematic Internaliser](https://prime.greeks.live/area/systematic-internaliser/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) or other liquidity provider) for each asset class, along with a qualitative summary of the execution quality obtained.

</li>

![A metallic, reflective disc, symbolizing a digital asset derivative or tokenized contract, rests on an intricate Principal's operational framework. This visualizes the market microstructure for high-fidelity execution of institutional digital assets, emphasizing RFQ protocol precision, atomic settlement, and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/high-fidelity-digital-asset-derivatives-rfq-protocol-system-infrastructure.jpg)

## What Are the Key Data Points for RFQ Compliance?

The entire execution framework rests on the systematic capture of highly granular data. RFQ platforms and firms’ internal systems had to be re-architected to record and store this information for analysis and reporting. The table below details the critical data fields required under the RTS 27/28 reporting framework for RFQ-based transactions.

| Data Category | Specific Data Point | Purpose in Best Execution Framework |
| --- | --- | --- |
| Time | Request Timestamp | Measures liquidity provider response latency. |
| Time | Quote Timestamp(s) | Creates a snapshot of the market at the moment of decision. |
| Time | Execution Timestamp | Provides the definitive point for price benchmarking. |
| Price & Size | Requested Size | Context for the liquidity being sought. |
| Price & Size | Quoted Price(s) and Size(s) | Forms the basis for quote shortfall analysis in TCA. |
| Price & Size | Executed Price and Size | The final outcome to be measured against benchmarks. |
| Counterparty | Requesting Firm ID (LEI) | Identifies the client for regulatory reporting. |
| Counterparty | Responding Counterparty ID(s) (LEI) | Enables systematic performance tracking of liquidity providers. |
| Execution Details | Venue of Execution (LEI) | Required for Top 5 Venue (RTS 28) reporting. |
| Execution Details | Execution Justification Code | Provides auditable evidence for execution decisions, especially when not trading on the best price. |

> The directive transformed RFQ platforms from simple messaging systems into critical data infrastructure for regulatory compliance and execution analytics.

![Intricate metallic components signify system precision engineering. These structured elements symbolize institutional-grade infrastructure for high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-engineering-for-high-fidelity-execution-and-latency-optimization.jpg)

## System Integration and Technological Architecture

Achieving this level of data-driven execution required significant technological investment and system integration. The pre-existing siloes between front-office trading systems and back-office compliance tools had to be broken down.

- **OMS/EMS Enhancement** Order and Execution Management Systems had to be upgraded to handle the new data fields associated with RFQ trading. They needed to integrate pre-trade analytics and provide fields for traders to input execution justifications directly into the workflow.

- **FIX Protocol Adaptation** While the Financial Information eXchange (FIX) protocol is standard for order-driven markets, its use in RFQ workflows became more critical. Firms worked to standardize FIX messages for RFQs to ensure that all the necessary data points (timestamps, counterparty IDs, etc.) were transmitted electronically, creating a clean, machine-readable audit trail.

- **Data Warehousing and Analytics** Firms needed to build or buy robust data warehousing solutions capable of storing terabytes of execution data. This data lake becomes the source for the TCA engines and the compliance systems that generate the required RTS 27 and RTS 28 reports. The ability to query this data efficiently is fundamental to monitoring execution quality and responding to regulatory inquiries.

The implementation of MiFID II’s best execution standard was an engineering challenge. It forced the industry to build a new technological and procedural architecture around the RFQ process, one that prioritizes data integrity, systematic analysis, and auditable proof of performance above all else.

![Abstract spheres and a translucent flow visualize institutional digital asset derivatives market microstructure. It depicts robust RFQ protocol execution, high-fidelity data flow, and seamless liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/precision-market-microstructure-for-institutional-digital-asset-derivatives-leveraging-rfq-protocols-and-atomic-settlement-across-prime-os.jpg)

## References

- Kirby, Anthony. “Market opinion ▴ Best execution MiFID II.” _Global Trading_, 13 Jan. 2015.

- Swedish Securities Dealers Association. “Guide for drafting/review of Execution Policy under MiFID II.” 4 Dec. 2018.

- Kennedy, Tom. “Best Execution Under MiFID II.” Thomson Reuters, Presentation, 28 June 2017.

- Tradeweb. “Best Execution Under MiFID II and the Role of Transaction Cost Analysis in the Fixed Income Markets.” 14 June 2017.

- Financial Conduct Authority. “Markets in Financial Instruments Directive II Implementation ▴ Policy Statement II.” PS17/14, July 2017.

- European Securities and Markets Authority. “Questions and Answers on MiFID II and MiFIR investor protection and intermediaries topics.” ESMA35-43-349, 2023.

- Lannoo, Karel, and Maciej Grodzicki. “MiFID II ▴ The reform of the EU financial market.” ECMI Papers, 2017.

![Sleek, off-white cylindrical module with a dark blue recessed oval interface. This represents a Principal's Prime RFQ gateway for institutional digital asset derivatives, facilitating private quotation protocol for block trade execution, ensuring high-fidelity price discovery and capital efficiency through low-latency liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-portal-optimal-institutional-digital-asset-execution.jpg)

## Reflection

The systemic recalibration forced by MiFID II provides a moment for introspection. The regulation constructed a framework where execution quality is a measurable output of a firm’s internal systems. This compels us to look at our own operational architecture not as a set of disparate components ▴ trading desk, compliance, technology ▴ but as a single, integrated engine designed to produce a specific outcome ▴ demonstrably superior execution. The data now available offers a new level of self-awareness.

How does the flow of information within your own architecture support or hinder the goal of optimal execution? Where are the points of friction in the data lifecycle, from pre-trade analysis to post-trade reporting? Viewing the challenge through this systemic lens reveals that the pursuit of best execution is synonymous with the pursuit of a more intelligent, responsive, and coherent operational framework. The tools and data mandated by the regulation are the components; the strategic advantage lies in how they are assembled.

![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)

## Glossary

<a href="https://prime.greeks.live/area/all-sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## All Sufficient Steps

Meaning ▴ All Sufficient Steps denotes a design principle and operational mandate within a system where every component or process is engineered to autonomously achieve its defined objective without requiring external intervention or additional inputs beyond its initial parameters. </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 hard drive mechanics, with a read/write head poised over a data platter, symbolize the precise, low-latency execution and high-fidelity data access vital for institutional digital asset derivatives. This embodies a Principal OS architecture supporting robust RFQ protocols, enabling atomic settlement and optimized liquidity aggregation within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-precision-execution-system-microstructure.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/otc-derivatives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, intersecting metallic elements above illuminated tracks frame a central oval block. This visualizes institutional digital asset derivatives trading, depicting RFQ protocols for high-fidelity execution, liquidity aggregation, and price discovery within market microstructure, ensuring best execution on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-for-optimal-execution.jpg)

## Otc Derivatives

Meaning ▴ OTC Derivatives are bilateral financial contracts executed directly between two counterparties, outside the regulated environment of a centralized exchange. </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">
![Robust institutional-grade structures converge on a central, glowing bi-color orb. This visualizes an RFQ protocol's dynamic interface, representing the Principal's operational framework for high-fidelity execution and precise price discovery within digital asset market microstructure, enabling atomic settlement for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-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/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central circular element, vertically split into light and dark hemispheres, frames a metallic, four-pronged hub. Two sleek, grey cylindrical structures diagonally intersect behind it](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-for-digital-asset-derivatives-execution-1.jpg)

## Rfq

Meaning ▴ Request for Quote (RFQ) is a structured communication protocol enabling a market participant to solicit executable price quotations for a specific instrument and quantity from a selected group of liquidity providers. </a><a href="https://prime.greeks.live/area/rfq-platforms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract representation of a central RFQ hub facilitating high-fidelity execution of institutional digital asset derivatives. Two aggregated inquiries or block trades traverse the liquidity aggregation engine, signifying price discovery and atomic settlement within a prime brokerage framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-hub-core.jpg)

## Rfq Platforms

Meaning ▴ RFQ Platforms are specialized electronic systems engineered to facilitate the price discovery and execution of financial instruments through a request-for-quote protocol. </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">
![A robust institutional framework composed of interlocked grey structures, featuring a central dark execution channel housing luminous blue crystalline elements representing deep liquidity and aggregated inquiry. A translucent teal prism symbolizes dynamic digital asset derivatives and the volatility surface, showcasing precise price discovery within a high-fidelity execution environment, powered by the Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-intelligence-layer.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/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two off-white elliptical components separated by a dark, central mechanism. This embodies an RFQ protocol for institutional digital asset derivatives, enabling price discovery for block trades, ensuring high-fidelity execution and capital efficiency within a Prime RFQ for dark liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-4.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/tca/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A robust metallic framework supports a teal half-sphere, symbolizing an institutional grade digital asset derivative or block trade processed within a Prime RFQ environment. This abstract view highlights the intricate market microstructure and high-fidelity execution of an RFQ protocol, ensuring capital efficiency and minimizing slippage through precise system interaction](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocol-execution-engine.jpg)

## Tca

Meaning ▴ Transaction Cost Analysis (TCA) represents a quantitative methodology designed to evaluate the explicit and implicit costs incurred during the execution of financial trades. </a><a href="https://prime.greeks.live/area/execution-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Modular, metallic components interconnected by glowing green channels represent a robust Principal's operational framework for institutional digital asset derivatives. This signifies active low-latency data flow, critical for high-fidelity execution and atomic settlement via RFQ protocols across diverse liquidity pools, ensuring optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution.jpg)

## Execution Framework

Meaning ▴ An Execution Framework represents a comprehensive, programmatic system designed to facilitate the systematic processing and routing of trading orders across various market venues, optimizing for predefined objectives such as price, speed, or minimized market impact. </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">
![Intersecting metallic components symbolize an institutional RFQ Protocol framework. This system enables High-Fidelity Execution and Atomic Settlement for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-specialists.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/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A luminous, miniature Earth sphere rests precariously on textured, dark electronic infrastructure with subtle moisture. This visualizes institutional digital asset derivatives trading, highlighting high-fidelity execution within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/global-digital-asset-derivatives-rfq-protocol-execution-engine-underpinning-institutional-market-microstructure-with-precision.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/question/what-are-the-key-differences-in-best-execution-obligations-for-rfqs-under-mifid-i-vs-mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic, circular mechanism, a precision control interface, rests on a dark circuit board. This symbolizes the core intelligence layer of a Prime RFQ, enabling low-latency, high-fidelity execution for institutional digital asset derivatives via optimized RFQ protocols, refining market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/precision-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

## Under Mifid

MiFID II transformed RFQ best execution from a procedural policy into a data-driven, provable mandate for optimal outcomes. </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">
![Sharp, intersecting geometric planes in teal, deep blue, and beige form a precise, pointed leading edge against darkness. This signifies High-Fidelity Execution for Institutional Digital Asset Derivatives, reflecting complex Market Microstructure and Price Discovery](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-market-microstructure-2.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/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A stylized RFQ protocol engine, featuring a central price discovery mechanism and a high-fidelity execution blade. Translucent blue conduits symbolize atomic settlement pathways for institutional block trades within a Crypto Derivatives OS, ensuring capital efficiency and best execution](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-execution-for-digital-asset-derivatives.jpg)

## Rts 28

Meaning ▴ RTS 28 refers to Regulatory Technical Standard 28 under MiFID II, which mandates investment firms and market operators to publish annual reports on the quality of execution of transactions on trading venues and for financial instruments. </a><a href="https://prime.greeks.live/area/sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Transparent conduits and metallic components abstractly depict institutional digital asset derivatives trading. Symbolizing cross-protocol RFQ execution, multi-leg spreads, and high-fidelity atomic settlement across aggregated liquidity pools, it reflects prime brokerage infrastructure](https://options.greeks.live/wp-content/uploads/2025/07/cross-protocol-rfq-execution-digital-asset-derivatives-microstructure-system.jpg)

## Sufficient Steps

Meaning ▴ Sufficient Steps constitute the minimum, verifiable sequence of operations required to achieve a defined, deterministic outcome within a financial protocol or system, ensuring operational closure and state transition. </a><a href="https://prime.greeks.live/area/cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A stacked, multi-colored modular system representing an institutional digital asset derivatives platform. The top unit facilitates RFQ protocol initiation and dynamic price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-15.jpg)

## Cost Analysis

Meaning ▴ Cost Analysis constitutes the systematic quantification and evaluation of all explicit and implicit expenditures incurred during a financial operation, particularly within the context of institutional digital asset derivatives trading. </a><a href="https://prime.greeks.live/area/systematic-internaliser/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated metallic apparatus with a prominent circular base and extending precision probes. This represents a high-fidelity execution engine for institutional digital asset derivatives, facilitating RFQ protocol automation, liquidity aggregation, and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/precision-engine-for-institutional-digital-asset-derivatives-rfq-protocol.jpg)

## Systematic Internaliser

Meaning ▴ A Systematic Internaliser (SI) is a financial institution executing client orders against its own capital on an organized, frequent, systematic basis off-exchange. </a>

**Tags:** [Execution Framework](https://options.greeks.live/area/execution-framework/), [All Sufficient Steps](https://options.greeks.live/area/all-sufficient-steps/), [Best Execution](https://options.greeks.live/area/best-execution/), [TCA](https://options.greeks.live/area/tca/), [Execution Quality](https://options.greeks.live/area/execution-quality/), [Transaction Cost](https://options.greeks.live/area/transaction-cost/)	

## Discover More

- 
### [How Does the Rise of Systematic Internalisers Affect Best Execution Obligations for RFQs?](https://options.greeks.live/question/how-does-the-rise-of-systematic-internalisers-affect-best-execution-obligations-for-rfqs/)
![A symmetrical, reflective apparatus with a glowing Intelligence Layer core, embodying a Principal's Core Trading Engine for Digital Asset Derivatives. Four sleek blades represent multi-leg spread execution, dark liquidity aggregation, and high-fidelity execution via RFQ protocols, enabling atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-optimized-execution.jpg)

The rise of Systematic Internalisers transforms best execution for RFQs into a data-driven process of proving the best outcome was achieved across a fragmented liquidity network.

- 
### [How Does MiFID II Define the “All Sufficient Steps” Requirement for Best Execution?](https://options.greeks.live/question/how-does-mifid-ii-define-the-all-sufficient-steps-requirement-for-best-execution/)
![A multi-layered electronic system, centered on a precise circular module, visually embodies an institutional-grade Crypto Derivatives OS. It represents the intricate market microstructure enabling high-fidelity execution via RFQ protocols for digital asset derivatives, driven by an intelligence layer facilitating algorithmic trading and optimal price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-optimal-price-discovery.jpg)

MiFID II's "all sufficient steps" requirement mandates a provable, data-driven process to ensure best client outcomes.

- 
### [What Are the Primary Differences in Best Execution Obligations between MiFID I and MiFID II?](https://options.greeks.live/question/what-are-the-primary-differences-in-best-execution-obligations-between-mifid-i-and-mifid-ii/)
![Abstractly depicting an Institutional Grade Crypto Derivatives OS component. Its robust structure and metallic interface signify precise Market Microstructure for High-Fidelity Execution of RFQ Protocol and Block Trade orders. The angular teal plane represents a transparent Liquidity Pool driving Price Discovery and Atomic Settlement.](https://options.greeks.live/wp-content/uploads/2025/07/principals-integrated-crypto-derivatives-rfq-protocol-architecture.jpg)

MiFID II elevates best execution from a principle to a data-driven, verifiable obligation, demanding a more sophisticated operational architecture.

- 
### [How Does the Concept of Best Execution Differ between MiFID II and Other Regulatory Frameworks for RFQ Trades?](https://options.greeks.live/question/how-does-the-concept-of-best-execution-differ-between-mifid-ii-and-other-regulatory-frameworks-for-rfq-trades/)
![Abstract depiction of an institutional digital asset derivatives execution system. A central market microstructure wheel supports a Prime RFQ framework, revealing an algorithmic trading engine for high-fidelity execution of multi-leg spreads and block trades via advanced RFQ protocols, optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-system-1.jpg)

MiFID II codifies RFQ best execution as a prescriptive data-driven process, while other frameworks prioritize a principles-based defense of diligence.

- 
### [How Does MiFID II Define Best Execution for RFQ-Based Trades?](https://options.greeks.live/question/how-does-mifid-ii-define-best-execution-for-rfq-based-trades-2/)
![A sleek, institutional-grade Crypto Derivatives OS with an integrated intelligence layer supports a precise RFQ protocol. Two balanced spheres represent principal liquidity units undergoing high-fidelity execution, optimizing capital efficiency within market microstructure for best execution.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-3.jpg)

MiFID II defines RFQ best execution as a continuous, evidence-based process of taking all sufficient steps to achieve the best overall client outcome.

- 
### [How Does the Best Execution Obligation Apply to Over-The-Counter (OTC) Derivatives Trading?](https://options.greeks.live/question/how-does-the-best-execution-obligation-apply-to-over-the-counter-otc-derivatives-trading/)
![A sleek, dark sphere, symbolizing the Intelligence Layer of a Prime RFQ, rests on a sophisticated institutional grade platform. Its surface displays volatility surface data, hinting at quantitative analysis for digital asset derivatives. Precision mechanisms suggest RFQ protocol engagement enabling high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-platform-intelligence-layer-optimizing-high-fidelity-execution.jpg)

Best execution in OTC derivatives requires a systematic, evidence-based process to ensure client transactions achieve the most favorable terms available.

- 
### [What Are the Key Differences in Best Execution Requirements between US and European Regulations?](https://options.greeks.live/question/what-are-the-key-differences-in-best-execution-requirements-between-us-and-european-regulations/)
![Abstract composition featuring transparent liquidity pools and a structured Prime RFQ platform. Crossing elements symbolize algorithmic trading and multi-leg spread execution, visualizing high-fidelity execution within market microstructure for institutional digital asset derivatives via RFQ protocols.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-system-precision-engineering-facilitating-high-fidelity-execution-via-rfq-protocols-and-optimal-liquidity-aggregation.jpg)

US best execution demands "reasonable diligence" via review, while the EU's MiFID II mandates "all sufficient steps" in a more prescriptive system.

- 
### [What Is the Difference between Best Execution Requirements for Equities and Non-Equities under MiFID II?](https://options.greeks.live/question/what-is-the-difference-between-best-execution-requirements-for-equities-and-non-equities-under-mifid-ii/)
![A dark, transparent capsule, representing a principal's secure channel, is intersected by a sharp teal prism and an opaque beige plane. This illustrates institutional digital asset derivatives interacting with dynamic market microstructure and aggregated liquidity. It signifies precise RFQ block trade execution and high-fidelity within the Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-market-microstructure.jpg)

MiFID II's best execution mandate creates a dual-track system, demanding quantitative, benchmark-driven proof for transparent equity markets and qualitative, process-based evidence for opaque non-equity markets.

- 
### [How Does MiFID II Define the Best Execution Requirements for Firms?](https://options.greeks.live/question/how-does-mifid-ii-define-the-best-execution-requirements-for-firms/)
![A sleek, cream-colored, dome-shaped object with a dark, central, blue-illuminated aperture, resting on a reflective surface against a black background. This represents a cutting-edge Crypto Derivatives OS, facilitating high-fidelity execution for institutional digital asset derivatives. Its central aperture symbolizes intelligent price discovery and real-time market microstructure analysis, crucial for optimal RFQ protocol management and multi-leg spread strategies, embodying prime brokerage capabilities.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-prime-os-high-fidelity-rfq-execution-engine-intelligence-layer.jpg)

MiFID II defines best execution as a firm's auditable, data-driven obligation to structure its entire trading process to consistently deliver the most favorable outcome for clients.

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---

**Original URL:** https://options.greeks.live/question/how-did-mifid-ii-change-the-best-execution-standard-for-rfq-platforms/
