# How Did the Removal of RTS 27 Impact Venue Competition? ▴ Question

**Published:** 2025-08-04
**Categories:** Question

---

![A precision-engineered institutional digital asset derivatives execution system cutaway. The teal Prime RFQ casing reveals intricate market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-protocol-core-engine.jpg)

![A sleek pen hovers over a luminous circular structure with teal internal components, symbolizing precise RFQ initiation. This represents high-fidelity execution for institutional digital asset derivatives, optimizing market microstructure and achieving atomic settlement within a Prime RFQ liquidity pool](https://options.greeks.live/wp-content/uploads/2025/07/optimizing-digital-asset-derivatives-rfq-through-prime-os-precision.jpg)

## Concept

The operational premise of Regulatory Technical Standard 27 (RTS 27) was direct. It was an architectural component within the Markets in Financial Instruments Directive II ([MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) framework, designed to engineer transparency into the European financial markets. The mechanism mandated that execution venues, including stock exchanges, multilateral trading facilities (MTFs), and systematic internalisers (SIs), publish quarterly reports detailing a wide array of [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) metrics.

The intended outcome was to provide [market participants](https://prime.greeks.live/question/how-does-a-ccps-default-waterfall-protect-market-participants/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) with a standardized dataset to rigorously compare venue performance, thereby fostering a more competitive landscape based on quantifiable execution quality. You, as a market professional, likely observed the significant disconnect between this regulatory intent and the operational reality.

The reports themselves were monumentally complex. They encompassed 17 distinct tables for each financial instrument, covering specifics like price, costs, speed, and likelihood of execution. The sheer volume and granularity of the data were intended to create an objective foundation for analysis. The system’s design, however, produced a dataset that was operationally unusable for its target audience.

The reports were so cumbersome and the data so difficult to normalize across venues that very few market participants, retail or institutional, ever attempted to use them for meaningful comparative analysis. The cost of production for venues was immense, requiring significant investment in data capture, processing, and IT infrastructure. The benefit derived by the market was, by most accounts, negligible. 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 the European Securities and Markets Authority ([ESMA](https://prime.greeks.live/area/esma/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) both acknowledged that the reports were rarely read and failed to provide a basis for meaningful comparison.

> The core failure of RTS 27 was one of system design, where the immense complexity of the data output rendered it inert for its intended purpose of fostering direct venue competition.

![A sleek conduit, embodying an RFQ protocol and smart order routing, connects two distinct, semi-spherical liquidity pools. Its transparent core signifies an intelligence layer for algorithmic trading and high-fidelity execution of digital asset derivatives, ensuring atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-engine-bridging-diverse-liquidity-pools-via-high-fidelity-rfq-protocol-orchestration.jpg)

## A Flawed Architecture of Transparency

From a systems architecture perspective, [RTS 27](https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) was an experiment in forced transparency that misjudged the user’s capacity and need. It operated on the assumption that more data inherently leads to better decision-making. This assumption ignored the practicalities of data consumption. For an institutional [trading desk](https://prime.greeks.live/area/trading-desk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the value of data is a function of its timeliness, relevance, and accessibility.

The RTS 27 data was published on a quarterly basis, making it three to six months out of date upon arrival, a lifetime in modern financial markets. This latency rendered it useless for tactical adjustments to execution strategy.

The complexity of the reports created a high barrier to entry for analysis. Extracting actionable intelligence would have required a dedicated team of quantitative analysts and significant IT resources, a cost that few firms were willing to bear for a dataset of questionable utility. [Investment firms](https://prime.greeks.live/area/investment-firms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) already had access to more potent tools for measuring execution quality, primarily through their own internal [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) and the sophisticated analytics provided by their Execution Management Systems (EMS). These internal systems could provide real-time, bespoke analysis tailored to the firm’s specific trading strategies and flow, making the standardized, delayed data from RTS 27 redundant.

![A central rod, symbolizing an RFQ inquiry, links distinct liquidity pools and market makers. A transparent disc, an execution venue, facilitates price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-optimization.jpg)

## The Mismatch of Data and Decision

The logic of RTS 27 was to commoditize execution quality data, making it a public utility. This approach failed to recognize that execution quality is a deeply nuanced and context-dependent concept. The “best” venue for a small, passive order in a liquid blue-chip stock is different from the best venue for a large, aggressive order in an illiquid small-cap security.

A [standardized report](https://prime.greeks.live/question/what-specific-metrics-are-used-to-quantify-market-liquidity-within-a-tca-report/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) struggles to capture this context. The information that truly drives venue selection ▴ such as the specific behavior of a venue’s order book, the nature of its other participants, and its susceptibility to [information leakage](https://prime.greeks.live/question/how-can-institutions-measure-and-mitigate-information-leakage-in-rfq-protocols/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ▴ is often qualitative or requires sophisticated, high-frequency analysis that a quarterly report cannot provide.

The removal of the RTS 27 obligation, therefore, was less a radical policy shift and more an admission that the initial design was flawed. It was a recognition that market competition is driven by a more complex and dynamic set of factors than a standardized reporting template can capture. The industry, which had long viewed the reports as a costly compliance exercise with little practical benefit, welcomed the change. The focus for assessing venue performance reverted to the methods that had always been more effective ▴ proprietary TCA, direct venue engagement, and the continuous evaluation of execution outcomes against internal benchmarks.

![A sleek, bi-component digital asset derivatives engine reveals its intricate core, symbolizing an advanced RFQ protocol. This Prime RFQ component enables high-fidelity execution and optimal price discovery within complex market microstructure, managing latent liquidity for institutional operations](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimal-execution.jpg)

![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)

## Strategy

The decommissioning of the RTS 27 reporting regime has prompted a strategic recalibration among market participants. While the reports themselves were largely ineffective, their mandated existence represented a specific regulatory philosophy about how to achieve [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Its removal signals a shift away from a model of centrally mandated, public data dumps toward a framework that places greater emphasis on the internal, proprietary analytical capabilities of investment firms. This transition requires a more sophisticated and self-reliant approach to fulfilling the overarching best execution obligations.

![Intricate metallic mechanisms portray a proprietary matching engine or execution management system. Its robust structure enables algorithmic trading and high-fidelity execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-market-microstructure.jpg)

## The Enhanced Role of Proprietary Analytics

With the public dataset of RTS 27 gone, the onus of proof for best execution falls more squarely on the investment firm’s own internal processes. The primary tool in this endeavor is [Transaction Cost](https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Analysis (TCA). Post-RTS 27, TCA evolves from a simple post-trade reporting function into the central pillar of the execution strategy. It becomes the dynamic feedback loop that informs venue selection, algorithm choice, and broker evaluation.

A modern, post-RTS 27 TCA framework must be comprehensive. It needs to measure performance against a variety of benchmarks, such as Arrival Price, Volume-Weighted Average Price (VWAP), and Implementation Shortfall. The analysis must also be multi-dimensional, assessing not just price, but also factors like [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), information leakage, and opportunity cost.

This requires firms to invest in robust data infrastructure and analytical talent capable of interpreting these complex datasets. The goal is to build an internal view of venue quality that is more granular, timely, and relevant to the firm’s specific order flow than RTS 27 could ever have been.

![Segmented beige and blue spheres, connected by a central shaft, expose intricate internal mechanisms. This represents institutional RFQ protocol dynamics, emphasizing price discovery, high-fidelity execution, and capital efficiency within digital asset derivatives market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimal-execution.jpg)

## How Does This Alter a Firm’s Venue Selection Calculus?

The absence of a standardized report forces a more qualitative and relationship-driven approach to venue due diligence. Firms can no longer point to a public document as a justification for their choices. Instead, they must engage directly with their execution venues and brokers.

This involves a continuous dialogue about a venue’s market model, its participant demographics, its technology stack, and its protocols for handling different order types. This qualitative intelligence, when combined with the quantitative findings of internal TCA, creates a much richer and more resilient foundation for making execution decisions.

The table below outlines the strategic shift in the framework for assessing [venue competition](https://prime.greeks.live/area/venue-competition/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) before and after the removal of RTS 27.

| Assessment Dimension | Pre-RTS 27 Removal Strategy | Post-RTS 27 Removal Strategy |
| --- | --- | --- |
| Primary Data Source | Public, standardized RTS 27 reports (theoretically). In practice, internal TCA was still dominant. | Proprietary, internal Transaction Cost Analysis (TCA) and third-party analytics. |
| Data Timeliness | Quarterly, with a 3-6 month lag. Statistically irrelevant for tactical decisions. | Real-time or near-real-time. Data is integrated into pre-trade decision-making and post-trade review. |
| Analytical Focus | Compliance-driven. Focused on fulfilling a reporting mandate. | Performance-driven. Focused on optimizing execution outcomes and minimizing transaction costs. |
| Venue Due Diligence | Potentially supplemented by reviewing public reports. | Reliant on direct engagement, qualitative assessments, and deep dives into venue market structure. |
| Competitive Pressure | Intended to be driven by public comparison of standardized metrics. | Driven by a venue’s ability to demonstrate value through superior technology, unique liquidity, and lower implicit costs as measured by client TCA. |

![Central teal-lit mechanism with radiating pathways embodies a Prime RFQ for institutional digital asset derivatives. It signifies RFQ protocol processing, liquidity aggregation, and high-fidelity execution for multi-leg spread trades, enabling atomic settlement within market microstructure via quantitative analysis](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-for-institutional-digital-asset-rfq-protocol-execution-engine.jpg)

## The Broker and Venue Response

For execution venues and brokers, the removal of RTS 27 eliminates a significant compliance cost. Strategically, it also removes a potential, albeit flawed, marketing tool. Venues can no longer point to a standardized report to showcase their performance.

Instead, they must compete by providing tangible value that their clients’ own TCA systems can detect. This could involve investments in faster matching engines, the development of new and innovative order types, or the cultivation of unique sources of liquidity.

Competition becomes more direct and evidence-based. A venue’s value proposition must be demonstrable through the execution quality data of its clients. This creates a healthier competitive dynamic, where success is tied to actual performance rather than the ability to present data favorably in a complex report. Brokers, in turn, must enhance their own [smart order routing](https://prime.greeks.live/area/smart-order-routing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SOR) and algorithmic trading offerings.

Their value lies in their ability to intelligently navigate the fragmented liquidity landscape and deliver superior execution outcomes for their clients across multiple venues. Their SOR logic must be powered by sophisticated, real-time analytics that effectively replaces the static information once promised by RTS 27.

![A reflective sphere, bisected by a sharp metallic ring, encapsulates a dynamic cosmic pattern. This abstract representation symbolizes a Prime RFQ liquidity pool for institutional digital asset derivatives, enabling RFQ protocol price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution-1.jpg)

![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)

## Execution

In the operational environment following the removal of RTS 27, the execution of a best execution policy requires a disciplined, data-driven, and continuous process. The absence of mandated public reports elevates the importance of a firm’s internal architecture for monitoring, analyzing, and optimizing trading performance. This is a shift from a compliance-centric task to a core operational competency that directly impacts investment returns.

![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)

## The Operational Playbook for Venue Assessment

A robust process for assessing venue quality in the post-RTS 27 world is built on a continuous cycle of analysis, decision, execution, and review. This playbook is not a one-time check, but an ongoing system for managing execution risk and cost.

- **Data Aggregation and Normalization**
The first step is to build a high-quality internal data warehouse. This involves capturing detailed execution data from all brokers and venues used. The data must be normalized to allow for apples-to-apples comparisons. Key data points include:

<li>Parent and child order details (timestamps, size, price, order type).

- Execution reports with venue, liquidity flags, and fees.

- High-frequency market data for the traded instruments.

</li>
- **Multi-Dimensional Transaction [Cost Analysis](https://prime.greeks.live/area/cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)**
With a clean dataset, the firm can run a comprehensive TCA process. This analysis must go beyond simple benchmarks. The execution quality of a venue is a composite of multiple factors. A sophisticated TCA dashboard should provide insights into each of these dimensions, allowing the trading desk to understand the specific trade-offs associated with each venue.

- **Qualitative Due Diligence**
Quantitative data alone is insufficient. The trading desk must supplement its TCA findings with regular, in-depth reviews with its venue and broker partners. Key questions to ask include ▴ What are your protocols for handling large orders? What measures do you have in place to protect against information leakage?
What changes have you made to your matching engine logic? This qualitative overlay provides crucial context for the quantitative data.

- **Feedback Loop to Execution Strategy**
The findings from both the quantitative and qualitative analysis must be fed back into the execution process. This could involve adjusting the logic of the firm’s smart order router, changing the preferred algorithm for certain types of orders, or shifting flow between different brokers and venues. This continuous feedback loop is what drives ongoing improvement in execution quality.

![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)

## What Are the Key Metrics for Modern Venue Evaluation?

The table below details the critical metrics that a firm’s internal TCA system should use to evaluate venue performance. These metrics provide a far more nuanced and actionable view of execution quality than the RTS 27 reports ever could.

| Metric Category | Specific Metric | Operational Implication |
| --- | --- | --- |
| Price Improvement | Effective/Quoted Spread | Measures the degree to which a venue provides execution at prices better than the prevailing bid-offer spread. A key indicator of liquidity quality. |
| Market Impact | Implementation Shortfall | Captures the full cost of execution, including the adverse price movement caused by the order itself. Essential for assessing the cost of large trades. |
| Information Leakage | Pre-Trade Price Movement | Analyzes price movement in the moments before an order is sent to a venue. Can indicate that information about the order is being detected by other market participants. |
| Fill Probability | Fill Rate for Passive Orders | Measures the likelihood that a non-aggressive, resting order will be executed. A key consideration for strategies that seek to minimize market impact. |
| Adverse Selection | Post-Trade Price Reversion | Measures the tendency for the price to move back in the firm’s favor after a trade is executed. High adverse selection indicates that the firm is trading with more informed counterparties. |

![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)

## System Integration and Technological Architecture

Executing this modern approach to venue assessment requires a sophisticated technology stack. The core components are the Order Management System (OMS) and the Execution Management System (EMS). The OMS is the system of record for all orders, while the EMS is the platform used by traders to manage the execution of those orders.

> The removal of RTS 27 solidified the strategic importance of a firm’s internal TCA capabilities as the primary mechanism for ensuring best execution.

For this system to work effectively, the EMS must be tightly integrated with a powerful TCA engine. This integration should provide traders with pre-trade analytics that can help them make informed decisions about venue and algorithm selection. For example, before sending a large order, a trader should be able to see an estimate of the expected market impact on different venues. Post-trade, the execution data from the EMS must flow seamlessly into the TCA system for analysis.

This requires robust APIs and a common data format, often based on the Financial Information eXchange (FIX) protocol. The ability to customize TCA reports and dashboards to the specific needs of the trading desk is a critical feature of a modern EMS/TCA architecture. The ultimate goal is to create a closed-loop system where data continuously informs and refines the execution process, ensuring that the firm is always adapting to the changing market landscape and achieving the best possible outcomes for its clients.

![Interlocked, precision-engineered spheres reveal complex internal gears, illustrating the intricate market microstructure and algorithmic trading of an institutional grade Crypto Derivatives OS. This visualizes high-fidelity execution for digital asset derivatives, embodying RFQ protocols and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-system.jpg)

## References

- Financial Conduct Authority. “PS21/20 ▴ Changes to UK MiFID’s conduct and organisational requirements.” FCA, 30 Nov. 2021.

- European Securities and Markets Authority. “ESMA promotes coordinated action on the suspension of best execution reports.” ESMA, 28 Feb. 2021.

- European Securities and Markets Authority. “Final Report on the review of the best execution reporting requirements under MiFID II.” ESMA, 16 May 2022.

- Directive (EU) 2021/338 of the European Parliament and of the Council of 16 February 2021 amending Directive 2014/65/EU as regards information requirements, product governance and position limits, and Directives 2013/36/EU and (EU) 2019/878 as regards their application to investment firms, to help the recovery from the COVID-19 crisis.

- DLA Piper. “ESMA publishes statement on reporting requirements under RTS 28 of MiFID II.” DLA Piper, 20 Feb. 2024.

![A sleek, open system showcases modular architecture, embodying an institutional-grade Prime RFQ for digital asset derivatives. Distinct internal components signify liquidity pools and multi-leg spread capabilities, ensuring high-fidelity execution via RFQ protocols for price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-modularity-unveiled.jpg)

## Reflection

The lifecycle of RTS 27 offers a profound lesson in regulatory design. It demonstrates that transparency, while a laudable goal, is not an end in itself. The value of information is determined by its utility.

The removal of this reporting mandate does not diminish the obligation to achieve best execution; it reframes it. The responsibility is now more explicitly placed on the internal systems and analytical capabilities of each market participant.

![Abstract depiction of an advanced institutional trading system, featuring a prominent sensor for real-time price discovery and an intelligence layer. Visible circuitry signifies algorithmic trading capabilities, low-latency execution, and robust FIX protocol integration for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-high-fidelity-rfq-protocols.jpg)

## Is Your Execution Framework an Asset?

This prompts a critical self-assessment. Does your firm’s current operational framework for execution analysis function as a genuine strategic asset? Is your TCA process merely a tool for post-trade reporting, or is it a dynamic, predictive engine that informs every stage of the trading lifecycle? The decommissioning of RTS 27 was a quiet acknowledgment that a one-size-fits-all approach to measuring execution quality is inadequate for the complexity of modern markets.

The future of venue competition will be shaped by a more sophisticated, data-intensive dialogue between investment firms and the venues they use. The winners will be those who can translate their proprietary execution data into a coherent and evolving strategy. The challenge is to build an internal system of intelligence that is more insightful, more timely, and more effective than any standardized report could ever be. The ultimate edge lies in the quality of this internal architecture.

![Intricate core of a Crypto Derivatives OS, showcasing precision platters symbolizing diverse liquidity pools and a high-fidelity execution arm. This depicts robust principal's operational framework for institutional digital asset derivatives, optimizing RFQ protocol processing and market microstructure for best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-execution-system.jpg)

## Glossary

<a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central RFQ aggregation engine radiates segments, symbolizing distinct liquidity pools and market makers. This depicts multi-dealer RFQ protocol orchestration for high-fidelity price discovery in digital asset derivatives, highlighting diverse counterparty risk profiles and algorithmic pricing grids](https://options.greeks.live/wp-content/uploads/2025/07/centralized-digital-asset-rfq-orchestration-for-multi-venue-liquidity-aggregation-and-high-fidelity-execution-across-diverse-counterparties.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/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract, precisely engineered construct of interlocking grey and cream panels, featuring a teal display and control. This represents an institutional-grade Crypto Derivatives OS for RFQ protocols, enabling high-fidelity execution, liquidity aggregation, and market microstructure optimization within a Principal's operational framework for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/integrated-principal-trading-system-modules-for-institutional-digital-asset-derivatives-rfq-execution-and-optimized-market-microstructure.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/how-does-a-ccps-default-waterfall-protect-market-participants/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Interconnected translucent rings with glowing internal mechanisms symbolize an RFQ protocol engine. This Principal's Operational Framework ensures High-Fidelity Execution and precise Price Discovery for Institutional Digital Asset Derivatives, optimizing Market Microstructure and Capital Efficiency via Atomic Settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-high-fidelity-execution.jpg)

## Market Participants

A CCP's default waterfall is a sequential, multi-layered financial defense system that absorbs a member's failure to protect the market. </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, institutional-grade RFQ engine precisely interfaces with a dark blue sphere, symbolizing a deep latent liquidity pool for digital asset derivatives. This robust connection enables high-fidelity execution and price discovery for Bitcoin Options and multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-linking-deep-liquidity-pools.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/esma/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An advanced digital asset derivatives system features a central liquidity pool aperture, integrated with a high-fidelity execution engine. This Prime RFQ architecture supports RFQ protocols, enabling block trade processing and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-system-architecture.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><a href="https://prime.greeks.live/area/trading-desk/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Trading Desk

Meaning ▴ A Trading Desk represents a specialized operational system within an institutional financial entity, designed for the systematic execution, risk management, and strategic positioning of proprietary capital or client orders across various asset classes, with a particular focus on the complex and nascent digital asset derivatives landscape. </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 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)

## 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">
![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](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-intelligence-layer-for-optimal-digital-asset-rfq-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/investment-firms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A cutaway reveals the intricate market microstructure of an institutional-grade platform. Internal components signify algorithmic trading logic, supporting high-fidelity execution via a streamlined RFQ protocol for aggregated inquiry and price discovery within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-execution-for-digital-asset-derivatives-via-rfq-protocols.jpg)

## Investment Firms

Meaning ▴ Investment Firms are institutional entities primarily engaged in the management, deployment, and intermediation of capital within financial markets, operating as critical nodes in the global capital allocation network. </a><a href="https://prime.greeks.live/question/what-specific-metrics-are-used-to-quantify-market-liquidity-within-a-tca-report/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated dark-hued institutional-grade digital asset derivatives platform interface, featuring a glowing aperture symbolizing active RFQ price discovery and high-fidelity execution. The integrated intelligence layer facilitates atomic settlement and multi-leg spread processing, optimizing market microstructure for prime brokerage operations and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-intelligence-layer.jpg)

## Standardized Report

A TCA report uses metrics like slippage, spread capture, and market impact to translate the abstract concept of liquidity into a quantifiable execution cost. </a><a href="https://prime.greeks.live/question/how-can-institutions-measure-and-mitigate-information-leakage-in-rfq-protocols/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two distinct, polished spherical halves, beige and teal, reveal intricate internal market microstructure, connected by a central metallic shaft. This embodies an institutional-grade RFQ protocol for digital asset derivatives, enabling high-fidelity execution and atomic settlement across disparate liquidity pools for principal block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-prime-os.jpg)

## Information Leakage

Institutions mitigate RFQ information leakage by quantitatively measuring behavioral footprints and strategically curating counterparty access. </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">
![An exposed institutional digital asset derivatives engine reveals its market microstructure. The polished disc represents a liquidity pool for price discovery](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-execution-system.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/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Internal, precise metallic and transparent components are illuminated by a teal glow. This visual metaphor represents the sophisticated market microstructure and high-fidelity execution of RFQ protocols for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-microstructure-prime-os-intelligence-layer-atomic-settlement-precision.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/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An intricate system visualizes an institutional-grade Crypto Derivatives OS. Its central high-fidelity execution engine, with visible market microstructure and FIX protocol wiring, enables robust RFQ protocols for digital asset derivatives, optimizing capital efficiency via liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-price-discovery.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/venue-competition/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A modular, dark-toned system with light structural components and a bright turquoise indicator, representing a sophisticated Crypto Derivatives OS for institutional-grade RFQ protocols. It signifies private quotation channels for block trades, enabling high-fidelity execution and price discovery through aggregated inquiry, minimizing slippage and information leakage within dark liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-system-for-optimal-execution-1.jpg)

## Venue Competition

Meaning ▴ Venue Competition describes the dynamic market condition where multiple trading platforms or liquidity providers actively vie for institutional order flow by offering differentiated services, pricing models, and execution capabilities. </a><a href="https://prime.greeks.live/area/smart-order-routing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Symmetrical, engineered system displays translucent blue internal mechanisms linking two large circular components. This represents an institutional-grade Prime RFQ for digital asset derivatives, enabling RFQ protocol execution, high-fidelity execution, price discovery, dark liquidity management, and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-prime-os-core.jpg)

## Smart Order Routing

Meaning ▴ Smart Order Routing is an algorithmic execution mechanism designed to identify and access optimal liquidity across disparate trading venues. </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">
![Internal mechanism with translucent green guide, dark components. Represents Market Microstructure of Institutional Grade Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-crypto-derivatives-rfq-engine-for-high-fidelity-execution.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>

**Tags:** [Regulatory Reporting](https://options.greeks.live/area/regulatory-reporting/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [MiFID II](https://options.greeks.live/area/mifid-ii/), [Transaction Cost](https://options.greeks.live/area/transaction-cost/), [RTS 27](https://options.greeks.live/area/rts-27/), [Trading Desk](https://options.greeks.live/area/trading-desk/)	

## Discover More

- 
### [How Does the Removal of Rts 28 Affect a Firm’s Evidentiary Burden for Best Execution?](https://options.greeks.live/question/how-does-the-removal-of-rts-28-affect-a-firms-evidentiary-burden-for-best-execution/)
![A modular system with beige and mint green components connected by a central blue cross-shaped element, illustrating an institutional-grade RFQ execution engine. This sophisticated architecture facilitates high-fidelity execution, enabling efficient price discovery for multi-leg spreads and optimizing capital efficiency within a Prime RFQ framework for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/principal-prime-os-rfq-engine-for-digital-asset-derivatives.jpg)

The removal of RTS 28 elevates a firm's evidentiary burden from a reporting task to a systemic proof of best execution.

- 
### [How Do Firms Quantitatively Measure and Compare Different MiFID II Best Execution Factors?](https://options.greeks.live/question/how-do-firms-quantitatively-measure-and-compare-different-mifid-ii-best-execution-factors/)
![A slender metallic probe extends between two curved surfaces. This abstractly illustrates high-fidelity execution for institutional digital asset derivatives, driving price discovery within market microstructure. It represents Prime RFQ protocol precision navigating dark liquidity for best execution and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/precision-instrument-navigating-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

Firms quantitatively measure MiFID II factors via Transaction Cost Analysis, comparing execution against benchmarks to prove "all sufficient steps" were taken.

- 
### [How Does the Choice of Venue Impact Best Execution Documentation for Electronic Orders?](https://options.greeks.live/question/how-does-the-choice-of-venue-impact-best-execution-documentation-for-electronic-orders/)
![An abstract, symmetrical four-pointed design embodies a Principal's advanced Crypto Derivatives OS. Its intricate core signifies the Intelligence Layer, enabling high-fidelity execution and precise price discovery across diverse liquidity pools. Radiating arms depict optimized RFQ protocols for multi-leg spread strategies, minimizing slippage.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine.jpg)

Venue choice dictates the data available to construct the best execution file, transforming a compliance duty into a strategic data asset.

- 
### [What Are the Key Differences in Best Execution Requirements between Retail and Institutional Clients?](https://options.greeks.live/question/what-are-the-key-differences-in-best-execution-requirements-between-retail-and-institutional-clients/)
![A stylized spherical system, symbolizing an institutional digital asset derivative, rests on a robust Prime RFQ base. Its dark core represents a deep liquidity pool for algorithmic trading. A blue band signifies high-fidelity execution protocols, ensuring optimal price discovery and capital efficiency within market microstructure, enhancing alpha generation.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-rfq-protocol-engine-facilitating-best-execution-and-liquidity-aggregation-for-digital-asset-derivatives.jpg)

Best execution diverges from a price-centric duty for retail clients to a multi-factor, strategy-driven duty for institutions.

- 
### [What Are the Core Components of a Best Execution Committee Charter?](https://options.greeks.live/question/what-are-the-core-components-of-a-best-execution-committee-charter/)
![A dark, precision-engineered core system, with metallic rings and an active segment, represents a Prime RFQ for institutional digital asset derivatives. Its transparent, faceted shaft symbolizes high-fidelity RFQ protocol execution, real-time price discovery, and atomic settlement, ensuring capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-core-for-high-fidelity-rfq-protocol-execution-and-atomic-settlement.jpg)

A Best Execution Committee Charter is the governing document that codifies a firm's execution philosophy into a measurable, auditable, and continuously optimized system.

- 
### [How Does Post Trade Analytics Fulfill Regulatory Best Execution Requirements?](https://options.greeks.live/question/how-does-post-trade-analytics-fulfill-regulatory-best-execution-requirements/)
![A sleek, angled object, featuring a dark blue sphere, cream disc, and multi-part base, embodies a Principal's operational framework. This represents an institutional-grade RFQ protocol for digital asset derivatives, facilitating high-fidelity execution and price discovery within market microstructure, optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-for-institutional-digital-asset-derivatives-execution.jpg)

Post-trade analytics fulfills best execution by providing the empirical, data-driven evidence required to prove that all sufficient steps were taken to achieve the most favorable client outcomes.

- 
### [How Do Regulatory Frameworks like MiFID II Impact the Strategic Choice between RFQ and Algorithmic Execution Protocols?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-impact-the-strategic-choice-between-rfq-and-algorithmic-execution-protocols/)
![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)

MiFID II mandates a data-driven protocol choice, making execution a function of auditable proof over procedural habit.

- 
### [How Does MiFID II Quantify the Concept of Best Execution for Illiquid Assets?](https://options.greeks.live/question/how-does-mifid-ii-quantify-the-concept-of-best-execution-for-illiquid-assets/)
![A sleek, black and beige institutional-grade device, featuring a prominent optical lens for real-time market microstructure analysis and an open modular port. This RFQ protocol engine facilitates high-fidelity execution of multi-leg spreads, optimizing price discovery for digital asset derivatives and accessing latent liquidity.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-engine-for-high-fidelity-price-discovery-and-latent-liquidity-aggregation-across-multi-leg-spreads.jpg)

MiFID II quantifies best execution for illiquids by mandating a shift from price to an auditable, multi-factor process of evidence collection.

- 
### [How Do Firms Now Source Data to Prove Best Execution without Rts 27?](https://options.greeks.live/question/how-do-firms-now-source-data-to-prove-best-execution-without-rts-27/)
![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)

Firms prove best execution without RTS 27 by building internal systems to analyze a mosaic of direct market and trade data using TCA.

---

## 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": "How Did the Removal of RTS 27 Impact Venue Competition?",
            "item": "https://options.greeks.live/question/how-did-the-removal-of-rts-27-impact-venue-competition/"
        }
    ]
}
```

```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/how-did-the-removal-of-rts-27-impact-venue-competition/"
    },
    "headline": "How Did the Removal of RTS 27 Impact Venue Competition? \u25b4 Question",
    "description": "The removal of RTS 27 shifted the burden of proof for best execution from a flawed public reporting system to a firm's own internal TCA. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-did-the-removal-of-rts-27-impact-venue-competition/",
    "datePublished": "2025-08-04T14:09:44+00:00",
    "dateModified": "2025-08-04T14:09:45+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-engine-high-fidelity-execution.jpg",
        "caption": "Two interconnected translucent structures with glowing internal components represent a cutting-edge institutional trading system. This Prime RFQ infrastructure is designed for high-throughput RFQ protocol processing, enabling precise Price Discovery and High-Fidelity Execution for Digital Asset Derivatives. It minimizes Slippage and Latency, supporting complex Multi-Leg Spreads and optimizing Capital Efficiency. This system mitigates Counterparty Risk, ensuring Atomic Settlement and Best Execution within dynamic Market Microstructure, providing a robust Principal's Operational Framework for Alpha Generation."
    },
    "keywords": [
        "Best Execution",
        "Cost Analysis",
        "ESMA",
        "Execution Quality",
        "Financial Conduct Authority",
        "Investment Firms",
        "Market Impact",
        "Market Microstructure",
        "MiFID II",
        "Regulatory Reporting",
        "RTS 27",
        "Smart Order Routing",
        "Systematic Internaliser",
        "Trading Desk",
        "Transaction Cost",
        "Transaction Cost Analysis",
        "Venue Competition"
    ]
}
```

```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"
    }
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "FAQPage",
    "mainEntity": [
        {
            "@type": "Question",
            "name": "How Does This Alter A Firm's Venue Selection Calculus?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The absence of a standardized report forces a more qualitative and relationship-driven approach to venue due diligence. Firms can no longer point to a public document as a justification for their choices. Instead, they must engage directly with their execution venues and brokers. This involves a continuous dialogue about a venue's market model, its participant demographics, its technology stack, and its protocols for handling different order types. This qualitative intelligence, when combined with the quantitative findings of internal TCA, creates a much richer and more resilient foundation for making execution decisions."
            }
        },
        {
            "@type": "Question",
            "name": "What Are The Key Metrics For Modern Venue Evaluation?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The table below details the critical metrics that a firm's internal TCA system should use to evaluate venue performance. These metrics provide a far more nuanced and actionable view of execution quality than the RTS 27 reports ever could."
            }
        },
        {
            "@type": "Question",
            "name": "Is Your Execution Framework An Asset?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "This prompts a critical self-assessment. Does your firm's current operational framework for execution analysis function as a genuine strategic asset? Is your TCA process merely a tool for post-trade reporting, or is it a dynamic, predictive engine that informs every stage of the trading lifecycle? The decommissioning of RTS 27 was a quiet acknowledgment that a one-size-fits-all approach to measuring execution quality is inadequate for the complexity of modern markets."
            }
        }
    ]
}
```


---

**Original URL:** https://options.greeks.live/question/how-did-the-removal-of-rts-27-impact-venue-competition/
