# How Do MiFID II and Dodd-Frank Differ in Their Treatment of RFQ Anonymity? ▴ Question

**Published:** 2025-08-05
**Categories:** Question

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## Concept

The divergence in how MiFID II and the [Dodd-Frank Act](https://prime.greeks.live/area/dodd-frank-act/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) address anonymity within the Request for Quote protocol is a direct reflection of two distinct regulatory philosophies architecting modern financial markets. An examination of these frameworks reveals a fundamental transatlantic split in the approach to [pre-trade transparency](https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and its relationship with institutional liquidity. The core of the matter resides in how each jurisdiction defines the point at which a private inquiry becomes a market-impacting event requiring public disclosure.

Dodd-Frank, forged in the immediate aftermath of the 2008 crisis, prioritized moving the opaque bilateral OTC derivatives market onto more structured, transparent platforms known as [Swap Execution Facilities](https://prime.greeks.live/area/swap-execution-facilities/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SEFs). Its solution was prescriptive, mandating specific execution methods to foster a baseline of pre-trade price discovery. The SEF framework codifies the [RFQ process](https://prime.greeks.live/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), compelling a request to be sent to a minimum number of participants for swaps subject to the trading mandate.

This approach embeds a degree of transparency directly into the protocol itself. The system is designed to create competition at the point of inquiry, viewing the RFQ as a semi-public event within a closed group of potential [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

> The US framework under Dodd-Frank embeds transparency directly into the RFQ process itself through mandated participant minimums.

Conversely, [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in the European Union took a broader, more principles-based approach across a wider array of asset classes. It introduced Organised Trading Facilities (OTFs) as a new category of venue, designed to capture a range of trading activity, including voice and RFQ. MiFID II’s architecture for pre-trade transparency is built upon a system of obligations and waivers. The presumption is transparency, but the framework provides specific, codified exemptions, most notably for orders that are Large in Scale (LIS) or executed via specific protocols like RFQ.

This design acknowledges that forcing pre-trade transparency on large, sensitive orders could fundamentally damage liquidity by exposing a participant’s hand. It treats the RFQ less as a mandated competitive auction and more as a discreet liquidity sourcing mechanism that, under certain conditions, warrants protection from [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

This structural variance produces profoundly different outcomes for market participants. In the United States, the RFQ process on a SEF is a regulated pathway with defined rules of engagement. In Europe, the RFQ process is a flexible tool whose anonymity is contingent on the size of the trade and the specific rules of the OTF on which it is executed. Understanding this distinction is the foundational requirement for any institution seeking to optimize execution strategy across both jurisdictions.

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## Strategy

Strategic navigation of RFQ protocols across US and European regulatory regimes requires a granular understanding of how venue rules and [transparency waivers](https://prime.greeks.live/area/transparency-waivers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) intersect to impact execution quality. The choice between a SEF and an OTF is a decision between two different systems of information control. A firm’s strategy must adapt to the prevailing philosophy of each jurisdiction, balancing the benefits of competitive pricing against the risks of information leakage.

![A sleek, multi-layered platform with a reflective blue dome represents an institutional grade Prime RFQ for digital asset derivatives. The glowing interstice symbolizes atomic settlement and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/optimized-rfq-protocol-for-institutional-digital-asset-derivatives-1.jpg)

## Architecting RFQ Strategy under Dodd-Frank

Under Dodd-Frank, the strategy for RFQ is largely dictated by the prescriptive nature of the SEF framework. For swaps subject to the trade execution mandate, the requirement to send a request to at least three participants (or five for certain liquid products) forms the central pillar of any execution plan. This “RFQ-to-3” model is a tactical tool for generating price competition.

- **Leveraging Forced Competition** The primary strategic advantage of the SEF model is the ability to generate a competitive, multi-dealer response on a single platform. The system is designed to reduce the informational advantage of any single dealer and provide the initiator with a verifiable snapshot of the market at a specific moment.

- **Managing Information Leakage** The strategic challenge is managing the information leakage inherent in the RFQ-to-3 process. While the broader market is blind to the request, three to five dealers are now aware of the firm’s interest. The strategy involves carefully curating the list of recipients to include trusted liquidity providers who are least likely to use that information to their advantage before the trade is executed.

- **Post-Trade Considerations** A key component of Dodd-Frank strategy involves the concept of Post-Trade Name Give-Up (PTNGU). For many swaps, the identities of the counterparties are revealed to each other after the trade. This is a critical feature for managing counterparty credit risk and maintaining bilateral relationships. Strategic decisions must account for the fact that while the pre-trade auction is partially anonymous, the ultimate relationship is often disclosed.

![Abstract system interface on a global data sphere, illustrating a sophisticated RFQ protocol for institutional digital asset derivatives. The glowing circuits represent market microstructure and high-fidelity execution within a Prime RFQ intelligence layer, facilitating price discovery and capital efficiency across liquidity pools](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-prime-os.jpg)

## How Do MiFID II Waivers Shape RFQ Anonymity?

MiFID II offers a more flexible, albeit complex, strategic landscape. The availability of pre-trade transparency waivers is the single most important factor driving RFQ strategy in Europe. These waivers function as strategic tools for preserving anonymity and minimizing [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), particularly for large or illiquid trades.

The two most significant waivers for RFQ protocols are:

- **[Large-in-Scale](https://prime.greeks.live/area/large-in-scale/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (LIS) Waiver** This allows firms to execute trades above a certain size threshold without disclosing pre-trade quotes to the public. The strategy here is to bundle orders to meet the LIS threshold, thereby earning the right to negotiate discreetly.

- **RFQ & Voice System Waiver** This specifically exempts trades conducted on these systems from pre-trade transparency obligations, provided they are designed to protect the initiator from market impact. This gives OTFs significant discretion in how they structure their RFQ protocols.

> MiFID II’s waiver system allows for a far more tailored and discreet approach to sourcing liquidity for large trades compared to the US model.

This leads to a different strategic calculus. The focus shifts from managing a mandated auction to selectively engaging with liquidity providers in a bilateral or limited-participant negotiation, shielded from public view. The table below outlines the core strategic differences.

| Strategic Factor | Dodd-Frank (SEF) Approach | MiFID II (OTF) Approach |
| --- | --- | --- |
| Primary Goal | Generate competitive pricing through a mandated, multi-dealer auction. | Minimize market impact and preserve anonymity through the use of transparency waivers. |
| Anonymity Focus | Anonymity from the broader market pre-trade; disclosure to a select group of dealers. | Full pre-trade anonymity from the public market, contingent on trade size (LIS) or protocol type. |
| Liquidity Access | Access is structured and formalized through the RFQ-to-X protocol. | Access is more flexible, allowing for discreet, bilateral or “few-to-few” negotiations. |
| Information Control | The initiator’s information is shared with a mandated minimum number of participants. | The initiator has greater control over who sees the request and when. |

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## Execution

The operational execution of an RFQ is where the theoretical differences between Dodd-Frank and MiFID II become tangible realities. The protocols, reporting requirements, and venue functionalities dictate the precise steps a trader must take to source liquidity while adhering to the regulatory mandate. Mastering execution in both jurisdictions requires a deep understanding of these operational mechanics.

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## Executing an RFQ on a Swap Execution Facility

Executing a swap subject to the trading mandate on a US-based SEF follows a highly structured process. The platform’s technology enforces the CFTC’s rules, guiding the user through a specific workflow.

- **Initiation and Participant Selection** The user initiates an RFQ for a specific instrument. The SEF’s system requires the user to select a minimum of three (or five, depending on the product) approved liquidity providers to receive the request. The user’s identity is known to these selected dealers.

- **Response Window** The selected dealers receive the request and have a set time window to respond with a price. These quotes are sent back to the initiator through the SEF platform. The initiator can see all responding quotes.

- **Execution and Confirmation** The initiator can choose to execute against the best price or lift a specific quote. Once executed, the trade is confirmed on the platform, and the data is sent for clearing and reporting.

- **Post-Trade Reporting** The trade details are reported to a [Swap Data Repository](https://prime.greeks.live/area/swap-data-repository/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SDR). Depending on the SEF’s model and the product, Post-Trade Name Give-Up (PTNGU) may occur, revealing the counterparties to each other. For block trades, the public dissemination of the trade report can be delayed to mitigate market impact.

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## What Is the Operational Flow for a MiFID II RFQ?

Executing an RFQ on a European OTF offers a more varied operational flow, leveraging the flexibility afforded by MiFID II’s waiver system. The process is less about a mandated auction and more about a controlled negotiation.

- **Pre-Trade Waiver Justification** Before initiation, the key step is determining if the trade qualifies for a pre-trade transparency waiver. If the order is above the Large-in-Scale (LIS) threshold for that specific instrument, the firm can proceed with a discreet RFQ.

- **Discreet Engagement** The initiator can engage with one or multiple liquidity providers through the OTF’s system. There is no mandated minimum number of dealers to include. This allows for highly targeted, bilateral negotiations with trusted partners without alerting a wider group of market makers.

- **Execution on an OTF** The OTF provides the framework for the negotiation and execution. Unlike a SEF, an OTF has more discretion in how it matches trades, which can include voice-brokered systems that are then formalized on the platform. The key is that the OTF exercises discretion in arranging the trade.

- **Post-Trade Deferral** Upon execution, the trade is reported. A critical execution tool under MiFID II is the ability to defer the public publication of the trade’s details. For LIS trades, this deferral can be significant, giving the liquidity provider time to hedge their position without the market immediately reacting to the large trade. This is a vital mechanism for protecting both the initiator and the market maker.

The following table provides a direct operational comparison of the two regimes for a large institutional swap trade.

| Operational Step | Dodd-Frank (SEF Execution) | MiFID II (OTF Execution with LIS Waiver) |
| --- | --- | --- |
| Pre-Trade Action | Mandatory RFQ to at least 3-5 participants. Pre-trade transparency to that group. | Confirm LIS status. No pre-trade public transparency required. |
| Counterparty Interaction | Structured, time-windowed auction with a defined group of responders. | Flexible, often bilateral negotiation. No mandated number of counterparties. |
| Anonymity Status | Initiator is known to responders. Anonymous to the general public pre-trade. | Initiator can remain anonymous to the public and engage discreetly with selected parties. |
| Post-Trade Publication | Real-time reporting to an SDR. Public dissemination can be delayed for block trades. | Reporting with the option for extended publication deferrals, protecting the trade details for longer. |
| Key Anonymity Tool | Block trade reporting delay. | Pre-trade LIS waiver and post-trade publication deferral. |

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## References

- Securities and Futures Markets Association (SIFMA). “Comment letter on the Commission’s Post-Trade Name Give Up on Swap Execution Facilities Proposal.” 2 March 2020.

- Managed Funds Association (MFA). “Comparative Analysis of CFTC and EU MiFID II/MiFIR Derivatives Trading and Transparency Regimes.” 19 October 2017.

- U.S. Commodity Futures Trading Commission. “Proposed Rule ▴ Swap Execution Facilities and Trade Execution Requirement.” Federal Register, vol. 85, no. 235, 7 December 2020, pp. 78776-78819.

- Cadwalader, Wickersham & Taft LLP. “Expanding Regulatory Reach over Intermediaries That May Constitute Regulated Exchanges.” 23 February 2023.

- Ontario Securities Commission. “Swap Execution Facilities and Multilateral Trading Facilities.” Accessed 4 August 2025.

- ICMA Centre. “MiFID II/MiFIR ▴ Transparency & Best Execution requirements in respect of bonds.” Q1 2016.

- European Securities and Markets Authority. “MiFIR and MiFID II review ▴ ten key things that EU financial institutions should know.” 16 January 2024.

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## Reflection

The architectural differences between Dodd-Frank and MiFID II are more than a matter of compliance; they are a systemic challenge to any firm operating in the global derivatives market. The frameworks compel institutions to develop a bifurcated execution logic, one calibrated for the mandated competition of the US model and another for the discretionary, waiver-driven landscape of Europe. This duality necessitates a sophisticated operational infrastructure capable of adapting its approach based on jurisdiction, asset class, and trade size.

The ultimate question for any market participant is whether their internal systems possess the intelligence to not only navigate these rules but to strategically exploit the information control advantages offered by each. The regulations define the boundaries of the field; superior execution is achieved by mastering the game within those lines.

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## Glossary

<a href="https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multifaceted, luminous abstract structure against a dark void, symbolizing institutional digital asset derivatives market microstructure. Its sharp, reflective surfaces embody high-fidelity execution, RFQ protocol efficiency, and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-protocol-architecture-optimizing-high-fidelity-rfq-execution-and-latent-liquidity-discovery.jpg)

## Pre-Trade Transparency

Meaning ▴ Pre-Trade Transparency refers to the real-time dissemination of bid and offer prices, along with associated sizes, prior to the execution of a trade. </a><a href="https://prime.greeks.live/area/dodd-frank-act/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision probe, symbolizing Smart Order Routing, penetrates a multi-faceted teal crystal, representing Digital Asset Derivatives multi-leg spreads and volatility surface. Mounted on a Prime RFQ base, it illustrates RFQ protocols for high-fidelity execution within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-digital-asset-derivatives-high-fidelity-execution-probe.jpg)

## Dodd-Frank Act

Meaning ▴ The Dodd-Frank Wall Street Reform and Consumer Protection Act is a comprehensive federal statute enacted in 2010. Its primary objective was to reform the financial regulatory system in response to the 2008 financial crisis. </a><a href="https://prime.greeks.live/area/swap-execution-facilities/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract RFQ engine, transparent blades symbolize multi-leg spread execution and high-fidelity price discovery. The central hub aggregates deep liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-crypto-derivatives-high-fidelity-block-trade.jpg)

## Swap Execution Facilities

Meaning ▴ Swap Execution Facilities, or SEFs, represent a class of regulated trading venues established to provide transparent, electronic execution for certain over-the-counter derivatives, specifically swaps, mandated by financial reforms. </a><a href="https://prime.greeks.live/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract, multi-component digital infrastructure with a central lens and circuit patterns, embodying an Institutional Digital Asset Derivatives platform. This Prime RFQ enables High-Fidelity Execution via RFQ Protocol, optimizing Market Microstructure for Algorithmic Trading, Price Discovery, and Multi-Leg Spread](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-digital-asset-derivatives-trading-platform-powering-high-fidelity-execution-via-advanced-rfq-protocol-prime-os-intelligence-layer.jpg)

## Rfq Process

Meaning ▴ The RFQ Process, or Request for Quote Process, is a formalized electronic protocol utilized by institutional participants to solicit executable price quotations for a specific financial instrument and quantity from a select group of liquidity providers. </a><a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek Principal's Operational Framework connects to a glowing, intricate teal ring structure. This depicts an institutional-grade RFQ protocol engine, facilitating high-fidelity execution for digital asset derivatives, enabling private quotation and optimal price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-execution-engine-for-digital-asset-derivatives-rfq.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers are market participants, typically institutional entities or sophisticated trading firms, that facilitate efficient market operations by continuously quoting bid and offer prices for financial instruments. </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">
![Teal and dark blue intersecting planes depict RFQ protocol pathways for digital asset derivatives. A large white sphere represents a block trade, a smaller dark sphere a hedging component](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-liquidity.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/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Interconnected, sharp-edged geometric prisms on a dark surface reflect complex light. This embodies the intricate market microstructure of institutional digital asset derivatives, illustrating RFQ protocol aggregation for block trade execution, price discovery, and high-fidelity execution within a Principal's operational framework enabling optimal liquidity](https://options.greeks.live/wp-content/uploads/2025/07/precision-geometric-prisms-reflecting-institutional-digital-asset-derivatives-rfq-price-discovery-and-optimized-execution-market-microstructure.jpg)

## Information Leakage

Meaning ▴ Information leakage denotes the unintended or unauthorized disclosure of sensitive trading data, often concerning an institution's pending orders, strategic positions, or execution intentions, to external market participants. </a><a href="https://prime.greeks.live/area/transparency-waivers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Transparency Waivers

Meaning ▴ Transparency Waivers represent a specific regulatory or market-specific exemption from the standard pre-trade or post-trade disclosure requirements typically mandated for financial instrument transactions. </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">
![Abstract forms depict institutional liquidity aggregation and smart order routing. Intersecting dark bars symbolize RFQ protocols enabling atomic settlement for multi-leg spreads, ensuring high-fidelity execution and price discovery of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-2.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/large-in-scale/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered metallic and glass system depicts the core of an Institutional Grade Prime RFQ, facilitating high-fidelity execution for Digital Asset Derivatives. Transparent layers represent visible liquidity pools and the intricate market microstructure supporting RFQ protocol processing, ensuring atomic settlement capabilities](https://options.greeks.live/wp-content/uploads/2025/08/robust-institutional-digital-asset-derivatives-trading-platform-for-optimized-rfq-protocol-execution-and-deep-liquidity-access.jpg)

## Large-In-Scale

Meaning ▴ Large-in-Scale designates an order quantity significantly exceeding typical displayed liquidity on lit exchanges, necessitating specialized execution protocols to mitigate market impact and price dislocation. </a><a href="https://prime.greeks.live/area/swap-data-repository/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract, layered spheres symbolize complex market microstructure and liquidity pools. A central reflective conduit represents RFQ protocols enabling block trade execution and precise price discovery for multi-leg spread strategies, ensuring high-fidelity execution within institutional trading of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-for-high-fidelity.jpg)

## Swap Data Repository

Meaning ▴ A Swap Data Repository (SDR) is a centralized facility mandated by financial regulators to collect and maintain records of swap transactions. </a>

**Tags:** [Financial Regulation](https://options.greeks.live/area/financial-regulation/), [MiFID II](https://options.greeks.live/area/mifid-ii/), [RFQ Process](https://options.greeks.live/area/rfq-process/), [RFQ Anonymity](https://options.greeks.live/area/rfq-anonymity/), [Swap Data Repository](https://options.greeks.live/area/swap-data-repository/), [Post-Trade Name Give Up](https://options.greeks.live/area/post-trade-name-give-up/)	

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- 
### [How Has MiFID II Specifically Shaped the Evolution of RFQ Protocols Differently in Equities and Fixed Income?](https://options.greeks.live/question/how-has-mifid-ii-specifically-shaped-the-evolution-of-rfq-protocols-differently-in-equities-and-fixed-income/)
![Teal and dark blue intersecting planes depict RFQ protocol pathways for digital asset derivatives. A large white sphere represents a block trade, a smaller dark sphere a hedging component. This signifies high-fidelity execution within market microstructure and Prime RFQ capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-liquidity.jpg)

MiFID II formalized the equity RFQ for block trading while forcing the foundational electronification of the fixed income RFQ.

- 
### [What Are the Key Differences between an RFQ and a CLOB on a Swap Execution Facility?](https://options.greeks.live/question/what-are-the-key-differences-between-an-rfq-and-a-clob-on-a-swap-execution-facility/)
![This visual represents an advanced Principal's operational framework for institutional digital asset derivatives. A foundational liquidity pool seamlessly integrates dark pool capabilities for block trades. A precision execution pipeline supports diverse digital asset derivatives instruments, facilitated by an RFQ protocol for atomic settlement and best execution across the market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/principal-crypto-derivatives-os-rfq-execution-microstructure.jpg)

RFQ offers discreet, negotiated liquidity for large/complex swaps; CLOB provides anonymous, continuous trading for standard instruments.

- 
### [How Do Regulatory Frameworks Influence Block Trade Thresholds across Jurisdictions?](https://options.greeks.live/question/how-do-regulatory-frameworks-influence-block-trade-thresholds-across-jurisdictions/)
![A multi-segmented sphere symbolizes institutional digital asset derivatives. One quadrant shows a dynamic implied volatility surface. Others represent RFQ protocols, principal capital, and aggregated liquidity pools for high-fidelity execution of Bitcoin options.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-liquidity-management.jpg)

Regulatory frameworks establish dynamic block trade thresholds across jurisdictions, enabling discreet institutional capital deployment while maintaining market integrity.

- 
### [What Are the Regulatory Differences, Such as MiFID II, Affecting RFQ Protocols in Each Asset Class?](https://options.greeks.live/question/what-are-the-regulatory-differences-such-as-mifid-ii-affecting-rfq-protocols-in-each-asset-class/)
![Abstract composition features two intersecting, sharp-edged planes—one dark, one light—representing distinct liquidity pools or multi-leg spreads. Translucent spherical elements, symbolizing digital asset derivatives and price discovery, balance on this intersection, reflecting complex market microstructure and optimal RFQ protocol execution.](https://options.greeks.live/wp-content/uploads/2025/07/precision-digital-asset-derivatives-rfq-execution-market-microstructure.jpg)

MiFID II imposes asset-specific transparency rules on RFQ protocols, requiring tailored execution strategies for equities versus non-equity instruments.

- 
### [How Do Different Regulatory Regimes Affect the Management of Information Leakage in RFQ Protocols?](https://options.greeks.live/question/how-do-different-regulatory-regimes-affect-the-management-of-information-leakage-in-rfq-protocols/)
![A sphere, split and glowing internally, depicts an Institutional Digital Asset Derivatives platform. It represents a Principal's operational framework for RFQ protocols, driving optimal price discovery and high-fidelity execution. This system manages deep liquidity within intricate market microstructure, supporting multi-leg spread strategies.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-1.jpg)

Different regulatory regimes impose distinct transparency and best execution duties that shape how firms control information leakage in RFQ protocols.

- 
### [How Does the Cftc Regulate Block Trades on Swap Execution Facilities?](https://options.greeks.live/question/how-does-the-cftc-regulate-block-trades-on-swap-execution-facilities/)
![Abstract dual-cone object reflects RFQ Protocol dynamism. It signifies robust Liquidity Aggregation, High-Fidelity Execution, and Principal-to-Principal negotiation. Essential for Crypto Derivatives OS Block Trades, ensuring Atomic Settlement and Volatility Surface integrity.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-rfq-execution-framework-for-digital-asset-derivatives-optimal-liquidity-aggregation-and-atomic-settlement.jpg)

CFTC regulation architects a dual-liquidity system, balancing public transparency with controlled reporting delays for large swap transactions.

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---

**Original URL:** https://options.greeks.live/question/how-do-mifid-ii-and-dodd-frank-differ-in-their-treatment-of-rfq-anonymity/
