# How Do Regulatory Frameworks like Mifid Ii Specifically Address Best Execution for Otc Derivatives? ▴ Question

**Published:** 2025-08-07
**Categories:** Question

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## Concept

The Markets in Financial Instruments Directive II (MiFID II) represents a significant evolution in the regulatory landscape for financial markets within the European Union. Its provisions concerning best execution for over-the-counter (OTC) derivatives introduce a structured and evidence-based approach to a market segment that has historically been characterized by its opacity. The directive’s core principle is to ensure that [investment firms](https://prime.greeks.live/area/investment-firms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), when executing client orders, take [all sufficient steps](https://prime.greeks.live/area/all-sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to obtain the best possible result for their clients. This mandate extends unequivocally to OTC derivatives, compelling firms to move beyond legacy practices and implement a more rigorous, data-driven framework for execution.

For [OTC derivatives](https://prime.greeks.live/area/otc-derivatives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the application of [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) principles presents unique challenges. Unlike exchange-traded instruments with transparent pricing and centralized liquidity, OTC derivatives are often bespoke, bilateral contracts. Their pricing can be complex and dependent on a variety of factors, including counterparty risk, liquidity, and the specific terms of the agreement.

[MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) addresses this by requiring firms to establish a comprehensive order [execution policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that is tailored to the specific characteristics of OTC instruments. This policy must be more than a mere formality; it is a dynamic operational blueprint that must be demonstrably effective in achieving best execution on a consistent basis.

The directive compels firms to look beyond the headline price of an OTC derivative and consider a broader range of execution factors. These include not only direct costs but also indirect costs such as [clearing and settlement fees](https://prime.greeks.live/area/clearing-and-settlement-fees/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), speed of execution, likelihood of execution and settlement, and the size and nature of the order. This holistic approach requires a sophisticated understanding of the total cost of execution and the ability to weigh these different factors in a way that is consistent with the client’s best interests. For retail clients, the emphasis remains on total consideration, which is the price of the instrument plus all associated costs.

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![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)

## Strategy

Developing a MiFID II-compliant best execution strategy for OTC derivatives necessitates a fundamental shift in a firm’s operational and technological infrastructure. The transition from “all reasonable steps” to “all sufficient steps” is a critical element of this transformation. It requires firms to not only have a best execution policy in place but also to be able to provide evidence that the policy is consistently followed and that it delivers the best possible outcomes for clients. This involves a multi-faceted approach that encompasses data analysis, [venue selection](https://prime.greeks.live/area/venue-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and ongoing monitoring.

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

## The Execution Policy a Central Component

The execution policy is the cornerstone of a firm’s best execution strategy. It must be a detailed and comprehensive document that clearly articulates the firm’s approach to executing client orders for OTC derivatives. The policy must be tailored to the specific classes of OTC instruments that the firm trades and should identify the [execution venues](https://prime.greeks.live/area/execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that the firm will use to consistently achieve the best possible results. For OTC derivatives, these “venues” can include systematic internalisers, market makers, and other liquidity providers.

A critical component of the execution policy is the disclosure of the relative importance of the various execution factors. While price is a key consideration, the policy must also explain how other factors, such as costs, speed, and likelihood of execution, are taken into account. The policy must also be transparent about any potential conflicts of interest and the firm’s policy on inducements. Firms must obtain prior consent from [their clients](https://prime.greeks.live/question/how-do-anonymous-platforms-quantify-and-prove-their-effectiveness-in-mitigating-front-running-to-clients/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for the execution policy and must also obtain express prior consent if they intend to execute orders outside of a regulated market or multilateral trading facility, a common practice in the OTC derivatives market.

> MiFID II’s best execution framework for OTC derivatives mandates a shift towards a more quantitative and evidence-based approach to trade execution.

![A precision-engineered metallic cross-structure, embodying an RFQ engine's market microstructure, showcases diverse elements. One granular arm signifies aggregated liquidity pools and latent liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-microstructure-for-atomic-settlement.jpg)

## Data and Analytics the Foundation of Best Execution

The ability to capture, analyze, and act on data is fundamental to a successful MiFID II best execution strategy. For OTC derivatives, where pre-trade price transparency can be limited, firms need to gather market data from multiple sources to benchmark the fairness of the prices they receive from liquidity providers. This can involve using data from consolidated tape providers, independent pricing sources, and internal models.

[Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) plays a vital role in this process. TCA enables firms to measure the quality of [their execution](https://prime.greeks.live/question/how-can-institutional-traders-quantify-the-true-cost-of-information-leakage-in-their-execution-strategies/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) against a variety of benchmarks and to identify areas for improvement. By analyzing execution data over time, firms can gain insights into the performance of different liquidity providers and execution strategies. This data-driven approach is essential for demonstrating to regulators and clients that the firm is taking all sufficient steps to achieve best execution.

The following table illustrates the key execution factors [under MiFID](https://prime.greeks.live/question/what-are-the-operational-consequences-of-misreporting-under-mifid-ii-versus-a-reporting-failure-under-emir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) II and their relevance to OTC derivatives:

| Execution Factor | Relevance to OTC Derivatives |
| --- | --- |

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## Venue Selection and Monitoring a Dynamic Process

Under MiFID II, firms must have a clear process for selecting and monitoring the execution venues they use for OTC derivatives. This process should be based on a thorough assessment of the venues’ ability to consistently deliver best execution. Firms are required to regularly review the effectiveness of their venue selection and to make changes as necessary.

The introduction of new trading venues for derivatives, such as Organised Trading Facilities (OTFs), has increased the range of execution options available to firms. OTFs provide a more transparent and competitive environment for the trading of certain types of derivatives, which can help firms to achieve better execution outcomes for their clients.

The following list outlines the key steps in a MiFID II-compliant venue selection and monitoring process for OTC derivatives:

- **Initial Due Diligence** ▴ Conduct a thorough assessment of potential execution venues, considering factors such as their regulatory status, market share, and execution quality.

- **Ongoing Monitoring** ▴ Regularly monitor the performance of selected venues using a range of quantitative and qualitative metrics.

- **Regular Reviews** ▴ Conduct periodic reviews of the firm’s venue selection to ensure that it remains appropriate and effective.

- **Documentation** ▴ Maintain detailed records of the firm’s venue selection and monitoring process to demonstrate compliance with MiFID II.

![A metallic ring, symbolizing a tokenized asset or cryptographic key, rests on a dark, reflective surface with water droplets. This visualizes a Principal's operational framework for High-Fidelity Execution of Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-protocol-execution.jpg)

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## Execution

The execution of a MiFID II-compliant [best execution framework](https://prime.greeks.live/area/best-execution-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for OTC derivatives requires a significant commitment of resources and expertise. It is a complex undertaking that involves changes to a firm’s technology, processes, and culture. The following sections provide a detailed overview of the key operational protocols and [reporting requirements](https://prime.greeks.live/question/what-are-the-key-differences-in-reporting-requirements-between-public-post-trade-transparency-and-regulatory-transaction-reporting-for-lis-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that firms must implement to comply with the directive.

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## RTS 27 and RTS 28 the Core of MiFID II’s Transparency Regime

Regulatory Technical Standards (RTS) 27 and 28 are at the heart of MiFID II’s best execution reporting requirements. These standards are designed to increase transparency in the market and to provide investors with the information they need to assess the quality of execution they are receiving from their investment firms.

**[RTS 27](https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ▴ Execution Venue Reporting**

RTS 27 requires execution venues, including systematic internalisers and market makers, to publish quarterly reports on the quality of their execution. These reports must include a wide range of data, such as:

- Information on the average price, costs, and speed of execution for different types of financial instruments.

- Data on the likelihood of execution for different types of orders.

- Information on the number of orders received and executed.

This data provides investment firms with a valuable source of information for assessing the performance of different execution venues and for making informed decisions about where to route their clients’ orders.

**[RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ▴ Investment Firm Reporting**

RTS 28 requires investment firms to publish annual reports on their top five execution venues for each class of financial instrument. These reports must also include a qualitative assessment of the execution quality obtained from each venue. The purpose of these reports is to provide clients with greater transparency into how their orders are being executed and to encourage competition between execution venues.

> The detailed reporting requirements of RTS 27 and RTS 28 provide a powerful incentive for firms to continuously improve their execution performance.

The following table provides a summary of the key reporting requirements under RTS 27 and RTS 28:

| Standard | Who Reports | Frequency | Key Information |
| --- | --- | --- | --- |

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## Demonstrating Compliance a Continuous Process

Complying with MiFID II’s best execution requirements for OTC derivatives is not a one-off project. It is an ongoing process that requires continuous monitoring, review, and improvement. Firms must be able to demonstrate to regulators and clients that they have a robust and effective best [execution framework](https://prime.greeks.live/area/execution-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in place.

This involves maintaining detailed records of all trades, including the time of execution, the price, and the execution venue. Firms must also be able to provide a clear audit trail that shows how they have complied with their execution policy for each and every trade. The ability to provide this level of transparency is essential for building trust with clients and for meeting the expectations of regulators.

![An intricate, transparent cylindrical system depicts a sophisticated RFQ protocol for digital asset derivatives. Internal glowing elements signify high-fidelity execution and algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-architecture.jpg)

## References

- Khwaja, Amir. “MiFID II and Best Execution for Derivatives.” Tradeweb, 22 Oct. 2015.

- Laven Partners. “A Guide to FX Best Execution.” 18 Apr. 2018.

- Financial Conduct Authority. “COBS 11.2A Best execution ▴ MiFID provisions.” FCA Handbook, 3 Jan. 2018.

- Planet Compliance. “In a nutshell ▴ Best Execution under MiFID II/MiFIR.” 2 Apr. 2024.

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

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## Reflection

The implementation of MiFID II’s best execution framework for OTC derivatives has fundamentally reshaped the operational and strategic landscape for institutional market participants. The directive’s emphasis on transparency, data-driven analysis, and demonstrable compliance has created a more demanding and sophisticated environment for trade execution. For firms that are able to embrace these changes, the rewards can be significant.

By investing in the necessary technology, processes, and expertise, firms can not only ensure compliance with the directive but also gain a competitive advantage in the marketplace. A robust and effective best execution framework can lead to improved execution outcomes for clients, stronger client relationships, and a more resilient and sustainable business model.

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## Glossary

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

Meaning ▴ All Sufficient Steps denotes a design principle and operational mandate within a system where every component or process is engineered to autonomously achieve its defined objective without requiring external intervention or additional inputs beyond its initial parameters. </a><a href="https://prime.greeks.live/area/investment-firms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A chrome cross-shaped central processing unit rests on a textured surface, symbolizing a Principal's institutional grade execution engine. It integrates multi-leg options strategies and RFQ protocols, leveraging real-time order book dynamics for optimal price discovery in digital asset derivatives, minimizing slippage and maximizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/principals-high-fidelity-rfq-execution-digital-asset-derivatives-hub.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/area/otc-derivatives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Otc Derivatives

Meaning ▴ OTC Derivatives are bilateral financial contracts executed directly between two counterparties, outside the regulated environment of a centralized exchange. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, spherical white and blue module featuring a central black aperture and teal lens, representing the core Intelligence Layer for Institutional Trading in Digital Asset Derivatives. It visualizes High-Fidelity Execution within an RFQ protocol, enabling precise Price Discovery and optimizing the Principal's Operational Framework for Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/precision-lens-for-institutional-digital-asset-derivatives-rfq-execution.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark, transparent capsule, representing a principal's secure channel, is intersected by a sharp teal prism and an opaque beige plane. This illustrates institutional digital asset derivatives interacting with dynamic market microstructure and aggregated liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-market-microstructure.jpg)

## Execution Policy

Meaning ▴ An Execution Policy defines a structured set of rules and computational logic governing the handling and execution of financial orders within a trading system. </a><a href="https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central translucent blue sphere represents RFQ price discovery for institutional digital asset derivatives. Concentric metallic rings symbolize liquidity pool aggregation and multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-high-fidelity-execution-1.jpg)

## Mifid Ii

Meaning ▴ MiFID II, the Markets in Financial Instruments Directive II, constitutes a comprehensive regulatory framework enacted by the European Union to govern financial markets, investment firms, and trading venues. </a><a href="https://prime.greeks.live/area/clearing-and-settlement-fees/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated internal mechanism of a split sphere reveals the core of an institutional-grade RFQ protocol. Polished surfaces reflect intricate components, symbolizing high-fidelity execution and price discovery within digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system.jpg)

## Clearing and Settlement Fees

Meaning ▴ Clearing and Settlement Fees represent the direct transactional costs levied by clearing houses, exchanges, or prime brokers for the validation, netting, and final transfer of assets and funds associated with a trade. </a><a href="https://prime.greeks.live/area/venue-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered beige and teal conduits intersect against a dark void, symbolizing a Prime RFQ protocol interface. Transparent structural elements suggest multi-leg spread connectivity and high-fidelity execution pathways for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/insti-grade-digital-asset-derivatives-rfq-protocols-multi-leg-execution-junction.jpg)

## Venue Selection

Meaning ▴ Venue Selection refers to the algorithmic process of dynamically determining the optimal trading venue for an order based on a comprehensive set of predefined criteria. </a><a href="https://prime.greeks.live/area/execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Translucent geometric planes, speckled with micro-droplets, converge at a central nexus, emitting precise illuminated lines. This embodies Institutional Digital Asset Derivatives Market Microstructure, detailing RFQ protocol efficiency, High-Fidelity Execution pathways, and granular Atomic Settlement within a transparent Liquidity Pool](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-market-microstructure.jpg)

## Execution Venues

Meaning ▴ Execution Venues are regulated marketplaces or bilateral platforms where financial instruments are traded and orders are matched, encompassing exchanges, multilateral trading facilities, organized trading facilities, and over-the-counter desks. </a><a href="https://prime.greeks.live/question/how-do-anonymous-platforms-quantify-and-prove-their-effectiveness-in-mitigating-front-running-to-clients/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, cream-colored, dome-shaped object with a dark, central, blue-illuminated aperture, resting on a reflective surface against a black background. This represents a cutting-edge Crypto Derivatives OS, facilitating high-fidelity execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-prime-os-high-fidelity-rfq-execution-engine-intelligence-layer.jpg)

## Their Clients

Anonymous platforms prove effectiveness by providing auditable TCA reports showing minimal slippage versus arrival price benchmarks. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two precision-engineered nodes, possibly representing a Private Quotation or RFQ mechanism, connect via a transparent conduit against a striped Market Microstructure backdrop. This visualizes High-Fidelity Execution pathways for Institutional Grade Digital Asset Derivatives, enabling Atomic Settlement and Capital Efficiency within a Dark Pool environment, optimizing Price Discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-nodes.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/question/how-can-institutional-traders-quantify-the-true-cost-of-information-leakage-in-their-execution-strategies/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting abstract geometric planes depict institutional grade RFQ protocols and market microstructure. Speckled surfaces reflect complex order book dynamics and implied volatility, while smooth planes represent high-fidelity execution channels and private quotation systems for digital asset derivatives within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocols-digital-asset-microstructure-execution.jpg)

## Their Execution

Institutional traders quantify leakage by measuring the adverse price impact attributable to their trading footprint beyond baseline market volatility. </a><a href="https://prime.greeks.live/question/what-are-the-operational-consequences-of-misreporting-under-mifid-ii-versus-a-reporting-failure-under-emir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multi-faceted geometric object with varied reflective surfaces rests on a dark, curved base. It embodies complex RFQ protocols and deep liquidity pool dynamics, representing advanced market microstructure for precise price discovery and high-fidelity execution of institutional digital asset derivatives, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/multi-faceted-institutional-digital-asset-derivatives-execution-infrastructure.jpg)

## Under Mifid

A MiFID II misreport corrupts market surveillance data; an EMIR failure hides systemic risk, creating distinct operational and reputational threats. </a><a href="https://prime.greeks.live/area/best-execution-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Robust metallic structures, one blue-tinted, one teal, intersect, covered in granular water droplets. This depicts a principal's institutional RFQ framework facilitating multi-leg spread execution, aggregating deep liquidity pools for optimal price discovery and high-fidelity atomic settlement of digital asset derivatives for enhanced capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-optimized-for-high-fidelity-execution.jpg)

## Best Execution Framework

Meaning ▴ The Best Execution Framework defines a structured methodology for achieving the most advantageous outcome for client orders, considering price, cost, speed, likelihood of execution and settlement, order size, and any other relevant considerations. </a><a href="https://prime.greeks.live/question/what-are-the-key-differences-in-reporting-requirements-between-public-post-trade-transparency-and-regulatory-transaction-reporting-for-lis-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Robust metallic structures, symbolizing institutional grade digital asset derivatives infrastructure, intersect. Transparent blue-green planes represent algorithmic trading and high-fidelity execution for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-microstructure-1.jpg)

## Reporting Requirements

The two reporting streams for LIS orders are architected for different ends ▴ public transparency for market price discovery and regulatory reporting for confidential oversight. </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 precise, multi-faceted geometric structure represents institutional digital asset derivatives RFQ protocols. Its sharp angles denote high-fidelity execution and price discovery for multi-leg spread strategies, symbolizing capital efficiency and atomic settlement within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-microstructure-framework.jpg)

## Rts 27

Meaning ▴ RTS 27 mandates that investment firms and market operators publish detailed data on the quality of execution of transactions on their venues. </a><a href="https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A smooth, off-white sphere rests within a meticulously engineered digital asset derivatives RFQ platform, featuring distinct teal and dark blue metallic components. This sophisticated market microstructure enables private quotation, high-fidelity execution, and optimized price discovery for institutional block trades, ensuring capital efficiency and best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-microstructure-core.jpg)

## Rts 28

Meaning ▴ RTS 28 refers to Regulatory Technical Standard 28 under MiFID II, which mandates investment firms and market operators to publish annual reports on the quality of execution of transactions on trading venues and for financial instruments. </a><a href="https://prime.greeks.live/area/execution-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A luminous blue Bitcoin coin rests precisely within a sleek, multi-layered platform. This embodies high-fidelity execution of digital asset derivatives via an RFQ protocol, highlighting price discovery and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-3.jpg)

## Execution Framework

Meaning ▴ An Execution Framework represents a comprehensive, programmatic system designed to facilitate the systematic processing and routing of trading orders across various market venues, optimizing for predefined objectives such as price, speed, or minimized market impact. </a>

**Tags:** [Best Execution Framework](https://options.greeks.live/area/best-execution-framework/), [Execution Policy](https://options.greeks.live/area/execution-policy/), [Clearing and Settlement Fees](https://options.greeks.live/area/clearing-and-settlement-fees/), [Regulatory Compliance](https://options.greeks.live/area/regulatory-compliance/), [Organised Trading Facility](https://options.greeks.live/area/organised-trading-facility/), [Systematic Internaliser](https://options.greeks.live/area/systematic-internaliser/)	

## Discover More

- 
### [What Are the Core Differences between Best Execution for Retail and Professional Clients under MiFID II?](https://options.greeks.live/question/what-are-the-core-differences-between-best-execution-for-retail-and-professional-clients-under-mifid-ii/)
![Abstract geometric forms depict institutional digital asset derivatives trading. A dark, speckled surface represents fragmented liquidity and complex market microstructure, interacting with a clean, teal triangular Prime RFQ structure. This symbolizes high-fidelity execution via RFQ protocols, ensuring efficient price discovery and atomic settlement for block trades.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-system-for-prime-os-liquidity-pool.jpg)

MiFID II redefines best execution, contrasting a price-centric retail model with a multi-factor, strategy-driven professional framework.

- 
### [How Do Regulations like MiFID II Specifically Define the Responsibilities of a Best Execution Committee?](https://options.greeks.live/question/how-do-regulations-like-mifid-ii-specifically-define-the-responsibilities-of-a-best-execution-committee/)
![Polished metallic surface with a central intricate mechanism, representing a high-fidelity market microstructure engine. Two sleek probes symbolize bilateral RFQ protocols for precise price discovery and atomic settlement of institutional digital asset derivatives on a Prime RFQ, ensuring best execution for Bitcoin Options.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-engine-core-market-microstructure-intelligence-layer.jpg)

The Best Execution Committee is a firm's core governance engine for translating MiFID II's principles into a superior execution architecture.

- 
### [How Does MiFID II Redefine the Concept of Best Execution for OTC Instruments?](https://options.greeks.live/question/how-does-mifid-ii-redefine-the-concept-of-best-execution-for-otc-instruments/)
![Precision cross-section of an institutional digital asset derivatives system, revealing intricate market microstructure. Toroidal halves represent interconnected liquidity pools, centrally driven by an RFQ protocol. This Prime RFQ architecture enables high-fidelity execution, optimizing multi-leg spread strategies and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-architecture-revealing-precision-rfq-protocol-engine-for-optimal-high-fidelity-execution-and-latent-liquidity-aggregation.jpg)

MiFID II transforms OTC best execution from a qualitative duty into a quantitative, evidence-based protocol demanding a robust data architecture.

- 
### [How Do MiFID II Regulations Specifically Influence the Responsibilities of a Best Execution Committee in Europe?](https://options.greeks.live/question/how-do-mifid-ii-regulations-specifically-influence-the-responsibilities-of-a-best-execution-committee-in-europe/)
![A sleek, conical precision instrument, with a vibrant mint-green tip and a robust grey base, represents the cutting-edge of institutional digital asset derivatives trading. Its sharp point signifies price discovery and best execution within complex market microstructure, powered by RFQ protocols for dark liquidity access and capital efficiency in atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-microstructure-price-discovery-optimization-prime-os-intelligence-layer.jpg)

MiFID II transforms the Best Execution Committee into a data-driven oversight body, mandating quantitative proof of optimal client outcomes.

- 
### [What Are the Systemic Challenges of Applying a Single Best Execution Policy across Different Asset Classes under MiFID II?](https://options.greeks.live/question/what-are-the-systemic-challenges-of-applying-a-single-best-execution-policy-across-different-asset-classes-under-mifid-ii/)
![Four sleek, rounded, modular components stack, symbolizing a multi-layered institutional digital asset derivatives trading system. Each unit represents a critical Prime RFQ layer, facilitating high-fidelity execution, aggregated inquiry, and sophisticated market microstructure for optimal price discovery via RFQ protocols.](https://options.greeks.live/wp-content/uploads/2025/07/modular-institutional-crypto-derivatives-trading-system-components.jpg)

A unified MiFID II best execution policy requires a modular system architecture to manage divergent asset class liquidity and data structures.

- 
### [How Did MiFID II Redefine the Best Execution Obligation for Investment Firms?](https://options.greeks.live/question/how-did-mifid-ii-redefine-the-best-execution-obligation-for-investment-firms/)
![Internal components of a Prime RFQ execution engine, with modular beige units, precise metallic mechanisms, and complex data wiring. This infrastructure supports high-fidelity execution for institutional digital asset derivatives, facilitating advanced RFQ protocols, optimal liquidity aggregation, multi-leg spread trading, and efficient price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-rfq-engine-for-institutional-digital-asset-options.jpg)

MiFID II redefined best execution by shifting the obligation from procedural adherence to a provable, data-driven engineering discipline.

- 
### [How Do Regulatory Frameworks like MiFID II Influence Venue Selection Logic?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-influence-venue-selection-logic/)
![Abstract geometric structure with sharp angles and translucent planes, symbolizing institutional digital asset derivatives market microstructure. The central point signifies a core RFQ protocol engine, enabling precise price discovery and liquidity aggregation for multi-leg options strategies, crucial for high-fidelity execution and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/principals-operational-framework-optimizing-institutional-digital-asset-derivatives-rfq-protocol-execution-for-alpha-generation.jpg)

MiFID II transforms venue selection from a price-based choice into a dynamic, data-driven process optimizing for the best outcome.

- 
### [How Should a Firm Operationally Manage Both MiFID II and FINRA Best Execution Obligations?](https://options.greeks.live/question/how-should-a-firm-operationally-manage-both-mifid-ii-and-finra-best-execution-obligations/)
![Symmetrical, institutional-grade Prime RFQ component for digital asset derivatives. Metallic segments signify interconnected liquidity pools and precise price discovery. A central intelligence layer drives high-fidelity execution via RFQ protocols, optimizing multi-leg spread transactions.](https://options.greeks.live/wp-content/uploads/2025/07/principals-prime-os-for-digital-asset-derivatives-rfq-execution.jpg)

A firm must architect a unified, data-driven execution system that treats dual compliance as a single operational discipline.

- 
### [How Do Regulatory Frameworks like MiFID II Influence RFQ Trading and Best Execution?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-influence-rfq-trading-and-best-execution/)
![A precision-engineered institutional digital asset derivatives execution system cutaway. The teal Prime RFQ casing reveals intricate market microstructure. Bright blue internal elements represent dynamic liquidity pools, enabling high-fidelity execution and efficient RFQ protocols for multi-leg spread strategies.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-protocol-core-engine.jpg)

MiFID II mandates a systematic, evidence-based architecture for RFQ trading to ensure demonstrable best execution.

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---

**Original URL:** https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-specifically-address-best-execution-for-otc-derivatives/
