# How Do Regulatory Requirements like Mifid Ii Influence the Adoption of Rfq Protocols for Best Execution? ▴ Question

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

---

![Brushed metallic and colored modular components represent an institutional-grade Prime RFQ facilitating RFQ protocols for digital asset derivatives. The precise engineering signifies high-fidelity execution, atomic settlement, and capital efficiency within a sophisticated market microstructure for multi-leg spread trading](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-system.jpg)

![Abstract institutional-grade Crypto Derivatives OS. Metallic trusses depict market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-market-microstructure-optimizing-rfq-protocols-for-high-fidelity-execution-via-prime-os.jpg)

## Concept

The Markets in Financial Instruments Directive II (MiFID II) fundamentally reshaped the European financial landscape, introducing a more stringent and comprehensive framework for best execution. This regulatory mandate requires investment firms to 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 on a consistent basis. The directive’s reach is extensive, covering a wide array of financial instruments, including those traded over-the-counter (OTC), and applies to various trading models, explicitly including the [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) protocol.

At its core, MiFID II elevates the best execution standard from “all reasonable steps” to “all [sufficient steps](https://prime.greeks.live/area/sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite),” a change that regulators like the European Securities and Markets Authority (ESMA) have confirmed sets a higher bar for compliance. This shift necessitates a demonstrable and systematic process for achieving and verifying superior [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

The [RFQ protocol](https://prime.greeks.live/area/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a bilateral, inquiry-based method of trade execution, operates within this demanding regulatory environment. In an RFQ process, an investment firm solicits quotes from a select group of [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for a specific financial instrument. This method is particularly prevalent for larger or more complex trades in less liquid markets where sourcing liquidity without causing adverse market impact is paramount. Under MiFID II, even when a client initiates an RFQ, the executing firm retains a significant responsibility to ensure the final price is fair and competitive.

The directive compels firms to look beyond just the headline price and consider a range of execution factors, including costs, speed, likelihood of execution and settlement, size, and any other relevant consideration. For OTC products, this includes an explicit requirement to check the fairness of the proposed price by gathering relevant market data and, where possible, comparing it with similar or comparable products.

> The transition from “all reasonable” to “all sufficient” steps under MiFID II imposes a higher, more evidence-based standard on firms for achieving and proving best execution.

A critical aspect of applying [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to RFQ-based trades is the “legitimate reliance” test, a concept carried over from MiFID I. This test helps determine the extent of a firm’s best execution duty, particularly when dealing on its own account. The assessment hinges on factors such as who initiates the transaction, prevailing market practices, the relative price transparency of the market, and the nature of the firm-client relationship. For instance, if a firm actively suggests a transaction to a retail client, that client is more likely to be relying on the firm’s expertise to secure the best outcome, thus strengthening the firm’s obligation. Conversely, in markets where it is standard practice for clients to “shop around” for quotes, the expectation of reliance may be lower.

[MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) formalizes this dynamic by requiring firms to establish and adhere to a detailed [order execution policy](https://prime.greeks.live/area/order-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This policy must clearly outline the venues where orders are executed and the specific factors that guide the choice of venue for each class of financial instrument, ensuring the entire process is transparent and justifiable to both clients and regulators.

![Abstract geometric forms, including overlapping planes and central spherical nodes, visually represent a sophisticated institutional digital asset derivatives trading ecosystem. It depicts complex multi-leg spread execution, dynamic RFQ protocol liquidity aggregation, and high-fidelity algorithmic trading within a Prime RFQ framework, ensuring optimal price discovery and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-liquidity-aggregation-market-microstructure-high-fidelity-execution-alpha-generation-prime-os-capital-efficiency.jpg)

![A precision-engineered, multi-layered system visually representing institutional digital asset derivatives trading. Its interlocking components symbolize robust market microstructure, RFQ protocol integration, and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-4.jpg)

## Strategy

In the post-MiFID II environment, the strategic deployment of RFQ protocols has become a cornerstone of institutional best execution frameworks, particularly for instruments that trade outside of highly liquid, centralized markets. The regulation’s emphasis on a holistic view of execution quality provides a clear impetus for firms to develop sophisticated strategies that leverage the unique characteristics of bilateral price discovery. The primary strategic objective is to construct a defensible and repeatable process that demonstrates that “all sufficient steps” were taken to achieve the best possible outcome for the client. This involves a multi-layered approach that integrates venue selection, [liquidity provider](https://prime.greeks.live/area/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) management, and data-driven post-trade analysis.

![Sleek teal and beige forms converge, embodying institutional digital asset derivatives platforms. A central RFQ protocol hub with metallic blades signifies high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-microstructure.jpg)

## Systematic Venue and Counterparty Selection

A core component of a MiFID II-compliant RFQ strategy is the systematic and evidence-based selection of execution venues and liquidity providers. Firms are required to detail in [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) policies the venues on which they place “significant reliance.” For an RFQ-centric workflow, this translates to curating a panel of liquidity providers who consistently offer competitive pricing and reliable execution for specific asset classes. The strategy moves beyond simply sending an RFQ to a static list of counterparties. Instead, it involves a dynamic process of evaluation based on historical performance data.

Firms must analyze counterparties based on multiple metrics, including:

- **Quoting competitiveness** ▴ The frequency and consistency with which a provider offers prices at or near the top of the book.

- **Response latency** ▴ The speed at which quotes are returned, which can be critical in fast-moving markets.

- **Fill rates** ▴ The percentage of quotes that result in a successful execution, indicating reliability.

- **Post-trade performance** ▴ Analyzing any potential for information leakage or adverse price movement following a trade with a specific counterparty.

This data-driven approach allows a firm to dynamically tailor its RFQ panel based on the specific characteristics of the order, such as size, instrument type, and prevailing market volatility, thereby optimizing the likelihood of achieving best execution.

![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)

## Structuring the RFQ Process for Demonstrable Fairness

MiFID II’s requirement to verify the fairness of prices for OTC products necessitates a structured and transparent [RFQ process](https://prime.greeks.live/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). A key strategy is to use the RFQ mechanism itself as a tool for price discovery and validation. By soliciting quotes from multiple, competitive liquidity providers simultaneously, a firm creates a real-time, order-specific benchmark. This competitive tension is central to demonstrating that the final execution price is fair and representative of the available market liquidity at that moment.

> A dynamic, data-driven approach to managing RFQ counterparty lists is a key strategy for meeting MiFID II’s best execution requirements.

The table below outlines a comparative analysis of different RFQ methodologies and their alignment with MiFID II’s strategic objectives.

| RFQ Methodology | Description | Alignment with MiFID II Best Execution | Strategic Considerations |
| --- | --- | --- | --- |
| Manual (Voice/Chat) | Traders manually solicit quotes from counterparties via phone or chat applications. | Low. Difficult to systematically record and analyze for best execution reporting. Prone to operational risk and lacks scalability. | Generally insufficient for meeting “all sufficient steps” criteria, except for highly bespoke or illiquid instruments where electronic venues are unavailable. |
| Single-Dealer Platform | Client requests a quote directly from a single bank or liquidity provider’s proprietary platform. | Medium. While electronically captured, it lacks a competitive element, making it harder to prove price fairness without extensive external benchmarking. | Firms must supplement this with significant market data gathering to justify the fairness of the price, as required by Article 64 of the MiFID II Delegated Regulation. |
| Multi-Dealer Platform | An electronic platform where a client can send a single RFQ to a panel of competing liquidity providers. | High. Creates a competitive auction, providing strong evidence of price discovery. All interactions are timestamped and logged, facilitating post-trade analysis and reporting. | This is the preferred model for demonstrating best execution. The key is the firm’s ability to intelligently select the counterparty panel for each specific RFQ. |

![An abstract composition of intersecting light planes and translucent optical elements illustrates the precision of institutional digital asset derivatives trading. It visualizes RFQ protocol dynamics, market microstructure, and the intelligence layer within a Principal OS for optimal capital efficiency, atomic settlement, and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-framework.jpg)

## Integrating RFQ Workflows with Broader Execution Policy

Ultimately, the influence of MiFID II is seen in how firms must integrate RFQ protocols into their overarching order [execution policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). It is insufficient to simply use an RFQ platform; the firm must be able to articulate why and how this method achieves best execution for a given trade. For example, a firm’s policy might state that for corporate bonds with an issue size below a certain threshold and a credit rating within a specific range, an RFQ to a panel of five pre-vetted, specialist dealers is the optimal execution strategy. This decision would be supported by historical data showing that this approach consistently minimizes implicit costs (market impact) while achieving competitive explicit costs (the price).

The policy must also account for situations where an RFQ might not be the best method, such as for highly liquid, smaller-sized orders where a direct-to-lit-market approach via a Smart Order Router (SOR) would be superior. This demonstrates a nuanced, evidence-based approach that satisfies the rigorous demands of the regulation.

![A futuristic system component with a split design and intricate central element, embodying advanced RFQ protocols. This visualizes high-fidelity execution, precise price discovery, and granular market microstructure control for institutional digital asset derivatives, optimizing liquidity provision and minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/07/advanced-rfq-protocols-for-digital-asset-derivatives-price-discovery.jpg)

![Reflective planes and intersecting elements depict institutional digital asset derivatives market microstructure. A central Principal-driven RFQ protocol ensures high-fidelity execution and atomic settlement across diverse liquidity pools, optimizing multi-leg spread strategies on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision.jpg)

## Execution

The execution of RFQ protocols under the MiFID II regime transcends mere technological implementation; it requires the development of a sophisticated operational framework grounded in quantitative analysis and auditable data trails. The directive’s mandate for firms to monitor the effectiveness of their execution arrangements and correct deficiencies means that the entire lifecycle of an RFQ ▴ from pre-trade counterparty selection to post-trade [transaction cost analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) ▴ must be meticulously managed and documented. This operational rigor is the bedrock upon which a firm can demonstrate that it has taken “all sufficient steps” to secure the best possible client outcome.

![A sleek, translucent fin-like structure emerges from a circular base against a dark background. This abstract form represents RFQ protocols and price discovery in digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol.jpg)

## Quantitative Counterparty Management and RFQ Logic

At the heart of a MiFID II-compliant RFQ system is a quantitative engine for managing liquidity provider relationships. Firms must move away from static, relationship-based counterparty lists toward a dynamic, data-driven selection process. This involves capturing and analyzing a granular dataset for every RFQ sent and every quote received. The objective is to build a comprehensive performance profile for each counterparty.

The following table provides an example of a quantitative framework for counterparty scoring, a critical component of the pre-trade decision-making process:

| Counterparty | Asset Class Focus | Q1 Avg. Response Time (ms) | Q1 Quoted Spread vs. Mid (bps) | Q1 Win Rate (%) | Overall Performance Score |
| --- | --- | --- | --- | --- | --- |
| LP Alpha | EUR Investment Grade Corp. Bonds | 150 | 2.5 | 28% | 8.5 / 10 |
| LP Beta | USD High-Yield Corp. Bonds | 350 | 8.1 | 15% | 7.2 / 10 |
| LP Gamma | EUR Investment Grade Corp. Bonds | 180 | 2.8 | 22% | 8.1 / 10 |
| LP Delta | GBP Gilts | 120 | 0.5 | 45% | 9.5 / 10 |

This scoring system, which should be updated regularly (e.g. quarterly), informs the firm’s execution logic. When a client order for a EUR Investment Grade bond is received, the system would automatically prioritize sending the RFQ to LP Alpha and LP Gamma. This data-driven process provides a clear, auditable justification for the choice of execution venues, directly addressing a core requirement of the directive.

![A sophisticated mechanism features a segmented disc, indicating dynamic market microstructure and liquidity pool partitioning. This system visually represents an RFQ protocol's price discovery process, crucial for high-fidelity execution of institutional digital asset derivatives and managing counterparty risk within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/advanced-digital-asset-derivatives-rfq-liquidity-aggregation-system.jpg)

## The Evidentiary Burden and Post-Trade Analytics

MiFID II places a significant evidentiary burden on firms. It is their responsibility to prove that their execution policy consistently delivers the best results. For RFQ-based trading, this means conducting rigorous post-trade analysis. The data captured during the RFQ process becomes the primary input for this analysis.

- **[Price Fairness](https://prime.greeks.live/area/price-fairness/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Verification** ▴ For every RFQ execution, the firm must be able to demonstrate the fairness of the price. This is achieved by comparing the winning quote against all other quotes received. The “delta to next best” or “price improvement” metric becomes a key piece of evidence. Furthermore, firms are expected to gather external market data where possible to benchmark the execution price against a theoretical “fair value,” especially for OTC products.

- **Execution Quality Reporting** ▴ The insights from this analysis feed directly into the firm’s internal review processes and external regulatory reports (such as those under [RTS 27](https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and [RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), which mandate public disclosure of execution quality data from venues and firms, respectively). A firm’s ability to show, with data, that its RFQ strategy leads to consistent price improvement is a powerful defense of its execution policy.

- **Policy and Arrangement Review** ▴ The regulation requires firms to assess their execution policies and arrangements on a regular basis. The quantitative data gathered from the RFQ workflow is essential for this review. If the data shows that a particular counterparty’s performance is degrading, or that a different panel of liquidity providers would have produced better results on average, the firm is obligated to adjust its strategy accordingly. This creates a continuous feedback loop, where execution data informs and refines execution strategy.

> Under MiFID II, the RFQ process transforms from a simple price request into a systematic, data-intensive procedure for evidencing best execution.

The operational execution of RFQs [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 is therefore a cyclical process ▴ quantitative analysis informs pre-trade counterparty selection, the structured RFQ workflow generates rich data, and post-trade analytics validate execution quality and refine future strategy. This systematic approach is how firms meet the high standard of “all sufficient steps,” turning a regulatory obligation into a structured and optimized execution process.

![A blue speckled marble, symbolizing a precise block trade, rests centrally on a translucent bar, representing a robust RFQ protocol. This structured geometric arrangement illustrates complex market microstructure, enabling high-fidelity execution, optimal price discovery, and efficient liquidity aggregation within a principal's operational framework for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-rfq-execution-framework-optimizing-digital-asset-derivatives-liquidity-aggregation-across-complex-market-microstructure.jpg)

## References

- Financial Conduct Authority. “Best Execution under MiFID II.” FCA, 2018.

- Bank of America. “Order Execution Policy.” BofA Securities, 2022.

- Hogan Lovells. “Achieving best execution under MiFID II.” Hogan Lovells, 31 Aug. 2017.

- Autorité des Marchés Financiers. “Guide to best execution.” AMF, Oct. 2007, updated for MiFID II.

- Finance Watch. “Guide for drafting/review of Execution Policy under MiFID II.” Finance Watch, 2018.

- European Securities and Markets Authority. “Questions and Answers on MiFID II and MiFIR investor protection and intermediaries topics.” ESMA, 2018.

- Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive.

![Abstract spheres and linear conduits depict an institutional digital asset derivatives platform. The central glowing network symbolizes RFQ protocol orchestration, price discovery, and high-fidelity execution across market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-4.jpg)

## Reflection

![A multi-faceted crystalline form with sharp, radiating elements centers on a dark sphere, symbolizing complex market microstructure. This represents sophisticated RFQ protocols, aggregated inquiry, and high-fidelity execution across diverse liquidity pools, optimizing capital efficiency for institutional digital asset derivatives within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-institutional-digital-asset-derivatives-price-discovery.jpg)

## Calibrating the Execution Framework

The integration of MiFID II’s principles into a firm’s operational fabric is an exercise in systemic calibration. The regulation provides the high-level schematics, but the effective implementation resides in the fine-tuning of internal systems ▴ the quantitative models that score counterparties, the logic that governs RFQ dissemination, and the analytical engines that parse post-trade data. The knowledge acquired about these regulatory pressures should prompt a critical examination of one’s own execution architecture. Is the current framework merely compliant, or is it optimized?

Does it treat best execution as a static checklist or as a dynamic, data-driven feedback loop where every trade informs the next? The ultimate advantage lies not in meeting the letter of the law, but in internalizing its spirit to build a more intelligent, responsive, and defensible execution process.

![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)

## 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">
![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)

## 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/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two sleek, pointed objects intersect centrally, forming an 'X' against a dual-tone black and teal background. This embodies the high-fidelity execution of institutional digital asset derivatives via RFQ protocols, facilitating optimal price discovery and efficient cross-asset trading within a robust Prime RFQ, minimizing slippage and adverse selection](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-microstructure.jpg)

## Request for Quote

Meaning ▴ A Request for Quote, or RFQ, constitutes a formal communication initiated by a potential buyer or seller to solicit price quotations for a specified financial instrument or block of instruments from one or more liquidity providers. </a><a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A segmented teal and blue institutional digital asset derivatives platform reveals its core market microstructure. Internal layers expose sophisticated algorithmic execution engines, high-fidelity liquidity aggregation, and real-time risk management protocols, integral to a Prime RFQ supporting Bitcoin options and Ethereum futures trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-core-microstructure.jpg)

## Execution Quality

Meaning ▴ Execution Quality quantifies the efficacy of an order's fill, assessing how closely the achieved trade price aligns with the prevailing market price at submission, alongside consideration for speed, cost, and market impact. </a><a href="https://prime.greeks.live/area/sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A futuristic, metallic structure with reflective surfaces and a central optical mechanism, symbolizing a robust Prime RFQ for institutional digital asset derivatives. It enables high-fidelity execution of RFQ protocols, optimizing price discovery and liquidity aggregation across diverse liquidity pools with minimal slippage](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-platform-for-institutional-digital-asset-derivatives-rfq-protocol-optimized-execution-management-system-with-robust-liquidity-sourcing.jpg)

## Sufficient Steps

Meaning ▴ Sufficient Steps constitute the minimum, verifiable sequence of operations required to achieve a defined, deterministic outcome within a financial protocol or system, ensuring operational closure and state transition. </a><a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precisely engineered central blue hub anchors segmented grey and blue components, symbolizing a robust Prime RFQ for institutional trading of digital asset derivatives. This structure represents a sophisticated RFQ protocol engine, optimizing liquidity pool aggregation and price discovery through advanced market microstructure for high-fidelity execution and private quotation](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-digital-asset-derivatives-rfq-execution-core-systemic-hub.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/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A luminous, multi-faceted geometric structure, resembling interlocking star-like elements, glows from a circular base. This represents a Prime RFQ for Institutional Digital Asset Derivatives, symbolizing high-fidelity execution of block trades via RFQ protocols, optimizing market microstructure for price discovery and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system.jpg)

## Rfq Protocol

Meaning ▴ The Request for Quote (RFQ) Protocol defines a structured electronic communication method enabling a market participant to solicit firm, executable prices from multiple liquidity providers for a specified financial instrument and quantity. </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 dark, reflective surface showcases a metallic bar, symbolizing market microstructure and RFQ protocol precision for block trade execution. A clear sphere, representing atomic settlement or implied volatility, rests upon it, set against a teal liquidity pool](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-4.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/order-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise stack of multi-layered circular components visually representing a sophisticated Principal Digital Asset RFQ framework. Each distinct layer signifies a critical component within market microstructure for high-fidelity execution of institutional digital asset derivatives, embodying liquidity aggregation across dark pools, enabling private quotation and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/principal-digital-asset-rfq-protocol-layers-for-high-fidelity-execution.jpg)

## Order Execution Policy

Meaning ▴ An Order Execution Policy defines the systematic procedures and criteria governing how an institutional trading desk processes and routes client or proprietary orders across various liquidity venues. </a><a href="https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract forms depict a liquidity pool and Prime RFQ infrastructure. A reflective teal private quotation, symbolizing Digital Asset Derivatives like Bitcoin Options, signifies high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-intelligence-layer.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/liquidity-provider/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A pristine white sphere, symbolizing an Intelligence Layer for Price Discovery and Volatility Surface analytics, sits on a grey Prime RFQ chassis. A dark FIX Protocol conduit facilitates High-Fidelity Execution and Smart Order Routing for Institutional Digital Asset Derivatives RFQ protocols, ensuring Best Execution](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-digital-asset-derivatives-rfq-protocols-optimizing-high-fidelity-execution-via-prime-os-intelligence.jpg)

## Liquidity Provider

Meaning ▴ A Liquidity Provider is an entity, typically an institutional firm or professional trading desk, that actively facilitates market efficiency by continuously quoting two-sided prices, both bid and ask, for financial instruments. </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">
![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)

## 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/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered device with central lens, symbolizing Prime RFQ Intelligence Layer for institutional digital asset derivatives. Facilitates RFQ protocol optimization, driving price discovery for Bitcoin options and Ethereum futures](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-rfq-protocol-engine-for-digital-asset-derivatives-options-trading.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/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract clear and teal geometric forms, including a central lens, intersect a reflective metallic surface on black. This embodies market microstructure precision, algorithmic trading for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-prime-os.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/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, light interface, a Principal's Prime RFQ, overlays a dark, intricate market microstructure. This represents institutional-grade digital asset derivatives trading, showcasing high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-execution-system.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/price-fairness/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Three sensor-like components flank a central, illuminated teal lens, reflecting an advanced RFQ protocol system. This represents an institutional digital asset derivatives platform's intelligence layer for precise price discovery, high-fidelity execution, and managing multi-leg spread strategies, optimizing market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-for-optimal-execution.jpg)

## Price Fairness

Meaning ▴ Price Fairness refers to the state where a transaction's executed price accurately reflects the prevailing market value, considering real-time liquidity, order book depth, and the absence of undue informational asymmetry at the point of execution. </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">
![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)

## 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 central glowing core within metallic structures symbolizes an Institutional Grade RFQ engine. This Intelligence Layer enables optimal Price Discovery and High-Fidelity Execution for Digital Asset Derivatives, streamlining Block Trade and Multi-Leg Spread Atomic Settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-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/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 modular component, resembling an RFQ gateway, with multiple connection points, intersects a high-fidelity execution pathway. This pathway extends towards a deep, optimized liquidity pool, illustrating robust market microstructure for institutional digital asset derivatives trading and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocol-layer-connecting-institutional-digital-asset-liquidity-pools.jpg)

## Under Mifid

A MiFID II misreport corrupts market surveillance data; an EMIR failure hides systemic risk, creating distinct operational and reputational threats. </a>

**Tags:** [Execution Policy](https://options.greeks.live/area/execution-policy/), [RTS 28](https://options.greeks.live/area/rts-28/), [MiFID II](https://options.greeks.live/area/mifid-ii/), [Order Execution Policy](https://options.greeks.live/area/order-execution-policy/), [Over-the-Counter Derivatives](https://options.greeks.live/area/over-the-counter-derivatives/), [RTS 27](https://options.greeks.live/area/rts-27/)	

## Discover More

- 
### [What Are the Primary Best Execution Obligations When Executing an RFQ with a Systematic Internaliser?](https://options.greeks.live/question/what-are-the-primary-best-execution-obligations-when-executing-an-rfq-with-a-systematic-internaliser/)
![A futuristic system component with a split design and intricate central element, embodying advanced RFQ protocols. This visualizes high-fidelity execution, precise price discovery, and granular market microstructure control for institutional digital asset derivatives, optimizing liquidity provision and minimizing slippage.](https://options.greeks.live/wp-content/uploads/2025/07/advanced-rfq-protocols-for-digital-asset-derivatives-price-discovery.jpg)

Fulfilling best execution for an SI RFQ requires a data-driven, auditable process proving the chosen bilateral quote was the optimal outcome.

- 
### [What Are the Practical Differences in Best Execution Documentation between the US and EU?](https://options.greeks.live/question/what-are-the-practical-differences-in-best-execution-documentation-between-the-us-and-eu/)
![A sleek, metallic algorithmic trading component with a central circular mechanism rests on angular, multi-colored reflective surfaces, symbolizing sophisticated RFQ protocols, aggregated liquidity, and high-fidelity execution within institutional digital asset derivatives market microstructure. This represents the intelligence layer of a Prime RFQ for optimal price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-system-architecture-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

US best execution documentation proves diligence, while EU documentation evidences quantifiable outcomes.

- 
### [How Do Best Execution Requirements under Mifid Ii Apply to Trades with a Systematic Internaliser?](https://options.greeks.live/question/how-do-best-execution-requirements-under-mifid-ii-apply-to-trades-with-a-systematic-internaliser/)
![A multi-layered device with translucent aqua dome and blue ring, on black. This represents an Institutional-Grade Prime RFQ Intelligence Layer for Digital Asset Derivatives. It enables high-fidelity execution through optimized RFQ protocols, facilitating precise price discovery and leveraging deep market microstructure analysis for latent liquidity access.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-intelligence-layer.jpg)

MiFID II requires firms to ensure trades with Systematic Internalisers are proven to be the best possible result through rigorous data analysis and transparent policies.

- 
### [How Does MiFID II Specifically Impact Best Execution Obligations for Automated RFQ Platforms?](https://options.greeks.live/question/how-does-mifid-ii-specifically-impact-best-execution-obligations-for-automated-rfq-platforms/)
![A central core, symbolizing a Crypto Derivatives OS and Liquidity Pool, is intersected by two abstract elements. These represent Multi-Leg Spread and Cross-Asset Derivatives executed via RFQ Protocol. This visual embodies High-Fidelity Execution within an Institutional Trading framework, emphasizing Market Microstructure and Capital Efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-multi-leg-spread-execution.jpg)

MiFID II compels firms on RFQ platforms to build a data-driven, defensible audit trail, transforming compliance into an execution advantage.

- 
### [How Does Deferred Reporting Impact a Firm’s Best Execution Obligations under MiFID II?](https://options.greeks.live/question/how-does-deferred-reporting-impact-a-firms-best-execution-obligations-under-mifid-ii/)
![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)

Deferred reporting impacts best execution by shifting the burden of proof from public post-trade data to a firm's internal, auditable, pre-trade analysis.

- 
### [How Can a Firm Quantitatively Demonstrate Best Execution in a Post-MiFID II World?](https://options.greeks.live/question/how-can-a-firm-quantitatively-demonstrate-best-execution-in-a-post-mifid-ii-world/)
![A precise digital asset derivatives trading mechanism, featuring transparent data conduits symbolizing RFQ protocol execution and multi-leg spread strategies. Intricate gears visualize market microstructure, ensuring high-fidelity execution and robust price discovery. This system mitigates counterparty risk and optimizes capital efficiency for institutional trading.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-execution-framework.jpg)

A firm demonstrates best execution by building a quantitative, data-driven system that proves optimal outcomes were consistently sought.

- 
### [How Does MiFID II Change the Evidentiary Burden for Proving Best Execution in RFQ?](https://options.greeks.live/question/how-does-mifid-ii-change-the-evidentiary-burden-for-proving-best-execution-in-rfq/)
![Sleek, futuristic metallic components showcase a dark, reflective dome encircled by a textured ring, representing a Volatility Surface for Digital Asset Derivatives. This Prime RFQ architecture enables High-Fidelity Execution and Private Quotation via RFQ Protocols for Block Trade liquidity.](https://options.greeks.live/wp-content/uploads/2025/07/advanced-institutional-digital-asset-derivatives-platform-architecture-for-high-fidelity-rfq-protocol-execution-and-price-discovery.jpg)

MiFID II transforms the RFQ best execution proof from a qualitative narrative into a mandate for a quantifiable, data-driven architecture.

- 
### [How Does MiFID II Specifically Redefine Best Execution for RFQ-Based Trades?](https://options.greeks.live/question/how-does-mifid-ii-specifically-redefine-best-execution-for-rfq-based-trades/)
![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. The structured environment signifies institutional-grade liquidity aggregation and portfolio margin.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-3.jpg)

MiFID II redefines RFQ best execution by mandating a shift from subjective judgment to a data-driven, auditable process.

- 
### [How Does MiFID II Define the “Sufficient Steps” for Best Execution in OTC Markets?](https://options.greeks.live/question/how-does-mifid-ii-define-the-sufficient-steps-for-best-execution-in-otc-markets/)
![A sleek, illuminated control knob emerges from a robust, metallic base, representing a Prime RFQ interface for institutional digital asset derivatives. Its glowing bands signify real-time analytics and high-fidelity execution of RFQ protocols, enabling optimal price discovery and capital efficiency in dark pools for block trades.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-system-for-optimal-execution.jpg)

MiFID II's "sufficient steps" for OTC best execution require firms to engineer a dynamic, evidence-based framework that proves optimal client outcomes.

---

## 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 Do Regulatory Requirements like Mifid Ii Influence the Adoption of Rfq Protocols for Best Execution?",
            "item": "https://options.greeks.live/question/how-do-regulatory-requirements-like-mifid-ii-influence-the-adoption-of-rfq-protocols-for-best-execution/"
        }
    ]
}
```

```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-do-regulatory-requirements-like-mifid-ii-influence-the-adoption-of-rfq-protocols-for-best-execution/"
    },
    "headline": "How Do Regulatory Requirements like Mifid Ii Influence the Adoption of Rfq Protocols for Best Execution? \u25b4 Question",
    "description": "MiFID II mandates a shift in RFQ usage from a simple price-sourcing tool to a systematic, evidence-based protocol for proving best execution. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-do-regulatory-requirements-like-mifid-ii-influence-the-adoption-of-rfq-protocols-for-best-execution/",
    "datePublished": "2025-08-07T22:34:59+00:00",
    "dateModified": "2025-08-07T22:35:03+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-protocol-engine-for-prime-os.jpg",
        "caption": "This abstract visual represents an advanced institutional digital asset derivatives trading system. A central multi-segmented disc signifies the core RFQ protocol engine, driving precise price discovery and multi-leg spread execution across various liquidity pools. The intersecting angular structures illustrate high-fidelity execution pathways and smart order routing, crucial for minimizing slippage and managing portfolio margin. This embodies a robust Prime RFQ intelligence layer, ensuring best execution and capital efficiency for complex crypto derivatives like Ethereum futures, mitigating systemic risk."
    },
    "keywords": [
        "All Sufficient Steps",
        "Best Execution",
        "Execution Policy",
        "Execution Quality",
        "Liquidity Provider",
        "Liquidity Providers",
        "MiFID II",
        "Multi-Dealer Platform",
        "Order Execution",
        "Order Execution Policy",
        "Over-the-Counter Derivatives",
        "Price Fairness",
        "Request for Quote",
        "RFQ Process",
        "RFQ Protocol",
        "RTS 27",
        "RTS 28",
        "Sufficient Steps",
        "Systematic Internaliser",
        "Transaction Cost Analysis"
    ]
}
```

```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"
    }
}
```


---

**Original URL:** https://options.greeks.live/question/how-do-regulatory-requirements-like-mifid-ii-influence-the-adoption-of-rfq-protocols-for-best-execution/
