# How Do SI Quoting Obligations Differ between Liquid Equities and Illiquid Bonds? ▴ Question

**Published:** 2025-08-15
**Categories:** Question

---

![A sophisticated, multi-layered trading interface, embodying an Execution Management System EMS, showcases institutional-grade digital asset derivatives execution. Its sleek design implies high-fidelity execution and low-latency processing for RFQ protocols, enabling price discovery and managing multi-leg spreads with capital efficiency across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-platform-market-microstructure.jpg)

![A central split circular mechanism, half teal with liquid droplets, intersects four reflective angular planes. This abstractly depicts an institutional RFQ protocol for digital asset options, enabling principal-led liquidity provision and block trade execution with high-fidelity price discovery within a low-latency market microstructure, ensuring capital efficiency and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-core-system-for-high-fidelity-execution-and-aggregated-liquidity.jpg)

## Concept

![Sleek, domed institutional-grade interface with glowing green and blue indicators highlights active RFQ protocols and price discovery. This signifies high-fidelity execution within a Prime RFQ for digital asset derivatives, ensuring real-time liquidity and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-prime-os-execution-interface.jpg)

## A Tale of Two Market Structures

The regulatory designation of a [Systematic Internaliser](https://prime.greeks.live/area/systematic-internaliser/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SI) represents a foundational pillar within the European market structure, codifying the activity of principal-trading firms that internalize client order flow. Its operational purpose is to ensure that significant bilateral trading activity, which occurs away from traditional exchanges, is subject to a harmonized transparency regime. The extension of this framework from the homogenous, high-velocity world of liquid equities to the fragmented, bespoke domain of fixed income, particularly illiquid bonds, necessitated a profound bifurcation in its core tenets. This divergence in [quoting obligations](https://prime.greeks.live/area/quoting-obligations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is not a matter of arbitrary rulemaking; it is a direct reflection of the intrinsic, immutable characteristics of the assets themselves.

One cannot architect a system for a decentralized, relationship-driven bond market using the exact same blueprint designed for a centralized, order-driven equity market. The result is two distinct operational mandates flowing from a single regulatory title, each engineered to the specific physics of its underlying asset class.

At the heart of this differentiation lies the concept of liquidity itself, as defined within the [regulatory architecture](https://prime.greeks.live/area/regulatory-architecture/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of the Markets in Financial Instruments Directive ([MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)). For equities, liquidity is assessed on an instrument-by-instrument basis, considering factors like free float, average daily turnover, and the number of daily trades. This granular analysis results in a binary classification ▴ liquid or illiquid ▴ for each specific stock, triggering a clear set of obligations. In contrast, the bond market’s vastness and heterogeneity render such an approach impractical.

Consequently, the regime applies a Class of Financial Instrument Approach (COFIA), where liquidity is determined for broader categories of bonds. This systemic distinction in how liquidity is even measured is the genesis of the divergent obligations. The quoting mandate for a [liquid equity](https://prime.greeks.live/question/how-does-the-analysis-of-best-execution-differ-between-highly-liquid-equities-and-less-liquid-fixed-income-securities/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) SI is designed for an environment of continuous price formation and high-turnover, whereas the mandate for an illiquid bond SI is tailored to a market characterized by episodic trading, deep information asymmetry, and the primacy of inventory management.

> The SI framework imposes distinct quoting protocols for equities and bonds, rooted in their inherent differences in liquidity, transparency, and price discovery mechanisms.

![Polished concentric metallic and glass components represent an advanced Prime RFQ for institutional digital asset derivatives. It visualizes high-fidelity execution, price discovery, and order book dynamics within market microstructure, enabling efficient RFQ protocols for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-prime-os-precision.jpg)

## The Foundational Principles of Obligation

The quoting obligations for an SI in a liquid equity are built upon a principle of continuous transparency. The system is designed to augment the public [price discovery](https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) process occurring on lit venues like regulated markets and Multilateral Trading Facilities (MTFs). A firm classified as an SI for a specific liquid stock must publish firm quotes, accessible to its clients, for transactions up to a standard market size. These quotes must be readily available and reflect the prevailing market conditions.

This requirement effectively transforms the SI into a public source of liquidity, compelling it to contribute to the [pre-trade transparency](https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) landscape. The operational imperative is one of constant market presence and the systematic management of risk associated with displaying firm, executable prices in a rapidly fluctuating environment.

Conversely, the obligations for an SI in an illiquid bond are structured around a principle of on-demand, discretionary liquidity provision. The regulatory framework acknowledges that continuous quoting for an instrument that may not trade for weeks or months is not only impractical but would actively harm liquidity by imposing unsustainable risks on market makers. Therefore, an SI in an illiquid bond has no obligation to proactively display public quotes. Its primary quoting duty is triggered only upon receiving a request for a quote (RFQ) from a client.

Even then, the obligation is qualified; the SI is required to provide a quote only if it agrees to do so. This discretion is a critical architectural component, preserving the capital of liquidity providers and recognizing that sourcing and pricing an illiquid bond is a resource-intensive process of search and negotiation, not an automated function of [market data](https://prime.greeks.live/area/market-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) consumption.

![A cutaway view reveals the intricate core of an institutional-grade digital asset derivatives execution engine. The central price discovery aperture, flanked by pre-trade analytics layers, represents high-fidelity execution capabilities for multi-leg spread and private quotation via RFQ protocols for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-protocol-engine-for-high-fidelity-execution-and-price-discovery-on-volatility-surface.jpg)

![A slender metallic probe extends between two curved surfaces. This abstractly illustrates high-fidelity execution for institutional digital asset derivatives, driving price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-instrument-navigating-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## Strategy

![A transparent glass sphere rests precisely on a metallic rod, connecting a grey structural element and a dark teal engineered module with a clear lens. This symbolizes atomic settlement of digital asset derivatives via private quotation within a Prime RFQ, showcasing high-fidelity execution and capital efficiency for RFQ protocols and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/architecting-high-fidelity-execution-for-institutional-digital-asset-derivatives-rfq-protocols-and-systemic-liquidity-aggregation.jpg)

## Strategic Posture in Continuous versus Event-Driven Markets

The strategic calculus for a firm operating as a Systematic Internaliser diverges fundamentally between [liquid equities](https://prime.greeks.live/area/liquid-equities/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and [illiquid bonds](https://prime.greeks.live/area/illiquid-bonds/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), shaped entirely by the nature of the quoting obligation. For liquid equities, the strategy is one of competitive, public-facing price provision. An SI’s quotes are a component of the broader market landscape, evaluated by clients and their smart order routers (SORs) against the prices available on lit exchanges and other venues. The core objective is to attract order flow by offering superior pricing, typically in the form of price improvement over the European Best Bid and Offer (EBBO).

This necessitates a high-capacity, low-latency technological infrastructure capable of ingesting vast amounts of market data, generating quotes in microseconds, and managing the associated high-frequency inventory risk. The firm’s strategy is offensive, aiming to capture market share through technological prowess and aggressive pricing.

For illiquid bonds, the strategic posture is defensive and capital-centric. The quoting process is not a public broadcast but a private, bilateral negotiation initiated by a client. The SI’s decision to provide a quote, and the level at which it is provided, is a function of several complex variables ▴ current inventory, balance sheet capacity, perceived client relationship value, and the ability to source the other side of the trade if necessary. The strategy is not about capturing a continuous stream of small orders; it is about selectively deploying capital for large, infrequent trades where the firm has a distinct pricing or inventory advantage.

The operational focus shifts from speed and automation to sophisticated risk modeling, deep counterparty knowledge, and expert human traders who can navigate the complexities of an opaque market. Discretion is the primary strategic tool, allowing the firm to avoid adverse selection and manage its risk in instruments with sparse pricing data and long holding periods.

> An equity SI’s strategy centers on automated, competitive pricing to capture continuous order flow, while a bond SI’s strategy relies on discretionary capital deployment for episodic, high-value trades.

![A central dark nexus with intersecting data conduits and swirling translucent elements depicts a sophisticated RFQ protocol's intelligence layer. This visualizes dynamic market microstructure, precise price discovery, and high-fidelity execution for institutional digital asset derivatives, optimizing capital efficiency and mitigating counterparty risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-visualizing-high-fidelity-execution-and-market-microstructure-dynamics.jpg)

## Comparative Analysis of SI Quoting Obligations

Understanding the operational divergence requires a direct comparison of the core quoting parameters mandated by the regulatory framework. The following table delineates these differences, illustrating how the ruleset is tailored to the unique microstructure of each asset class.

| Parameter | Liquid Equities | Illiquid Bonds |
| --- | --- | --- |
| Quote Publication | Quotes must be made public in a continuous and easily accessible manner during normal trading hours. | No obligation to publish quotes. Quotes are only provided bilaterally to clients upon request. |
| Triggering Event | Continuous obligation during the trading day. | A specific request for a quote (RFQ) from a client. |
| Firmness of Quote | Quotes are firm and executable up to a standard market size. | Quotes are firm to the requesting client, but the SI has the discretion to provide a quote in the first place. |
| Discretion to Quote | Limited discretion. The obligation to quote is continuous. | Full discretion. The SI can choose whether or not to respond to a client’s RFQ. |
| Price Reference | Quotes must reflect prevailing market conditions and are often benchmarked against the public bid-ask spread on lit venues. | Prices are determined by the SI based on its own models, inventory, and sourcing costs, with no continuous public price reference. |
| Client Access | Quotes must be accessible to all clients in a non-discriminatory manner. | Quotes are provided only to the specific client that made the request. |

![A precision mechanism with a central circular core and a linear element extending to a sharp tip, encased in translucent material. This symbolizes an institutional RFQ protocol's market microstructure, enabling high-fidelity execution and price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-facilitating-optimal-price-discovery-and-best-execution.jpg)

## Pre-Trade Transparency a Systemic Divide

The most significant strategic divergence stems from the application of pre-trade transparency rules. For liquid equities, the SI regime is an extension of the principle that drives lit markets ▴ that displaying firm, executable prices fosters competition and efficient price formation. The strategic challenge for an equity SI is to comply with this mandate without falling victim to adverse selection, where better-informed traders exploit stale quotes. This requires significant investment in technology to ensure quotes are updated in real-time to reflect every nuance of market movement.

For illiquid bonds, the regulatory system deliberately curtails pre-trade transparency to protect liquidity. Mandating public quotes for an illiquid instrument would be counterproductive. A dealer willing to buy a large block of a rare bond would be revealing its hand to the entire market, inviting parasitic trading strategies and making it impossible to manage the inventory risk. The strategic advantage in this market comes from informational leverage and the ability to source liquidity discreetly.

The SI rules for illiquid bonds are therefore designed to support the existing RFQ protocol, which allows liquidity to be discovered through targeted, private inquiries without destabilizing the market. The entire strategic framework is built to preserve the conditions necessary for market makers to commit capital to risky, illiquid positions.

![A sophisticated system's core component, representing an Execution Management System, drives a precise, luminous RFQ protocol beam. This beam navigates between balanced spheres symbolizing counterparties and intricate market microstructure, facilitating institutional digital asset derivatives trading, optimizing price discovery, and ensuring high-fidelity execution within a prime brokerage framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-10.jpg)

![A layered, spherical structure reveals an inner metallic ring with intricate patterns, symbolizing market microstructure and RFQ protocol logic. A central teal dome represents a deep liquidity pool and precise price discovery, encased within robust institutional-grade infrastructure for high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-orchestrating-rfq-protocols-for-high-fidelity-execution-and-multi-asset-liquidity.jpg)

## Execution

![A diagonal composition contrasts a blue intelligence layer, symbolizing market microstructure and volatility surface, with a metallic, precision-engineered execution engine. This depicts high-fidelity execution for institutional digital asset derivatives via RFQ protocols, ensuring atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-for-institutional-digital-asset-derivatives-execution.jpg)

## The Dichotomy in Operational Architecture

The execution of SI quoting obligations demands two fundamentally different technological and operational architectures. An SI for liquid equities operates as a high-frequency, automated system. The core of this architecture is a sophisticated pricing engine that consumes real-time market data from dozens of venues, calculates a proprietary price, and disseminates firm quotes ▴ all within microseconds. This engine is tightly coupled with a [smart order](https://prime.greeks.live/question/how-does-a-smart-order-router-prioritize-different-venue-types-when-executing-a-large-order/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) router for hedging and a real-time [risk management](https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) system that monitors exposures on a continuous basis.

Human intervention is minimal and focused on algorithmic supervision and parameter management. The entire workflow is engineered for speed, scalability, and the elimination of latency to compete effectively with established exchanges.

Executing SI obligations in illiquid bonds requires a system built around human expertise and workflow management. The architecture is integrated with client relationship management (CRM) systems, inventory databases, and RFQ platforms. When a client request arrives, the system routes it to the appropriate trader or trading desk. The trader utilizes a variety of tools ▴ internal pricing models, historical trade data, and communication channels to other dealers ▴ to construct a price.

The process is deliberative, involving risk assessment, inventory checks, and often, a dialogue with the client. The technology serves to augment the trader’s decision-making process, providing data and workflow efficiency rather than replacing human judgment. The system is optimized for precision and risk control in a low-volume, high-touch environment.

> Equity SI execution relies on a low-latency, automated architecture, while bond SI execution is built upon a high-touch, trader-centric workflow augmented by sophisticated data and risk management tools.

![Abstract geometric forms depict a Prime RFQ for institutional digital asset derivatives. A central RFQ engine drives block trades and price discovery with high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimizing-market-microstructure-for-high-fidelity-execution.jpg)

## Workflow Comparison Client Order Handling

The practical, step-by-step handling of a client interaction reveals the profound operational differences between the two SI models.

- **Initial Interaction**

<li>**Liquid Equity** ▴ A client’s smart order router, seeking best execution, pings the SI’s publicly displayed quote as part of a sweep across multiple liquidity venues. The interaction is programmatic and occurs in milliseconds.

- **Illiquid Bond** ▴ A client contacts a specific sales-trader or submits an RFQ through an electronic platform, requesting a price for a specific ISIN and size. The interaction is manual and relationship-based.

</li>
- **Quotation Process**

<li>**Liquid Equity** ▴ The SI’s system automatically validates the request against its risk parameters and executes at the displayed price. The process is instantaneous, with no manual intervention.

- **Illiquid Bond** ▴ The trader assesses the request. They check internal inventory, consult pricing models, and may contact other market participants to gauge liquidity. A price is constructed and communicated back to the client, a process that can take several minutes. 

</li>
- **Risk Management and Hedging**

<li>**Liquid Equity** ▴ Upon execution, the SI’s system immediately seeks to hedge the resulting position, often by sending an offsetting order to a lit market. The risk horizon is measured in seconds or less.

- **Illiquid Bond** ▴ If the SI takes the position onto its book, it is added to the firm’s inventory. The risk is managed over a period of hours, days, or even weeks. Hedging is complex and often imprecise, relying on correlated instruments or portfolio-level adjustments.

</li>

![A dark central hub with three reflective, translucent blades extending. This represents a Principal's operational framework for digital asset derivatives, processing aggregated liquidity and multi-leg spread inquiries](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-engine-for-high-fidelity-digital-asset-derivatives.jpg)

## Technological Stack and Data Requirements

The underlying technology supporting each SI regime is tailored to its specific operational demands. The table below outlines the key components of the respective technology stacks, highlighting the shift in focus from processing speed in equities to data analysis and workflow management in bonds.

| System Component | Liquid Equity SI Focus | Illiquid Bond SI Focus |
| --- | --- | --- |
| Market Data Feeds | Low-latency, direct feeds from all major European equity exchanges and MTFs. Co-location is essential. | Evaluated pricing feeds, historical trade data (e.g. TRACE), and proprietary data sources. Real-time speed is less critical than data quality and breadth. |
| Pricing Engine | Algorithmic engine based on microstructure signals, order book dynamics, and volatility forecasts. Optimized for sub-millisecond updates. | Model-based engine incorporating credit spread models, interest rate curves, and liquidity scores. Used as a reference tool by human traders. |
| Execution Logic | Automated execution logic with pre-defined risk limits and smart order routing for hedging. | Trader workflow tools, RFQ management systems, and integration with inventory and risk platforms. |
| Risk System | Real-time intraday position and P&L monitoring. High-frequency limit checks. | End-of-day and multi-day Value at Risk (VaR), stress testing, and capital adequacy calculations. Focus on inventory and credit risk. |

![An exposed institutional digital asset derivatives engine reveals its market microstructure. The polished disc represents a liquidity pool for price discovery](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-execution-system.jpg)

## References

- European Securities and Markets Authority. “MiFID II and MiFIR ▴ ESMA’s Technical Advice to the Commission.” Final Report, ESMA/2014/1569, 19 December 2014.

- International Capital Market Association. “MiFID II/R Systematic Internalisers for bond markets.” July 2015.

- European Parliament and Council. “Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012.” Official Journal of the European Union, L 173/84, 12 June 2014.

- Badiani, K. & Wolstencroft, P. “Understanding the Systematic Internaliser Regime under MiFID II.” Journal of Financial Regulation and Compliance, vol. 26, no. 1, 2018, pp. 115-127.

- Gomber, P. et al. “High-Frequency Trading.” Working Paper, Goethe University Frankfurt, 2016.

- Lee, C. M. C. “Market Microstructure ▴ A Survey.” In Handbook of the Economics of Finance, edited by G. M. Constantinides, M. Harris, and R. M. Stulz, vol. 1, part 1, Elsevier, 2003, pp. 553-604.

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

![Intersecting digital architecture with glowing conduits symbolizes Principal's operational framework. An RFQ engine ensures high-fidelity execution of Institutional Digital Asset Derivatives, facilitating block trades, multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/principal-digital-asset-derivatives-rfq-engine-high-fidelity-execution.jpg)

## Reflection

![Sleek, modular infrastructure for institutional digital asset derivatives trading. Its intersecting elements symbolize integrated RFQ protocols, facilitating high-fidelity execution and precise price discovery across complex multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-optimizing-high-fidelity-block-trade-liquidity-and-multi-leg-spread-precision.jpg)

## From Regulatory Mandate to Operational Blueprint

The divergent paths of Systematic Internaliser obligations in equities and bonds illuminate a core principle of effective market design ▴ regulation must conform to the physical reality of the asset, not the other way around. The framework is not a monolithic decree but a nuanced system that acknowledges the profound structural differences between a continuous, order-driven market and a fragmented, quote-driven one. For institutions operating within this landscape, viewing these rules as mere compliance hurdles is a strategic error. Instead, they should be seen as a blueprint for operational architecture.

Understanding the deep logic behind why a quoting obligation is continuous in one asset class and discretionary in another provides the insight needed to build not just a compliant system, but a competitive one. The ultimate advantage lies in designing an internal execution framework that is so perfectly aligned with the specific physics and regulatory logic of its target market that its operation becomes a source of intrinsic efficiency and capital superiority.

![A robust, dark metallic platform, indicative of an institutional-grade execution management system. Its precise, machined components suggest high-fidelity execution for digital asset derivatives via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-high-fidelity-price-discovery-and-atomic-settlement-infrastructure.jpg)

## Glossary

<a href="https://prime.greeks.live/area/systematic-internaliser/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A large, smooth sphere, a textured metallic sphere, and a smaller, swirling sphere rest on an angular, dark, reflective surface. This visualizes a principal liquidity pool, complex structured product, and dynamic volatility surface, representing high-fidelity execution within an institutional digital asset derivatives market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-optimized-market-microstructure-precision.jpg)

## Systematic Internaliser

Meaning ▴ A Systematic Internaliser (SI) is a financial institution executing client orders against its own capital on an organized, frequent, systematic basis off-exchange. </a><a href="https://prime.greeks.live/area/quoting-obligations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract forms depict interconnected institutional liquidity pools and intricate market microstructure. Sharp algorithmic execution paths traverse smooth aggregated inquiry surfaces, symbolizing high-fidelity execution within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-prime-os-1.jpg)

## Quoting Obligations

Meaning ▴ Quoting Obligations define the mandated responsibility of a market participant, typically a designated market maker or liquidity provider, to continuously display two-sided prices, bid and offer, for a specified digital asset derivative. </a><a href="https://prime.greeks.live/area/regulatory-architecture/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Regulatory Architecture

Meaning ▴ Regulatory Architecture defines the structured framework of rules, policies, and systemic controls designed to govern financial activities, particularly within institutional digital asset derivatives markets, ensuring market integrity, investor protection, and systemic stability. </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">
![A sophisticated apparatus, potentially a price discovery or volatility surface calibration tool. A blue needle with sphere and clamp symbolizes high-fidelity execution pathways and RFQ protocol integration within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-institutional-digital-asset-derivatives-execution.jpg)

## Mifid Ii

Meaning ▴ MiFID II, the Markets in Financial Instruments Directive II, constitutes a comprehensive regulatory framework enacted by the European Union to govern financial markets, investment firms, and trading venues. </a><a href="https://prime.greeks.live/question/how-does-the-analysis-of-best-execution-differ-between-highly-liquid-equities-and-less-liquid-fixed-income-securities/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A crystalline sphere, representing aggregated price discovery and implied volatility, rests precisely on a secure execution rail. This symbolizes a Principal's high-fidelity execution within a sophisticated digital asset derivatives framework, connecting a prime brokerage gateway to a robust liquidity pipeline, ensuring atomic settlement and minimal slippage for institutional block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-platform-optimizing-liquidity-and-risk-management-through-advanced-protocols.jpg)

## Liquid Equity

Best execution analysis shifts from quantitative price comparison in liquid equities to qualitative process validation in less liquid fixed income. </a><a href="https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, pointed object, merging light and dark modular components, embodies advanced market microstructure for digital asset derivatives. Its precise form represents high-fidelity execution, price discovery via RFQ protocols, emphasizing capital efficiency, institutional grade alpha generation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-rfq-execution-system-microstructure.jpg)

## Price Discovery

Meaning ▴ Price discovery is the continuous, dynamic process by which the market determines the fair value of an asset through the collective interaction of supply and demand. </a><a href="https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, disc-shaped system, with concentric rings and a central dome, visually represents an advanced Principal's operational framework. It integrates RFQ protocols for institutional digital asset derivatives, facilitating liquidity aggregation, high-fidelity execution, and real-time risk management](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-digital-asset-derivatives-execution.jpg)

## Pre-Trade Transparency

Meaning ▴ Pre-Trade Transparency refers to the real-time dissemination of bid and offer prices, along with associated sizes, prior to the execution of a trade. </a><a href="https://prime.greeks.live/area/market-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A symmetrical, multi-faceted digital structure, a liquidity aggregation engine, showcases translucent teal and grey panels. This visualizes diverse RFQ channels and market segments, enabling high-fidelity execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-liquidity-aggregation-engine-for-digital-asset-derivatives-trading.jpg)

## Market Data

Meaning ▴ Market Data comprises the real-time or historical pricing and trading information for financial instruments, encompassing bid and ask quotes, last trade prices, cumulative volume, and order book depth. </a><a href="https://prime.greeks.live/area/liquid-equities/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract digital interface features a dark circular screen with two luminous dots, one teal and one grey, symbolizing active and pending private quotation statuses within an RFQ protocol. Below, sharp parallel lines in black, beige, and grey delineate distinct liquidity pools and execution pathways for multi-leg spread strategies, reflecting market microstructure and high-fidelity execution for institutional grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-displaying-multi-leg-execution-status-and-optimal-liquidity-pathways.jpg)

## Liquid Equities

Meaning ▴ Liquid Equities designates equity instruments that exhibit robust trading volume, minimal bid-ask spreads, and the capacity to absorb substantial order flow with negligible price impact. </a><a href="https://prime.greeks.live/area/illiquid-bonds/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting angular structures symbolize dynamic market microstructure, multi-leg spread strategies. Translucent spheres represent institutional liquidity blocks, digital asset derivatives, precisely balanced](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-4.jpg)

## Illiquid Bonds

Meaning ▴ Illiquid bonds are debt instruments not readily convertible to cash at fair market value due to insufficient trading activity or limited market depth. </a><a href="https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated proprietary system module featuring precision-engineered components, symbolizing an institutional-grade Prime RFQ for digital asset derivatives. Its intricate design represents market microstructure analysis, RFQ protocol integration, and high-fidelity execution capabilities, optimizing liquidity aggregation and price discovery for block trades within a multi-leg spread environment](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-proprietary-architecture-driving-high-fidelity-digital-asset-derivatives-execution-via-rfq-protocols-and-optimized-market-microstructure-dynamics.jpg)

## Risk Management

Meaning ▴ Risk Management is the systematic process of identifying, assessing, and mitigating potential financial exposures and operational vulnerabilities within an institutional trading framework. </a><a href="https://prime.greeks.live/question/how-does-a-smart-order-router-prioritize-different-venue-types-when-executing-a-large-order/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precisely engineered system features layered grey and beige plates, representing distinct liquidity pools or market segments, connected by a central dark blue RFQ protocol hub. Transparent teal bars, symbolizing multi-leg options spreads or algorithmic trading pathways, intersect through this core, facilitating price discovery and high-fidelity execution of digital asset derivatives via an institutional-grade Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-multi-leg-options-spread-execution-best-price-discovery-and-latent-liquidity-access-for-prime-brokerage.jpg)

## Smart Order

A Smart Order Router executes large orders by systematically navigating fragmented liquidity, prioritizing venues based on a dynamic optimization of cost, speed, and market impact. </a>

**Tags:** [Liquid Equities](https://options.greeks.live/area/liquid-equities/), [Financial Regulation](https://options.greeks.live/area/financial-regulation/), [Bond Trading](https://options.greeks.live/area/bond-trading/), [Execution Workflow](https://options.greeks.live/area/execution-workflow/), [Pre-Trade Transparency](https://options.greeks.live/area/pre-trade-transparency/), [Price Discovery](https://options.greeks.live/area/price-discovery/)	

## Discover More

- 
### [What Are the Operational Risks of Incorrectly Applying the SSTI Threshold in an RFQ System?](https://options.greeks.live/question/what-are-the-operational-risks-of-incorrectly-applying-the-ssti-threshold-in-an-rfq-system/)
![A sleek, angled object, featuring a dark blue sphere, cream disc, and multi-part base, embodies a Principal's operational framework. This represents an institutional-grade RFQ protocol for digital asset derivatives, facilitating high-fidelity execution and price discovery within market microstructure, optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-for-institutional-digital-asset-derivatives-execution.jpg)

Incorrect SSTI application creates operational flaws, leading to information leakage, adverse selection, and regulatory compliance failures.

- 
### [How Does the Definition of a Systematic Internaliser Affect a Firm’s Trading Strategy in Europe?](https://options.greeks.live/question/how-does-the-definition-of-a-systematic-internaliser-affect-a-firms-trading-strategy-in-europe/)
![Intersecting structural elements form an 'X' around a central pivot, symbolizing dynamic RFQ protocols and multi-leg spread strategies. Luminous quadrants represent price discovery and latent liquidity within an institutional-grade Prime RFQ, enabling high-fidelity execution for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-enabling-high-fidelity-execution-across-disparate-liquidity-pools.jpg)

The Systematic Internaliser definition forces a firm to re-architect its trading strategy around a regulated, principal-based execution venue.

- 
### [How Do Best Execution Requirements Differ between Equity and Fixed Income Markets?](https://options.greeks.live/question/how-do-best-execution-requirements-differ-between-equity-and-fixed-income-markets/)
![A glowing green torus embodies a secure Atomic Settlement Liquidity Pool within a Principal's Operational Framework. Its luminescence highlights Price Discovery and High-Fidelity Execution for Institutional Grade Digital Asset Derivatives. The adjacent form suggests Prime Brokerage integration, enhancing Capital Efficiency via RFQ Protocols.](https://options.greeks.live/wp-content/uploads/2025/07/illuminated-rfq-protocols-for-institutional-digital-asset-derivatives-trading.jpg)

Best execution differs by market structure; equities demand navigating transparent, high-speed exchanges while fixed income requires methodical price discovery in opaque, dealer-based markets.

- 
### [How Do Regulatory Changes like MiFID II Affect the Strategic Use of RFQ versus Lit Markets?](https://options.greeks.live/question/how-do-regulatory-changes-like-mifid-ii-affect-the-strategic-use-of-rfq-versus-lit-markets/)
![Precision-engineered metallic tracks house a textured block with a central threaded aperture. This visualizes a core RFQ execution component within an institutional market microstructure, enabling private quotation for digital asset derivatives. It represents high-fidelity execution and atomic settlement via a robust Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-framework-precision-microstructure-component.jpg)

MiFID II's constraints on dark pools catalyzed RFQ's rise, transforming it into a strategic tool for sourcing block liquidity with controlled risk.

- 
### [What Are the Primary Differences between an SI and a Traditional Exchange for Execution?](https://options.greeks.live/question/what-are-the-primary-differences-between-an-si-and-a-traditional-exchange-for-execution/)
![Precision mechanics illustrating institutional RFQ protocol dynamics. Metallic and blue blades symbolize principal's bids and counterparty responses, pivoting on a central matching engine. This visualizes high-fidelity execution and price discovery for digital asset derivatives, emphasizing low latency and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-execution-engine-microstructure.jpg)

An SI is a principal-based counterparty executing client orders bilaterally; an exchange is a multilateral venue matching anonymous orders.

- 
### [How Do Regulatory Frameworks like MiFID II Impact Algorithmic Transparency and Behavior in Illiquid Derivative Markets?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-impact-algorithmic-transparency-and-behavior-in-illiquid-derivative-markets/)
![A stylized spherical system, symbolizing an institutional digital asset derivative, rests on a robust Prime RFQ base. Its dark core represents a deep liquidity pool for algorithmic trading. A blue band signifies high-fidelity execution protocols, ensuring optimal price discovery and capital efficiency within market microstructure, enhancing alpha generation.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-rfq-protocol-engine-facilitating-best-execution-and-liquidity-aggregation-for-digital-asset-derivatives.jpg)

MiFID II mandates a systemic framework of transparency and control, transforming algorithmic behavior in illiquid markets into a disciplined, data-driven process.

- 
### [Could the LIS Deferral Mechanism Create an Unfair Informational Advantage for Systematic Internalisers over Other Market Participants?](https://options.greeks.live/question/could-the-lis-deferral-mechanism-create-an-unfair-informational-advantage-for-systematic-internalisers-over-other-market-participants/)
![Central nexus with radiating arms symbolizes a Principal's sophisticated Execution Management System EMS. Segmented areas depict diverse liquidity pools and dark pools, enabling precise price discovery for digital asset derivatives. Circular markers denote RFQ participants, ensuring high-fidelity execution of institutional block trades within complex market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-liquidity-orchestration.jpg)

The LIS deferral mechanism grants Systematic Internalisers a sanctioned, time-limited informational monopoly for risk management.

- 
### [What Are the Key Differences in Best Execution Obligations for Liquid versus Illiquid Instruments under the SI Regime?](https://options.greeks.live/question/what-are-the-key-differences-in-best-execution-obligations-for-liquid-versus-illiquid-instruments-under-the-si-regime/)
![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)

Best execution for SIs calibrates transparency obligations to an instrument's liquidity, demanding public quoting for liquid assets and fair pricing for illiquid ones.

- 
### [Under What Specific Conditions Can a Systematic Internaliser Legally Decline to Provide a Quote?](https://options.greeks.live/question/under-what-specific-conditions-can-a-systematic-internaliser-legally-decline-to-provide-a-quote/)
![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. Robust design ensures high-fidelity execution, capital efficiency, and counterparty risk mitigation.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-rfq-protocol-engine-for-digital-asset-derivatives-options-trading.jpg)

A Systematic Internaliser can decline a quote when it would breach pre-set risk limits or during exceptional market conditions.

---

## 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 SI Quoting Obligations Differ between Liquid Equities and Illiquid Bonds?",
            "item": "https://options.greeks.live/question/how-do-si-quoting-obligations-differ-between-liquid-equities-and-illiquid-bonds/"
        }
    ]
}
```

```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-si-quoting-obligations-differ-between-liquid-equities-and-illiquid-bonds/"
    },
    "headline": "How Do SI Quoting Obligations Differ between Liquid Equities and Illiquid Bonds? \u25b4 Question",
    "description": "SI quoting obligations diverge from continuous public quotes in liquid equities to discretionary on-demand quotes for illiquid bonds. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-do-si-quoting-obligations-differ-between-liquid-equities-and-illiquid-bonds/",
    "datePublished": "2025-08-15T02:55:40+00:00",
    "dateModified": "2025-08-15T02:55:42+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-rfq-protocol-core-system-for-high-fidelity-execution-and-aggregated-liquidity.jpg",
        "caption": "A sophisticated central processing hub, featuring a teal liquid-infused half and intersecting reflective planes, symbolizes a robust Crypto Derivatives OS. This infrastructure facilitates institutional RFQ protocols for block trade execution and principal-led liquidity provision in digital asset options. It ensures high-fidelity price discovery and low-latency market microstructure, underpinning multi-leg spread strategies for capital efficiency and atomic settlement, optimizing best execution and systemic resilience."
    },
    "keywords": [
        "Bond Trading",
        "Execution Workflow",
        "Financial Regulation",
        "Firm Quote",
        "Illiquid Bonds",
        "Liquid Equities",
        "Market Data",
        "Market Microstructure",
        "MiFID II",
        "Pre-Trade Transparency",
        "Price Discovery",
        "Quoting Obligations",
        "Regulatory Architecture",
        "Request for Quote",
        "Request for Quote (RFQ)",
        "Risk Management",
        "Systematic Internaliser"
    ]
}
```

```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-si-quoting-obligations-differ-between-liquid-equities-and-illiquid-bonds/
