# How Do Systematic Internalisers Use RFQ Systems under MiFIR? ▴ Question

**Published:** 2025-08-10
**Categories:** Question

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![A geometric abstraction depicts a central multi-segmented disc intersected by angular teal and white structures, symbolizing a sophisticated Principal-driven RFQ protocol engine. This represents high-fidelity execution, optimizing price discovery across diverse liquidity pools for institutional digital asset derivatives like Bitcoin options, ensuring atomic settlement and mitigating counterparty risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-for-prime-os.jpg)

![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)

## Concept

To comprehend the function of [Systematic Internalisers](https://prime.greeks.live/question/how-should-a-buy-side-firms-best-execution-policy-evolve-to-account-for-systematic-internalisers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SIs) within the European market framework is to understand a core design principle of the Markets in Financial Instruments Regulation ([MiFIR](https://prime.greeks.live/area/mifir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)). The regime represents a deliberate effort to bring a significant volume of over-the-counter (OTC) trading activity into a structured, observable, and regulated perimeter. An SI is an investment firm that, on an organized, frequent, systematic, and substantial basis, deals on its own account by executing client orders outside of a regulated market, multilateral trading facility (MTF), or organized trading facility (OTF).

This is [principal trading](https://prime.greeks.live/area/principal-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), where the firm acts as the counterparty to its client, placing its own capital at risk. The SI regime establishes a specific set of [transparency obligations](https://prime.greeks.live/question/what-are-the-best-execution-obligations-when-using-an-rfq-with-a-pre-trade-transparency-waiver/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for these high-volume bilateral dealers, ensuring they contribute to market transparency without being subjected to the same operational framework as a fully multilateral trading venue.

At the heart of an SI’s operational model for client interaction is the [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) system. An [RFQ protocol](https://prime.greeks.live/area/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is fundamentally a bilateral or semi-bilateral negotiation tool. Its mechanics are straightforward ▴ a client submits a request for a price on a specific financial instrument to one or more liquidity providers. Those providers respond with a quote, which is a firm price at which they are willing to trade.

Crucially, this quote is executable exclusively by the client who made the initial request. This structure is perfectly suited to the principal-dealing nature of an SI. It facilitates a direct negotiation, allowing the SI to price a trade based on its current risk positions, inventory, and the specific characteristics of the client and the order. The [RFQ process](https://prime.greeks.live/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) provides a formal, auditable, and efficient mechanism for the price discovery and risk transfer that defines the SI-client relationship.

> Systematic Internalisers are high-volume investment firms that execute client orders on a principal basis, using Request for Quote systems as their primary mechanism for bilateral price negotiation and risk management under MiFIR’s transparency framework.

The interaction between the SI framework and RFQ systems is governed by a nuanced set of [pre-trade transparency](https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) rules outlined primarily in Article 18 of MiFIR. These rules are calibrated based on the liquidity of the financial instrument in question. For instruments deemed to have a liquid market, an SI, upon receiving a quote request from a client, must provide a firm quote. If the SI agrees to provide this quote, and its size is at or below a predetermined threshold known as the “Size Specific to the Instrument” (SSTI), the SI is obligated to make that [quote public](https://prime.greeks.live/question/what-are-the-primary-determinants-of-quote-quality-in-a-request-for-quote-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in a manner easily accessible to its other clients.

This requirement is the regulatory nexus where the private negotiation of an [RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) intersects with public transparency. However, for instruments that are not liquid, or for any trade above the [SSTI](https://prime.greeks.live/area/ssti/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) threshold, these pre-trade transparency obligations fall away, allowing the RFQ process to proceed on a purely bilateral basis. This calibrated approach attempts to balance the goals of increasing market transparency with the need for SIs to manage the risks of their principal trading activities, especially for large or illiquid positions.

![A light sphere, representing a Principal's digital asset, is integrated into an angular blue RFQ protocol framework. Sharp fins symbolize high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/principals-core-asset-rfq-protocol-framework-for-digital-derivatives.jpg)

![A polished, light surface interfaces with a darker, contoured form on black. This signifies the RFQ protocol for institutional digital asset derivatives, embodying price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-interface.jpg)

## Strategy

![A transparent, blue-tinted sphere, anchored to a metallic base on a light surface, symbolizes an RFQ inquiry for digital asset derivatives. A fine line represents low-latency FIX Protocol for high-fidelity execution, optimizing price discovery in market microstructure via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-rfq-protocol-sphere-high-fidelity-execution-gateway.jpg)

## The Dominance of RFQ in the SI Model

The strategic choice for Systematic Internalisers to rely on [RFQ systems](https://prime.greeks.live/area/rfq-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a direct consequence of their business model. As principal dealers, SIs are not neutral intermediaries matching buyers and sellers; they are market-makers taking positions onto their own books. This necessitates a trading protocol that allows for precise [risk management](https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) at the point of interaction. The RFQ protocol is the ideal instrument for this purpose.

Unlike trading on a central limit order book (CLOB), where an SI would have to post continuous, anonymous quotes available to all participants, an RFQ allows the SI to engage in a contained, bilateral negotiation. This controlled interaction enables the SI to tailor its price based on several strategic factors ▴ the size of the order, the direction of the trade, its existing inventory, its current risk appetite, and even the specific counterparty risk associated with the requesting client. A document from the Securities and Markets Stakeholder Group (SMSG) explicitly notes that the [RFQ system](https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the “dominant trading protocol” used by market participants when interacting with SIs, underscoring its centrality to this market structure.

This bilateral price discovery mechanism is particularly vital in non-equity markets, such as bonds and derivatives, where instruments are often heterogeneous and less liquid than equities. In these markets, a “market price” is often a theoretical construct until it is negotiated. The RFQ process is the mechanism through which that price is discovered and a firm commitment to trade is established.

It allows the SI to provide liquidity on demand, responding to client needs without the obligation to maintain continuous public quotes that could expose it to adverse selection, especially from high-frequency traders. The system’s design, where a quote is only executable by the requester, protects the SI from being picked off by multiple market participants simultaneously, a critical risk management feature for a principal dealer.

![A luminous digital asset core, symbolizing price discovery, rests on a dark liquidity pool. Surrounding metallic infrastructure signifies Prime RFQ and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-core-high-fidelity-execution-engine-for-principal-trading.jpg)

## Navigating MiFIR’s Calibrated Transparency Obligations

The strategic core of an SI’s operation lies in how it navigates the complex and highly calibrated pre-trade transparency requirements of MiFIR. The rules are not a monolithic block but a series of conditional obligations that SIs must manage. The primary variables dictating an SI’s strategy are the liquidity of the instrument and the size of the trade relative to the Size Specific to the Instrument (SSTI). An SI’s strategy is therefore to segment its quoting activity to align with these regulatory tiers.

- **For [Liquid Instruments](https://prime.greeks.live/area/liquid-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Below SSTI** ▴ When an SI receives an RFQ for a liquid instrument in a size at or below the SSTI, it faces a transparency obligation. If it provides a quote, that quote must be made public to other clients. Strategically, however, SIs have minimized the impact of this rule. The [European Securities](https://prime.greeks.live/question/how-has-the-deprecation-of-rts-28-reporting-affected-institutional-trading-strategies-in-the-european-union/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and Markets Authority (ESMA) has noted that SIs often restrict the execution of a given quote to a single transaction. This means that even though the quote is public, the actual liquidity is addressable by only one entity, rendering the public dissemination of the quote of limited practical value to other market participants. This fulfills the letter of the law while preserving the essentially bilateral nature of the trade. 

- **For [Trades Above](https://prime.greeks.live/question/what-are-the-key-differences-in-clearing-and-settlement-for-rfq-trades-versus-clob-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) SSTI** ▴ The RFQ process becomes a purely private negotiation for trades above the SSTI. Here, there are no pre-trade transparency obligations. This is the domain of institutional block trading. The SI can provide a quote to a client without any requirement to disclose it publicly. This confidentiality is a major strategic advantage, as it prevents information leakage that could move the market against the client’s position. SIs strategically cater to institutional clients seeking to execute large orders with minimal market impact, using the RFQ protocol within this less restrictive regulatory space. 

- **For [Illiquid Instruments](https://prime.greeks.live/area/illiquid-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ The obligations are even lighter. SIs are only required to disclose quotes to their clients upon request, and even this obligation is frequently waived. An [ESMA](https://prime.greeks.live/area/esma/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) report found that the vast majority of quoting and trading activity in illiquid instruments is performed under such a waiver. Strategically, this means that for the bulk of non-equity instruments, the SI-client RFQ interaction remains entirely bilateral, with no pre-trade transparency requirements. 

> An SI’s strategy is to segment its RFQ-based quoting activity according to MiFIR’s transparency tiers, using operational controls to maintain the bilateral nature of trades below the SSTI and leveraging the absence of pre-trade transparency for trades above the SSTI and in illiquid markets.

![A sleek, metallic mechanism with a luminous blue sphere at its core represents a Liquidity Pool within a Crypto Derivatives OS. Surrounding rings symbolize intricate Market Microstructure, facilitating RFQ Protocol and High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-crypto-derivatives-rfq-protocol-core-mechanism.jpg)

## The “Opt-In” Strategy and Post-Trade Services

A fascinating strategic development under MiFIR is the phenomenon of firms voluntarily “opting-in” to the SI regime. An ESMA report revealed that a significant majority of firms operating as SIs chose to do so, rather than being forced into the regime by exceeding quantitative thresholds. The primary driver for this strategy is related to post-trade, not pre-trade, obligations. Under MiFIR, when a transaction is concluded OTC between two investment firms, the seller is typically responsible for making the trade public through an [Approved Publication Arrangement](https://prime.greeks.live/area/approved-publication-arrangement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (APA).

However, if one of the parties is an SI, the reporting obligation falls exclusively on the SI. By opting into the SI regime, these firms can offer a valuable service to their clients ▴ taking on the burden of [post-trade reporting](https://prime.greeks.live/area/post-trade-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This simplifies the operational workflow for their clients and has become a powerful competitive differentiator. This strategic decision highlights that the use of the SI designation is as much about providing client services and streamlining post-trade processes as it is about managing pre-trade quoting obligations.

This table illustrates the strategic considerations for an SI when responding to an RFQ, based on the regulatory context defined by MiFIR.

| Scenario | Instrument & Size | MiFIR Pre-Trade Obligation | SI’s Strategic Response |
| --- | --- | --- | --- |
| Retail-sized Bond Trade | Liquid Instrument, Size < SSTI | Must make firm quote public to other clients upon request. | Provide quote and publish it, but limit execution to a single transaction via commercial policy. Fulfills compliance while controlling risk. |
| Institutional Block Trade | Liquid Instrument, Size > SSTI | No pre-trade transparency obligation. | Engage in purely bilateral RFQ negotiation. Focus on minimizing information leakage and providing best execution for large size. |
| Bespoke Derivative Trade | Illiquid Instrument, Any Size | Obligation to disclose quotes to clients on request, but this is almost always waived. | Operate under the waiver. The RFQ process is entirely private, allowing for complex pricing without any pre-trade disclosure. |
| Client-Facing Service | Any Instrument | Post-trade reporting obligation falls to the SI. | Voluntarily opt-in to the SI regime to attract clients by offering to handle their post-trade reporting obligations. |

![A sphere, split and glowing internally, depicts an Institutional Digital Asset Derivatives platform. It represents a Principal's operational framework for RFQ protocols, driving optimal price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-1.jpg)

![A central teal sphere, representing the Principal's Prime RFQ, anchors radiating grey and teal blades, signifying diverse liquidity pools and high-fidelity execution paths for digital asset derivatives. Transparent overlays suggest pre-trade analytics and volatility surface dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-and-market-microstructure.jpg)

## Execution

![A transparent bar precisely intersects a dark blue circular module, symbolizing an RFQ protocol for institutional digital asset derivatives. This depicts high-fidelity execution within a dynamic liquidity pool, optimizing market microstructure via a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-for-prime-os-execution.jpg)

## The Operational Workflow of an SI-RFQ Transaction

The execution of a trade via an SI’s RFQ system follows a precise operational sequence designed for efficiency and risk management within the MiFIR framework. This workflow ensures that the SI can meet its client’s needs while adhering to its specific regulatory duties. The process is a clear departure from the anonymous, all-to-all interaction of a public exchange.

- **Initiation** ▴ A client, typically an asset manager or other institutional investor, initiates the process by sending an RFQ to the SI. This is usually done through a proprietary electronic interface, a multi-dealer platform, or even via more traditional communication channels like a Bloomberg chat message that is integrated into a structured system. The request specifies the financial instrument (e.g. by its ISIN), the direction (buy or sell), and the desired quantity. 

- **Regulatory Check and Price Formulation** ▴ Upon receiving the RFQ, the SI’s system performs an immediate series of checks. It identifies the instrument, determines its liquidity status (liquid or illiquid) based on ESMA’s classifications, and compares the requested size against the relevant SSTI threshold. Simultaneously, the SI’s pricing engine formulates a quote. This price is based on prevailing market conditions, the SI’s own inventory and risk limits, and potentially a client-specific spread. 

- **Quote Dissemination** ▴ The SI responds to the client with a firm, executable quote. This quote has a limited lifetime to protect the SI from market movements. If the instrument is liquid and the size is below the SSTI, the SI’s systems will also trigger the process to make this quote public through an APA or the arrangements of a trading venue, ensuring compliance with Article 18 of MiFIR. 

- **Client Execution** ▴ The client can execute the trade by accepting the quote within its validity period. This action forms a binding transaction between the client and the SI, with the SI acting as the principal counterparty. 

- **Post-Trade Reporting** ▴ Immediately following execution, the SI is responsible for the post-trade reporting of the transaction. The SI submits the trade details (price, volume, time) to an APA, which then makes the information public. This fulfills the SI’s post-trade transparency obligations under MiFIR and, as a key service, relieves the client of this duty. 

![An intricate mechanical assembly reveals the market microstructure of an institutional-grade RFQ protocol engine. It visualizes high-fidelity execution for digital asset derivatives block trades, managing counterparty risk and multi-leg spread strategies within a liquidity pool, embodying a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-architecture.jpg)

## Quantitative Analysis of SI Quoting Behavior

The theoretical obligations of MiFIR are best understood through the lens of how SIs behave in practice. A comprehensive 2020 report from ESMA on the SI regime in non-equity instruments provides critical data on this behavior. The analysis focused on whether SIs were strategically quoting just above the SSTI to avoid transparency.

The findings indicate this is not the case. Instead, SI activity clusters in two distinct patterns, largely dictated by client type.

> Data reveals that Systematic Internalisers’ quoting is polarized, with activity concentrated either significantly above or well below key regulatory thresholds, rather than clustering around them to avoid transparency.

The following table summarizes the key findings from the ESMA report, illustrating the distribution of quoting and trading activity relative to the SSTI for liquid bonds. This data provides a quantitative foundation for understanding the execution strategies of SIs.

| Activity Metric | Below SSTI | Just Above SSTI (100-105%) | Far Above SSTI (>105%) | Interpretation |
| --- | --- | --- | --- | --- |
| Quoted/Traded Volume | Low percentage of total volume. | Extremely low volume (near 0%). | Vast majority of total volume. | SIs handle large notional values in the non-transparent, above-SSTI space, which is expected for institutional business. |
| Number of Quotes/Trades | Highly variable by SI (from 0% to 100%). | Extremely low number of transactions (near 0%). | Highly variable by SI. | SIs specialize ▴ some focus on a high number of small (retail) trades below SSTI, while others focus on a lower number of large (institutional) trades above SSTI. There is no evidence of gaming the threshold. |

This data, drawn directly from regulatory analysis, confirms that the execution strategy of an SI is not about circumventing rules at the margin. It is about serving two distinct client segments under two different transparency regimes. The RFQ system is the versatile tool that allows them to operate effectively in both environments ▴ offering public, yet controlled, quotes for smaller trades and providing discreet, bilateral liquidity for institutional-sized blocks.

![A sleek, two-toned dark and light blue surface with a metallic fin-like element and spherical component, embodying an advanced Principal OS for Digital Asset Derivatives. This visualizes a high-fidelity RFQ execution environment, enabling precise price discovery and optimal capital efficiency through intelligent smart order routing within complex market microstructure and dark liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimizing-market-microstructure-for-high-fidelity-execution-and-capital-efficiency.jpg)

## References

- European Securities and Markets Authority. “MiFIR report on systematic internalisers in non-equity instruments.” ESMA70-156-2756, 16 July 2020.

- European Securities and Markets Authority. “Questions and Answers on MiFID II and MiFIR market structures topics.” ESMA70-872942901-38.

- European Securities and Markets Authority. “Questions and Answers on MiFID II and MiFIR transparency topics.” ESMA70-872942901-35.

- Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 (RTS 2).

- Commission Delegated Regulation (EU) 2017/587 of 14 July 2016 (RTS 1).

- Securities and Markets Stakeholder Group. “Response to ESMA’s Consultation Paper concerning MiFIR report on Systematic Internalisers.” ESMA22-106-235, 23 March 2020.

- BaFin. “Systematic internalisers ▴ Main points of the new supervisory regime under MiFID II.” 2 May 2017.

- MiFID II. Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.

- MiFIR. Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.

![A sleek, domed control module, light green to deep blue, on a textured grey base, signifies precision. This represents a Principal's Prime RFQ for institutional digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing price discovery, and enhancing capital efficiency within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-control-for-institutional-digital-asset-rfq-execution.jpg)

## Reflection

![A sophisticated teal and black device with gold accents symbolizes a Principal's operational framework for institutional digital asset derivatives. It represents a high-fidelity execution engine, integrating RFQ protocols for atomic settlement](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-core-engine-for-best-execution.jpg)

## A System of Calibrated Disclosure

The regulatory architecture governing Systematic Internalisers and their use of RFQ systems reveals a sophisticated attempt at calibrated disclosure. The framework acknowledges a fundamental truth of market structure ▴ not all liquidity is the same, and a one-size-fits-all approach to transparency can be counterproductive. The tiered obligations based on instrument liquidity and trade size are a direct reflection of this understanding. The system is designed to draw a significant portion of what was once opaque [OTC trading](https://prime.greeks.live/area/otc-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) into a regulated sphere, imposing transparency where it is deemed most beneficial ▴ primarily for smaller, more standardized trades ▴ while preserving the discretion necessary for liquidity provision in large, complex, or illiquid transactions.

Understanding this system is to appreciate the trade-offs between pre-trade transparency and the willingness of firms to commit capital. The SI regime, coupled with the RFQ protocol, represents a critical junction in modern market design, a purpose-built channel for principal liquidity that operates in parallel to, and in concert with, multilateral venues.

![Robust institutional Prime RFQ core connects to a precise RFQ protocol engine. Multi-leg spread execution blades propel a digital asset derivative target, optimizing price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-proto-insti-digital-asset-derivs-hi-fi-exec-capital-effi-risk-mgmt.jpg)

## Glossary

<a href="https://prime.greeks.live/question/how-should-a-buy-side-firms-best-execution-policy-evolve-to-account-for-systematic-internalisers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-multi-leg-spread-execution.jpg)

## Systematic Internalisers

A buy-side firm's best execution policy must evolve into a dynamic, data-driven framework governing interaction with all liquidity types. </a><a href="https://prime.greeks.live/area/mifir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A high-precision, dark metallic circular mechanism, representing an institutional-grade RFQ engine. Illuminated segments denote dynamic price discovery and multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-7.jpg)

## Mifir

Meaning ▴ MiFIR, the Markets in Financial Instruments Regulation, constitutes a foundational legislative framework within the European Union, enacted to enhance the transparency, efficiency, and integrity of financial markets. </a><a href="https://prime.greeks.live/question/what-are-the-best-execution-obligations-when-using-an-rfq-with-a-pre-trade-transparency-waiver/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intricate dark circular component with precise white patterns, central to a beige and metallic system. This symbolizes an institutional digital asset derivatives platform's core, representing high-fidelity execution, automated RFQ protocols, advanced market microstructure, the intelligence layer for price discovery, block trade efficiency, and portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-core.jpg)

## Transparency Obligations

Best execution for waived RFQs demands a data-driven, auditable system that proves optimal outcomes in the absence of public price discovery. </a><a href="https://prime.greeks.live/area/principal-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Principal Trading

Meaning ▴ Principal Trading defines the operational paradigm where a financial entity engages in market transactions utilizing its own capital and balance sheet, rather than executing orders on behalf of clients. </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">
![Polished metallic surface with a central intricate mechanism, representing a high-fidelity market microstructure engine. Two sleek probes symbolize bilateral RFQ protocols for precise price discovery and atomic settlement of institutional digital asset derivatives on a Prime RFQ, ensuring best execution for Bitcoin Options](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-engine-core-market-microstructure-intelligence-layer.jpg)

## 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/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Translucent, multi-layered forms evoke an institutional RFQ engine, its propeller-like elements symbolizing high-fidelity execution and algorithmic trading. This depicts precise price discovery, deep liquidity pool dynamics, and capital efficiency within a Prime RFQ for digital asset derivatives block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-14.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/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## 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/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two distinct components, beige and green, are securely joined by a polished blue metallic element. This embodies a high-fidelity RFQ protocol for institutional digital asset derivatives, ensuring atomic settlement and optimal liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-for-digital-asset-derivatives-high-fidelity-link.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/question/what-are-the-primary-determinants-of-quote-quality-in-a-request-for-quote-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A luminous teal sphere, representing a digital asset derivative private quotation, rests on an RFQ protocol channel. A metallic element signifies the algorithmic trading engine and robust portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-microstructure-optimizing-prime-os.jpg)

## Quote Public

Quote quality is a vector of competitive price, execution certainty, and minimized information cost, engineered by the RFQ system itself. </a><a href="https://prime.greeks.live/area/ssti/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting transparent and opaque geometric planes, symbolizing the intricate market microstructure of institutional digital asset derivatives. Visualizes high-fidelity execution and price discovery via RFQ protocols, demonstrating multi-leg spread strategies and dark liquidity for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-market-microstructure-architecture.jpg)

## Ssti

Meaning ▴ SSTI, or Systematic Strategy Transaction Interface, defines a standardized, machine-executable protocol for the automated submission and management of orders derived from quantitative trading strategies within institutional digital asset markets. </a><a href="https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A beige probe precisely connects to a dark blue metallic port, symbolizing high-fidelity execution of Digital Asset Derivatives via an RFQ protocol. Alphanumeric markings denote specific multi-leg spread parameters, highlighting granular market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-execution-hub.jpg)

## Rfq

Meaning ▴ Request for Quote (RFQ) is a structured communication protocol enabling a market participant to solicit executable price quotations for a specific instrument and quantity from a selected group of liquidity providers. </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 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)

## 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/area/rfq-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A robust green device features a central circular control, symbolizing precise RFQ protocol interaction. This enables high-fidelity execution for institutional digital asset derivatives, optimizing market microstructure, capital efficiency, and complex options trading within a Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocol-interface-for-precise-market-microstructure-execution.jpg)

## Rfq Systems

Meaning ▴ A Request for Quote (RFQ) System is a computational framework designed to facilitate price discovery and trade execution for specific financial instruments, particularly illiquid or customized assets in over-the-counter markets. </a><a href="https://prime.greeks.live/area/rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A Prime RFQ interface for institutional digital asset derivatives displays a block trade module and RFQ protocol channels. Its low-latency infrastructure ensures high-fidelity execution within market microstructure, enabling price discovery and capital efficiency for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-protocol-engine-high-fidelity-execution-digital-asset-derivatives.jpg)

## Rfq System

Meaning ▴ An RFQ System, or Request for Quote System, is a dedicated electronic platform designed to facilitate the solicitation of executable prices from multiple liquidity providers for a specified financial instrument and quantity. </a><a href="https://prime.greeks.live/question/how-has-the-deprecation-of-rts-28-reporting-affected-institutional-trading-strategies-in-the-european-union/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Stacked, distinct components, subtly tilted, symbolize the multi-tiered institutional digital asset derivatives architecture. Layers represent RFQ protocols, private quotation aggregation, core liquidity pools, and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/layered-institutional-digital-asset-derivatives-rfq-protocols-optimizing-principal-execution-management-systems-for-best-execution.jpg)

## European Securities

The deprecation of RTS 28 shifts the best execution onus from public reporting to a superior, internalized data and analytics framework. </a><a href="https://prime.greeks.live/area/liquid-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting sleek components of a Crypto Derivatives OS symbolize RFQ Protocol for Institutional Grade Digital Asset Derivatives. Luminous internal segments represent dynamic Liquidity Pool management and Market Microstructure insights, facilitating High-Fidelity Execution for Block Trade strategies within a Prime Brokerage framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-engine.jpg)

## Liquid Instruments

Meaning ▴ Liquid Instruments are financial contracts or assets characterized by their capacity to be traded swiftly and efficiently at prices closely approximating their intrinsic value, exhibiting minimal market impact and tight bid-ask spreads even for substantial transaction sizes. </a><a href="https://prime.greeks.live/question/what-are-the-key-differences-in-clearing-and-settlement-for-rfq-trades-versus-clob-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A deconstructed mechanical system with segmented components, revealing intricate gears and polished shafts, symbolizing the transparent, modular architecture of an institutional digital asset derivatives trading platform. This illustrates multi-leg spread execution, RFQ protocols, and atomic settlement processes](https://options.greeks.live/wp-content/uploads/2025/07/deconstructed-principal-trading-system-revealing-core-mechanics-of-digital-asset-derivatives-execution.jpg)

## Trades Above

RFQ settlement is a bespoke, bilateral process, while CLOB settlement is an industrialized, centrally cleared system. </a><a href="https://prime.greeks.live/area/illiquid-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered, multi-layered system component, symbolizing the intricate market microstructure of institutional digital asset derivatives. Two distinct probes represent RFQ protocols for price discovery and high-fidelity execution, integrating latent liquidity and pre-trade analytics within a robust Prime RFQ framework, ensuring best execution](https://options.greeks.live/wp-content/uploads/2025/08/digital-asset-derivatives-rfq-protocols-high-fidelity-execution.jpg)

## Illiquid Instruments

Meaning ▴ Illiquid instruments denote financial assets or securities that cannot be readily converted into cash without incurring a significant loss in value due to an absence of a robust, active trading market. </a><a href="https://prime.greeks.live/area/esma/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A teal-blue textured sphere, signifying a unique RFQ inquiry or private quotation, precisely mounts on a metallic, institutional-grade base. Integrated into a Prime RFQ framework, it illustrates high-fidelity execution and atomic settlement for digital asset derivatives within market microstructure, ensuring capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-prime-os-execution-1.jpg)

## Esma

Meaning ▴ ESMA, the European Securities and Markets Authority, functions as an independent European Union agency responsible for safeguarding the stability of the EU's financial system by ensuring the integrity, transparency, efficiency, and orderly functioning of securities markets, alongside enhancing investor protection. </a><a href="https://prime.greeks.live/area/approved-publication-arrangement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered blue mechanism, symbolizing a high-fidelity execution engine, emerges from a rounded, light-colored liquidity pool component, encased within a sleek teal institutional-grade shell. This represents a Principal's operational framework for digital asset derivatives, demonstrating algorithmic trading logic and smart order routing for block trades via RFQ protocols, ensuring atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-os-core-algorithmic-execution-engine.jpg)

## Approved Publication Arrangement

Meaning ▴ An Approved Publication Arrangement (APA) is a regulated entity authorized to publicly disseminate post-trade transparency data for financial instruments, as mandated by regulations such as MiFID II and MiFIR. </a><a href="https://prime.greeks.live/area/post-trade-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Close-up of intricate mechanical components symbolizing a robust Prime RFQ for institutional digital asset derivatives. These precision parts reflect market microstructure and high-fidelity execution within an RFQ protocol framework, ensuring capital efficiency and optimal price discovery for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/07/engineered-core-systems-driving-institutional-digital-asset-derivatives-rfq-protocol-execution.jpg)

## Post-Trade Reporting

Meaning ▴ Post-Trade Reporting refers to the mandatory disclosure of executed trade details to designated regulatory bodies or public dissemination venues, ensuring transparency and market surveillance. </a><a href="https://prime.greeks.live/area/otc-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract machinery visualizes an institutional RFQ protocol engine, demonstrating high-fidelity execution of digital asset derivatives. It depicts seamless liquidity aggregation and sophisticated algorithmic trading, crucial for prime brokerage capital efficiency and optimal market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-1.jpg)

## Otc Trading

Meaning ▴ OTC Trading, or Over-The-Counter Trading, defines the bilateral execution of financial instruments, including institutional digital asset derivatives, directly between two counterparties without the intermediation of a centralized exchange or public order book. </a>

**Tags:** [Approved Publication Arrangement](https://options.greeks.live/area/approved-publication-arrangement/), [Principal Trading](https://options.greeks.live/area/principal-trading/), [Illiquid Instruments](https://options.greeks.live/area/illiquid-instruments/), [OTC Trading](https://options.greeks.live/area/otc-trading/), [RFQ](https://options.greeks.live/area/rfq/), [RFQ System](https://options.greeks.live/area/rfq-system/)	

## Discover More

- 
### [Why Professional Traders Use RFQ for All Their Complex Option Trades](https://options.greeks.live/guide/why-professional-traders-use-rfq-for-all-their-complex-option-trades/)
![A proprietary Prime RFQ platform featuring extending blue/teal components, representing a multi-leg options strategy or complex RFQ spread. The labeled band 'F331 46 1' denotes a specific strike price or option series within an aggregated inquiry for high-fidelity execution, showcasing granular market microstructure data points.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-1.jpg)

Master complex options execution with RFQ, the institutional tool for commanding liquidity and minimizing market impact.

- 
### [How Does Asset Liquidity Affect an SI’s FIX Quoting Obligations?](https://options.greeks.live/question/how-does-asset-liquidity-affect-an-sis-fix-quoting-obligations/)
![An intricate, transparent digital asset derivatives engine visualizes market microstructure and liquidity pool dynamics. Its precise components signify high-fidelity execution via FIX Protocol, facilitating RFQ protocols for block trade and multi-leg spread strategies within an institutional-grade Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-liquidity-ecosystem.jpg)

Asset liquidity dictates the intensity of an SI's FIX quoting obligations, toggling between mandatory transparency and discretionary negotiation.

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

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

- 
### [How Do Regulatory Frameworks like MiFID II Influence the Strategy for Managing RFQ Information Leakage?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-influence-the-strategy-for-managing-rfq-information-leakage/)
![Stacked, distinct components, subtly tilted, symbolize the multi-tiered institutional digital asset derivatives architecture. Layers represent RFQ protocols, private quotation aggregation, core liquidity pools, and atomic settlement. This design optimizes market microstructure for high-fidelity execution and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/layered-institutional-digital-asset-derivatives-rfq-protocols-optimizing-principal-execution-management-systems-for-best-execution.jpg)

MiFID II transforms RFQ information leakage management from a relational art into a data-driven science of systematic risk control.

- 
### [What Regulatory Frameworks Govern Information Disclosure in RFQ Systems for Institutional Trading?](https://options.greeks.live/question/what-regulatory-frameworks-govern-information-disclosure-in-rfq-systems-for-institutional-trading/)
![A metallic rod, symbolizing a high-fidelity execution pipeline, traverses transparent elements representing atomic settlement nodes and real-time price discovery. It rests upon distinct institutional liquidity pools, reflecting optimized RFQ protocols for crypto derivatives trading across a complex volatility surface within Prime RFQ market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trade-execution-pipeline-optimizing-rfq-protocols-for-best-execution-and-capital-efficiency.jpg)

The regulatory frameworks for RFQ systems codify the balance between discreet liquidity sourcing and market integrity through rules on best execution and transparency.

- 
### [What Are the Primary Differences in Quoting Obligations between a Lit Exchange and an SI?](https://options.greeks.live/question/what-are-the-primary-differences-in-quoting-obligations-between-a-lit-exchange-and-an-si/)
![Robust institutional Prime RFQ core connects to a precise RFQ protocol engine. Multi-leg spread execution blades propel a digital asset derivative target, optimizing price discovery. This system ensures high-fidelity execution within complex market microstructure, managing latent liquidity and counterparty risk effectively.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-proto-insti-digital-asset-derivs-hi-fi-exec-capital-effi-risk-mgmt.jpg)

Lit exchanges mandate continuous public quotes, while SIs provide on-demand, bilateral quotes to clients.

- 
### [How Does MiFID II Distinguish between Liquid and Illiquid Instruments?](https://options.greeks.live/question/how-does-mifid-ii-distinguish-between-liquid-and-illiquid-instruments/)
![Abstract planes illustrate RFQ protocol execution for multi-leg spreads. A dynamic teal element signifies high-fidelity execution and smart order routing, optimizing price discovery. Underlying market microstructure data reveals latent liquidity and order book dynamics within a dark pool.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimization.jpg)

MiFID II distinguishes liquid from illiquid instruments using quantitative criteria to dictate transparency obligations and execution protocols.

- 
### [The Professional’s Guide to Guaranteed Fills with RFQ Systems](https://options.greeks.live/guide/the-professionals-guide-to-guaranteed-fills-with-rfq-systems/)
![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)

Command institutional-grade liquidity and execute complex options strategies with guaranteed price certainty using RFQ systems.

- 
### [Can a Systematic Internaliser Also Participate in a Request for Quote Auction on an Electronic Platform?](https://options.greeks.live/question/can-a-systematic-internaliser-also-participate-in-a-request-for-quote-auction-on-an-electronic-platform/)
![Symmetrical beige and translucent teal electronic components, resembling data units, converge centrally. This Institutional Grade RFQ execution engine enables Price Discovery and High-Fidelity Execution for Digital Asset Derivatives, optimizing Market Microstructure and Latency via Prime RFQ for Block Trades.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-engine.jpg)

A Systematic Internaliser can participate in an RFQ auction, a regulated interaction designed to enhance liquidity access for large trades.

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    "headline": "How Do Systematic Internalisers Use RFQ Systems under MiFIR? \u25b4 Question",
    "description": "Systematic Internalisers use RFQ systems as the core bilateral protocol to provide client-specific quotes, managing MiFIR's tiered transparency obligations. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-do-systematic-internalisers-use-rfq-systems-under-mifir/",
    "datePublished": "2025-08-10T06:45:20+00:00",
    "dateModified": "2025-08-10T06:45:38+00:00",
    "articleSection": [
        "Question"
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    "author": {
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    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-architecture.jpg",
        "caption": "This abstract image depicts the intricate core of a Prime RFQ protocol engine, underscoring the precision vital for institutional-grade digital asset derivatives trading. It visualizes the market microstructure enabling high-fidelity execution of block trades and multi-leg spread strategies. The design optimizes capital efficiency, minimizing slippage through smart order routing and atomic settlement, effectively managing counterparty risk and systemic risk for Bitcoin options and Ethereum futures within a deep liquidity pool."
    },
    "keywords": [
        "Approved Publication Arrangement",
        "ESMA",
        "Illiquid Instruments",
        "Liquid Instruments",
        "Market Microstructure",
        "MiFIR",
        "OTC Trading",
        "Post-Trade Reporting",
        "Pre-Trade Transparency",
        "Principal Trading",
        "Request for Quote",
        "RFQ",
        "RFQ Process",
        "RFQ Protocol",
        "RFQ System",
        "RFQ Systems",
        "Risk Management",
        "SSTI",
        "Systematic Internaliser"
    ]
}
```

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---

**Original URL:** https://options.greeks.live/question/how-do-systematic-internalisers-use-rfq-systems-under-mifir/
