# How Does MiFID II Impact the Rerouting of Large-In-Scale Trades within Europe? ▴ Question

**Published:** 2025-08-04
**Categories:** Question

---

![Interlocking transparent and opaque geometric planes on a dark surface. This abstract form visually articulates the intricate Market Microstructure of Institutional Digital Asset Derivatives, embodying High-Fidelity Execution through advanced RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/geometric-abstraction-of-institutional-digital-asset-derivatives-market-microstructure-driving-high-fidelity-execution-via-principal-rfq-protocols-and-optimal-liquidity-aggregation.jpg)

![A luminous, miniature Earth sphere rests precariously on textured, dark electronic infrastructure with subtle moisture. This visualizes institutional digital asset derivatives trading, highlighting high-fidelity execution within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/global-digital-asset-derivatives-rfq-protocol-execution-engine-underpinning-institutional-market-microstructure-with-precision.jpg)

## Concept

The implementation of the Markets in Financial Instruments Directive II (MiFID II) fundamentally re-architected the European trading landscape. A central objective of this regulatory overhaul was to enhance transparency across asset classes, a goal that directly reshaped the execution protocols for [large-in-scale](https://prime.greeks.live/area/large-in-scale/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (LIS) trades. The directive introduced stringent volume limitations on non-lit, or dark, [trading venues](https://prime.greeks.live/area/trading-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

These [double volume caps](https://prime.greeks.live/area/double-volume-caps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (DVCs) restrict the amount of trading in a particular stock that can occur in a dark pool to 4% on a single venue and 8% across all dark venues in the European Union over a 12-month period. Breaching these caps results in a six-month suspension of [dark trading](https://prime.greeks.live/area/dark-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in that instrument.

This regulatory pressure prompted a significant rerouting of institutional order flow. [Large orders](https://prime.greeks.live/area/large-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), which had previously sought the anonymity of dark pools to minimize market impact, now faced a new set of constraints. The directive, however, provided a specific exemption for trades classified as large-in-scale. This LIS waiver permits block trades to execute within dark venues without contributing to the [double volume](https://prime.greeks.live/question/what-are-the-primary-differences-between-the-double-volume-cap-and-the-new-single-volume-cap/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) cap calculations.

The immediate consequence was a pronounced migration of volume towards venues and mechanisms that could facilitate LIS-or-larger [block trades](https://prime.greeks.live/area/block-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This created a bifurcated dark market ▴ one for smaller, sub-LIS orders subject to the DVCs, and another, burgeoning market for institutional-sized blocks.

The rerouting of these [large trades](https://prime.greeks.live/area/large-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a direct response to the incentives embedded within MiFID II’s framework. Asset managers, driven by their [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) mandate, must find liquidity for large orders while minimizing information leakage and adverse price movements. The LIS waiver provided a sanctioned channel for this activity, leading to a surge in volumes on platforms designed to handle block trades.

This shift was not merely a passive migration; it spurred innovation in trading technology and the rise of new execution venues. [Systematic Internalisers](https://prime.greeks.live/area/systematic-internalisers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SIs), which are investment firms that trade on their own account when executing client orders, also became a prominent destination for order flow, offering another route for bilateral liquidity provision outside of traditional lit markets.

> MiFID II’s double volume caps on dark trading directly incentivized a strategic shift of large orders to venues supporting LIS-exempt block trades.

The recalibration of the [LIS thresholds](https://prime.greeks.live/area/lis-thresholds/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) themselves was a critical component of this new architecture. The European Securities and Markets Authority (ESMA) adjusted the thresholds to account for the varying liquidity profiles of different stocks. For instance, the LIS threshold for stocks with an [average daily](https://prime.greeks.live/question/how-does-order-size-relative-to-average-daily-volume-influence-algorithmic-strategy-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) volume below €100,000 was set at €15,000, while the most liquid equities required a block size of €650,000 to qualify for the waiver. This granular approach sought to maintain the viability of block trading across the spectrum of traded instruments, acknowledging that a one-size-fits-all threshold would have choked off liquidity in less-traded names.

The impact extended beyond European markets. The demand from EU clients for LIS execution pathways influenced trading behavior in other regions, as global asset managers sought consistent execution strategies across their portfolios. The directive effectively created a new equilibrium in European market structure, one where the routing of large trades is a function of a complex interplay between regulatory exemptions, technological innovation, and the enduring institutional demand for discreet, efficient execution of substantial orders. The result is a more segmented and technologically advanced ecosystem for [block trading](https://prime.greeks.live/area/block-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

![A precisely engineered multi-component structure, split to reveal its granular core, symbolizes the complex market microstructure of institutional digital asset derivatives. This visual metaphor represents the unbundling of multi-leg spreads, facilitating transparent price discovery and high-fidelity execution via RFQ protocols within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocols-revealing-market-microstructure-for-high-fidelity-execution-and-atomic-settlement-within-principals-operational-framework.jpg)

![A sleek, layered structure with a metallic rod and reflective sphere symbolizes institutional digital asset derivatives RFQ protocols. It represents high-fidelity execution, price discovery, and atomic settlement within a Prime RFQ framework, ensuring capital efficiency and minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-via-prime-os.jpg)

## Strategy

In the post-[MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) environment, the strategic imperative for institutional traders is to navigate the fragmented liquidity landscape to achieve efficient execution for large-in-scale orders. The directive’s constraints on dark trading necessitated a move away from passive reliance on traditional [dark pools](https://prime.greeks.live/area/dark-pools/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for all non-lit execution. A successful strategy now involves a multi-pronged approach that leverages the specific exemptions and venue types favored by the regulation. This requires a deep understanding of the available liquidity sources and the technological tools needed to access them.

![A central metallic mechanism, representing a core RFQ Engine, is encircled by four teal translucent panels. These symbolize Structured Liquidity Access across Liquidity Pools, enabling High-Fidelity Execution for Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/inst-dad-rfq-hifi-ex-prime-os-quant-algo-liquidity.jpg)

## The Rise of Specialized Venues

The primary strategic adaptation has been the increased utilization of platforms specifically designed for LIS block trading. Venues like [Turquoise Plato](https://prime.greeks.live/area/turquoise-plato/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Discovery, Cboe LIS, and Liquidnet experienced a significant uptick in volume as they became the designated arenas for institutional block liquidity. These platforms offer sophisticated order types and matching logic tailored to the needs of the buy-side, such as [conditional orders](https://prime.greeks.live/area/conditional-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that allow traders to rest large parent orders across multiple venues without revealing their full size until a matching opportunity is found. This technological sophistication is a key element in mitigating the information leakage risk that is inherent in large trades.

Another critical component of the new strategic framework is the use of Systematic Internalisers. SIs, typically large banks or high-frequency trading firms, provide a source of bilateral liquidity. For a buy-side firm, routing a large order to an SI can be an effective way to find a single counterparty for a block trade, thereby avoiding the need to work the order on a lit exchange and risk adverse price selection. The growth of SIs as a destination for institutional flow represents a significant structural change in the European market, moving a substantial portion of trading activity off-exchange and onto these bank-operated venues.

> Effective LIS trading strategy in the MiFID II era hinges on leveraging specialized block trading venues and Systematic Internalisers to source non-lit liquidity.

![Sharp, intersecting geometric planes in teal, deep blue, and beige form a precise, pointed leading edge against darkness. This signifies High-Fidelity Execution for Institutional Digital Asset Derivatives, reflecting complex Market Microstructure and Price Discovery](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-market-microstructure-2.jpg)

## How Have LIS Trading Volumes Evolved Post-MiFID II?

The data on LIS trading volumes since the implementation of MiFID II underscores the magnitude of this strategic shift. In the early days of the directive’s application, the proportion of dark trading classified as LIS grew dramatically. For example, in January 2018, [LIS trades](https://prime.greeks.live/area/lis-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) constituted about 12% of all dark market activity.

By April of the same year, that figure had climbed to 45%. This demonstrates a rapid and decisive rerouting of institutional flow in response to the new regulatory incentives.

The table below provides a conceptual illustration of how trading volumes might have shifted across different venue types for a hypothetical large-cap European stock following the implementation of MiFID II.

### Hypothetical Post-MiFID II Venue Volume Shift

| Venue Type | Pre-MiFID II Share of Volume | Post-MiFID II Share of Volume | Rationale for Shift |
| --- | --- | --- | --- |
| Lit Exchanges | 60% | 55% | Some volume migrates to SIs and LIS venues, though lit markets remain the primary price formation centers. |
| Traditional Dark Pools (Sub-LIS) | 8% | 3% | The double volume caps severely constrain trading in this segment, leading to a sharp decline in activity. |
| LIS Block Trading Venues | 5% | 15% | These venues become the primary destination for large orders exempt from the DVCs, attracting significant institutional flow. |
| Systematic Internalisers | 2% | 10% | The prohibition of broker crossing networks and the desire for bilateral liquidity drive volume to SIs. |
| Periodic Auctions | 1% | 3% | These venues offer a non-continuous trading mechanism that can be an attractive alternative for certain types of orders. |

![A luminous central hub, representing a dynamic liquidity pool, is bisected by two transparent, sharp-edged planes. This visualizes intersecting RFQ protocols and high-fidelity algorithmic execution within institutional digital asset derivatives market microstructure, enabling precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-protocols-microstructure-engine.jpg)

## Algorithmic Execution and Best Execution

The fragmentation of liquidity across these different venue types has made algorithmic execution strategies more important than ever. Sophisticated algorithms are required to intelligently source liquidity across lit markets, LIS venues, and SIs. These algorithms must be able to “slice and dice” large parent orders into smaller child orders and route them to the most appropriate destination based on real-time market conditions and the specific characteristics of the order. For LIS trades, algorithms can be designed to seek out block-sized liquidity on specialized venues before interacting with the lit market, thereby minimizing market impact.

The best execution obligations [under MiFID](https://prime.greeks.live/question/what-are-the-operational-consequences-of-misreporting-under-mifid-ii-versus-a-reporting-failure-under-emir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) II also play a crucial role in shaping these strategies. Asset managers are required to take all sufficient steps to obtain the best possible result for their clients, taking into account factors such as price, costs, speed, and likelihood of execution. This means that the decision of where to route a large trade is a complex one that must be justified and documented. The use of advanced [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) is essential for evaluating the effectiveness of different execution strategies and demonstrating compliance with the best execution mandate.

![The image displays a central circular mechanism, representing the core of an RFQ engine, surrounded by concentric layers signifying market microstructure and liquidity pool aggregation. A diagonal element intersects, symbolizing direct high-fidelity execution pathways for digital asset derivatives, optimized for capital efficiency and best execution through a Prime RFQ architecture](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-architecture-powering-institutional-digital-asset-derivatives-high-fidelity-execution-via-optimized-rfq-protocols.jpg)

![Robust metallic structures, symbolizing institutional grade digital asset derivatives infrastructure, intersect. Transparent blue-green planes represent algorithmic trading and high-fidelity execution for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-microstructure-1.jpg)

## Execution

The execution of large-in-scale trades in the MiFID II framework is a procedurally complex undertaking that demands a sophisticated technological and operational infrastructure. The process begins with the pre-trade analysis and selection of an appropriate execution strategy. This is a departure from a simpler, pre-MiFID II world where a large institutional order might have been routed by default to a single dark pool. Now, the execution plan must consider a wider array of venues and protocols, each with its own distinct advantages and disadvantages.

![Sleek, engineered components depict an institutional-grade Execution Management System. The prominent dark structure represents high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-for-optimized-price-discovery-high-fidelity-execution-and-market-microstructure.jpg)

## A Procedural Framework for LIS Execution

An effective execution process for a LIS trade can be broken down into several distinct stages. Each stage requires careful consideration of the regulatory constraints and the available technological tools. The objective at every step is to maximize the likelihood of a successful execution while minimizing adverse selection and information leakage.

- 
**Pre-Trade Analysis and LIS Qualification**
The first step is to determine if the order qualifies for the LIS waiver. This involves checking the size of the order against the ESMA-defined [LIS threshold](https://prime.greeks.live/area/lis-threshold/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for the specific instrument being traded. These thresholds are based on the [average daily turnover](https://prime.greeks.live/question/how-does-order-size-relative-to-average-daily-volume-influence-algorithmic-strategy-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (ADT) of the stock. A trading desk’s Order Management System (OMS) must have access to up-to-date LIS threshold data to make this determination accurately.

- 
**Venue Selection and Liquidity Seeking**
Once an order is confirmed as LIS-eligible, the trader must decide where to seek liquidity. This is where modern execution algorithms and Smart Order Routers (SORs) become critical. The SOR can be configured to ping multiple liquidity sources in a specific sequence.
A common strategy is to first seek a block-sized match on a dedicated LIS venue or through a conditional order book. If a full or partial fill is achieved, the algorithm can then be instructed to work the remainder of the order through other channels.

- 
**Interaction with Systematic Internalisers**
Parallel to seeking liquidity on LIS venues, the execution strategy may involve sending a Request for Quote (RFQ) to one or more Systematic Internalisers. This allows the trader to access the proprietary liquidity of these firms. The RFQ process is typically automated, with the trading system managing the communication with the SIs and evaluating the quotes received. The bilateral nature of SI trading can be particularly advantageous for very large orders, as it contains the execution to a single counterparty.

- 
**Contingent and Conditional Orders**
The use of contingent or conditional orders is a key tactic for executing LIS trades. These order types allow a trader to rest a large order in a dark venue without committing to the trade until a suitable counterparty is found. This “low-touch” approach helps to avoid signaling the trader’s intentions to the broader market. When a potential match is identified, the system can then send a firm-up message to confirm the trade.

- 
**Post-Trade Reporting and Analysis**
Even though LIS trades are exempt from the pre-trade transparency requirements and the DVCs, they are still subject to post-trade reporting obligations. The reporting of the trade can be deferred, giving the institutional investor time to complete their trading program without revealing their full position to the market. Following the execution, a thorough TCA is conducted to assess the quality of the execution against various benchmarks. This analysis feeds back into the pre-trade decision-making process for future orders, creating a continuous loop of improvement.

> Executing a LIS trade under MiFID II is a multi-stage process that relies on sophisticated order routing technology to navigate a fragmented liquidity landscape.

![A transparent, convex lens, intersected by angled beige, black, and teal bars, embodies institutional liquidity pool and market microstructure. This signifies RFQ protocols for digital asset derivatives and multi-leg options spreads, enabling high-fidelity execution and atomic settlement via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-execution-of-institutional-digital-asset-derivatives-via-advanced-rfq-protocols-for-multi-leg-spreads.jpg)

## What Are the Key Data Points in LIS Threshold Calculation?

The determination of LIS thresholds is a data-intensive process managed by ESMA. The primary data point is the Average Daily Turnover (ADT) of an equity instrument. The table below outlines the LIS thresholds for different ADT bands, as established under MiFID II. This data is fundamental to the pre-trade qualification process.

### MiFID II LIS Thresholds for Equity Instruments

| Average Daily Turnover (ADT) | LIS Pre-Trade Threshold | LIS Post-Trade Threshold |
| --- | --- | --- |
| < €50,000 | €15,000 | €100,000 |
| €50,000 – €100,000 | €30,000 | €200,000 |
| €100,000 – €500,000 | €50,000 | €400,000 |
| €500,000 – €1,000,000 | €75,000 | €750,000 |
| €1,000,000 – €5,000,000 | €100,000 | €1,000,000 |
| > €5,000,000 | €650,000 | €5,000,000 |

![A scratched blue sphere, representing market microstructure and liquidity pool for digital asset derivatives, encases a smooth teal sphere, symbolizing a private quotation via RFQ protocol. An institutional-grade structure suggests a Prime RFQ facilitating high-fidelity execution and managing counterparty risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocols-optimizing-digital-asset-derivative-execution-microstructure.jpg)

## The Technological Imperative

The successful execution of this strategy is contingent on having the right technology. The modern trading desk must be equipped with an Execution Management System (EMS) that can seamlessly integrate with the various liquidity sources and provide the sophisticated algorithmic trading capabilities required. Key technological components include:

- 
**Smart Order Routers (SORs)**
These systems are the workhorses of modern execution, capable of dynamically routing orders to the optimal venue based on a wide range of parameters, including the LIS status of the order.

- 
**Connectivity to LIS Venues and SIs**
A trading desk needs direct and reliable connectivity to the full ecosystem of LIS-enabled venues and Systematic Internalisers. This often involves managing multiple APIs and FIX protocol connections.

- 
**Conditional Order Support**
The EMS must be able to support the creation and management of conditional orders, allowing traders to participate in these specialized liquidity pools without exposing their hand.

- 
**Integrated TCA**
Transaction Cost Analysis tools should be integrated directly into the trading workflow, providing real-time feedback on execution quality and enabling comprehensive post-trade reviews.

The rerouting of large-in-scale trades under MiFID II is a complex process that has reshaped the European equity market. It has created a more fragmented but also a more technologically advanced environment for institutional trading. Success in this new landscape requires a deep understanding of the regulatory framework, a sophisticated execution strategy, and a robust technological infrastructure.

![A polished, cut-open sphere reveals a sharp, luminous green prism, symbolizing high-fidelity execution within a Principal's operational framework. The reflective interior denotes market microstructure insights and latent liquidity in digital asset derivatives, embodying RFQ protocols for alpha generation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-engine-prime-os-alpha-intelligence.jpg)

## References

- “Mifid II accelerates shift towards block trading.” IFLR, 3 May 2018.

- “MiFID II’s Trading Hereafter ▴ Systematic Internalizers & Block Venues.” FlexTrade, 28 March 2018.

- “Updated MiFID rules slash large in scale thresholds.” The TRADE, 28 September 2015.

- “MiFID II Transparency Rules.” U.S. Securities and Exchange Commission, 2017.

- “Traders are divided on the effectiveness of Mifid II regulation as just a quarter think it will help move trading to more transparent ‘lit’ venues.” City AM, 29 May 2018.

![A precise geometric prism reflects on a dark, structured surface, symbolizing institutional digital asset derivatives market microstructure. This visualizes block trade execution and price discovery for multi-leg spreads via RFQ protocols, ensuring high-fidelity execution and capital efficiency within Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-precision-execution.jpg)

## Reflection

The structural shifts induced by MiFID II are a testament to the market’s adaptive capacity in the face of regulatory change. The rerouting of large-in-scale trades is a prime example of this evolution, demonstrating how order flow will invariably seek the path of greatest efficiency and least market impact. The frameworks and protocols that have emerged in response to the directive’s transparency mandates are a new layer in the complex system of European market microstructure. For the institutional principal, understanding these new pathways is foundational.

The true strategic advantage, however, comes from integrating this knowledge into a holistic operational framework. The question to consider is how the architecture of your own trading and compliance systems allows you to not only navigate this new landscape but to extract a persistent edge from its complexities. The regulations have redrawn the map; the opportunity now lies in mastering the new geography.

![A sleek, abstract system interface with a central spherical lens representing real-time Price Discovery and Implied Volatility analysis for institutional Digital Asset Derivatives. Its precise contours signify High-Fidelity Execution and robust RFQ protocol orchestration, managing latent liquidity and minimizing slippage for optimized Alpha Generation](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-execution-via-optimized-rfq-protocols-enhancing-market-microstructure.jpg)

## Glossary

<a href="https://prime.greeks.live/area/trading-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Trading Venues

Meaning ▴ Trading Venues are defined as organized platforms or systems where financial instruments are bought and sold, facilitating price discovery and transaction execution through the interaction of bids and offers. </a><a href="https://prime.greeks.live/area/large-in-scale/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract composition featuring transparent liquidity pools and a structured Prime RFQ platform. Crossing elements symbolize algorithmic trading and multi-leg spread execution, visualizing high-fidelity execution within market microstructure for institutional digital asset derivatives via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-system-precision-engineering-facilitating-high-fidelity-execution-via-rfq-protocols-and-optimal-liquidity-aggregation.jpg)

## Large-In-Scale

Meaning ▴ Large-in-Scale designates an order quantity significantly exceeding typical displayed liquidity on lit exchanges, necessitating specialized execution protocols to mitigate market impact and price dislocation. </a><a href="https://prime.greeks.live/area/double-volume-caps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic precision tool rests on a circuit board, its glowing traces depicting market microstructure and algorithmic trading. A reflective disc, symbolizing a liquidity pool, mirrors the tool, highlighting high-fidelity execution and price discovery for institutional digital asset derivatives via RFQ protocols and Principal's Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocols-driving-high-fidelity-execution-and-market-microstructure-optimization-via-principal-prime-os.jpg)

## Double Volume Caps

Meaning ▴ Double Volume Caps refer to a regulatory mechanism under MiFID II designed to limit the amount of equity trading that can occur under specific pre-trade transparency waivers. </a><a href="https://prime.greeks.live/area/dark-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central RFQ aggregation engine radiates segments, symbolizing distinct liquidity pools and market makers. This depicts multi-dealer RFQ protocol orchestration for high-fidelity price discovery in digital asset derivatives, highlighting diverse counterparty risk profiles and algorithmic pricing grids](https://options.greeks.live/wp-content/uploads/2025/07/centralized-digital-asset-rfq-orchestration-for-multi-venue-liquidity-aggregation-and-high-fidelity-execution-across-diverse-counterparties.jpg)

## Dark Trading

Meaning ▴ Dark trading refers to the execution of trades on venues where order book information, including bids, offers, and depth, is not publicly displayed prior to execution. </a><a href="https://prime.greeks.live/question/what-are-the-primary-differences-between-the-double-volume-cap-and-the-new-single-volume-cap/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise teal instrument, symbolizing high-fidelity execution and price discovery, intersects angular market microstructure elements. These structured planes represent a Principal's operational framework for digital asset derivatives, resting upon a reflective liquidity pool for aggregated inquiry via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-trading-platform-underpinning-rfq-protocol-liquidity-aggregation-and-high-fidelity-execution.jpg)

## Double Volume

The Single Volume Cap streamlines MiFID II's dual-threshold system into a unified 7% EU-wide limit, simplifying dark pool access. </a><a href="https://prime.greeks.live/area/large-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Luminous blue drops on geometric planes depict institutional Digital Asset Derivatives trading. Large spheres represent atomic settlement of block trades and aggregated inquiries, while smaller droplets signify granular market microstructure data](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocols-driving-high-fidelity-execution-and-optimal-liquidity-discovery.jpg)

## Large Orders

Meaning ▴ A Large Order designates a transaction volume for a digital asset that significantly exceeds the prevailing average daily trading volume or the immediate depth available within the order book, requiring specialized execution methodologies to prevent material price dislocation and preserve market integrity. </a><a href="https://prime.greeks.live/area/block-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished sphere with metallic rings on a reflective dark surface embodies a complex Digital Asset Derivative or Multi-Leg Spread. Layered dark discs behind signify underlying Volatility Surface data and Dark Pool liquidity, representing High-Fidelity Execution and Portfolio Margin capabilities within an Institutional Grade Prime Brokerage framework](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-block-trade-liquidity-execution-microstructure-analytics.jpg)

## Block Trades

Meaning ▴ Block Trades denote transactions of significant volume, typically negotiated bilaterally between institutional participants, executed off-exchange to minimize market disruption and information leakage. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Angular metallic structures precisely intersect translucent teal planes against a dark backdrop. This embodies an institutional-grade Digital Asset Derivatives platform's market microstructure, signifying high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-high-fidelity-execution-system-architecture.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/area/large-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered system component, featuring a reflective disc and spherical intelligence layer, represents institutional-grade digital asset derivatives. It embodies high-fidelity execution via RFQ protocols for optimal price discovery within Prime RFQ market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-intelligence-prime-os.jpg)

## Large Trades

Meaning ▴ Large Trades represent order sizes that significantly exceed the typical available liquidity or average daily volume for a specific digital asset derivative, thereby possessing the inherent capacity to exert substantial market impact and necessitate specialized execution methodologies. </a><a href="https://prime.greeks.live/area/systematic-internalisers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract mechanical system with central disc and interlocking beams. This visualizes the Crypto Derivatives OS facilitating High-Fidelity Execution of Multi-Leg Spread Bitcoin Options via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-for-high-fidelity-block-trades.jpg)

## Systematic Internalisers

Meaning ▴ A market participant, typically a broker-dealer, systematically executing client orders against its own inventory or other client orders off-exchange, acting as principal. </a><a href="https://prime.greeks.live/area/lis-thresholds/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two abstract, polished components, diagonally split, reveal internal translucent blue-green fluid structures. This visually represents the Principal's Operational Framework for Institutional Grade Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-prime-os-liquidity-framework.jpg)

## Lis Thresholds

Meaning ▴ LIS Thresholds, standing for Large in Scale Thresholds, define specific volume or notional values for financial instruments, such as digital asset derivatives, which, when an order's size exceeds them, qualify that order for pre-trade transparency waivers under relevant regulatory frameworks like MiFID II. </a><a href="https://prime.greeks.live/question/how-does-order-size-relative-to-average-daily-volume-influence-algorithmic-strategy-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Modular circuit panels, two with teal traces, converge around a central metallic anchor. This symbolizes core architecture for institutional digital asset derivatives, representing a Principal's Prime RFQ framework, enabling high-fidelity execution and RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-engine-prime-os.jpg)

## Average Daily

Order size relative to ADV dictates the trade-off between market impact and timing risk, governing the required algorithmic sophistication. </a><a href="https://prime.greeks.live/area/block-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The abstract image visualizes a central Crypto Derivatives OS hub, precisely managing institutional trading workflows. Sharp, intersecting planes represent RFQ protocols extending to liquidity pools for options trading, ensuring high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-institutional-digital-asset-derivatives-prime-os-execution.jpg)

## Block Trading

Meaning ▴ Block Trading denotes the execution of a substantial volume of securities or digital assets as a single transaction, often negotiated privately and executed off-exchange to minimize market impact. </a><a href="https://prime.greeks.live/area/dark-pools/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek metallic structures with glowing apertures symbolize institutional RFQ protocols. These represent high-fidelity execution and price discovery across aggregated liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/precision-digital-asset-derivatives-trading-systems-optimizing-rfq-protocols-for-institutional-block-trade-execution.jpg)

## Dark Pools

Meaning ▴ Dark Pools are alternative trading systems (ATS) that facilitate institutional order execution away from public exchanges, characterized by pre-trade anonymity and non-display of liquidity. </a><a href="https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric forms, symbolizing bilateral quotation and multi-leg spread components, precisely interact with robust institutional-grade infrastructure. This represents a Crypto Derivatives OS facilitating high-fidelity execution via an RFQ workflow, optimizing capital efficiency and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-infrastructure.jpg)

## Mifid Ii

Meaning ▴ MiFID II, the Markets in Financial Instruments Directive II, constitutes a comprehensive regulatory framework enacted by the European Union to govern financial markets, investment firms, and trading venues. </a><a href="https://prime.greeks.live/area/conditional-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The abstract composition visualizes interconnected liquidity pools and price discovery mechanisms within institutional digital asset derivatives trading. Transparent layers and sharp elements symbolize high-fidelity execution of multi-leg spreads via RFQ protocols, emphasizing capital efficiency and optimized market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-market-microstructure-1.jpg)

## Conditional Orders

Meaning ▴ Conditional Orders are specific execution directives that remain in a dormant state until a set of pre-defined market conditions or internal system states are precisely met, at which point the system automatically activates and submits a primary order to the designated trading venue. </a><a href="https://prime.greeks.live/area/turquoise-plato/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Engineered components in beige, blue, and metallic tones form a complex, layered structure. This embodies the intricate market microstructure of institutional digital asset derivatives, illustrating a sophisticated RFQ protocol framework for optimizing price discovery, high-fidelity execution, and managing counterparty risk within multi-leg spreads on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-stack-optimization.jpg)

## Turquoise Plato

Meaning ▴ Turquoise Plato designates a proprietary, institution-exclusive execution protocol engineered for the discreet, large-block trading of digital asset derivatives, operating outside the conventional transparent order book environment to minimize market impact and mitigate information leakage for Principals. </a><a href="https://prime.greeks.live/area/lis-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A complex, layered mechanical system featuring interconnected discs and a central glowing core. This visualizes an institutional Digital Asset Derivatives Prime RFQ, facilitating RFQ protocols for price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-prime-os-market-microstructure.jpg)

## Lis Trades

Meaning ▴ LIS Trades, an acronym for Large In Scale Trades, designates block transactions that surpass a specific, predefined quantitative threshold established by regulatory frameworks, differentiating them from typical order book activity. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract composition depicts a glowing green vector slicing through a segmented liquidity pool and principal's block. This visualizes high-fidelity execution and price discovery across market microstructure, optimizing RFQ protocols for institutional digital asset derivatives, minimizing slippage and latency](https://options.greeks.live/wp-content/uploads/2025/07/optimal-precise-digital-asset-derivative-rfq-execution-via-smart-protocols-for-institutional-trading.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </a><a href="https://prime.greeks.live/question/what-are-the-operational-consequences-of-misreporting-under-mifid-ii-versus-a-reporting-failure-under-emir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A futuristic, institutional-grade sphere, diagonally split, reveals a glowing teal core of intricate circuitry. This represents a high-fidelity execution engine for digital asset derivatives, facilitating private quotation via RFQ protocols, embodying market microstructure for latent liquidity and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-prime-os.jpg)

## Under Mifid

A MiFID II misreport corrupts market surveillance data; an EMIR failure hides systemic risk, creating distinct operational and reputational threats. </a><a href="https://prime.greeks.live/question/how-does-order-size-relative-to-average-daily-volume-influence-algorithmic-strategy-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central illuminated hub with four light beams forming an 'X' against dark geometric planes. This embodies a Prime RFQ orchestrating multi-leg spread execution, aggregating RFQ liquidity across diverse venues for optimal price discovery and high-fidelity execution of institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-orchestrating-high-fidelity-execution-and-optimal-price-discovery.jpg)

## Average Daily Turnover

Order size relative to ADV dictates the trade-off between market impact and timing risk, governing the required algorithmic sophistication. </a><a href="https://prime.greeks.live/area/lis-threshold/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-liquidity-orchestration.jpg)

## Lis Threshold

Meaning ▴ The LIS Threshold represents a dynamically determined order size benchmark, classifying trades as "Large In Scale" to delineate distinct market microstructure rules, primarily concerning pre-trade transparency obligations and enabling different execution methodologies for institutional digital asset derivatives. </a>

**Tags:** [Cboe LIS](https://options.greeks.live/area/cboe-lis/), [Turquoise Plato](https://options.greeks.live/area/turquoise-plato/), [LIS Trades](https://options.greeks.live/area/lis-trades/), [Best Execution](https://options.greeks.live/area/best-execution/), [Volume Caps](https://options.greeks.live/area/volume-caps/), [Conditional Orders](https://options.greeks.live/area/conditional-orders/)	

## Discover More

- 
### [How Has the Double Volume Cap Changed Institutional Trading Strategies in Europe?](https://options.greeks.live/question/how-has-the-double-volume-cap-changed-institutional-trading-strategies-in-europe/)
![Close-up reveals robust metallic components of an institutional-grade execution management system. Precision-engineered surfaces and central pivot signify high-fidelity execution for digital asset derivatives. This represents the market microstructure supporting RFQ protocols, ensuring best execution and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-execution-precision-optimizing-market-microstructure-for-best-execution-and-prime-os.jpg)

The Double Volume Cap fragmented European liquidity, forcing a strategic pivot to systematic internalisers and LIS block trading platforms.

- 
### [How Did the Large in Scale Waiver Affect Block Trading Strategies under MiFID II?](https://options.greeks.live/question/how-did-the-large-in-scale-waiver-affect-block-trading-strategies-under-mifid-ii/)
![A sleek, futuristic institutional grade platform with a translucent teal dome signifies a secure environment for private quotation and high-fidelity execution. A dark, reflective sphere represents an intelligence layer for algorithmic trading and price discovery within market microstructure, ensuring capital efficiency for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-execution-for-institutional-digital-asset-derivatives-1.jpg)

The Large-in-Scale waiver under MiFID II re-architected European block trading by creating a protected, high-volume channel for institutional orders, exempting them from dark pool caps and driving innovation in execution protocols.

- 
### [How Does MiFID II’s Large-in-Scale Waiver Impact Equity Block Trading Strategies?](https://options.greeks.live/question/how-does-mifid-iis-large-in-scale-waiver-impact-equity-block-trading-strategies/)
![A sophisticated modular component of a Crypto Derivatives OS, featuring an intelligence layer for real-time market microstructure analysis. Its precision engineering facilitates high-fidelity execution of digital asset derivatives via RFQ protocols, ensuring optimal price discovery and capital efficiency for institutional participants.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-module.jpg)

MiFID II's LIS waiver enables impact-mitigated block trades by exempting large orders from pre-trade transparency and DVC limits.

- 
### [What Are the Regulatory Considerations When Routing Orders between Dark Pools and Rfq Venues?](https://options.greeks.live/question/what-are-the-regulatory-considerations-when-routing-orders-between-dark-pools-and-rfq-venues/)
![A sleek, multi-faceted plane represents a Principal's operational framework and Execution Management System. A central glossy black sphere signifies a block trade digital asset derivative, executed with atomic settlement via an RFQ protocol's private quotation. Textured spheres below denote collateral supporting advanced market microstructure for price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-principal-os-high-fidelity-execution.jpg)

Navigating dark pool and RFQ regulations requires an execution architecture designed for compliance and optimized for superior performance.

- 
### [What Are the Regulatory Implications of Increased Use of Conditional Quote Protocols?](https://options.greeks.live/question/what-are-the-regulatory-implications-of-increased-use-of-conditional-quote-protocols/)
![A futuristic, intricate central mechanism with luminous blue accents represents a Prime RFQ for Digital Asset Derivatives Price Discovery. Four sleek, curved panels extending outwards signify diverse Liquidity Pools and RFQ channels for Block Trade High-Fidelity Execution, minimizing Slippage and Latency in Market Microstructure operations.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-2.jpg)

Conditional quote protocols mitigate market impact by transforming non-binding interest into firm orders only upon discovering a viable contra-side.

- 
### [How Has the Calibration of LIS Thresholds for Illiquid Stocks Affected Market Quality?](https://options.greeks.live/question/how-has-the-calibration-of-lis-thresholds-for-illiquid-stocks-affected-market-quality/)
![A precision-engineered control mechanism, featuring a ribbed dial and prominent green indicator, signifies Institutional Grade Digital Asset Derivatives RFQ Protocol optimization. This represents High-Fidelity Execution, Price Discovery, and Volatility Surface calibration for Algorithmic Trading. The central indicator suggests Atomic Settlement within a Prime RFQ Market Microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/principal-operational-framework-precision-calibration-for-institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-prime-os-and-volatility-surface-optimization.jpg)

LIS threshold calibration directly governs block liquidity access, shaping execution strategy and market quality for illiquid assets.

- 
### [How Does Smart Order Routing Logic Adapt to MiFID II’s Dark Pool Regulations?](https://options.greeks.live/question/how-does-smart-order-routing-logic-adapt-to-mifid-iis-dark-pool-regulations/)
![A central multi-quadrant disc signifies diverse liquidity pools and portfolio margin. A dynamic diagonal band, an RFQ protocol or private quotation channel, bisects it, enabling high-fidelity execution for digital asset derivatives. This depicts price discovery across market microstructure within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-protocols-for-institutional-digital-asset-derivatives.jpg)

MiFID II transforms SOR logic from a simple router to an aware, regulatory-constrained optimization engine for sourcing fragmented liquidity.

- 
### [How Did MiFID II’s Double Volume Caps Alter Dark Pool Trading Strategies?](https://options.greeks.live/question/how-did-mifid-iis-double-volume-caps-alter-dark-pool-trading-strategies/)
![Abstract architectural representation of a Prime RFQ for institutional digital asset derivatives, illustrating RFQ aggregation and high-fidelity execution. Intersecting beams signify multi-leg spread pathways and liquidity pools, while spheres represent atomic settlement points and implied volatility. A central intelligence layer monitors market microstructure for best execution.](https://options.greeks.live/wp-content/uploads/2025/07/architecting-institutional-digital-asset-derivatives-trading-systems-for-optimized-rfq-execution-and-advanced-price-discovery.jpg)

MiFID II's double volume caps fragmented dark pool liquidity, forcing a strategic shift to alternative venues and LIS-focused execution.

- 
### [How Do Dark Pool Volume Caps under MiFID II Affect Institutional Execution Strategy?](https://options.greeks.live/question/how-do-dark-pool-volume-caps-under-mifid-ii-affect-institutional-execution-strategy/)
![A transparent sphere, representing a digital asset option, rests on an aqua geometric RFQ execution venue. This proprietary liquidity pool integrates with an opaque institutional grade infrastructure, depicting high-fidelity execution and atomic settlement within a Principal's operational framework for Crypto Derivatives OS.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-prime-os.jpg)

MiFID II's volume caps transformed institutional execution by fragmenting liquidity and necessitating adaptive, multi-venue routing strategies.

---

## 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 Does MiFID II Impact the Rerouting of Large-In-Scale Trades within Europe?",
            "item": "https://options.greeks.live/question/how-does-mifid-ii-impact-the-rerouting-of-large-in-scale-trades-within-europe/"
        }
    ]
}
```

```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-does-mifid-ii-impact-the-rerouting-of-large-in-scale-trades-within-europe/"
    },
    "headline": "How Does MiFID II Impact the Rerouting of Large-In-Scale Trades within Europe? \u25b4 Question",
    "description": "MiFID II reroutes large trades to LIS-exempt venues and SIs via volume caps, reshaping European block trading protocols. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-does-mifid-ii-impact-the-rerouting-of-large-in-scale-trades-within-europe/",
    "datePublished": "2025-08-04T16:14:38+00:00",
    "dateModified": "2025-08-04T16:14:38+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/precision-rfq-execution-engine-for-institutional-digital-asset-derivatives.jpg",
        "caption": "This visual metaphor illustrates an institutional-grade Crypto Derivatives OS facilitating high-fidelity execution for digital asset derivatives. The central Execution Management System EMS precisely targets price discovery through RFQ protocols, managing multi-leg spread strategies. It efficiently aggregates latent liquidity across diverse liquidity venues, minimizing slippage and adverse selection for optimal best execution of block trades, ensuring capital efficiency and robust counterparty risk management within dark pool environments."
    },
    "keywords": [
        "Best Execution",
        "Block Trades",
        "Block Trading",
        "Cboe LIS",
        "Conditional Orders",
        "Dark Pools",
        "Dark Trading",
        "Double Volume Caps",
        "Large Orders",
        "Large Trades",
        "Large-in-Scale",
        "LIS Threshold",
        "LIS Thresholds",
        "LIS Trades",
        "MiFID II",
        "Smart Order Router",
        "Systematic Internalisers",
        "Trading Venues",
        "Transaction Cost Analysis",
        "Turquoise Plato",
        "Volume Caps"
    ]
}
```

```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"
    }
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "FAQPage",
    "mainEntity": [
        {
            "@type": "Question",
            "name": "How Have LIS Trading Volumes Evolved Post-MiFID II?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The data on LIS trading volumes since the implementation of MiFID II underscores the magnitude of this strategic shift. In the early days of the directive's application, the proportion of dark trading classified as LIS grew dramatically. For example, in January 2018, LIS trades constituted about 12% of all dark market activity. By April of the same year, that figure had climbed to 45%. This demonstrates a rapid and decisive rerouting of institutional flow in response to the new regulatory incentives."
            }
        },
        {
            "@type": "Question",
            "name": "What Are the Key Data Points in LIS Threshold Calculation?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The determination of LIS thresholds is a data-intensive process managed by ESMA. The primary data point is the Average Daily Turnover (ADT) of an equity instrument. The table below outlines the LIS thresholds for different ADT bands, as established under MiFID II. This data is fundamental to the pre-trade qualification process."
            }
        }
    ]
}
```


---

**Original URL:** https://options.greeks.live/question/how-does-mifid-ii-impact-the-rerouting-of-large-in-scale-trades-within-europe/
