# How Does MiFID II Influence RFQ Best Execution Requirements in Europe? ▴ Question

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

---

![Precision-engineered institutional-grade Prime RFQ modules connect via intricate hardware, embodying robust RFQ protocols for digital asset derivatives. This underlying market microstructure enables high-fidelity execution and atomic settlement, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-prime-os-modules-enabling-institutional-digital-asset-derivatives-rfq-protocols-for-best-execution.jpg)

![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)

## Concept

![A central RFQ engine orchestrates diverse liquidity pools, represented by distinct blades, facilitating high-fidelity execution of institutional digital asset derivatives. Metallic rods signify robust FIX protocol connectivity, enabling efficient price discovery and atomic settlement for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-liquidity-orchestration.jpg)

## The Systemic Recalibration of Trust

The introduction of the Markets in Financial Instruments Directive II (MiFID II) represents a fundamental recalibration of the core principles governing European financial markets. For institutional participants engaged in bilateral price discovery through [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) protocols, the directive’s influence extends far beyond a mere compliance checklist. It imposes a systemic, evidence-based framework upon a historically relationship-driven process. The directive compels a transition from a state of “reasonable steps” to one of “[all sufficient steps](https://prime.greeks.live/area/all-sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” in achieving the best possible result for a client.

This shift transforms the nature of trust, moving it from a foundation of counterparty familiarity to a demonstrable, data-driven, and auditable process of [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The [RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a vital tool for sourcing liquidity in less-liquid instruments or for executing large blocks without significant market impact, is placed directly under this new lens of scrutiny.

At its heart, the directive challenges the very definition of “best” in the context of an RFQ. Where it was once implicitly understood through the prism of a trader’s experience and relationships, [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) mandates an explicit, multi-faceted definition. The “best possible result” is determined by a range of [execution factors](https://prime.greeks.live/area/execution-factors/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), including not only price and costs but also speed, likelihood of execution and settlement, size, and the nature of the order. For professional clients, the investment firm must establish the relative importance of these factors, creating a bespoke execution strategy for each client and order type.

This requirement forces a structural change in how firms approach RFQ workflows. The process can no longer be an informal solicitation of prices from a few trusted dealers. It must now be a systematic, recorded, and justifiable procedure where the choice of counterparties invited to quote, the evaluation of their responses, and the final execution decision are all components of a coherent and defensible best [execution policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

![A polished, dark teal institutional-grade mechanism reveals an internal beige interface, precisely deploying a metallic, arrow-etched component. This signifies high-fidelity execution within an RFQ protocol, enabling atomic settlement and optimized price discovery for institutional digital asset derivatives and multi-leg spreads, ensuring minimal slippage and robust capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/quantitative-finance-driven-rfq-workflow-for-best-execution-in-digital-assets.jpg)

## From Legitimate Reliance to Mandated Diligence

Prior to MiFID II, the application of [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to RFQ trading, particularly when a firm acted on its own account, was governed by the “legitimate reliance test.” This test assessed whether a client had a legitimate expectation that the firm would protect their interests. It considered factors like who initiated the transaction and the relative transparency of the market. MiFID II effectively dismantles this nuanced and often ambiguous standard.

It establishes a clearer, more demanding obligation that applies whenever a firm executes a client order, regardless of the trading protocol used. This creates a new operational imperative ▴ every [RFQ process](https://prime.greeks.live/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) must be designed and executed under the assumption that it will be reviewed by regulators and clients alike.

The consequence is a profound architectural shift within the trading desk. The informal mental ledger of counterparty performance must be externalized into a formal, quantitative system. This system must be capable of capturing, storing, and analyzing every stage of the RFQ lifecycle. It needs to record why specific counterparties were chosen for an RFQ, the timeliness and competitiveness of their responses, and the ultimate execution outcome.

This data becomes the raw material for the mandatory annual public disclosures of the top five [execution venues](https://prime.greeks.live/area/execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) used for each class of financial instrument, as well as for the more granular quarterly reports on execution quality that venues themselves must produce. The RFQ, once a discreet conversation, is now a source of structured data that feeds a vast regulatory and public reporting machine, fundamentally altering the calculus of liquidity sourcing and counterparty management.

![A sophisticated metallic mechanism with integrated translucent teal pathways on a dark background. This abstract visualizes the intricate market microstructure of an institutional digital asset derivatives platform, specifically the RFQ engine facilitating private quotation and block trade execution](https://options.greeks.live/wp-content/uploads/2025/07/systemic-framework-for-institutional-digital-asset-derivatives-rfq-price-discovery-and-atomic-settlement.jpg)

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

## Strategy

![A translucent blue algorithmic execution module intersects beige cylindrical conduits, exposing precision market microstructure components. This institutional-grade system for digital asset derivatives enables high-fidelity execution of block trades and private quotation via an advanced RFQ protocol, ensuring optimal capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-core-execution-architecture-intelligence-layer.jpg)

## Constructing the Defensible Execution Policy

Under the MiFID II regime, a firm’s [order execution policy](https://prime.greeks.live/area/order-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is transformed from a static disclosure document into a dynamic operational blueprint. For RFQ workflows, this means the policy must articulate a clear and defensible strategy for achieving and evidencing best execution. The first strategic pillar is defining the universe of potential execution venues and counterparties. This can no longer be an arbitrary or purely historical list.

The strategy must involve a systematic process for identifying, vetting, and onboarding counterparties. This includes an initial due diligence process and ongoing performance monitoring against the firm’s defined execution factors. The policy must detail the criteria used for this selection, which might include the counterparty’s financial stability, their historical responsiveness, the competitiveness of their pricing, and their settlement efficiency.

The second pillar involves the codification of the RFQ process itself. The strategy must define the circumstances under which an RFQ is the appropriate execution method. It should also specify the standard number of counterparties to be included in a typical RFQ for a given instrument class and order size. A critical strategic decision is how to balance the need for competitive tension with the risk of information leakage.

Sending an RFQ to too many counterparties can signal the market and lead to adverse price movements, while sending it to too few can fail the “all [sufficient steps](https://prime.greeks.live/area/sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” test. The execution policy must provide a clear rationale for this balance. It should outline a tiered approach, perhaps requiring a minimum of three quotes for standard trades and allowing for a more concentrated approach for highly sensitive or illiquid instruments, with the justification for any deviation clearly documented.

> MiFID II necessitates that the execution policy evolves into a live, evidence-based framework that guides every decision within the RFQ lifecycle.

Finally, the strategy must integrate a robust monitoring and review function. This is not a passive, year-end exercise. It requires an active, ongoing assessment of execution quality. The firm must define how it will use the data collected from its RFQ workflows to evaluate performance.

This involves comparing execution outcomes against relevant benchmarks. For instance, an executed RFQ price can be compared against the consolidated tape price at the time of execution, the volume-weighted average price (VWAP) over a specific period, or the prices received from other counterparties in the same RFQ. This continuous feedback loop is essential for refining the execution policy, adjusting the list of preferred counterparties, and demonstrating to regulators that the firm is actively seeking to improve its execution outcomes.

![A sleek, futuristic apparatus featuring a central spherical processing unit flanked by dual reflective surfaces and illuminated data conduits. This system visually represents an advanced RFQ protocol engine facilitating high-fidelity execution and liquidity aggregation for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-options-rfq-liquidity-aggregation-interface.jpg)

## Counterparty Selection Frameworks

The selection of counterparties for an RFQ is a critical strategic element under MiFID II. Firms must move from an informal, relationship-based approach to a structured, data-driven framework. This framework should be designed to ensure that the selection process is objective, justifiable, and aligned with the overarching goal of achieving the best possible result for the client. The table below outlines two contrasting strategic frameworks for [counterparty selection](https://prime.greeks.live/area/counterparty-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

| Framework Component | Static, Tiered Framework | Dynamic, Performance-Based Framework |
| --- | --- | --- |
| Counterparty Onboarding | Counterparties are vetted and placed into predefined tiers (e.g. Tier 1, Tier 2) based on broad characteristics like balance sheet size or general market reputation. The list is reviewed annually. | Onboarding is continuous. Counterparties are evaluated against specific, quantitative metrics. A provisional status may be used for new counterparties, with promotion based on measured performance. |
| RFQ Inclusion Logic | For a given RFQ, the firm must include at least one counterparty from Tier 1 and two from Tier 2. The selection within tiers may be rotational or at the trader’s discretion. | The system algorithmically suggests counterparties for an RFQ based on a scorecard of recent performance in the specific instrument class. Factors include quote response time, price competitiveness relative to benchmark, and fill ratio. |
| Performance Monitoring | A quarterly review of general trading volumes and anecdotal feedback from traders. Counterparties may be moved between tiers based on major events or persistent negative feedback. | Real-time monitoring of every RFQ interaction. Dashboards track individual counterparty performance against the key execution factors. Automated alerts are triggered by underperformance. |
| Evidencing Best Execution | Evidence is based on demonstrating that the policy (e.g. the tiering system) was followed. The justification for the policy itself is high-level. | Evidence is generated automatically for each trade. The system can produce a report showing why specific counterparties were chosen, how their quotes compared to the market, and the final execution quality score. |

![A sleek green probe, symbolizing a precise RFQ protocol, engages a dark, textured execution venue, representing a digital asset derivatives liquidity pool. This signifies institutional-grade price discovery and high-fidelity execution through an advanced Prime RFQ, minimizing slippage and optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-integration-for-high-fidelity-execution-and-institutional-liquidity-aggregation-on-prime-os.jpg)

## The Data-Driven Mandate and Pre-Trade Analytics

A cornerstone of a MiFID II-compliant RFQ strategy is the systematic use of data. This extends beyond post-trade analysis into the pre-trade environment. Before an RFQ is even initiated, firms must have a strategy for leveraging data to inform the execution process. This involves integrating real-time market data feeds into the order management system (OMS).

This data provides a crucial reference point for assessing the fairness of the quotes that will be received. For example, having access to a consolidated data feed that shows the current best bid and offer (BBO) on lit venues, even for an instrument that is typically traded via RFQ, provides a powerful benchmark.

The strategy should also incorporate pre-trade [transaction cost analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA). This involves using historical data and predictive models to estimate the likely cost and market impact of a trade before it is executed. For an RFQ, a pre-trade TCA model can help the trader determine the optimal number of counterparties to approach. It can also provide a “should-cost” price range, which serves as an objective baseline against which to evaluate the incoming quotes.

This analytical layer provides a defensible rationale for the trading decision. If all quotes received are significantly worse than the pre-trade estimate, it may trigger a different execution strategy, such as breaking the order into smaller pieces or delaying the trade. This proactive use of analytics is a key element in demonstrating that “all sufficient steps” were taken to protect the client’s interests.

![Abstract geometric planes, translucent teal representing dynamic liquidity pools and implied volatility surfaces, intersect a dark bar. This signifies FIX protocol driven algorithmic trading and smart order routing](https://options.greeks.live/wp-content/uploads/2025/07/optimized-institutional-digital-asset-derivatives-rfq-liquidity-aggregation.jpg)

![Precision metallic mechanism with a central translucent sphere, embodying institutional RFQ protocols for digital asset derivatives. This core represents high-fidelity execution within a Prime RFQ, optimizing price discovery and liquidity aggregation for block trades, ensuring capital efficiency and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-execution-hub.jpg)

## Execution

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

## The Operational Protocol for a Compliant RFQ

Executing an RFQ in a MiFID II environment requires a precise and auditable operational workflow. Each step must be meticulously recorded, timestamped, and integrated into the firm’s data architecture. The protocol is no longer a simple communication but a structured data-generating event. The process must be embedded within an Execution Management System (EMS) or Order Management System (OMS) that is configured to meet the directive’s requirements.

The following list outlines the critical stages of a compliant RFQ execution protocol:

- **Order Inception and Pre-Trade Analysis** ▴ 
The process begins when a client order is received. The order details are entered into the OMS. The system should automatically enrich the order with relevant data, including the client’s categorization (retail or professional) and the specific execution factors that are prioritized for this client, as defined in the execution policy.
A pre-trade TCA report is generated, providing an expected execution price range and market impact assessment. This report is attached to the order as the initial piece of evidence.

- **Counterparty Selection and Justification** ▴ 
Based on the instrument, order size, and the firm’s counterparty management framework, the EMS suggests a list of counterparties for the RFQ. The trader can accept the system’s suggestion or modify it. If the trader deviates from the suggestion (e.g. by adding or removing a counterparty), the system must prompt them to enter a justification.
This justification is logged and becomes part of the audit trail. The system records the list of selected counterparties and the timestamp of the decision.

- **RFQ Dissemination and Quote Management** ▴ 
The RFQ is sent electronically to the selected counterparties, typically via a dedicated platform or direct FIX connections. The system logs the exact time the RFQ is sent to each counterparty. As quotes are received, they are automatically captured, timestamped, and displayed to the trader in a standardized format.
The display should show the price, the quantity, and any conditions attached to the quote. It should also show, in real-time, how each quote compares to the pre-trade benchmark and the live market BBO, if available.

- **Execution Decision and Order Placement** ▴ 
The trader evaluates the received quotes against the prioritized execution factors. While price is often paramount, the trader may choose a quote that is not the absolute best price if another factor, such as settlement certainty or the size of the quote, is more important for that specific order. If the best-priced quote is not selected, the system requires the trader to provide a reason for their decision. The execution request is then sent to the chosen counterparty, and the system records the timestamp of the execution.

- **Post-Trade Affirmation and Data Capture** ▴ 
Upon execution, the system receives a confirmation from the counterparty. All relevant data from the trade is captured and stored. This includes the final execution price, the fees and commissions, the timestamps of all stages, and the identifiers of the counterparties involved. This data is then fed into the firm’s post-trade monitoring systems and prepared for regulatory reporting.

![A precise RFQ engine extends into an institutional digital asset liquidity pool, symbolizing high-fidelity execution and advanced price discovery within complex market microstructure. This embodies a Principal's operational framework for multi-leg spread strategies and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-engine-interfacing-core-liquidity-system.jpg)

## Evidencing Execution Quality through Data

The core of MiFID II compliance for RFQs lies in the ability to evidence the quality of execution through concrete data. This requires a robust data infrastructure capable of capturing granular details and presenting them in a way that is meaningful for internal monitoring, client reporting, and regulatory scrutiny. The quarterly reports on execution quality mandated by [RTS 27](https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), which must be published by execution venues (including Systematic Internalisers), provide a template for the type of data that all firms should be monitoring.

> A firm’s ability to demonstrate best execution is directly proportional to the quality and granularity of the data it captures from its RFQ workflow.

The table below provides a detailed example of the data points a firm should capture for each RFQ to build a comprehensive evidence file. This data forms the basis for both internal analysis and external reporting, such as the annual [RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) report on top five execution venues.

| RFQ Execution Evidence File ▴ Trade ID 987654 | Data Category | Data Point and Sample Value |
| --- | --- | --- |

![Intricate metallic components signify system precision engineering. These structured elements symbolize institutional-grade infrastructure for high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-engineering-for-high-fidelity-execution-and-latency-optimization.jpg)

## System Integration and Technological Architecture

Compliance with MiFID II’s best execution requirements for RFQs is fundamentally a technological challenge. It necessitates a seamless integration between various systems to create a single, coherent data architecture. The OMS and EMS must function as the central nervous system of the trading desk, orchestrating the flow of information from pre-trade analysis to post-trade reporting.

The required architecture involves several key components:

- **Market Data Integration** ▴ The EMS must be connected to reliable sources of market data, including consolidated tape providers where available. This allows for real-time benchmarking of quotes. APIs are used to pull this data into the system and display it alongside the RFQ responses. 

- **[FIX Protocol](https://prime.greeks.live/area/fix-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ The Financial Information eXchange (FIX) protocol is the industry standard for electronic trading communication. The firm’s FIX engine must be configured to support the necessary tags for MiFID II reporting. This includes tags for identifying the client, the executing trader, and the specific timestamps required by the regulation. For RFQs, custom tags may be used to log the justification for counterparty selection or execution decisions. 

- **Data Warehouse** ▴ A centralized data warehouse is required to store the vast amount of data generated by the RFQ process. This repository must be designed for rapid retrieval and analysis. It should store not only the structured data (prices, timestamps) but also the unstructured data (trader justifications). 

- **Analytics Engine** ▴ An analytics engine sits on top of the data warehouse. This engine is responsible for generating the TCA reports, monitoring counterparty performance, and producing the data required for the RTS 27 and RTS 28 reports. It should allow for flexible querying and visualization, enabling compliance officers and traders to explore the data and identify any potential issues or areas for improvement. 

The successful implementation of this architecture transforms the RFQ process from a series of manual, disconnected actions into a fully integrated, automated, and auditable workflow. This technological foundation is the essential underpinning of a defensible best execution strategy in the MiFID II era.

![A central core represents a Prime RFQ engine, facilitating high-fidelity execution. Transparent, layered structures denote aggregated liquidity pools and multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-for-institutional-digital-asset-derivatives-execution.jpg)

## References

- European Securities and Markets Authority. (2018). Questions and Answers on MiFID II and MiFIR investor protection and intermediaries topics. ESMA35-43-349.

- International Capital Market Association. (2016). MiFID II/R Fixed Income Best Execution Requirements.

- Dechert LLP. (2017). MiFID II ▴ Best execution.

- Association Française des Marchés Financiers. (2024). AMAFI’s response to ESMA’s consultation on draft RTS on best execution.

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

- Financial Conduct Authority. (2017). Best execution and order handling. Markets Conduct Sourcebook (MAR).

- Lehalle, C. A. & Laruelle, S. (2013). Market Microstructure in Practice. World Scientific Publishing.

- Harris, L. (2003). Trading and Exchanges ▴ Market Microstructure for Practitioners. Oxford University Press.

![The abstract metallic sculpture represents an advanced RFQ protocol for institutional digital asset derivatives. Its intersecting planes symbolize high-fidelity execution and price discovery across complex multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-microstructure-optimization.jpg)

## Reflection

![Sleek, abstract system interface with glowing green lines symbolizing RFQ pathways and high-fidelity execution. This visualizes market microstructure for institutional digital asset derivatives, emphasizing private quotation and dark liquidity within a Prime RFQ framework, enabling best execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-for-institutional-digital-asset-derivatives.jpg)

## Beyond Compliance toward Systemic Advantage

The intricate framework of MiFID II, particularly as it applies to the RFQ protocol, presents a significant operational and technological challenge. Viewing it solely through the lens of a regulatory burden, however, is a strategic miscalculation. The directive’s requirements for data capture, systematic processes, and evidence-based decision-making provide the necessary components to construct a superior execution framework. The mandate to collect and analyze granular data on every RFQ interaction offers an unprecedented opportunity to understand liquidity dynamics, counterparty behavior, and execution quality in a way that was previously impossible.

The systems built to satisfy regulatory demands can be repurposed to generate a significant competitive advantage. The data collected for compliance can fuel more sophisticated pre-trade analytics, refine counterparty selection algorithms, and provide traders with more powerful tools to navigate complex markets. The process of codifying an execution policy forces a firm to think critically about its own processes and to identify areas of inefficiency or unquantified risk. The ultimate goal extends beyond creating an auditable trail for regulators.

It is about building an intelligent, self-learning execution system that continuously optimizes for the best possible client outcomes. The true potential of the MiFID II framework is realized when firms transition their focus from what is required for compliance to what is possible with the infrastructure that compliance necessitates.

![Precisely balanced blue spheres on a beam and angular fulcrum, atop a white dome. This signifies RFQ protocol optimization for institutional digital asset derivatives, ensuring high-fidelity execution, price discovery, capital efficiency, and systemic equilibrium in multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/systemic-equilibrium-in-digital-asset-derivatives-rfq-protocols.jpg)

## Glossary

<a href="https://prime.greeks.live/area/all-sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intricate internal machinery reveals a high-fidelity execution engine for institutional digital asset derivatives. Precision components, including a multi-leg spread mechanism and data flow conduits, symbolize a sophisticated RFQ protocol facilitating atomic settlement and robust price discovery within a principal's Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure.jpg)

## All Sufficient Steps

Meaning ▴ All Sufficient Steps denotes a design principle and operational mandate within a system where every component or process is engineered to autonomously achieve its defined objective without requiring external intervention or additional inputs beyond its initial parameters. </a><a href="https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A glossy, teal sphere, partially open, exposes precision-engineered metallic components and white internal modules. This represents an institutional-grade Crypto Derivatives OS, enabling secure RFQ protocols for high-fidelity execution and optimal price discovery of Digital Asset Derivatives, crucial for prime brokerage and minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-platform-revealing-core-rfq-protocol-mechanisms-for-optimized-high-fidelity-execution.jpg)

## Request for Quote

Meaning ▴ A Request for Quote, or RFQ, constitutes a formal communication initiated by a potential buyer or seller to solicit price quotations for a specified financial instrument or block of instruments from one or more liquidity providers. </a><a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A symmetrical, intricate digital asset derivatives execution engine. Its metallic and translucent elements visualize a robust RFQ protocol facilitating multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-best-execution.jpg)

## Execution Quality

Meaning ▴ Execution Quality quantifies the efficacy of an order's fill, assessing how closely the achieved trade price aligns with the prevailing market price at submission, alongside consideration for speed, cost, and market impact. </a><a href="https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Polished metallic rods, spherical joints, and reflective blue components within beige casings, depict a Crypto Derivatives OS. This engine drives institutional digital asset derivatives, optimizing RFQ protocols for high-fidelity execution, robust price discovery, and capital efficiency within complex market microstructure via algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/07/optimized-rfq-protocol-engine-driving-institutional-digital-asset-derivatives-market-microstructure-execution.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/execution-factors/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A teal-blue disk, symbolizing a liquidity pool for digital asset derivatives, is intersected by a bar. This represents an RFQ protocol or block trade, detailing high-fidelity execution pathways](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-high-fidelity-digital-asset-execution.jpg)

## Execution Factors

Meaning ▴ Execution Factors are the quantifiable, dynamic variables that directly influence the outcome and quality of a trade execution within institutional digital asset markets. </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">
![Precision-engineered multi-layered architecture depicts institutional digital asset derivatives platforms, showcasing modularity for optimal liquidity aggregation and atomic settlement. This visualizes sophisticated RFQ protocols, enabling high-fidelity execution and robust pre-trade analytics](https://options.greeks.live/wp-content/uploads/2025/08/modular-digital-asset-derivative-prime-os-for-institutional-rfq-and-block-trade-execution.jpg)

## Mifid Ii

Meaning ▴ MiFID II, the Markets in Financial Instruments Directive II, constitutes a comprehensive regulatory framework enacted by the European Union to govern financial markets, investment firms, and trading venues. </a><a href="https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two sharp, teal, blade-like forms crossed, featuring circular inserts, resting on stacked, darker, elongated elements. This represents intersecting RFQ protocols for institutional digital asset derivatives, illustrating multi-leg spread construction and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-best-execution.jpg)

## Execution Policy

Meaning ▴ An Execution Policy defines a structured set of rules and computational logic governing the handling and execution of financial orders within a trading system. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract intersecting geometric forms, deep blue and light beige, represent advanced RFQ protocols for institutional digital asset derivatives. These forms signify multi-leg execution strategies, principal liquidity aggregation, and high-fidelity algorithmic pricing against a textured global market sphere, reflecting robust market microstructure and intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-execution-algorithmic-pricing-global-liquidity-principal-trading-systemic-integration-high-fidelity-execution.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision execution pathway with an intelligence layer for price discovery, processing market microstructure data. A reflective block trade sphere signifies private quotation within a dark pool](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-precision-execution.jpg)

## Rfq Process

Meaning ▴ The RFQ Process, or Request for Quote Process, is a formalized electronic protocol utilized by institutional participants to solicit executable price quotations for a specific financial instrument and quantity from a select group of liquidity providers. </a><a href="https://prime.greeks.live/area/execution-venues/?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)

## Execution Venues

Meaning ▴ Execution Venues are regulated marketplaces or bilateral platforms where financial instruments are traded and orders are matched, encompassing exchanges, multilateral trading facilities, organized trading facilities, and over-the-counter desks. </a><a href="https://prime.greeks.live/area/order-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise metallic instrument, resembling an algorithmic trading probe or a multi-leg spread representation, passes through a transparent RFQ protocol gateway. This illustrates high-fidelity execution within market microstructure, facilitating price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-orchestration-of-institutional-digital-asset-rfq-execution.jpg)

## Order Execution Policy

Meaning ▴ An Order Execution Policy defines the systematic procedures and criteria governing how an institutional trading desk processes and routes client or proprietary orders across various liquidity venues. </a><a href="https://prime.greeks.live/area/sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting multi-asset liquidity channels with an embedded intelligence layer define this precision-engineered framework. It symbolizes advanced institutional digital asset RFQ protocols, visualizing sophisticated market microstructure for high-fidelity execution, mitigating counterparty risk and enabling atomic settlement across crypto derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-system-microstructure-dynamics.jpg)

## Sufficient Steps

Meaning ▴ Sufficient Steps constitute the minimum, verifiable sequence of operations required to achieve a defined, deterministic outcome within a financial protocol or system, ensuring operational closure and state transition. </a><a href="https://prime.greeks.live/area/counterparty-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision mechanical assembly: black base, intricate metallic components, luminous mint-green ring with dark spherical core. This embodies an institutional Crypto Derivatives OS, its market microstructure enabling high-fidelity execution via RFQ protocols for intelligent liquidity aggregation and optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/08/institutional-crypto-derivatives-rfq-engine-high-fidelity-execution.jpg)

## Counterparty Selection

Meaning ▴ Counterparty selection refers to the systematic process of identifying, evaluating, and engaging specific entities for trade execution, risk transfer, or service provision, based on predefined criteria such as creditworthiness, liquidity provision, operational reliability, and pricing competitiveness within a digital asset derivatives ecosystem. </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">
![The image features layered structural elements, representing diverse liquidity pools and market segments within a Principal's operational framework. A sharp, reflective plane intersects, symbolizing high-fidelity execution and price discovery via private quotation protocols for institutional digital asset derivatives, emphasizing atomic settlement nodes](https://options.greeks.live/wp-content/uploads/2025/07/systemic-interplay-for-institutional-digital-asset-derivatives-execution-via-advanced-rfq-protocols.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </a><a href="https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark central hub with three reflective, translucent blades extending. This represents a Principal's operational framework for digital asset derivatives, processing aggregated liquidity and multi-leg spread inquiries](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-engine-for-high-fidelity-digital-asset-derivatives.jpg)

## Rts 27

Meaning ▴ RTS 27 mandates that investment firms and market operators publish detailed data on the quality of execution of transactions on their venues. </a><a href="https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Rts 28

Meaning ▴ RTS 28 refers to Regulatory Technical Standard 28 under MiFID II, which mandates investment firms and market operators to publish annual reports on the quality of execution of transactions on trading venues and for financial instruments. </a><a href="https://prime.greeks.live/area/fix-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek Prime RFQ interface for institutional digital asset derivatives. An elongated panel displays dynamic numeric readouts, symbolizing multi-leg spread execution and real-time market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-options.jpg)

## Fix Protocol

Meaning ▴ The Financial Information eXchange (FIX) Protocol is a global messaging standard developed specifically for the electronic communication of securities transactions and related data. </a>

**Tags:** [Execution Policy](https://options.greeks.live/area/execution-policy/), [RFQ](https://options.greeks.live/area/rfq/), [RFQ Process](https://options.greeks.live/area/rfq-process/), [RTS 27](https://options.greeks.live/area/rts-27/), [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/)	

## Discover More

- 
### [How Does MiFID II’s Best Execution Standard Alter the Evaluation of OTC Derivative Counterparties?](https://options.greeks.live/question/how-does-mifid-iis-best-execution-standard-alter-the-evaluation-of-otc-derivative-counterparties/)
![A pristine teal sphere, symbolizing an optimal RFQ block trade or specific digital asset derivative, rests within a sophisticated institutional execution framework. A black algorithmic routing interface divides this principal's position from a granular grey surface, representing dynamic market microstructure and latent liquidity, ensuring high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-precision-for-digital-asset-derivatives-execution.jpg)

MiFID II transforms OTC counterparty evaluation into a dynamic, multi-factor analysis of execution quality, demanding a data-driven operational architecture.

- 
### [How Does an RFQ System Fulfill Best Execution Requirements under MiFID II?](https://options.greeks.live/question/how-does-an-rfq-system-fulfill-best-execution-requirements-under-mifid-ii/)
![A central mechanism of an Institutional Grade Crypto Derivatives OS with dynamically rotating arms. These translucent blue panels symbolize High-Fidelity Execution via an RFQ Protocol, facilitating Price Discovery and Liquidity Aggregation for Digital Asset Derivatives within complex Market Microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

An RFQ system fulfills MiFID II best execution by creating a competitive, auditable auction that evidences sufficient steps were taken.

- 
### [How Does MiFID II’s Best Execution Policy Alter RFQ Counterparty Selection?](https://options.greeks.live/question/how-does-mifid-iis-best-execution-policy-alter-rfq-counterparty-selection/)
![Highly polished metallic components signify an institutional-grade RFQ engine, the heart of a Prime RFQ for digital asset derivatives. Its precise engineering enables high-fidelity execution, supporting multi-leg spreads, optimizing liquidity aggregation, and minimizing slippage within complex market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineering-underpinning-institutional-digital-asset-derivatives-rfq.jpg)

MiFID II transforms RFQ counterparty selection from a relational art into a systematic, data-driven engineering discipline.

- 
### [How Do Regulatory Frameworks like MiFID II Influence the Use of RFQ Protocols for Best Execution?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-influence-the-use-of-rfq-protocols-for-best-execution/)
![A precision mechanism, symbolizing an algorithmic trading engine, centrally mounted on a market microstructure surface. Lens-like features represent liquidity pools and an intelligence layer for pre-trade analytics, enabling high-fidelity execution of institutional grade digital asset derivatives via RFQ protocols within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-microstructure.jpg)

MiFID II transforms RFQ protocols from discretionary dialogues into auditable, data-centric workflows to prove best execution.

- 
### [How Does MiFID II Specifically Redefine Best Execution for RFQ-Based Trades?](https://options.greeks.live/question/how-does-mifid-ii-specifically-redefine-best-execution-for-rfq-based-trades/)
![A luminous blue Bitcoin coin rests precisely within a sleek, multi-layered platform. This embodies high-fidelity execution of digital asset derivatives via an RFQ protocol, highlighting price discovery and atomic settlement. The structured environment signifies institutional-grade liquidity aggregation and portfolio margin.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-3.jpg)

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

- 
### [How Does MiFID II Influence RFQ Counterparty Selection Strategies?](https://options.greeks.live/question/how-does-mifid-ii-influence-rfq-counterparty-selection-strategies/)
![A sophisticated digital asset derivatives RFQ engine's core components are depicted, showcasing precise market microstructure for optimal price discovery. Its central hub facilitates algorithmic trading, ensuring high-fidelity execution across multi-leg spreads. This system supports institutional prime brokerage operations, minimizing counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimizing-multi-leg-spreads-for-optimal-capital-efficiency.jpg)

MiFID II transforms RFQ counterparty selection into a data-driven, multi-factor process, mandating a systematic and auditable execution framework.

- 
### [How Do Best Execution Obligations Differ between Systematic Internalisers and Mtfs?](https://options.greeks.live/question/how-do-best-execution-obligations-differ-between-systematic-internalisers-and-mtfs/)
![A precision-engineered metallic cross-structure, embodying an RFQ engine's market microstructure, showcases diverse elements. One granular arm signifies aggregated liquidity pools and latent liquidity. The opposing perforated arm represents high-fidelity execution and algorithmic trading parameters. Its central pivot symbolizes atomic settlement within institutional digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-microstructure-for-atomic-settlement.jpg)

Systematic Internalisers and MTFs possess distinct best execution duties rooted in their core operational models—bilateral principal versus multilateral agency—shaping strategic liquidity access.

- 
### [How Do Regulatory Frameworks like MiFID II Address Execution Quality in RFQ Environments?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-address-execution-quality-in-rfq-environments/)
![A sleek device showcases a rotating translucent teal disc, symbolizing dynamic price discovery and volatility surface visualization within an RFQ protocol. Its numerical display suggests a quantitative pricing engine facilitating algorithmic execution for digital asset derivatives, optimizing market microstructure through an intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-for-digital-asset-rfq-execution-system-with-smart-liquidity-routing.jpg)

MiFID II mandates a shift in RFQ environments from relationship-based discretion to a data-driven, auditable system proving best execution.

- 
### [How Does MiFID II Define Best Execution for Smart Order Routers?](https://options.greeks.live/question/how-does-mifid-ii-define-best-execution-for-smart-order-routers/)
![A sleek, metallic, X-shaped object with a central circular core floats above mountains at dusk. It signifies an institutional-grade Prime RFQ for digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing price discovery and capital efficiency across dark pools for best execution.](https://options.greeks.live/wp-content/uploads/2025/07/advanced-principal-rfq-protocol-architecture-for-institutional-digital-asset-derivatives-optimal-price-discovery-and-execution.jpg)

MiFID II requires SORs to systematically process multiple execution factors to demonstrably achieve the best possible client result.

---

## 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 Influence RFQ Best Execution Requirements in Europe?",
            "item": "https://options.greeks.live/question/how-does-mifid-ii-influence-rfq-best-execution-requirements-in-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-influence-rfq-best-execution-requirements-in-europe/"
    },
    "headline": "How Does MiFID II Influence RFQ Best Execution Requirements in Europe? \u25b4 Question",
    "description": "MiFID II transforms RFQ best execution from a relationship-based art into a data-driven, auditable science of systemic process. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-does-mifid-ii-influence-rfq-best-execution-requirements-in-europe/",
    "datePublished": "2025-08-07T21:34:33+00:00",
    "dateModified": "2025-08-07T21:34:38+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/prime-os-digital-asset-options-rfq-liquidity-aggregation-interface.jpg",
        "caption": "This abstract rendering depicts a sophisticated institutional-grade platform, highlighting its intelligence layer for digital asset derivatives trading. The central spherical core signifies a dynamic RFQ engine, enabling private quotation and optimal price discovery across diverse liquidity pools. Glowing conduits illustrate high-frequency data flow and smart order routing, crucial for best execution and capital efficiency in multi-leg options strategies. This advanced system minimizes slippage and provides robust pre-trade analytics, ensuring systemic risk mitigation for prime brokerage clients."
    },
    "keywords": [
        "All Sufficient Steps",
        "Best Execution",
        "Counterparty Selection",
        "Execution Factors",
        "Execution Policy",
        "Execution Quality",
        "Execution Venues",
        "FIX Protocol",
        "Market Microstructure",
        "MiFID II",
        "Order Execution Policy",
        "Request for Quote",
        "RFQ",
        "RFQ Process",
        "RTS 27",
        "RTS 28",
        "Sufficient Steps",
        "Systematic Internaliser",
        "Transaction Cost Analysis"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/question/how-does-mifid-ii-influence-rfq-best-execution-requirements-in-europe/
