# How Does MiFID II Redefine the Best Execution Standard for Asset Managers? ▴ Question

**Published:** 2025-08-03
**Categories:** Question

---

![An abstract, precision-engineered mechanism showcases polished chrome components connecting a blue base, cream panel, and a teal display with numerical data. This symbolizes an institutional-grade RFQ protocol for digital asset derivatives, ensuring high-fidelity execution, price discovery, multi-leg spread processing, and atomic settlement within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-execution-1.jpg)

![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)

## Concept

The Markets in Financial Instruments Directive II (MiFID II) fundamentally recalibrates the best [execution standard](https://prime.greeks.live/question/how-do-non-standard-clauses-alter-standard-pfe-calculations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for asset managers by transforming it from a procedural exercise into a forensic, evidence-based discipline. The directive’s core innovation was the replacement of the MiFID I requirement to take “all reasonable steps” with the far more demanding mandate to take “[all sufficient steps](https://prime.greeks.live/area/all-sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” to obtain the best possible result for clients. This linguistic shift represents a systemic change in regulatory expectation.

It moves the asset manager’s obligation from demonstrating the existence of a reasonable process to proving, with quantitative data and rigorous qualitative assessment, that the execution outcomes achieved were consistently the best possible under the prevailing market conditions. The framework compels a structural integration of [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) into the entire investment lifecycle, making it an inseparable component of fiduciary duty and performance generation.

This redefinition expands the operational burden and the strategic aperture for [asset managers](https://prime.greeks.live/question/what-are-the-primary-challenges-for-asset-managers-in-complying-with-mifid-iis-transparency-regimes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The directive mandates a granular and holistic view of execution, encompassing not just the headline price of a transaction but the total cost of execution. This includes explicit costs like commissions and fees, alongside implicit costs such as [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), slippage, and opportunity cost. The universe of financial instruments subject to this rigorous standard was also broadened significantly beyond equities to include bonds, structured finance products, and derivatives, including those traded over-the-counter (OTC).

For OTC products, MiFID II introduced a specific obligation to check the fairness of the price, requiring firms to gather market data to validate quotes where direct price transparency is limited. This compels asset managers to build or procure sophisticated data analysis capabilities for [asset classes](https://prime.greeks.live/area/asset-classes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that were previously managed through less formal, relationship-based protocols.

> MiFID II elevates best execution from a compliance checkbox to a central pillar of an asset manager’s operational and strategic architecture.

The regulation’s architecture is designed to enforce this new standard through transparency. It establishes a feedback loop of data and disclosure. [Execution venues](https://prime.greeks.live/area/execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) are required to publish detailed execution quality reports [under Regulatory Technical Standard](https://prime.greeks.live/question/how-have-regulatory-frameworks-like-mifid-ii-influenced-the-adoption-and-technical-structure-of-rfq-platforms-in-europe/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) 27 (RTS 27), providing the raw data on price, cost, and likelihood of execution. Asset managers, in turn, are required to use this data, along with their own internal analytics, to produce an annual public report under Regulatory Technical Standard 28 (RTS 28).

This report details their top five execution venues for each class of instrument and provides a summary of the quality of execution achieved. This disclosure regime creates an environment of accountability, forcing managers to justify their venue and broker choices based on demonstrable performance, thereby shifting the dynamic from one of simple routing to active, strategic liquidity sourcing.

The result is a system where the [execution policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) becomes a living document. It is a dynamic blueprint that must be informed by continuous monitoring and reviewed at least annually, or whenever a material change occurs that could affect execution outcomes. The governance structure within the asset management firm must support this dynamism, empowering compliance and oversight functions with the authority and data to effectively challenge the decisions of the front office. The standard is no longer about having a policy; it is about proving that the policy works to the consistent benefit of the end client.

![Precisely aligned forms depict an institutional trading system's RFQ protocol interface. Circular elements symbolize market data feeds and price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-interface-optimization.jpg)

![Internal hard drive mechanics, with a read/write head poised over a data platter, symbolize the precise, low-latency execution and high-fidelity data access vital for institutional digital asset derivatives. This embodies a Principal OS architecture supporting robust RFQ protocols, enabling atomic settlement and optimized liquidity aggregation within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-precision-execution-system-microstructure.jpg)

## Strategy

Adapting to the MiFID II [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) framework requires asset managers to architect a comprehensive strategy that embeds data analysis and rigorous oversight into the core of their trading operations. This strategy moves beyond mere compliance to leverage the regulatory requirements as a mechanism for enhancing performance and demonstrating superior fiduciary care. The central element of this strategy is the transformation of the [order execution policy](https://prime.greeks.live/area/order-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) from a static, principles-based document into a dynamic, data-driven operational mandate.

![Smooth, layered surfaces represent a Prime RFQ Protocol architecture for Institutional Digital Asset Derivatives. They symbolize integrated Liquidity Pool aggregation and optimized Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/market-microstructure-rfq-protocols-for-digital-asset-derivatives.jpg)

## From Policy to a Strategic Mandate

Under MiFID II, the execution policy is the strategic centerpiece that governs all execution-related decisions. It must articulate, in granular detail, the relative importance the firm assigns to the various execution factors for each class of financial instrument. These factors include price, costs, speed, likelihood of execution and settlement, size, and the nature of the order. A successful strategy involves defining this hierarchy of factors based on the specific investment strategies employed, the characteristics of the assets being traded, and the client’s objectives.

For a high-turnover quantitative strategy in liquid equities, speed and price might be paramount. For a large block order in an illiquid corporate bond, likelihood of execution and minimizing market impact become the dominant considerations.

The policy must also explicitly list the execution venues the firm relies on to deliver best execution. This requires a strategic approach to venue selection, moving away from legacy relationships toward a quantifiable, evidence-based process of evaluation. The strategy must account for the full spectrum of available trading venues and justify their inclusion in the policy.

![A complex, multi-layered electronic component with a central connector and fine metallic probes. This represents a critical Prime RFQ module for institutional digital asset derivatives trading, enabling high-fidelity execution of RFQ protocols, price discovery, and atomic settlement for multi-leg spreads with minimal latency](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-rfq-engine-driving-best-execution-and-liquidity.jpg)

## Systemic Venue and Broker Analysis

A core strategic challenge introduced by MiFID II is the systematic analysis and ongoing assessment of execution venues and brokers. The directive broadened the competitive landscape, formalizing different types of venues beyond traditional Regulated Markets (RMs).

- **Regulated Markets (RMs)** ▴ These are traditional stock exchanges like the London Stock Exchange, operating under transparent, non-discretionary rules.

- **[Multilateral Trading Facilities](https://prime.greeks.live/area/multilateral-trading-facilities/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (MTFs)** ▴ These systems bring together multiple third-party buying and selling interests in financial instruments. They are more flexible than RMs but still operate under a clear rulebook.

- **Organised Trading Facilities (OTFs)** ▴ A category introduced by MiFID II, primarily for non-equity instruments like bonds and derivatives. Unlike RMs and MTFs, execution on an OTF is carried out on a discretionary basis, though it must adhere to certain rules.

- **[Systematic Internalisers](https://prime.greeks.live/area/systematic-internalisers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SIs)** ▴ These are investment firms that deal on their own account by executing client orders outside of a regulated market or MTF on an organised, frequent, and systematic basis.

The asset manager’s strategy must include a framework for evaluating the execution quality offered by each venue type. This involves ingesting and analyzing the public [RTS 27](https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) reports from venues and combining this with the firm’s own transaction data to conduct a robust [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA).

> A successful MiFID II strategy transforms regulatory data streams into actionable intelligence for optimizing execution pathways.

![Internal components of a Prime RFQ execution engine, with modular beige units, precise metallic mechanisms, and complex data wiring. This infrastructure supports high-fidelity execution for institutional digital asset derivatives, facilitating advanced RFQ protocols, optimal liquidity aggregation, multi-leg spread trading, and efficient price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-rfq-engine-for-institutional-digital-asset-options.jpg)

## What Is the Role of Total Cost Analysis?

The strategic application of [Total Cost Analysis](https://prime.greeks.live/area/total-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) is fundamental to meeting the “all [sufficient steps](https://prime.greeks.live/area/sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” requirement. MiFID II pushes TCA far beyond its traditional focus on equity price slippage. A modern TCA framework must provide a holistic assessment of execution performance across all asset classes, capturing both direct and indirect costs.

The table below outlines the key components of a MiFID II-compliant TCA strategy, illustrating the shift from a narrow to a comprehensive view of transaction costs.

| TCA Component | Description | Strategic Implication |
| --- | --- | --- |
| Explicit Costs | Directly observable costs associated with a transaction, including broker commissions, exchange fees, clearing and settlement fees, and taxes. | These costs must be meticulously tracked and incorporated into pre-trade analysis to compare the all-in cost of executing on different venues or with different brokers. |
| Implicit Costs (Slippage) | The difference between the price at which a trade is executed and a pre-defined benchmark price (e.g. arrival price, interval VWAP). This measures the market movement during the execution process. | Provides a core measure of execution quality and the effectiveness of the chosen execution algorithm or trading tactic. Analysis helps refine future execution strategies. |
| Implicit Costs (Market Impact) | The adverse price movement caused by the trading activity itself. This is particularly significant for large orders in less liquid instruments. | Requires sophisticated modeling to estimate and measure. The strategy must focus on minimizing impact through careful order placement, use of algorithms, and sourcing of block liquidity. |
| Opportunity Costs | The cost incurred from not executing a trade, or from a partial fill. This represents the missed profit or loss avoided from the unexecuted portion of the order. | Highlights the trade-off between patience (to reduce market impact) and certainty of execution. This is a key factor in assessing the performance of passive or limit-price strategies. |

![A modular, institutional-grade device with a central data aggregation interface and metallic spigot. This Prime RFQ represents a robust RFQ protocol engine, enabling high-fidelity execution for institutional digital asset derivatives, optimizing capital efficiency and best execution](https://options.greeks.live/wp-content/uploads/2025/08/principals-institutional-digital-asset-derivatives-prime-os-for-optimized-rfq-protocol-best-execution-system.jpg)

## Governance and Continuous Improvement

Finally, the strategy must establish a robust governance framework. This involves creating a best execution committee or assigning clear responsibility to senior management for overseeing the effectiveness of the firm’s arrangements. This body is responsible for reviewing TCA reports, assessing broker and venue performance, and making decisions on whether the execution policy needs to be updated. The process must be documented to provide a clear audit trail that can be presented to regulators and clients, demonstrating that the firm is actively and continuously taking “all sufficient steps” to secure the best outcomes.

![Precision metallic pointers converge on a central blue mechanism. This symbolizes Market Microstructure of Institutional Grade Digital Asset Derivatives, depicting High-Fidelity Execution and Price Discovery via RFQ protocols, ensuring Capital Efficiency and Atomic Settlement for Multi-Leg Spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-for-precision-execution.jpg)

![Beige module, dark data strip, teal reel, clear processing component. This illustrates an RFQ protocol's high-fidelity execution, facilitating principal-to-principal atomic settlement in market microstructure, essential for a Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-protocol-execution-engine.jpg)

## Execution

The operational execution of MiFID II’s best execution standard requires asset managers to construct a resilient and auditable system for order management, data analysis, and reporting. This system must translate the firm’s strategic policy into a set of repeatable, verifiable procedures that demonstrably serve the client’s best interests. The mandate to take “all sufficient steps” is an active, continuous obligation that permeates every stage of the trading lifecycle.

![A polished, abstract geometric form represents a dynamic RFQ Protocol for institutional-grade digital asset derivatives. A central liquidity pool is surrounded by opening market segments, revealing an emerging arm displaying high-fidelity execution data](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-protocol-system.jpg)

## Operationalizing the Sufficient Steps Mandate

Executing the mandate involves a cyclical process of pre-trade analysis, in-flight monitoring, and post-trade evaluation. Before an order is placed, the system must use available data to inform the choice of execution strategy and venue. This includes considering the characteristics of the order, the liquidity profile of the instrument, and the historical performance of available venues and brokers.

During execution, particularly for large or algorithmic orders, real-time monitoring against benchmarks is necessary to ensure the execution is proceeding as intended. Post-trade, a rigorous TCA process provides the data-driven feedback loop required for continuous improvement and reporting.

![A precise central mechanism, representing an institutional RFQ engine, is bisected by a luminous teal liquidity pipeline. This visualizes high-fidelity execution for digital asset derivatives, enabling precise price discovery and atomic settlement within an optimized market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-core-execution-system-1.jpg)

## The RTS 28 Reporting Engine

The annual [RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) report is the primary public disclosure through which an asset manager demonstrates its adherence to the best execution standard. Compiling this report is a significant operational undertaking that requires the aggregation and analysis of a full year’s worth of trading data. The report must be machine-readable and provide both quantitative and qualitative information.

The core of the report is the disclosure of the top five execution venues for each class of financial instrument. This is supplemented by a detailed summary of the analysis performed and the conclusions drawn about the firm’s execution quality.

The following table details the key data fields and qualitative summaries required in an RTS 28 report, providing a blueprint for its construction.

| RTS 28 Component | Required Information | Operational Task |
| --- | --- | --- |
| Top 5 Venues (Quantitative) | For each class of instrument ▴ Venue Name & Identifier, Volume of client orders executed (as % of total), Number of client orders executed (as % of total), Percentage of aggressive/passive orders, Percentage of directed orders. | Aggregate all trade data for the reporting period. Classify each trade by instrument class. Tag each order with venue, aggression, and directed order status. Calculate and present the required percentages. |
| Execution Quality Summary (Qualitative) | An explanation of the relative importance of the execution factors (price, cost, speed, etc.) for the firm’s decisions. | Articulate the firm’s execution philosophy as stated in its policy, linking it to the investment strategies and client types served. Justify the weighting of factors for different asset classes. |
| Broker/Venue Performance Analysis | A description of how the firm monitored the execution quality of the venues listed in its policy and a summary of the results. | Document the TCA process. Summarize key findings from broker/venue reviews, including analysis of RTS 27 data. Explain how this analysis informed venue selection and the overall execution strategy. |
| Cost Analysis | A detailed description of any close links, conflicts of interest, and common ownerships with respect to any execution venues used. Also, details on any specific arrangements regarding payments made or received (rebates). | Conduct a thorough review of all relationships with execution venues. Disclose any potential conflicts. Quantify and disclose the nature and amount of any payments or non-monetary benefits received. |
| Policy Changes | An explanation of any changes made to the list of execution venues in the firm’s policy during the year. | Maintain a log of all changes to the execution policy and the data-driven rationale behind each change (e.g. adding a new venue due to superior liquidity, removing another due to poor performance). |

![A central, metallic, multi-bladed mechanism, symbolizing a core execution engine or RFQ hub, emits luminous teal data streams. These streams traverse through fragmented, transparent structures, representing dynamic market microstructure, high-fidelity price discovery, and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/principal-grade-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-optimal-price-discovery-across-fragmented-market-microstructure.jpg)

## How Do Asset Managers Handle OTC Instruments?

Executing the best execution standard for OTC instruments presents a unique operational challenge due to the inherent lack of price transparency. The MiFID II requirement to “check the fairness of the price” compels firms to build a robust process for price discovery and validation.

- **Data Gathering** ▴ The first step is to gather relevant market data. This can include sourcing indicative quotes from multiple counterparties, using data from consolidated tape providers where available, or referencing the price of similar or comparable products for which more reliable data exists.

- **Internal Benchmarking** ▴ Firms must develop internal models or methodologies to generate a “fair value” benchmark for the OTC product. This model might use inputs such as the price of underlying assets, volatility surfaces, and interest rate curves.

- **Counterparty Comparison** ▴ When requesting a quote, the firm should ideally solicit quotes from multiple counterparties to create a competitive pricing environment. The executed price can then be compared against the other quotes received and the internal fair value benchmark.

- **Documentation** ▴ The entire process must be documented. This includes logging the data gathered, the internal benchmark calculated, the quotes received, and the justification for why the final executed price was considered fair and in the client’s best interest. This documentation is critical for demonstrating compliance to regulators.

> For OTC trades, the burden of proof shifts to the asset manager to construct a verifiable framework for price fairness.

This rigorous, evidence-based approach for OTC products is a microcosm of the broader shift under MiFID II. It replaces informal, relationship-based trading with a structured, auditable, and data-centric process designed to protect the end investor and ensure the integrity of the execution process across all asset classes.

![A precision instrument probes a speckled surface, visualizing market microstructure and liquidity pool dynamics within a dark pool. This depicts RFQ protocol execution, emphasizing price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-flow.jpg)

## References

- Financial Conduct Authority. “MiFID II Best Execution.” FCA, 2017.

- Cappitech. “Best Execution ▴ Essential for Asset Managers and Hedge Funds Looking to Comply and Improve Performance.” 2019.

- “Best Execution Under MiFID II.” ICMA Centre, 2016.

- European Securities and Markets Authority. “Best Execution.” ESMA, 2012.

- Autorité des marchés financiers. “Summary document on SPOT inspections of the best execution and best selection obligations applicable to asset management companies.” AMF, 2021.

- Finmatek Ltd. “RTS 27/28 ▴ Finmatek Ltd.”

- S&P Global. “Connecting the dots between Article 27, RTS 27, and RTS 28.” 2018.

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

- IREF Europe. “The Effectiveness of MIFID II After 11 Months.” 2018.

- European Securities and Markets Authority. “ESMA publishes MiFID II Review Level 2 consultation paper on order execution policies.” 2024.

![A sleek, precision-engineered device with a split-screen interface displaying implied volatility and price discovery data for digital asset derivatives. This institutional grade module optimizes RFQ protocols, ensuring high-fidelity execution and capital efficiency within market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-module.jpg)

## Reflection

![A sophisticated mechanism depicting the high-fidelity execution of institutional digital asset derivatives. It visualizes RFQ protocol efficiency, real-time liquidity aggregation, and atomic settlement within a prime brokerage framework, optimizing market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-liquidity-aggregation-system.jpg)

## Calibrating the Execution Architecture

The integration of MiFID II’s principles into an asset management firm’s operating system is a continuous process of calibration. The data provided by RTS 27 and the disclosures mandated by RTS 28 are not endpoints; they are inputs into a dynamic feedback system. The framework compels a persistent inquiry into the firm’s own operational logic. Is the current configuration of venues, brokers, and algorithms delivering demonstrably superior results, or is it merely a product of institutional inertia?

The true measure of a firm’s execution architecture is its capacity for self-correction and evolution in response to new data and changing market structures. The regulations provide the tools for this analysis; the strategic imperative is to use them to build a system that is not just compliant, but competitively intelligent.

![A precise digital asset derivatives trading mechanism, featuring transparent data conduits symbolizing RFQ protocol execution and multi-leg spread strategies. Intricate gears visualize market microstructure, ensuring high-fidelity execution and robust price discovery](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-execution-framework.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">
![Modular institutional-grade execution system components reveal luminous green data pathways, symbolizing high-fidelity cross-asset connectivity. This depicts intricate market microstructure facilitating RFQ protocol integration for atomic settlement of digital asset derivatives within a Principal's operational framework, underpinned by a Prime RFQ intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/modular-high-fidelity-execution-architecture-for-institutional-digital-asset-derivatives-rfq-protocol-integration-and-principals-operational-framework-optimization.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/question/how-do-non-standard-clauses-alter-standard-pfe-calculations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract spheres and a translucent flow visualize institutional digital asset derivatives market microstructure. It depicts robust RFQ protocol execution, high-fidelity data flow, and seamless liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/precision-market-microstructure-for-institutional-digital-asset-derivatives-leveraging-rfq-protocols-and-atomic-settlement-across-prime-os.jpg)

## Execution Standard

Non-standard clauses alter PFE calculations by embedding contingent legal events into the risk model, reshaping the exposure profile. </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 sophisticated digital asset derivatives execution platform showcases its core market microstructure. A speckled surface depicts real-time market data streams](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-core-microstructure.jpg)

## Execution Quality

Meaning ▴ Execution Quality quantifies the efficacy of an order's fill, assessing how closely the achieved trade price aligns with the prevailing market price at submission, alongside consideration for speed, cost, and market impact. </a><a href="https://prime.greeks.live/question/what-are-the-primary-challenges-for-asset-managers-in-complying-with-mifid-iis-transparency-regimes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise, multi-faceted geometric structure represents institutional digital asset derivatives RFQ protocols. Its sharp angles denote high-fidelity execution and price discovery for multi-leg spread strategies, symbolizing capital efficiency and atomic settlement within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-microstructure-framework.jpg)

## Asset Managers

MiFID II compliance demands a systemic re-architecture of data and execution protocols to achieve continuous, high-fidelity transparency. </a><a href="https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two precision-engineered nodes, possibly representing a Private Quotation or RFQ mechanism, connect via a transparent conduit against a striped Market Microstructure backdrop. This visualizes High-Fidelity Execution pathways for Institutional Grade Digital Asset Derivatives, enabling Atomic Settlement and Capital Efficiency within a Dark Pool environment, optimizing Price Discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-nodes.jpg)

## Market Impact

Meaning ▴ Market Impact refers to the observed change in an asset's price resulting from the execution of a trading order, primarily influenced by the order's size relative to available liquidity and prevailing market conditions. </a><a href="https://prime.greeks.live/area/asset-classes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Interconnected modular components with luminous teal-blue channels converge diagonally, symbolizing advanced RFQ protocols for institutional digital asset derivatives. This depicts high-fidelity execution, price discovery, and aggregated liquidity across complex market microstructure, emphasizing atomic settlement, capital efficiency, and a robust Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-protocols.jpg)

## Asset Classes

Meaning ▴ Asset Classes represent distinct categories of financial instruments characterized by similar economic attributes, risk-return profiles, and regulatory frameworks. </a><a href="https://prime.greeks.live/question/how-have-regulatory-frameworks-like-mifid-ii-influenced-the-adoption-and-technical-structure-of-rfq-platforms-in-europe/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sharp, transparent, teal structures and a golden line intersect a dark void. This symbolizes market microstructure for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-execution-leveraging-granular-market-microstructure-intelligence.jpg)

## Under Regulatory Technical Standard

MiFID II has systemically driven RFQ platform adoption by mandating auditable best execution and market transparency. </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 metallic, reflective disc, symbolizing a digital asset derivative or tokenized contract, rests on an intricate Principal's operational framework. This visualizes the market microstructure for high-fidelity execution of institutional digital assets, emphasizing RFQ protocol precision, atomic settlement, and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/high-fidelity-digital-asset-derivatives-rfq-protocol-system-infrastructure.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/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Metallic platter signifies core market infrastructure. A precise blue instrument, representing RFQ protocol for institutional digital asset derivatives, targets a green block, signifying a large block trade](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-protocol-execution-engine-market-microstructure-optimization-for-alpha-generation.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/order-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Angularly connected segments portray distinct liquidity pools and RFQ protocols. A speckled grey section highlights granular market microstructure and aggregated inquiry complexities for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-efficiency.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/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract composition of interlocking, precisely engineered metallic plates represents a sophisticated institutional trading infrastructure. Visible perforations within a central block symbolize optimized data conduits for high-fidelity execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-multi-leg-execution-layer.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/multilateral-trading-facilities/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A robust circular Prime RFQ component with horizontal data channels, radiating a turquoise glow signifying price discovery. This institutional-grade RFQ system facilitates high-fidelity execution for digital asset derivatives, optimizing market microstructure and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-for-digital-asset-derivatives-execution.jpg)

## Multilateral Trading Facilities

Meaning ▴ Multilateral Trading Facilities, or MTFs, are regulated trading venues designed to facilitate the multilateral matching of third-party buying and selling interests in financial instruments. </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">
![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)

## 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/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, institutional-grade system processes a dynamic stream of market microstructure data, projecting a high-fidelity execution pathway for digital asset derivatives. This represents a private quotation RFQ protocol, optimizing price discovery and capital efficiency through an intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-digital-asset-derivatives-execution-microstructure-prime-os.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">
![Two sleek, metallic, and cream-colored cylindrical modules with dark, reflective spherical optical units, resembling advanced Prime RFQ components for high-fidelity execution. Sharp, reflective wing-like structures suggest smart order routing and capital efficiency in digital asset derivatives trading, enabling price discovery through RFQ protocols for block trade liquidity](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-prime-os-execution.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/total-cost-analysis/?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)

## Total Cost Analysis

Meaning ▴ Total Cost Analysis (TCA) represents a comprehensive quantitative framework for evaluating all explicit and implicit costs associated with a trade lifecycle. </a><a href="https://prime.greeks.live/area/sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished, dark spherical component anchors a sophisticated system architecture, flanked by a precise green data bus. This represents a high-fidelity execution engine, enabling institutional-grade RFQ protocols for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-core.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/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central glowing teal mechanism, an RFQ engine core, integrates two distinct pipelines, representing diverse liquidity pools for institutional digital asset derivatives. This visualizes high-fidelity execution within market microstructure, enabling atomic settlement and price discovery for Bitcoin options and Ethereum futures via private quotation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-3.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>

**Tags:** [Systematic Internalisers](https://options.greeks.live/area/systematic-internalisers/), [Execution Venues](https://options.greeks.live/area/execution-venues/), [Best Execution](https://options.greeks.live/area/best-execution/), [Best Execution Monitoring](https://options.greeks.live/area/best-execution-monitoring/), [Sufficient Steps](https://options.greeks.live/area/sufficient-steps/), [Asset Classes](https://options.greeks.live/area/asset-classes/)	

## Discover More

- 
### [How Does MiFID II Specifically Impact RFQ Best Execution Policies?](https://options.greeks.live/question/how-does-mifid-ii-specifically-impact-rfq-best-execution-policies/)
![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. The underlying layers signify aggregated liquidity pools and market microstructure dynamics, enabling price discovery and capital efficiency within a Prime RFQ framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-best-execution.jpg)

MiFID II mandates a shift to "all sufficient steps" for RFQ best execution, requiring data-driven policies and transparent reporting.

- 
### [How Does the Rfq Process Contribute to Demonstrating Best Execution under Mifid Ii?](https://options.greeks.live/question/how-does-the-rfq-process-contribute-to-demonstrating-best-execution-under-mifid-ii/)
![Transparent geometric forms symbolize high-fidelity execution and price discovery across market microstructure. A teal element signifies dynamic liquidity pools for digital asset derivatives. An opaque dome embodies principal's capital for private quotation and portfolio margin, depicting RFQ protocols on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-execution-for-institutional-digital-asset-derivatives-1.jpg)

The RFQ process provides a structured, competitive, and auditable data trail for demonstrating best execution under MiFID II.

- 
### [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.

- 
### [What Are the Primary Differences in Best Execution Requirements between the Sec and Mi Fid Ii?](https://options.greeks.live/question/what-are-the-primary-differences-in-best-execution-requirements-between-the-sec-and-mi-fid-ii/)
![A metallic, circular mechanism, a precision control interface, rests on a dark circuit board. This symbolizes the core intelligence layer of a Prime RFQ, enabling low-latency, high-fidelity execution for institutional digital asset derivatives via optimized RFQ protocols, refining market microstructure.](https://options.greeks.live/wp-content/uploads/2025/08/precision-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

SEC and MiFID II diverge fundamentally: the SEC mandates a duty to achieve favorable outcomes, while MiFID II prescribes a detailed process to prove it.

- 
### [What Are the Core Differences between MiFID II and FINRA Best Execution Requirements?](https://options.greeks.live/question/what-are-the-core-differences-between-mifid-ii-and-finra-best-execution-requirements/)
![Abstract RFQ engine, transparent blades symbolize multi-leg spread execution and high-fidelity price discovery. The central hub aggregates deep liquidity pools. Red glows indicate real-time market microstructure dynamics and optimal capital efficiency for institutional digital asset derivatives block trades.](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-crypto-derivatives-high-fidelity-block-trade.jpg)

MiFID II mandates a prescriptive, data-heavy "all sufficient steps" approach, while FINRA requires a principles-based "reasonable diligence."

- 
### [In What Ways Do Best Execution Obligations Differ for Retail versus Professional Clients?](https://options.greeks.live/question/in-what-ways-do-best-execution-obligations-differ-for-retail-versus-professional-clients/)
![Reflective and translucent discs overlap, symbolizing an RFQ protocol bridging market microstructure with institutional digital asset derivatives. This depicts seamless price discovery and high-fidelity execution, accessing latent liquidity for optimal atomic settlement within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-execution-best-price-discovery.jpg)

Best execution obligations diverge from a protective, cost-focused mandate for retail clients to a flexible, factor-based framework for professionals.

- 
### [How Does MiFID II Define the Best Execution Requirements for Firms?](https://options.greeks.live/question/how-does-mifid-ii-define-the-best-execution-requirements-for-firms/)
![A sleek, cream-colored, dome-shaped object with a dark, central, blue-illuminated aperture, resting on a reflective surface against a black background. This represents a cutting-edge Crypto Derivatives OS, facilitating high-fidelity execution for institutional digital asset derivatives. Its central aperture symbolizes intelligent price discovery and real-time market microstructure analysis, crucial for optimal RFQ protocol management and multi-leg spread strategies, embodying prime brokerage capabilities.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-prime-os-high-fidelity-rfq-execution-engine-intelligence-layer.jpg)

MiFID II defines best execution as a firm's auditable, data-driven obligation to structure its entire trading process to consistently deliver the most favorable outcome for clients.

- 
### [How Do Regulators Define the “All Sufficient Steps” in Best Execution?](https://options.greeks.live/question/how-do-regulators-define-the-all-sufficient-steps-in-best-execution/)
![A symmetrical, multi-faceted structure depicts an institutional Digital Asset Derivatives execution system. Its central crystalline core represents high-fidelity execution and atomic settlement. Distinct principal entities feature API integration points, symbolizing robust RFQ protocol connectivity for cross-asset liquidity aggregation and block trades.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure.jpg)

Regulators define "all sufficient steps" as a firm's obligation to create a dynamic, multi-faceted process for achieving the best possible client outcome.

- 
### [How Does MiFID II Define the Concept of All Sufficient Steps for Best Execution?](https://options.greeks.live/question/how-does-mifid-ii-define-the-concept-of-all-sufficient-steps-for-best-execution/)
![A futuristic, metallic sphere, the Prime RFQ engine, anchors two intersecting blade-like structures. These symbolize multi-leg spread strategies and precise algorithmic execution for institutional digital asset derivatives. Blue luminescence signifies real-time price discovery and optimal RFQ protocol routing across aggregated liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-for-high-fidelity-rfq-execution-in-digital-asset-derivatives.jpg)

MiFID II defines "all sufficient steps" as an evidence-based, dynamic system designed to prove the delivery of the best possible client outcome.

---

## 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 Redefine the Best Execution Standard for Asset Managers?",
            "item": "https://options.greeks.live/question/how-does-mifid-ii-redefine-the-best-execution-standard-for-asset-managers/"
        }
    ]
}
```

```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-redefine-the-best-execution-standard-for-asset-managers/"
    },
    "headline": "How Does MiFID II Redefine the Best Execution Standard for Asset Managers? \u25b4 Question",
    "description": "MiFID II redefines best execution by mandating asset managers to prove, with data, that they took all sufficient steps for the best outcome. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-does-mifid-ii-redefine-the-best-execution-standard-for-asset-managers/",
    "datePublished": "2025-08-03T12:18:21+00:00",
    "dateModified": "2025-08-03T12:18:21+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/2025/08/principals-institutional-digital-asset-derivatives-prime-os-for-optimized-rfq-protocol-best-execution-system.jpg",
        "caption": "A sophisticated, multi-segment institutional-grade device is depicted, symbolizing a comprehensive Prime RFQ designed for digital asset derivatives trading. Its central data aggregation interface and metallic spigot represent an advanced RFQ protocol engine, facilitating high-fidelity execution, optimized price discovery, and atomic settlement. This system minimizes slippage and adverse selection, ensuring best execution across complex market microstructure. It empowers principals with robust pre-trade analytics, portfolio margin capabilities, and enhanced capital efficiency for multi-leg spreads."
    },
    "keywords": [
        "All Sufficient Steps",
        "Asset Classes",
        "Best Execution",
        "Best Execution Monitoring",
        "Cost Analysis",
        "Execution Policy",
        "Execution Quality",
        "Execution Venues",
        "Market Impact",
        "Multilateral Trading Facilities",
        "Order Execution Policy",
        "OTC Derivatives",
        "Price Fairness",
        "RTS 27",
        "RTS 28",
        "Sufficient Steps",
        "Systematic Internalisers",
        "Total Cost Analysis",
        "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"
    }
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "FAQPage",
    "mainEntity": [
        {
            "@type": "Question",
            "name": "What Is The Role Of Total Cost Analysis?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The strategic application of Total Cost Analysis (TCA) is fundamental to meeting the \"all sufficient steps\" requirement. MiFID II pushes TCA far beyond its traditional focus on equity price slippage. A modern TCA framework must provide a holistic assessment of execution performance across all asset classes, capturing both direct and indirect costs."
            }
        },
        {
            "@type": "Question",
            "name": "How Do Asset Managers Handle OTC Instruments?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "Executing the best execution standard for OTC instruments presents a unique operational challenge due to the inherent lack of price transparency. The MiFID II requirement to \"check the fairness of the price\" compels firms to build a robust process for price discovery and validation."
            }
        }
    ]
}
```


---

**Original URL:** https://options.greeks.live/question/how-does-mifid-ii-redefine-the-best-execution-standard-for-asset-managers/
