# How Does MiFID II Specifically Define Best Execution Data Requirements? ▴ Question

**Published:** 2025-08-06
**Categories:** Question

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## Concept

The Markets in [Financial Instruments](https://prime.greeks.live/area/financial-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Directive II (MiFID II) re-architected the European financial system’s approach to execution quality. It established a framework where the obligation to secure the best possible result for a client is demonstrated through a rigorous, standardized data disclosure regime. This system is built upon two foundational pillars ▴ [Regulatory Technical](https://prime.greeks.live/guide/a-guide-to-using-technical-analysis-for-options-trading-decisions/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Standard 27 (RTS 27) and Regulatory Technical Standard 28 (RTS 28). Together, they create a transparent loop of information, compelling execution venues to publish detailed metrics on execution quality and requiring investment firms to use this data to justify their venue choices to clients and regulators.

At its core, the directive mandates that [investment firms](https://prime.greeks.live/area/investment-firms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) take “all sufficient steps” to obtain the best outcome for their clients when executing orders. This principle is assessed against a range of execution factors, including price, costs, speed, and the likelihood of execution and settlement. The [data requirements](https://prime.greeks.live/area/data-requirements/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) specified under MiFID II provide the granular evidence needed to substantiate a firm’s adherence to its execution policy. This transforms best execution from a qualitative commitment into a quantifiable and auditable process.

> MiFID II’s data requirements compel market participants to prove execution quality through standardized, public reporting, making the entire execution process transparent and accountable.

The directive’s data-centric approach aims to empower investors and enhance competition between trading venues. By mandating the public disclosure of [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) metrics in a uniform format, the regulations were designed to allow for meaningful comparisons. An investor or a portfolio manager can, in theory, analyze the RTS 27 reports from various venues to see which ones consistently offer superior execution for specific types of financial instruments. This information then feeds into the investment firm’s own analysis and subsequent RTS 28 report, which details where it sent [client orders](https://prime.greeks.live/area/client-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and why.

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## Recent Regulatory Shifts

It is important to recognize the evolving nature of these reporting obligations. Citing feedback that the reports were seldom used and did not facilitate effective comparisons, European regulators have taken steps to suspend and remove the mandatory production of [RTS 27](https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and [RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) reports. In the EU, a directive suspended the RTS 27 requirement, with proposals to delete it entirely.

Subsequently, the European Securities and Markets Authority (ESMA) has advised national competent authorities (NCAs) not to prioritize supervisory actions related to RTS 28 reporting obligations. The UK took similar action, ceasing the requirement for firms and venues to prepare these reports.

Despite the suspension of these specific reports, the underlying obligation for firms to achieve and demonstrate [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) remains firmly in place. Regulators have stressed that the core principles of investor protection and market integrity are paramount. Firms are still required to maintain robust execution policies, monitor execution quality, and be able to justify their execution decisions to regulators and clients. The focus has shifted from a prescriptive reporting format to a more principles-based supervisory approach, where the onus is on the firm to prove its diligence through its internal records and analysis.

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## Strategy

The strategic architecture of MiFID II’s best [execution data](https://prime.greeks.live/area/execution-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) requirements was designed to create a system of checks and balances. The dual reporting structure of RTS 27 and RTS 28 established a flow of information intended to drive accountability. [Execution venues](https://prime.greeks.live/area/execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) were required to provide the raw material for analysis (RTS 27), and investment firms were tasked with consuming that data, combining it with their own internal metrics, and producing a summary of their execution strategy and outcomes (RTS 28). This framework compels firms to develop a sophisticated data analysis strategy to both comply with regulations and optimize client outcomes.

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## A Comparative Analysis of RTS 27 and RTS 28

Understanding the distinct roles of RTS 27 and RTS 28 is fundamental to grasping the regulation’s strategic intent. Each report serves a different purpose and targets a different entity within the market structure, yet they are designed to be complementary.

### Table 1 ▴ Comparison of RTS 27 and RTS 28 Reporting Frameworks

| Attribute | RTS 27 Report | RTS 28 Report |
| --- | --- | --- |
| Reporting Entity | Execution Venues (e.g. Regulated Markets, Multilateral Trading Facilities) | Investment Firms (e.g. Brokers, Portfolio Managers) |
| Core Purpose | To provide detailed, standardized data on the quality of execution achieved on the venue. | To disclose the top five venues used for executing client orders and summarize the quality of execution achieved. |
| Frequency | Quarterly | Annually |
| Primary Audience | Investment Firms, Regulators, Public | Clients, Regulators, Public |
| Key Data Focus | Quantitative metrics on price, cost, speed, and likelihood of execution for specific financial instruments. | Summary of venue selection, order routing practices, and qualitative assessment of execution quality. |

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## How Do Firms Strategically Use Execution Data?

An investment firm’s strategy extends beyond mere compliance with RTS 28. It involves the active and continuous analysis of execution data to refine its [order routing](https://prime.greeks.live/area/order-routing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) decisions and demonstrate adherence to its [best execution policy](https://prime.greeks.live/area/best-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This process can be broken down into several key stages.

- **Data Ingestion and Aggregation** ▴ The first step is to collect and normalize the vast amounts of data available. This includes the public RTS 27 reports from all potential execution venues, as well as the firm’s own internal transaction data from its Order Management System (OMS) and Execution Management System (EMS).

- **Quantitative Analysis and Venue Ranking** ▴ The firm must analyze this data against the primary best execution factors. This involves calculating metrics like effective spread, [price improvement](https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) versus the benchmark (e.g. arrival price or VWAP), and execution latency. This analysis allows the firm to rank venues based on their performance for different asset classes, order sizes, and market conditions.

- **Qualitative Factor Assessment** ▴ The strategy also incorporates qualitative factors. A venue might offer superior liquidity for large block trades or provide access to unique order types that are beneficial for specific strategies. These elements are harder to quantify but are a critical part of the overall assessment and must be documented.

- **Policy Review and Adaptation** ▴ The insights gleaned from this analysis feed directly into the firm’s Best [Execution Policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and its order routing logic. If the data shows that a particular venue is consistently underperforming, the firm is obligated to adjust its strategy and direct [order flow](https://prime.greeks.live/area/order-flow/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) elsewhere. This continuous monitoring and adaptation cycle is central to the MiFID II framework.

> Effective strategy under MiFID II involves a continuous cycle of data analysis, venue assessment, and policy adaptation to prove and improve execution quality.

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## The Role of the Best Execution Policy

The Best Execution Policy is the central strategic document that governs a firm’s actions. MiFID II requires this policy to be clear, detailed, and provided to clients. It must explicitly state the relative importance the firm places on the different execution factors (price, cost, speed, etc.) for various client types and financial instruments. For a retail client trading liquid equities, price and explicit costs might be paramount.

For an institutional client executing a complex, multi-leg options strategy, the likelihood of execution and minimizing market impact might take precedence. The data gathered and analyzed serves as the evidence that the firm is following its own stated policy, thereby fulfilling its obligation to act in the client’s best interest.

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## Execution

The operational execution of MiFID II’s data requirements involves translating regulatory principles into precise, data-driven workflows. For execution venues, this meant implementing systems to capture and report a granular set of metrics for RTS 27. For investment firms, it required building a framework to ingest this external data, merge it with internal records, and produce the analytical summary required for RTS 28. While the mandatory reporting has been suspended, the underlying data points remain the blueprint for what regulators consider essential for demonstrating best execution.

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## Anatomy of an RTS 27 Report

The RTS 27 report was the bedrock of the data framework, providing the raw metrics for the market. Its structure was highly prescriptive, designed to ensure uniformity across all European trading venues. The data had to be provided on an instrument-by-instrument basis, offering a detailed view of execution quality.

- **Price Data** ▴ This was the most detailed section. For any given instrument, a venue had to report on the average effective spread, the number of orders or requests for quotes, and detailed statistics about prices relative to the best bid and offer at the time of execution. This allowed an analyst to see how often a venue provided price improvement.

- **Cost Information** ▴ Venues were required to provide a comprehensive breakdown of all execution-related costs. This included execution fees, clearing and settlement fees, and any taxes levied. The goal was to provide total transparency on the explicit costs of trading.

- **Speed of Execution** ▴ The report mandated data on the speed of execution, measured in milliseconds. This was typically broken down by order size and type, showing the time from order receipt to execution. This metric is critical for latency-sensitive trading strategies.

- **Likelihood of Execution** ▴ This metric captured the probability of an order being executed. It included data on the total number of orders received versus the number executed, providing insight into the reliability of the venue.

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## The Operational Playbook for RTS 28

For an investment firm, producing the annual RTS 28 report was a significant operational undertaking. Even with the suspension of the requirement, the process remains a best practice for internal review and potential regulatory inquiries.

- **Instrument Classification** ▴ The firm must first categorize all executed client orders into the specific classes of financial instruments defined by the regulation (e.g. equities, ETFs, bonds, interest rate derivatives).

- **Venue Identification and Volume Calculation** ▴ For each class, the firm must identify the top five execution venues where it sent client orders, measured by trading volume. It must also disclose the percentage of total volume and orders sent to each of these top venues.

- **Order Type Analysis** ▴ The firm must break down the order flow to each venue by passive, aggressive, and directed orders. A passive order adds liquidity (e.g. a limit order that rests on the book), while an aggressive order takes liquidity (e.g. a market order). This distinction is key to understanding the firm’s trading strategy.

- **Execution Quality Summary** ▴ This is the qualitative heart of the report. The firm must provide a summary of its analysis of the execution quality obtained from its top venues. This summary must explain how the firm’s [venue selection](https://prime.greeks.live/area/venue-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) aligns with its Best Execution Policy and its duty to its clients. It requires a clear narrative connecting the firm’s actions to the data.

> Executing MiFID II compliance requires a firm to systematically capture, classify, and analyze every client order against a multi-faceted set of quantitative and qualitative factors.

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## Quantitative Data for Execution Analysis

The table below provides a simplified example of the kind of internal analysis a firm would perform to inform its execution strategy and RTS 28 summary. This analysis compares three hypothetical venues for trading a specific class of instruments, such as large-cap equities.

### Table 2 ▴ Sample Internal Venue Performance Analysis

| Metric | Venue A (MTF) | Venue B (Regulated Market) | Venue C (Systematic Internaliser) |
| --- | --- | --- | --- |
| Average Price Improvement (bps) | 0.25 | 0.15 | 0.30 |
| Average Execution Latency (ms) | 5 | 15 | 2 |
| Average Explicit Cost per Share (€) | 0.0010 | 0.0008 | 0.0012 |
| Likelihood of Fill (Large Orders) | 85% | 95% | 90% |
| Firm’s Order Flow Allocation | 30% | 50% | 20% |

In this scenario, the firm’s RTS 28 summary would need to explain its allocation choices. It might justify sending 50% of its flow to Venue B due to its higher fill probability for large orders, despite slightly lower price improvement and higher latency. The allocation to Venue C could be explained by its superior speed for smaller, latency-sensitive orders, while Venue A provides a balance of cost and price improvement. This detailed, data-backed justification is the essence of executing on the MiFID II best execution mandate.

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## References

- European Parliament and Council of the European Union. “Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU.” Official Journal of the European Union, 2014.

- European Commission. “Commission Delegated Regulation (EU) 2017/575 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards for the data that must be published by execution venues on the quality of execution of transactions.” Official Journal of the European Union, 2017. (Specifies RTS 27)

- European Commission. “Commission Delegated Regulation (EU) 2017/576 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the annual publication by investment firms of information on the identity of execution venues and on the quality of execution.” Official Journal of the European Union, 2017. (Specifies RTS 28)

- European Securities and Markets Authority. “ESMA clarifies best execution reporting requirements.” Public Statement, ESMA50-165-2233, 13 February 2024.

- Financial Conduct Authority. “Best execution and reporting.” FCA Handbook, COBS 11.2A, 2021.

- Anagnostopoulos, Ioannis. “The economics of best execution.” Journal of Financial Regulation and Compliance, vol. 22, no. 4, 2014, pp. 352-368.

- Foucault, Thierry, and Albert J. Menkveld. “Competition for order flow and smart order routing systems.” The Journal of Finance, vol. 63, no. 1, 2008, pp. 119-158.

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## Reflection

The suspension of RTS 27 and RTS 28 reporting marks a shift in the regulatory landscape, but it does not diminish the core principle. The architectural blueprint for data-driven execution quality remains. The question for any institution now becomes one of internal systems and operational integrity.

How does your firm’s framework currently measure and validate execution quality in the absence of a mandated public format? The data points specified in the original technical standards still represent a comprehensive model for what constitutes a thorough analysis.

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## What Is the True Cost of Inefficient Execution?

Considering the intricate data points on price, cost, and speed, one must reflect on the cumulative impact of suboptimal routing. A fraction of a basis point in lost price improvement, or a few milliseconds of unnecessary latency, may seem negligible on a single trade. Yet, when scaled across thousands or millions of orders, these small inefficiencies compound into a significant drag on performance.

The data framework MiFID II pioneered provides the tools for this granular audit. The responsibility now rests entirely with the firm to build and maintain this analytical capability, not for public disclosure, but for its own competitive advantage and fiduciary duty.

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## Is Your Technology a Strategic Asset?

Ultimately, the ability to collect, analyze, and act upon execution data is a technological challenge. It requires an integrated system where order management, execution management, and post-trade analytics communicate seamlessly. Reflect on your current architecture. Does it provide a consolidated view of execution quality across all venues and asset classes?

Can it generate the kind of detailed, evidence-backed analysis that would satisfy a regulator’s inquiry or a client’s demand for transparency? The answers to these questions will define your firm’s capacity to navigate the evolving demands of best execution.

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## Glossary

<a href="https://prime.greeks.live/area/financial-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Financial Instruments

Meaning ▴ Financial instruments represent codified contractual agreements that establish specific claims, obligations, or rights concerning the transfer of economic value or risk between parties. </a><a href="https://prime.greeks.live/guide/a-guide-to-using-technical-analysis-for-options-trading-decisions/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Regulatory Technical

A professional guide to using chart analysis for superior options trading decisions and risk management. </a><a href="https://prime.greeks.live/area/data-requirements/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Data Requirements

Meaning ▴ Data Requirements define the precise specifications for all information inputs and outputs essential for the design, development, and operational integrity of a robust trading system or financial protocol within the institutional digital asset derivatives landscape. </a><a href="https://prime.greeks.live/area/investment-firms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Investment Firms

Meaning ▴ Investment Firms are institutional entities primarily engaged in the management, deployment, and intermediation of capital within financial markets, operating as critical nodes in the global capital allocation network. </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">
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## 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/client-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Client Orders

Meaning ▴ Client Orders represent the formal instructions submitted by an institutional principal to an execution system, specifying the intent to buy or sell a defined quantity of a particular digital asset derivative at certain price and time parameters. </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">
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## 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">
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## 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/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated institutional digital asset derivatives platform unveils its core market microstructure. Intricate circuitry powers a central blue spherical RFQ protocol engine on a polished circular surface](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-prime-os-unveiling-rfq-protocol-engine-market-microstructure-for-optimal-price-discovery-and-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/execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, futuristic mechanism showcases a large reflective blue dome with intricate internal gears, connected by precise metallic bars to a smaller sphere. This embodies an institutional-grade Crypto Derivatives OS, optimizing RFQ protocols for high-fidelity execution, managing liquidity pools, and enabling efficient price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-facilitating-high-fidelity-execution-and-optimal-market-microstructure-with-prime-os-intelligence.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-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract spheres on a fulcrum symbolize Institutional Digital Asset Derivatives RFQ protocol. A small white sphere represents a multi-leg spread, balanced by a large reflective blue sphere for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-dynamic-balance-for-optimal-high-fidelity-execution.jpg)

## Execution Data

Meaning ▴ Execution Data comprises the comprehensive, time-stamped record of all events pertaining to an order's lifecycle within a trading system, from its initial submission to final settlement. </a><a href="https://prime.greeks.live/area/best-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract, interlocking, translucent components with a central disc, representing a precision-engineered RFQ protocol framework for institutional digital asset derivatives. This symbolizes aggregated liquidity and high-fidelity execution within market microstructure, enabling price discovery and atomic settlement on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/principal-crypto-derivatives-rfq-protocol-execution-system-dynamics.jpg)

## Best Execution Policy

Meaning ▴ The Best Execution Policy defines the obligation for a broker-dealer or trading firm to execute client orders on terms most favorable to the client. </a><a href="https://prime.greeks.live/area/order-routing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sharp, teal-tipped component, emblematic of high-fidelity execution and alpha generation, emerges from a robust, textured base representing the Principal's operational framework. Water droplets on the dark blue surface suggest a liquidity pool within a dark pool, highlighting latent liquidity and atomic settlement via RFQ protocols for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-execution-protocol-for-institutional-digital-asset-options.jpg)

## Order Routing

Meaning ▴ Order Routing is the automated process by which a trading order is directed from its origination point to a specific execution venue or liquidity source. </a><a href="https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Three sensor-like components flank a central, illuminated teal lens, reflecting an advanced RFQ protocol system. This represents an institutional digital asset derivatives platform's intelligence layer for precise price discovery, high-fidelity execution, and managing multi-leg spread strategies, optimizing market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-for-optimal-execution.jpg)

## Price Improvement

Meaning ▴ Price improvement denotes the execution of a trade at a more advantageous price than the prevailing National Best Bid and Offer (NBBO) at the moment of order submission. </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">
![A sleek, segmented cream and dark gray automated device, depicting an institutional grade Prime RFQ engine. It represents precise execution management system functionality for digital asset derivatives, optimizing price discovery and high-fidelity execution within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-optimal-institutional-digital-asset-execution-system.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-flow/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered beige and teal conduits intersect against a dark void, symbolizing a Prime RFQ protocol interface. Transparent structural elements suggest multi-leg spread connectivity and high-fidelity execution pathways for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/insti-grade-digital-asset-derivatives-rfq-protocols-multi-leg-execution-junction.jpg)

## Order Flow

Meaning ▴ Order Flow represents the real-time sequence of executable buy and sell instructions transmitted to a trading venue, encapsulating the continuous interaction of market participants' supply and demand. </a><a href="https://prime.greeks.live/area/venue-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Venue Selection

Meaning ▴ Venue Selection refers to the algorithmic process of dynamically determining the optimal trading venue for an order based on a comprehensive set of predefined criteria. </a>

**Tags:** [Price Improvement](https://options.greeks.live/area/price-improvement/), [Venue Selection](https://options.greeks.live/area/venue-selection/), [Execution Data](https://options.greeks.live/area/execution-data/), [European Union](https://options.greeks.live/area/european-union/), [MiFID II Compliance](https://options.greeks.live/area/mifid-ii-compliance/), [RTS 27](https://options.greeks.live/area/rts-27/)	

## Discover More

- 
### [How Do Regulations like MiFID II Define Best Execution for Order Routing?](https://options.greeks.live/question/how-do-regulations-like-mifid-ii-define-best-execution-for-order-routing/)
![A precise metallic central hub with sharp, grey angular blades signifies high-fidelity execution and smart order routing. Intersecting transparent teal planes represent layered liquidity pools and multi-leg spread structures, illustrating complex market microstructure for efficient price discovery within institutional digital asset derivatives RFQ protocols.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-high-fidelity-execution-across-market-microstructure-dynamics.jpg)

MiFID II defines best execution as a verifiable system for achieving the best overall outcome for clients.

- 
### [How Do MiFID II Reporting Requirements Affect Liquidity Provider Selection for RFQs in Practice?](https://options.greeks.live/question/how-do-mifid-ii-reporting-requirements-affect-liquidity-provider-selection-for-rfqs-in-practice/)
![Two sleek, abstract forms, one dark, one light, are precisely stacked, symbolizing a multi-layered institutional trading system. This embodies sophisticated RFQ protocols, high-fidelity execution, and optimal liquidity aggregation for digital asset derivatives, ensuring robust market microstructure and capital efficiency within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-platform-architecture-high-fidelity-execution-protocols-and-liquidity-aggregation.jpg)

MiFID II mandates a data-driven architecture for RFQ liquidity provider selection, prioritizing quantifiable proof of best execution.

- 
### [What Are the Core Components of a MiFID II Compliant Best Execution Policy?](https://options.greeks.live/question/what-are-the-core-components-of-a-mifid-ii-compliant-best-execution-policy/)
![A translucent institutional-grade platform reveals its RFQ execution engine with radiating intelligence layer pathways. Central price discovery mechanisms and liquidity pool access points are flanked by pre-trade analytics modules for digital asset derivatives and multi-leg spreads, ensuring high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-core-platform.jpg)

A MiFID II best execution policy is the documented, evidence-based system for delivering and proving the best possible client trading outcome.

- 
### [What Are the Key Technological Requirements for a MiFID II Compliant Best Execution Framework?](https://options.greeks.live/question/what-are-the-key-technological-requirements-for-a-mifid-ii-compliant-best-execution-framework/)
![A precision-engineered interface for institutional digital asset derivatives. A circular system component, perhaps an Execution Management System EMS module, connects via a multi-faceted Request for Quote RFQ protocol bridge to a distinct teal capsule, symbolizing a bespoke block trade. This depicts high-fidelity execution, optimizing market microstructure within a Principal's operational framework for atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-interface-for-institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-within-principal-operating-system.jpg)

A MiFID II best execution framework is a data-driven system for achieving and proving superior client outcomes.

- 
### [What Are the Key Differences between MiFID II and Regulation NMS regarding Best Execution?](https://options.greeks.live/question/what-are-the-key-differences-between-mifid-ii-and-regulation-nms-regarding-best-execution/)
![Stacked precision-engineered circular components, varying in size and color, rest on a cylindrical base. This modular assembly symbolizes a robust Crypto Derivatives OS architecture, enabling high-fidelity execution for institutional RFQ protocols. It embodies layered liquidity aggregation, optimized price discovery within market microstructure, and capital efficiency for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-architecture-optimized-for-high-fidelity-execution.jpg)

MiFID II mandates a holistic, principles-based approach to best execution, while Regulation NMS prioritizes a rules-based, price-centric framework.

- 
### [What Are the Key Differences in Best Execution Requirements between MiFID I and MiFID II?](https://options.greeks.live/question/what-are-the-key-differences-in-best-execution-requirements-between-mifid-i-and-mifid-ii/)
![A precision metallic instrument with a black sphere rests on a multi-layered platform. This symbolizes institutional digital asset derivatives market microstructure, enabling high-fidelity execution and optimal price discovery across diverse liquidity pools. Essential for managing counterparty risk and multi-leg spread strategies within the Prime RFQ protocol intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-component-digital-asset-derivatives-market-microstructure.jpg)

MiFID II elevates best execution from a procedural obligation to an empirically proven, data-driven outcome across all asset classes.

- 
### [How Did MiFID II Change the Definition of Best Execution for Professional Clients?](https://options.greeks.live/question/how-did-mifid-ii-change-the-definition-of-best-execution-for-professional-clients/)
![A sleek, metallic platform features a sharp blade resting across its central dome. This visually represents the precision of institutional-grade digital asset derivatives RFQ execution. It symbolizes high-fidelity execution and atomic settlement within market microstructure, ensuring capital efficiency and mitigating counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-1.jpg)

MiFID II transformed best execution for professionals into a data-driven mandate requiring demonstrable proof of process across multiple execution factors.

- 
### [What Is the Precise Role of a Smart Order Router in a MiFID II Compliant Framework?](https://options.greeks.live/question/what-is-the-precise-role-of-a-smart-order-router-in-a-mifid-ii-compliant-framework/)
![A multi-layered, circular device with a central concentric lens. It symbolizes an RFQ engine for precision price discovery and high-fidelity execution. This robust system enables institutional digital asset derivatives trading, reflecting advanced market microstructure, volatility surface analysis, Principal's operational framework, and efficient options trading.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-for-precision-execution.jpg)

A Smart Order Router is the automated engine that executes a firm's MiFID II best execution policy with auditable precision.

- 
### [How Does MiFID II Specifically Define the Requirements for Best Execution Reporting?](https://options.greeks.live/question/how-does-mifid-ii-specifically-define-the-requirements-for-best-execution-reporting/)
![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)

MiFID II's reporting defines a data-driven framework for proving best execution, demanding systematic internal analysis over public disclosure.

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            "acceptedAnswer": {
                "@type": "Answer",
                "text": "Ultimately, the ability to collect, analyze, and act upon execution data is a technological challenge. It requires an integrated system where order management, execution management, and post-trade analytics communicate seamlessly. Reflect on your current architecture. Does it provide a consolidated view of execution quality across all venues and asset classes? Can it generate the kind of detailed, evidence-backed analysis that would satisfy a regulator's inquiry or a client's demand for transparency? The answers to these questions will define your firm's capacity to navigate the evolving demands of best execution."
            }
        }
    ]
}
```


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**Original URL:** https://options.greeks.live/question/how-does-mifid-ii-specifically-define-best-execution-data-requirements/
