# How Does MiFID II'S Best Execution Differ from MiFID I's Requirements? ▴ Question

**Published:** 2025-08-15
**Categories:** Question

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![Abstract system interface on a global data sphere, illustrating a sophisticated RFQ protocol for institutional digital asset derivatives. The glowing circuits represent market microstructure and high-fidelity execution within a Prime RFQ intelligence layer, facilitating price discovery and capital efficiency across liquidity pools](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-prime-os.jpg)

![A central institutional Prime RFQ, showcasing intricate market microstructure, interacts with a translucent digital asset derivatives liquidity pool. An algorithmic trading engine, embodying a high-fidelity RFQ protocol, navigates this for precise multi-leg spread execution and optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-navigating-digital-asset-derivative-liquidity.jpg)

## Concept

The transition from the Markets in [Financial Instruments](https://prime.greeks.live/question/how-can-pre-trade-analytics-be-adapted-for-illiquid-or-over-the-counter-financial-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Directive (MiFID I) to its successor, MiFID II, represents a fundamental recalibration of the best execution doctrine within European financial markets. This evolution moves the principle from a procedural obligation to a demonstrably data-driven and client-centric mandate. Under MiFID I, firms were required to take all “reasonable steps” to obtain the best [possible result](https://prime.greeks.live/guide/price-control-is-possible-if-you-know-the-right-method/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for their clients, a standard that allowed for a degree of interpretation and focused heavily on price and direct costs. The framework was robust for its time but proved insufficient for the market’s increasing complexity, fragmentation, and electronification.

[MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) elevates this standard significantly by mandating that firms take all “[sufficient steps](https://prime.greeks.live/area/sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite),” a linguistic shift that carries substantial weight. This change signals a move from a process-oriented approach to an evidence-based one, where firms must not only have a policy but also be able to prove its effectiveness through rigorous monitoring and quantitative analysis. The directive expands the universe of factors to consider beyond just price and costs, explicitly including speed, likelihood of execution and settlement, size, and the nature of the order. This holistic view acknowledges that the “best” outcome is a multi-dimensional concept, contingent on the client’s specific objectives and the prevailing market conditions for a particular asset class.

> MiFID II’s core innovation was shifting the best execution mandate from a matter of policy to a matter of demonstrable proof, backed by comprehensive data.

Furthermore, MiFID II dramatically broadens the scope of financial instruments subject to these stringent requirements. While MiFID I’s [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) principles were primarily applied to equities due to data availability, MiFID II extends the obligation unequivocally across all asset classes, including bonds, derivatives, and structured finance products. This expansion forces firms to develop sophisticated, asset-class-specific execution policies and data gathering mechanisms, recognizing that the definition of [execution quality](https://prime.greeks.live/question/how-can-pre-trade-analytics-differentiate-between-high-quality-and-low-quality-quotes-in-an-rfq-auction/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) varies immensely between liquid equities and illiquid, over-the-counter (OTC) derivatives. The directive effectively dismantles a siloed approach to execution, demanding a consistent, firm-wide philosophy of client protection and market integrity.

![Abstract intersecting blades in varied textures depict institutional digital asset derivatives. These forms symbolize sophisticated RFQ protocol streams enabling multi-leg spread execution across aggregated liquidity](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-driven-digital-asset-derivatives-rfq-protocol-execution.jpg)

![Transparent conduits and metallic components abstractly depict institutional digital asset derivatives trading. Symbolizing cross-protocol RFQ execution, multi-leg spreads, and high-fidelity atomic settlement across aggregated liquidity pools, it reflects prime brokerage infrastructure](https://options.greeks.live/wp-content/uploads/2025/07/cross-protocol-rfq-execution-digital-asset-derivatives-microstructure-system.jpg)

## Strategy

Developing a compliant strategy [under MiFID](https://prime.greeks.live/question/what-are-the-key-differences-in-best-execution-obligations-for-rfqs-under-mifid-i-vs-mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) II requires a systemic overhaul of a firm’s governance, data infrastructure, and client communication protocols. The directive compels investment firms to move beyond a passive, check-the-box approach to [execution policy](https://prime.greeks.live/question/how-should-a-firms-order-execution-policy-differentiate-between-rfq-and-other-execution-methods/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and adopt an active, data-centric framework for continuous improvement and validation. This strategic realignment is built on several core pillars that differentiate it from the MiFID I regime.

![A sleek, high-fidelity beige device with reflective black elements and a control point, set against a dynamic green-to-blue gradient sphere. This abstract representation symbolizes institutional-grade RFQ protocols for digital asset derivatives, ensuring high-fidelity execution and price discovery within market microstructure, powered by an intelligence layer for alpha generation and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution-terminal-system.jpg)

## Enhanced Governance and Accountability

MiFID II places explicit responsibility on the management body of a firm to ensure the best execution policy is not only in place but is also effective in practice. This top-down accountability is a significant departure from [MiFID I](https://prime.greeks.live/area/mifid-i/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The strategy involves creating a clear chain of command for execution quality oversight, with senior management actively involved in reviewing monitoring reports and challenging execution outcomes. Firms must establish formal governance committees responsible for scrutinizing execution data, approving changes to the policy, and ensuring that the firm’s execution arrangements remain appropriate and competitive.

![A sleek, disc-shaped system, with concentric rings and a central dome, visually represents an advanced Principal's operational framework. It integrates RFQ protocols for institutional digital asset derivatives, facilitating liquidity aggregation, high-fidelity execution, and real-time risk management](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-digital-asset-derivatives-execution.jpg)

## From Policy to Proof the Centrality of Data

The most profound strategic shift is the directive’s insistence on evidence. Under MiFID I, the existence of a detailed policy was often sufficient. Under MiFID II, firms must systematically collect, analyze, and disclose vast amounts of data to justify their execution choices.

This necessitates 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) framework that extends beyond equities to all asset classes. The strategic imperative is to build or procure technology capable of capturing pre-trade, intra-trade, and post-trade data to benchmark execution quality against relevant parameters for each instrument type.

This data-driven approach is formalized through two key reporting obligations:

- **[RTS 27](https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Reports** ▴ [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 quarterly reports on execution quality, covering specifics like price, costs, speed, and likelihood of execution for individual financial instruments. Investment firms must ingest and analyze this data to inform their venue selection.

- **[RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Reports** ▴ Investment firms must annually publish a report outlining their top five execution venues (by volume and number of trades) for each class of financial instrument. Crucially, they must also provide a summary of the analysis and conclusions drawn from their detailed monitoring of the execution quality obtained on those venues.

This public disclosure creates a feedback loop, enabling clients and regulators to compare firms’ execution performance and holding them publicly accountable for their routing decisions.

![A precision execution pathway with an intelligence layer for price discovery, processing market microstructure data. A reflective block trade sphere signifies private quotation within a dark pool](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-precision-execution.jpg)

## A Comparative Framework MiFID I Vs MiFID II

The strategic adjustments required by MiFID II become clearer when viewed in direct comparison to its predecessor. The following table delineates the key operational and philosophical shifts.

| Domain | MiFID I Requirement | MiFID II Requirement |
| --- | --- | --- |
| Overarching Standard | Take all “reasonable steps” to obtain the best possible result. | Take all “sufficient steps” to obtain the best possible result, implying a higher, evidence-based standard. |
| Scope of Instruments | Primarily focused on equities due to data limitations. | Explicitly covers all asset classes, including fixed income, OTC derivatives, and structured products. |
| Execution Factors | Price, costs, speed, likelihood of execution. Emphasis was heavily on price. | Price, costs, speed, likelihood of execution and settlement, size, nature, and any other relevant consideration. |
| Venue Selection | Firms were required to list potential execution venues in their policy. | Firms must monitor the effectiveness of their venue selection and be able to justify their choices with quantitative data. |
| Transparency & Reporting | Limited public disclosure requirements on execution quality. | Mandatory annual publication of top five execution venues (RTS 28) and use of venue-published quality reports (RTS 27). |
| Governance | Responsibility delegated within the firm. | Explicit accountability placed on the firm’s senior management body. |

![A stylized spherical system, symbolizing an institutional digital asset derivative, rests on a robust Prime RFQ base. Its dark core represents a deep liquidity pool for algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-rfq-protocol-engine-facilitating-best-execution-and-liquidity-aggregation-for-digital-asset-derivatives.jpg)

![A beige probe precisely connects to a dark blue metallic port, symbolizing high-fidelity execution of Digital Asset Derivatives via an RFQ protocol. Alphanumeric markings denote specific multi-leg spread parameters, highlighting granular market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-execution-hub.jpg)

## Execution

The execution of a MiFID II-compliant [best execution framework](https://prime.greeks.live/area/best-execution-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a complex, multi-stage process that transforms the strategic mandate into a tangible operational reality. It requires the integration of technology, quantitative analysis, and rigorous internal controls to create a system that is both effective and auditable. The focus shifts from static policy documents to a dynamic, data-driven workflow designed to continuously monitor and enhance execution outcomes for clients.

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

## Constructing the Execution Policy

The foundational element of execution is the firm’s [Order Execution Policy](https://prime.greeks.live/area/order-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Under MiFID II, this document must be far more granular and specific than its MiFID I counterpart. It must be customized for each distinct class of financial instrument, acknowledging that the factors determining best execution for a government bond are fundamentally different from those for a small-cap equity or a complex derivative.

The policy must clearly articulate:

- **The relative importance of execution factors** ▴ For each asset class, the firm must weigh the importance of price, costs, speed, likelihood of execution, and other factors. For a retail client trading a liquid stock, total consideration (price and costs) might be paramount. For an institutional client executing a large, illiquid block trade, the likelihood of execution and minimizing market impact may take precedence.

- **A comprehensive list of execution venues** ▴ This includes regulated markets, Multilateral Trading Facilities (MTFs), Organised Trading Facilities (OTFs), systematic internalisers, and third-party brokers. The policy must explain the criteria used to select these venues.

- **Specific execution strategies** ▴ The policy should detail the different strategies that may be employed for different order types or market conditions, such as the use of algorithmic trading or direct market access.

- **Procedures for handling specific instructions** ▴ It must clarify how the firm will handle client orders with specific instructions, noting that following such instructions may prevent the firm from achieving the best possible result according to its own policy.

![A central RFQ engine flanked by distinct liquidity pools represents a Principal's operational framework. This abstract system enables high-fidelity execution for digital asset derivatives, optimizing capital efficiency and price discovery within market microstructure for institutional trading](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-optimal-execution-for-digital-asset-derivatives.jpg)

## The Monitoring and Analytics Engine

With the policy in place, the core of MiFID II execution lies in the firm’s ability to monitor its effectiveness. This requires a sophisticated analytics engine, often built around a robust TCA system. The objective is to move from periodic, high-level reviews to systematic, quantitative analysis of execution quality.

> Effective execution under MiFID II is a continuous cycle of trading, monitoring, analyzing, and refining the firm’s execution arrangements.

This monitoring process involves several key activities:

- **Ex-ante analysis** ▴ Before an order is placed, the system should be able to provide an estimate of transaction costs based on historical data and prevailing market conditions. This helps traders select the optimal execution strategy.

- **Ex-post analysis** ▴ After an order is executed, a detailed TCA report is generated. This report benchmarks the execution against various metrics, such as the arrival price, the volume-weighted average price (VWAP), and implementation shortfall.

- **Venue analysis** ▴ The firm must continuously analyze the quality of execution received from its chosen venues, using the data from its own trades as well as the public RTS 27 reports. This analysis must be able to identify any deterioration in performance and trigger a review of the venue’s inclusion in the policy.

The following table provides a simplified example of a post-trade TCA report for a series of equity orders, illustrating the type of data firms must analyze to demonstrate they are taking “[all sufficient steps](https://prime.greeks.live/area/all-sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).”

| Trade ID | Instrument | Venue | Order Size | Execution Price (€) | Arrival Price (€) | Slippage (bps) | Benchmark |
| --- | --- | --- | --- | --- | --- | --- | --- |
| T1001 | ABC Corp | Venue A (MTF) | 50,000 | 100.05 | 100.02 | +3.0 | VWAP |
| T1002 | XYZ Inc | Venue B (SI) | 10,000 | 50.20 | 50.22 | -4.0 | Arrival |
| T1003 | ABC Corp | Venue C (Broker) | 50,000 | 100.08 | 100.03 | +5.0 | VWAP |
| T1004 | LMN Ltd | Venue A (MTF) | 200,000 | 25.45 | 25.40 | +19.7 | VWAP |

This data allows the firm to compare the performance of different venues for similar instruments (e.g. T1001 vs. T1003) and identify potential issues, such as the significant slippage in the large LMN Ltd trade (T1004), which would warrant further investigation into the execution strategy used.

![A symmetrical, multi-faceted structure depicts an institutional Digital Asset Derivatives execution system. Its central crystalline core represents high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure.jpg)

## 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 Securities and Markets Authority. “Questions and Answers on MiFID II and MiFIR investor protection and intermediaries topics.” ESMA35-43-349, 2017.

- Financial Conduct Authority. “Markets in Financial Instruments Directive II Implementation ▴ Policy Statement II.” PS17/14, 2017.

- CFA Institute. “MiFID II ▴ A New Best Execution Framework.” CFA Institute Publications, 2016.

- Dechert LLP. “MiFID II ▴ Best execution.” Dechert OnPoint, 2017.

- Norton Rose Fulbright. “MiFID II ▴ Best execution.” Financial services regulation ▴ key issues, 2017.

- Oxera Consulting LLP. “The MiFID II best execution requirements for investment managers.” Oxera Agenda, 2017.

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

## Reflection

The transition to MiFID II’s best execution framework is a systemic challenge that compels a re-evaluation of a firm’s entire operational structure. It moves the conversation from mere [compliance](https://prime.greeks.live/area/compliance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to a continuous pursuit of quantifiable execution quality. The regulations force an uncomfortable but necessary introspection ▴ are our execution arrangements designed for our own convenience or for the demonstrable benefit of our clients? The data now exists to answer that question without ambiguity.

This regulatory evolution provides a powerful catalyst for innovation. Firms that embrace the spirit of the directive, investing in the analytical capabilities to dissect their execution performance, will develop a significant competitive advantage. They will be able to articulate their value proposition to clients with a new level of clarity and evidence.

The ultimate outcome is a market structure where transparency is not an abstract ideal but an operational requirement, fostering a more robust and equitable environment for all participants. The question for every firm is how to transform this regulatory obligation into a strategic asset.

![A dark central hub with three reflective, translucent blades extending. This represents a Principal's operational framework for digital asset derivatives, processing aggregated liquidity and multi-leg spread inquiries](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-engine-for-high-fidelity-digital-asset-derivatives.jpg)

## Glossary

<a href="https://prime.greeks.live/question/how-can-pre-trade-analytics-be-adapted-for-illiquid-or-over-the-counter-financial-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Financial Instruments

Adapting pre-trade analytics for OTC assets requires a shift from interpreting visible data to probabilistically modeling latent liquidity. </a><a href="https://prime.greeks.live/guide/price-control-is-possible-if-you-know-the-right-method/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A symmetrical, star-shaped Prime RFQ engine with four translucent blades symbolizes multi-leg spread execution and diverse liquidity pools. Its central core represents price discovery for aggregated inquiry, ensuring high-fidelity execution within a secure market microstructure via smart order routing for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-prime-os-1.jpg)

## Possible Result

Secure institutional-grade pricing and control your trades by commanding liquidity with professional execution methods. </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 sleek, dark reflective sphere is precisely intersected by two flat, light-toned blades, creating an intricate cross-sectional design. This visually represents institutional digital asset derivatives' market microstructure, where RFQ protocols enable high-fidelity execution and price discovery within dark liquidity pools, ensuring capital efficiency and managing counterparty risk via advanced Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-market-microstructure.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/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Mifid Ii

Meaning ▴ MiFID II, the Markets in Financial Instruments Directive II, constitutes a comprehensive regulatory framework enacted by the European Union to govern financial markets, investment firms, and trading venues. </a><a href="https://prime.greeks.live/question/how-can-pre-trade-analytics-differentiate-between-high-quality-and-low-quality-quotes-in-an-rfq-auction/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract, multi-layered spherical system with a dark central disk and control button. This visualizes a Prime RFQ for institutional digital asset derivatives, embodying an RFQ engine optimizing market microstructure for high-fidelity execution and best execution, ensuring capital efficiency in block trades and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-prime-os-4.jpg)

## Execution Quality

Pre-trade analytics differentiate quotes by systematically scoring counterparty reliability and predicting execution quality beyond price. </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">
![Polished opaque and translucent spheres intersect sharp metallic structures. This abstract composition represents advanced RFQ protocols for institutional digital asset derivatives, illustrating multi-leg spread execution, latent liquidity aggregation, and high-fidelity execution within principal-driven trading environments](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-optimal-execution-orchestration.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/question/how-should-a-firms-order-execution-policy-differentiate-between-rfq-and-other-execution-methods/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Parallel execution layers, light green, interface with a dark teal curved component. This depicts a secure RFQ protocol interface for institutional digital asset derivatives, enabling price discovery and block trade execution within a Prime RFQ framework, reflecting dynamic market microstructure for high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-driven-institutional-digital-asset-derivatives-rfq-execution-framework.jpg)

## Execution Policy

A firm's execution policy must segment order flow by size, liquidity, and complexity to a bilateral RFQ or an anonymous algorithmic path. </a><a href="https://prime.greeks.live/question/what-are-the-key-differences-in-best-execution-obligations-for-rfqs-under-mifid-i-vs-mifid-ii/?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)

## Under Mifid

MiFID II transformed RFQ best execution from a procedural policy into a data-driven, provable mandate for optimal outcomes. </a><a href="https://prime.greeks.live/area/mifid-i/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, bimodal digital asset derivatives execution interface, partially open, revealing a dark, secure internal structure. This symbolizes high-fidelity execution and strategic price discovery via institutional RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocols-price-discovery.jpg)

## Mifid I

Meaning ▴ MiFID I, the Markets in Financial Instruments Directive, represents a foundational European regulatory framework implemented in 2007, designed to enhance the efficiency, transparency, and integrity of financial markets across the European Union. </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 transparent sphere, representing a granular digital asset derivative or RFQ quote, precisely balances on a proprietary execution rail. This symbolizes high-fidelity execution within complex market microstructure, driven by rapid price discovery from an institutional-grade trading engine, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-precision-1.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/execution-venues/?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)

## 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/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A teal-blue disk, symbolizing a liquidity pool for digital asset derivatives, is intersected by a bar. This represents an RFQ protocol or block trade, detailing high-fidelity execution pathways](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-high-fidelity-digital-asset-execution.jpg)

## 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">
![Intricate metallic mechanisms portray a proprietary matching engine or execution management system. Its robust structure enables algorithmic trading and high-fidelity execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-market-microstructure.jpg)

## Rts 28

Meaning ▴ RTS 28 refers to Regulatory Technical Standard 28 under MiFID II, which mandates investment firms and market operators to publish annual reports on the quality of execution of transactions on trading venues and for financial instruments. </a><a href="https://prime.greeks.live/area/best-execution-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central translucent disk, representing a Liquidity Pool or RFQ Hub, is intersected by a precision Execution Engine bar. Its core, an Intelligence Layer, signifies dynamic Price Discovery and Algorithmic Trading logic for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-visualizing-microstructure.jpg)

## Best Execution Framework

Meaning ▴ The Best Execution Framework defines a structured methodology for achieving the most advantageous outcome for client orders, considering price, cost, speed, likelihood of execution and settlement, order size, and any other relevant considerations. </a><a href="https://prime.greeks.live/area/order-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A modular system with beige and mint green components connected by a central blue cross-shaped element, illustrating an institutional-grade RFQ execution engine. This sophisticated architecture facilitates high-fidelity execution, enabling efficient price discovery for multi-leg spreads and optimizing capital efficiency within a Prime RFQ framework for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/principal-prime-os-rfq-engine-for-digital-asset-derivatives.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/all-sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise metallic instrument, resembling an algorithmic trading probe or a multi-leg spread representation, passes through a transparent RFQ protocol gateway. This illustrates high-fidelity execution within market microstructure, facilitating price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-orchestration-of-institutional-digital-asset-rfq-execution.jpg)

## All Sufficient Steps

Meaning ▴ All Sufficient Steps denotes a design principle and operational mandate within a system where every component or process is engineered to autonomously achieve its defined objective without requiring external intervention or additional inputs beyond its initial parameters. </a><a href="https://prime.greeks.live/area/compliance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A gleaming, translucent sphere with intricate internal mechanisms, flanked by precision metallic probes, symbolizes a sophisticated Principal's RFQ engine. This represents the atomic settlement of multi-leg spread strategies, enabling high-fidelity execution and robust price discovery within institutional digital asset derivatives markets, minimizing latency and slippage for optimal alpha generation and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/inst-digital-asset-deriv-rfq-os-for-optimal-high-fidelity-trade-exec.jpg)

## Compliance

Meaning ▴ Compliance, within the context of institutional digital asset derivatives, signifies the rigorous adherence to established regulatory mandates, internal corporate policies, and industry best practices governing financial operations. </a>

**Tags:** [MiFID II](https://options.greeks.live/area/mifid-ii/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [Sufficient Steps](https://options.greeks.live/area/sufficient-steps/), [Financial Regulation](https://options.greeks.live/area/financial-regulation/), [Best Execution](https://options.greeks.live/area/best-execution/), [Execution Venues](https://options.greeks.live/area/execution-venues/)	

## Discover More

- 
### [What Are the Primary Regulatory Differences in Best Execution between US and European Markets?](https://options.greeks.live/question/what-are-the-primary-regulatory-differences-in-best-execution-between-us-and-european-markets/)
![Intersecting digital architecture with glowing conduits symbolizes Principal's operational framework. An RFQ engine ensures high-fidelity execution of Institutional Digital Asset Derivatives, facilitating block trades, multi-leg spreads. Optimized market microstructure drives price discovery, capital efficiency for Bitcoin options, Ethereum futures.](https://options.greeks.live/wp-content/uploads/2025/07/principal-digital-asset-derivatives-rfq-engine-high-fidelity-execution.jpg)

US best execution emphasizes a principles-based review, while the EU mandates a prescriptive, data-driven transparency framework.

- 
### [How Do Regulations like MiFID II Specifically Define the Responsibilities of a Best Execution Committee?](https://options.greeks.live/question/how-do-regulations-like-mifid-ii-specifically-define-the-responsibilities-of-a-best-execution-committee/)
![Polished metallic surface with a central intricate mechanism, representing a high-fidelity market microstructure engine. Two sleek probes symbolize bilateral RFQ protocols for precise price discovery and atomic settlement of institutional digital asset derivatives on a Prime RFQ, ensuring best execution for Bitcoin Options.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-engine-core-market-microstructure-intelligence-layer.jpg)

The Best Execution Committee is a firm's core governance engine for translating MiFID II's principles into a superior execution architecture.

- 
### [How Does MiFID II Define Best Execution for RFQ-Based Trades?](https://options.greeks.live/question/how-does-mifid-ii-define-best-execution-for-rfq-based-trades-2/)
![A sleek, institutional-grade Crypto Derivatives OS with an integrated intelligence layer supports a precise RFQ protocol. Two balanced spheres represent principal liquidity units undergoing high-fidelity execution, optimizing capital efficiency within market microstructure for best execution.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-3.jpg)

MiFID II defines RFQ best execution as a continuous, evidence-based process of taking all sufficient steps to achieve the best overall client outcome.

- 
### [How Do Firms Quantitatively Measure and Compare Different MiFID II Best Execution Factors?](https://options.greeks.live/question/how-do-firms-quantitatively-measure-and-compare-different-mifid-ii-best-execution-factors/)
![A slender metallic probe extends between two curved surfaces. This abstractly illustrates high-fidelity execution for institutional digital asset derivatives, driving price discovery within market microstructure. It represents Prime RFQ protocol precision navigating dark liquidity for best execution and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/precision-instrument-navigating-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

Firms quantitatively measure MiFID II factors via Transaction Cost Analysis, comparing execution against benchmarks to prove "all sufficient steps" were taken.

- 
### [How Does MiFID II Quantify the “Sufficient Steps” for Best Execution?](https://options.greeks.live/question/how-does-mifid-ii-quantify-the-sufficient-steps-for-best-execution/)
![Polished metallic disks, resembling data platters, with a precise mechanical arm poised for high-fidelity execution. This embodies an institutional digital asset derivatives platform, optimizing RFQ protocol for efficient price discovery, managing market microstructure, and leveraging a Prime RFQ intelligence layer to minimize execution latency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-precision-execution-via-advanced-rfq-protocols-and-prime-os-intelligence-layer-for-optimal-market-microstructure.jpg)

MiFID II quantifies best execution by mandating a data-driven system proving optimal outcomes through policy, monitoring, and reporting.

- 
### [What Are the Practical Challenges of Complying with MiFID II’s Best Execution Requirements?](https://options.greeks.live/question/what-are-the-practical-challenges-of-complying-with-mifid-iis-best-execution-requirements/)
![Robust institutional Prime RFQ core connects to a precise RFQ protocol engine. Multi-leg spread execution blades propel a digital asset derivative target, optimizing price discovery. This system ensures high-fidelity execution within complex market microstructure, managing latent liquidity and counterparty risk effectively.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-proto-insti-digital-asset-derivs-hi-fi-exec-capital-effi-risk-mgmt.jpg)

MiFID II's best execution challenge is architecting a data system to prove optimal client outcomes through verifiable, continuous analysis.

- 
### [What Are the Key Differences in Best Execution Requirements between MiFID II and FINRA?](https://options.greeks.live/question/what-are-the-key-differences-in-best-execution-requirements-between-mifid-ii-and-finra/)
![A dual-toned cylindrical component features a central transparent aperture revealing intricate metallic wiring. This signifies a core RFQ processing unit for Digital Asset Derivatives, enabling rapid Price Discovery and High-Fidelity Execution. It embodies an advanced Prime RFQ component, optimizing Liquidity Pool access and Market Microstructure via Algorithmic Trading.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-best-execution-prime-os.jpg)

MiFID II demands demonstrable "all sufficient steps" via public data, while FINRA requires "reasonable diligence" proven through internal reviews.

- 
### [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."

- 
### [How Did MiFID II’S”Sufficient Steps” Requirement Alter Best Execution Policies?](https://options.greeks.live/question/how-did-mifid-iis-sufficient-steps-requirement-alter-best-execution-policies/)
![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)

MiFID II's "sufficient steps" mandate re-architected best execution from a procedural obligation into a data-driven system requiring quantifiable proof of optimal outcomes.

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---

**Original URL:** https://options.greeks.live/question/how-does-mifid-iis-best-execution-differ-from-mifid-is-requirements/
