# How Does the Choice of Execution Venue Affect the Proof of Best Execution for LIS Trades? ▴ Question

**Published:** 2025-08-05
**Categories:** Question

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![A sleek, multi-component system, predominantly dark blue, features a cylindrical sensor with a central lens. This precision-engineered module embodies an intelligence layer for real-time market microstructure observation, facilitating high-fidelity execution via RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-intelligence-layer-for-digital-asset-derivatives-microstructure.jpg)

![A central rod, symbolizing an RFQ inquiry, links distinct liquidity pools and market makers. A transparent disc, an execution venue, facilitates price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-optimization.jpg)

## Concept

The selection of an [execution venue](https://prime.greeks.live/area/execution-venue/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for a Large-In-Scale (LIS) trade is the single most critical determinant in the subsequent defense of best execution. This choice is an architectural decision that precedes all other tactical considerations of order handling. It establishes the boundaries of potential outcomes, defining the liquidity profile, the degree of [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and the very metrics by which execution quality will be judged.

The institutional challenge is to construct a proof of [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that is not merely a post-facto justification, but the logical output of a deliberately designed execution process. The venue is the foundational layer of that process.

For LIS orders, the primary operational risk is [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the adverse price movement caused by the order’s own footprint. The choice of venue directly modulates this risk. A lit exchange, with its public order book, offers high pre-trade transparency but exposes large orders to predatory trading strategies that can exacerbate market impact.

Conversely, a [dark pool](https://prime.greeks.live/area/dark-pool/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) provides opacity, shielding the order from public view but introducing uncertainty about the quality and depth of available liquidity. The proof of best execution, therefore, begins with a documented rationale for why a specific venue type ▴ or a combination of venues ▴ was selected as the optimal environment to mitigate the primary risk of market impact for an order of a given size and security profile.

> The process of proving best execution for large-in-scale trades is fundamentally a demonstration of a coherent and consistently applied execution policy, where venue selection is the initial and most consequential step.

Regulatory frameworks, such as [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), mandate that firms take “all sufficient steps” to obtain the best possible result for their clients. This obligation extends beyond simply securing the best price. It encompasses a holistic assessment of factors including costs, speed, likelihood of execution and settlement, size, and any other relevant consideration.

For [LIS trades](https://prime.greeks.live/area/lis-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the “size” and “nature” of the order are paramount, often elevating the importance of minimizing information leakage and market impact above that of marginal [price improvement](https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The proof, then, is a narrative supported by data, demonstrating that the chosen venue was the most logical starting point to balance these competing factors in the client’s best interest.

The very act of routing an LIS order is a declaration of intent. Sending it to a request-for-quote (RFQ) platform signals a preference for sourcing bilateral liquidity from a select group of providers, prioritizing certainty of execution and price negotiation over the anonymity of a central limit order book. Choosing a systematic internaliser (SI) involves engaging with a firm that deals on its own account, offering potential price improvement and liquidity provision.

Each choice carries a distinct set of trade-offs. The architectural task is to select the venue whose inherent structure best aligns with the specific objectives of the trade, and to capture the data necessary to prove that this alignment resulted in a superior outcome for the client.

![Precision-engineered abstract components depict institutional digital asset derivatives trading. A central sphere, symbolizing core asset price discovery, supports intersecting elements representing multi-leg spreads and aggregated inquiry](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-optimization.jpg)

![Engineered components in beige, blue, and metallic tones form a complex, layered structure. This embodies the intricate market microstructure of institutional digital asset derivatives, illustrating a sophisticated RFQ protocol framework for optimizing price discovery, high-fidelity execution, and managing counterparty risk within multi-leg spreads on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-stack-optimization.jpg)

## Strategy

A robust strategy for LIS execution and its subsequent defense is built upon a tiered framework of venue analysis and selection. This framework moves from a high-level categorization of liquidity sources to a granular, data-driven assessment of individual venue performance. The objective is to create a repeatable, auditable process that demonstrates a systematic approach to achieving and proving best execution.

![A central, precision-engineered component with teal accents rises from a reflective surface. This embodies a high-fidelity RFQ engine, driving optimal price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-engine-for-price-discovery.jpg)

## A Multi-Layered Approach to Venue Selection

The initial strategic decision involves segmenting the universe of available execution venues into distinct categories based on their operational characteristics and transparency profiles. This provides a structured way to think about the trade-offs inherent in each venue type.

- 
**[Lit Markets](https://prime.greeks.live/area/lit-markets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** These are the traditional exchanges with public order books. Their primary advantage is pre-trade price transparency. For LIS trades, however, this transparency is a double-edged sword, as it can lead to significant information leakage and adverse selection. A strategy involving lit markets for LIS trades must incorporate sophisticated execution algorithms, such as Volume-Weighted [Average Price](https://prime.greeks.live/guide/the-definitive-guide-to-beating-the-markets-average-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (VWAP) or Time-Weighted Average Price (TWAP) slicers, to break up the large order into smaller, less conspicuous child orders. The proof of best execution in this context relies on demonstrating that the chosen algorithm and its parameters were well-suited to the prevailing market conditions and the specific characteristics of the order.

- 
**[Dark Pools](https://prime.greeks.live/area/dark-pools/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** These venues offer non-displayed liquidity, allowing large orders to be matched without pre-trade transparency. This minimizes information leakage and reduces the immediate market impact. The strategic challenge in using dark pools is the uncertainty surrounding liquidity. There is no guarantee that a matching order will be found, and the quality of the price obtained must be benchmarked against the prevailing lit market price. A key strategic element is the use of smart order routers (SORs) that can intelligently probe multiple dark pools and lit markets simultaneously, seeking liquidity while minimizing the order’s footprint.

- 
**[Systematic Internalisers](https://prime.greeks.live/area/systematic-internalisers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SIs)** An SI is an investment firm that deals on its own account by executing client orders outside of a regulated market or multilateral trading facility (MTF). For LIS trades, SIs can be a valuable source of liquidity, as they can commit their own capital to fill large orders. The strategic consideration here is the potential for price improvement relative to the public market quote. The proof of best execution when using an SI involves a rigorous comparison of the executed price against the European Best Bid and Offer (EBBO) at the time of the trade, along with an analysis of the speed and certainty of execution.

- 
**[Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) Systems** RFQ platforms allow a firm to solicit quotes from a select group of liquidity providers for a specific trade. This approach is particularly well-suited for LIS trades in less liquid instruments, such as certain corporate bonds or derivatives. The strategy here is to cultivate a diverse and competitive panel of liquidity providers and to systematically evaluate their responsiveness and pricing. The proof of best execution is built upon the record of the RFQ process itself ▴ the number of providers queried, the range of quotes received, and the rationale for selecting the winning quote.

![A dynamic central nexus of concentric rings visualizes Prime RFQ aggregation for digital asset derivatives. Four intersecting light beams delineate distinct liquidity pools and execution venues, emphasizing high-fidelity execution and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-hub-for-digital-asset-derivatives-execution.jpg)

## What Are the Key Metrics for Comparing Venue Performance?

Once a venue or set of venues has been selected, the next strategic layer is the continuous monitoring and analysis of their performance. This requires 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 goes beyond simple price comparisons. Key metrics include:

### Venue Performance Metrics

| Metric | Description | Relevance to LIS Trades |
| --- | --- | --- |
| Price Improvement | The extent to which a trade was executed at a better price than the prevailing market quote at the time of the order. | A primary measure of execution quality, particularly for dark pool and SI venues. |
| Reversion | The tendency of a stock’s price to move in the opposite direction following a large trade. High reversion can indicate that the trade had a significant temporary market impact. | A critical indicator of information leakage and market impact. Lower reversion is generally desirable. |
| Fill Rate | The percentage of an order that is successfully executed. | Particularly important for dark pools, where liquidity can be uncertain. |
| Latency | The time it takes to execute an order. | While less critical for many LIS strategies than for high-frequency trading, excessive latency can still lead to missed opportunities. |

> Effective best execution strategy relies on a dynamic feedback loop, where post-trade analysis from TCA continuously informs pre-trade venue selection and order routing decisions.

![Sleek metallic components with teal luminescence precisely intersect, symbolizing an institutional-grade Prime RFQ. This represents multi-leg spread execution for digital asset derivatives via RFQ protocols, ensuring high-fidelity execution, optimal price discovery, and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-best-execution-system.jpg)

## How Does Client Categorization Affect Venue Choice?

The categorization of a client as retail or professional can also influence the strategic approach to [venue selection](https://prime.greeks.live/area/venue-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). While the overarching obligation to achieve the best possible result applies to both, the relative importance of the execution factors may differ. For professional clients, who are presumed to have a more sophisticated understanding of financial markets, there may be a greater emphasis on factors like minimizing market impact and accessing specialized liquidity pools.

For retail clients, price and cost are often given greater weight. This distinction must be reflected in the firm’s order execution policy and in the documented rationale for its venue selection decisions.

![A proprietary Prime RFQ platform featuring extending blue/teal components, representing a multi-leg options strategy or complex RFQ spread. The labeled band 'F331 46 1' denotes a specific strike price or option series within an aggregated inquiry for high-fidelity execution, showcasing granular market microstructure data points](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-1.jpg)

![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)

## Execution

The execution phase is where the strategic framework for LIS trades is translated into a concrete set of operational procedures and technological workflows. This is the domain of the systems architect, where the abstract principles of best execution are embodied in the firm’s trading infrastructure. A successful execution framework is characterized by its precision, its adaptability, and its ability to generate the data necessary for a rigorous and defensible proof of best execution.

![Abstract geometric forms depict a sophisticated RFQ protocol engine. A central mechanism, representing price discovery and atomic settlement, integrates horizontal liquidity streams](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-2.jpg)

## The Operational Playbook

A detailed [operational playbook](https://prime.greeks.live/area/operational-playbook/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is essential for ensuring consistency and auditability in the handling of LIS orders. This playbook should outline the end-to-end workflow, from order inception to [post-trade analysis](https://prime.greeks.live/area/post-trade-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

- 
**Order Intake and [Pre-Trade Analysis](https://prime.greeks.live/area/pre-trade-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** Upon receipt of an LIS order, the first step is a comprehensive pre-trade analysis. This involves using TCA tools to estimate the potential market impact of the order and to identify the most suitable [execution strategies](https://prime.greeks.live/area/execution-strategies/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and venues. The pre-trade analysis should be documented and should form the basis for the initial order routing decision.

- 
**Venue Selection and Justification** Based on the pre-trade analysis, a primary execution venue or set of venues is selected. The rationale for this choice must be explicitly documented, referencing the specific characteristics of the order (size, liquidity profile of the instrument) and the known performance of the selected venues. For example, if a dark pool is chosen, the justification should explain why the benefits of reduced information leakage are expected to outweigh the risks of uncertain liquidity.

- 
**Execution Algorithm and Parameter Tuning** If an algorithmic [execution strategy](https://prime.greeks.live/area/execution-strategy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is employed, the choice of algorithm (e.g. VWAP, TWAP, Implementation Shortfall) and the tuning of its parameters (e.g. participation rate, time horizon) must be carefully considered and documented. The goal is to select an algorithm and a set of parameters that are best suited to the specific market conditions and the objectives of the trade.

- 
**In-Flight Monitoring and Adjustment** During the execution of the order, it is critical to monitor its performance in real-time. This involves tracking the [fill rate](https://prime.greeks.live/area/fill-rate/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the price relative to benchmarks, and any signs of adverse market reaction. The operational playbook should include clear guidelines for when and how to adjust the execution strategy in response to changing market conditions. For example, if a large order in a dark pool is experiencing a low fill rate, the playbook might specify a process for re-routing a portion of the order to a lit market or an SI.

- 
**Post-Trade Analysis and Reporting** After the order is complete, a thorough post-trade analysis is conducted. This involves comparing the actual execution results against the pre-trade estimates and against a range of industry-standard benchmarks. The results of this analysis are then compiled into a best execution report, which provides a comprehensive and data-driven justification for the chosen execution strategy.

![A central illuminated hub with four light beams forming an 'X' against dark geometric planes. This embodies a Prime RFQ orchestrating multi-leg spread execution, aggregating RFQ liquidity across diverse venues for optimal price discovery and high-fidelity execution of institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-orchestrating-high-fidelity-execution-and-optimal-price-discovery.jpg)

## Quantitative Modeling and Data Analysis

A cornerstone of the execution framework is the use of quantitative models and data analysis to support decision-making at every stage of the trade lifecycle. This requires a sophisticated data infrastructure that can capture, store, and analyze vast amounts of market and trade data.

### TCA Benchmark Comparison

| Benchmark | Formula | Interpretation |
| --- | --- | --- |
| Arrival Price | (Average Execution Price – Arrival Price) Side | Measures the cost of the trade relative to the market price at the time the order was received. A negative value indicates a favorable execution. |
| VWAP | (Average Execution Price – VWAP) Side | Measures the performance of the execution relative to the volume-weighted average price over the life of the order. |
| Implementation Shortfall | (Paper Return – Actual Return) | A comprehensive measure that captures both the explicit costs (commissions, fees) and the implicit costs (market impact, delay costs) of the trade. |

The data from these analyses should be used to create a feedback loop, continuously refining the firm’s execution strategies and venue selection logic. For example, if the data consistently shows high reversion for trades executed on a particular dark pool, this may indicate a problem with information leakage, and the firm might choose to reduce its order flow to that venue.

![Two robust, intersecting structural beams, beige and teal, form an 'X' against a dark, gradient backdrop with a partial white sphere. This visualizes institutional digital asset derivatives RFQ and block trade execution, ensuring high-fidelity execution and capital efficiency through Prime RFQ FIX Protocol integration for atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimized-execution.jpg)

## Predictive Scenario Analysis

To illustrate the practical application of these concepts, consider a hypothetical scenario involving a portfolio manager who needs to sell a 500,000-share block of a mid-cap technology stock. The stock has an average daily volume of 2 million shares, so the order represents 25% of the daily volume ▴ a significant LIS trade.

The trading desk begins with a pre-trade analysis. The market impact model predicts that executing the entire order on the lit market at once could result in a price impact of 15-20 basis points. The pre-trade TCA system suggests a blended strategy, starting with a passive approach in a consortium-owned dark pool known for high-quality institutional flow. The initial routing decision is to send 20% of the order (100,000 shares) to this dark pool with a limit price pegged to the midpoint of the national best bid and offer (NBBO).

The order is sent to the dark pool, and the trader monitors the execution in real-time. After 30 minutes, 60,000 shares have been filled with minimal price impact. However, the fill rate begins to slow, indicating that the natural contra-side liquidity in the dark pool is being exhausted. At this point, the operational playbook calls for a strategic adjustment.

The trader, in consultation with the portfolio manager, decides to route the remaining 440,000 shares to a trusted SI that has shown an axe (an indication of interest) in the stock. An RFQ is sent to the SI, which responds with a quote at a 2-basis-point discount to the current NBBO for the entire remaining block. The trader accepts the quote, and the order is filled instantly.

The post-trade analysis confirms the success of this strategy. The blended execution achieved an average price that was 5 basis points better than the arrival price, with a total market impact of only 3 basis points. The reversion was minimal, indicating that the strategy effectively minimized information leakage. The best execution report for this trade would include the pre-trade analysis, the real-time monitoring data, the rationale for the strategic adjustment, and the final TCA results, providing a comprehensive and defensible proof of best execution.

![Abstract sculpture with intersecting angular planes and a central sphere on a textured dark base. This embodies sophisticated market microstructure and multi-venue liquidity aggregation for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution-2.jpg)

## System Integration and Technological Architecture

The execution of this kind of sophisticated, multi-venue strategy is only possible with a highly integrated and flexible technological architecture. The core components of this architecture include:

- 
**Order Management System (OMS)** The OMS is the central hub for managing the lifecycle of the trade. It must be able to handle complex LIS orders and provide a detailed audit trail of all actions taken.

- 
**Execution Management System (EMS)** The EMS provides the connectivity to the various execution venues and the tools for managing algorithmic execution strategies. It must have a high-performance, low-latency architecture to support real-time monitoring and adjustment.

- 
**Smart Order Router (SOR)** The SOR is a critical component for LIS execution, as it can intelligently route child orders to the most appropriate venues based on a predefined set of rules and real-time market data.

- 
**[Transaction Cost](https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Analysis (TCA) System** The TCA system provides the pre-trade, in-flight, and post-trade analytics necessary to support the best execution process. It must be tightly integrated with the OMS and EMS to provide a seamless workflow.

The integration of these systems is typically achieved through the use of industry-standard protocols like the Financial Information eXchange (FIX) protocol. The FIX protocol provides a standardized messaging format for communicating trade-related information between different systems and market participants, enabling the kind of seamless, multi-venue execution strategies required for LIS trades.

![A central Principal OS hub with four radiating pathways illustrates high-fidelity execution across diverse institutional digital asset derivatives liquidity pools. Glowing lines signify low latency RFQ protocol routing for optimal price discovery, navigating market microstructure for multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-intelligence.jpg)

## References

- Amundi Asset Management. (2025). Best Selection and Execution Policy.

- BlueBay Asset Management. (2020). Annual Report on Top 5 Execution Venues and Qualitative Assessment of Execution.

- BNP Paribas Asset Management. (2024). Annual Top Five Execution Venue Report 2023.

- European Banking Federation. (n.d.). MIFID 2 Review ▴ Market Structure ▴ EBF priorities.

- ICMA. (2016). MiFID II/MiFIR ▴ Transparency & Best Execution requirements in respect of bonds.

- Planet Compliance. (2024). In a nutshell ▴ Best Execution under MiFID II/MiFIR.

- S3. (2019). Transaction Cost Analysis (TCA).

- S&P Global. (n.d.). Transaction Cost Analysis (TCA).

![A symmetrical, high-tech digital infrastructure depicts an institutional-grade RFQ execution hub. Luminous conduits represent aggregated liquidity for digital asset derivatives, enabling high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-system.jpg)

## Reflection

The framework presented here provides a systematic approach to navigating the complexities of LIS execution. The true measure of an institutional trading desk’s capability lies in its ability to internalize these principles and to forge them into a living, evolving operational system. The pursuit of best execution is a continuous process of analysis, adaptation, and refinement. The data generated by each trade provides the raw material for improving the next.

How does your current operational framework capture and utilize this data? Does it provide the feedback loop necessary to transform post-trade analysis into pre-trade intelligence? The answers to these questions will determine your capacity to not only prove best execution, but to consistently achieve it.

![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)

## Glossary

<a href="https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent glass bar, representing high-fidelity execution and precise RFQ protocols, extends over a white sphere symbolizing a deep liquidity pool for institutional digital asset derivatives. A small glass bead signifies atomic settlement within the granular market microstructure, supported by robust Prime RFQ infrastructure ensuring optimal price discovery and minimal slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-execution-prime-os-intelligence-layer-facilitating-optimal-price-discovery-and-best-execution.jpg)

## Information Leakage

Meaning ▴ Information leakage denotes the unintended or unauthorized disclosure of sensitive trading data, often concerning an institution's pending orders, strategic positions, or execution intentions, to external market participants. </a><a href="https://prime.greeks.live/area/execution-venue/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered system components in beige, teal, and metallic converge at a vibrant blue interface. This symbolizes a critical RFQ protocol junction within an institutional Prime RFQ, facilitating high-fidelity execution and atomic settlement for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-connectivity-layer-for-digital-asset-derivatives-execution.jpg)

## Execution Venue

Meaning ▴ An Execution Venue refers to a regulated facility or system where financial instruments are traded, encompassing entities such as regulated markets, multilateral trading facilities (MTFs), organized trading facilities (OTFs), and systematic internalizers. </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 sleek, metallic, X-shaped object with a central circular core floats above mountains at dusk. It signifies an institutional-grade Prime RFQ for digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing price discovery and capital efficiency across dark pools for best execution](https://options.greeks.live/wp-content/uploads/2025/07/advanced-principal-rfq-protocol-architecture-for-institutional-digital-asset-derivatives-optimal-price-discovery-and-execution.jpg)

## 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/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract layers in grey, mint green, and deep blue visualize a Principal's operational framework for institutional digital asset derivatives. The textured grey signifies market microstructure, while the mint green layer with precise slots represents RFQ protocol parameters, enabling high-fidelity execution, private quotation, capital efficiency, and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-layered-rfq-protocol-for-digital-asset-execution-system.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/dark-pool/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A beige spool feeds dark, reflective material into an advanced processing unit, illuminated by a vibrant blue light. This depicts high-fidelity execution of institutional digital asset derivatives through a Prime RFQ, enabling precise price discovery for aggregated RFQ inquiries within complex market microstructure, ensuring atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-prime-os-3.jpg)

## Dark Pool

Meaning ▴ A Dark Pool is an alternative trading system (ATS) or private exchange that facilitates the execution of large block orders without displaying pre-trade bid and offer quotations to the wider market. </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">
![Sleek, engineered components depict an institutional-grade Execution Management System. The prominent dark structure represents high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-for-optimized-price-discovery-high-fidelity-execution-and-market-microstructure.jpg)

## Mifid Ii

Meaning ▴ MiFID II, the Markets in Financial Instruments Directive II, constitutes a comprehensive regulatory framework enacted by the European Union to govern financial markets, investment firms, and trading venues. </a><a href="https://prime.greeks.live/area/price-improvement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision optical component on an institutional-grade chassis, vital for high-fidelity execution. It supports advanced RFQ protocols, optimizing multi-leg spread trading, rapid price discovery, and mitigating slippage within the Principal's digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-optical-component-prime-os.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/lis-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered blue mechanism, symbolizing a high-fidelity execution engine, emerges from a rounded, light-colored liquidity pool component, encased within a sleek teal institutional-grade shell. This represents a Principal's operational framework for digital asset derivatives, demonstrating algorithmic trading logic and smart order routing for block trades via RFQ protocols, ensuring atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-os-core-algorithmic-execution-engine.jpg)

## Lis Trades

Meaning ▴ LIS Trades, an acronym for Large In Scale Trades, designates block transactions that surpass a specific, predefined quantitative threshold established by regulatory frameworks, differentiating them from typical order book activity. </a><a href="https://prime.greeks.live/guide/the-definitive-guide-to-beating-the-markets-average-price/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, reflective bi-component structure, embodying an RFQ protocol for multi-leg spread strategies, rests on a Prime RFQ base. Surrounding nodes signify price discovery points, enabling high-fidelity execution of digital asset derivatives with capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/precision-orchestration-of-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-market-microstructure.jpg)

## Average Price

Stop accepting the market's price. </a><a href="https://prime.greeks.live/area/lit-markets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, multi-layered system representing an institutional-grade digital asset derivatives platform. Its precise components symbolize high-fidelity RFQ execution, optimized market microstructure, and a secure intelligence layer for private quotation, ensuring efficient price discovery and robust liquidity pool management](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-execution-digital-asset-derivatives-platform-prime-os.jpg)

## Lit Markets

Meaning ▴ Lit Markets are centralized exchanges or trading venues characterized by pre-trade transparency, where bids and offers are publicly displayed in an order book prior to execution. </a><a href="https://prime.greeks.live/area/dark-pools/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract, precisely engineered construct of interlocking grey and cream panels, featuring a teal display and control. This represents an institutional-grade Crypto Derivatives OS for RFQ protocols, enabling high-fidelity execution, liquidity aggregation, and market microstructure optimization within a Principal's operational framework for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/integrated-principal-trading-system-modules-for-institutional-digital-asset-derivatives-rfq-execution-and-optimized-market-microstructure.jpg)

## Dark Pools

Meaning ▴ Dark Pools are alternative trading systems (ATS) that facilitate institutional order execution away from public exchanges, characterized by pre-trade anonymity and non-display of liquidity. </a><a href="https://prime.greeks.live/area/systematic-internalisers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise system balances components: an Intelligence Layer sphere on a Multi-Leg Spread bar, pivoted by a Private Quotation sphere atop a Prime RFQ dome. A Digital Asset Derivative sphere floats, embodying Implied Volatility and Dark Liquidity within Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-7.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/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A macro view reveals a robust metallic component, signifying a critical interface within a Prime RFQ. This secure mechanism facilitates precise RFQ protocol execution, enabling atomic settlement for institutional-grade digital asset derivatives, embodying high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/core-secure-institutional-digital-asset-derivatives-rfq-trade-system-element.jpg)

## Request for Quote

Meaning ▴ A Request for Quote, or RFQ, constitutes a formal communication initiated by a potential buyer or seller to solicit price quotations for a specified financial instrument or block of instruments from one or more liquidity providers. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent, blue-tinted sphere, anchored to a metallic base on a light surface, symbolizes an RFQ inquiry for digital asset derivatives. A fine line represents low-latency FIX Protocol for high-fidelity execution, optimizing price discovery in market microstructure via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-rfq-protocol-sphere-high-fidelity-execution-gateway.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/venue-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent sphere, representing a digital asset option, rests on an aqua geometric RFQ execution venue. This proprietary liquidity pool integrates with an opaque institutional grade infrastructure, depicting high-fidelity execution and atomic settlement within a Principal's operational framework for Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-prime-os.jpg)

## 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><a href="https://prime.greeks.live/area/operational-playbook/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Institutional-grade infrastructure supports a translucent circular interface, displaying real-time market microstructure for digital asset derivatives price discovery. Geometric forms symbolize precise RFQ protocol execution, enabling high-fidelity multi-leg spread trading, optimizing capital efficiency and mitigating systemic risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-market-microstructure-intelligence-layer.jpg)

## Operational Playbook

Meaning ▴ An Operational Playbook represents a meticulously engineered, codified set of procedures and parameters designed to govern the execution of specific institutional workflows within the digital asset derivatives ecosystem. </a><a href="https://prime.greeks.live/area/post-trade-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Symmetrical beige and translucent teal electronic components, resembling data units, converge centrally. This Institutional Grade RFQ execution engine enables Price Discovery and High-Fidelity Execution for Digital Asset Derivatives, optimizing Market Microstructure and Latency via Prime RFQ for Block Trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-engine.jpg)

## Post-Trade Analysis

Meaning ▴ Post-Trade Analysis constitutes the systematic review and evaluation of trading activity following order execution, designed to assess performance, identify deviations, and optimize future strategies. </a><a href="https://prime.greeks.live/area/execution-strategies/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A complex central mechanism, akin to an institutional RFQ engine, displays intricate internal components representing market microstructure and algorithmic trading. Transparent intersecting planes symbolize optimized liquidity aggregation and high-fidelity execution for digital asset derivatives, ensuring capital efficiency and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-optimizing-digital-asset-derivative-execution.jpg)

## Execution Strategies

Meaning ▴ Execution Strategies are defined as systematic, algorithmically driven methodologies designed to transact financial instruments in digital asset markets with predefined objectives. </a><a href="https://prime.greeks.live/area/pre-trade-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A cutaway view reveals an advanced RFQ protocol engine for institutional digital asset derivatives. Intricate coiled components represent algorithmic liquidity provision and portfolio margin calculations](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-digital-asset-derivatives-core-internal-mechanism-visualized.jpg)

## Pre-Trade Analysis

Meaning ▴ Pre-Trade Analysis is the systematic computational evaluation of market conditions, liquidity profiles, and anticipated transaction costs prior to the submission of an order. </a><a href="https://prime.greeks.live/area/execution-strategy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated modular apparatus, likely a Prime RFQ component, showcases high-fidelity execution capabilities. Its interconnected sections, featuring a central glowing intelligence layer, suggest a robust RFQ protocol engine](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-core-for-digital-asset-derivatives-high-fidelity-execution-protocols.jpg)

## Execution Strategy

Meaning ▴ A defined algorithmic or systematic approach to fulfilling an order in a financial market, aiming to optimize specific objectives like minimizing market impact, achieving a target price, or reducing transaction costs. </a><a href="https://prime.greeks.live/area/fill-rate/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central RFQ aggregation engine radiates segments, symbolizing distinct liquidity pools and market makers. This depicts multi-dealer RFQ protocol orchestration for high-fidelity price discovery in digital asset derivatives, highlighting diverse counterparty risk profiles and algorithmic pricing grids](https://options.greeks.live/wp-content/uploads/2025/07/centralized-digital-asset-rfq-orchestration-for-multi-venue-liquidity-aggregation-and-high-fidelity-execution-across-diverse-counterparties.jpg)

## Fill Rate

Meaning ▴ Fill Rate represents the ratio of the executed quantity of a trading order to its initial submitted quantity, expressed as a percentage. </a><a href="https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting structural elements form an 'X' around a central pivot, symbolizing dynamic RFQ protocols and multi-leg spread strategies. Luminous quadrants represent price discovery and latent liquidity within an institutional-grade Prime RFQ, enabling high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-enabling-high-fidelity-execution-across-disparate-liquidity-pools.jpg)

## Transaction Cost

Meaning ▴ Transaction Cost represents the total quantifiable economic friction incurred during the execution of a trade, encompassing both explicit costs such as commissions, exchange fees, and clearing charges, alongside implicit costs like market impact, slippage, and opportunity cost. </a>

**Tags:** [Venue Selection](https://options.greeks.live/area/venue-selection/), [Operational Playbook](https://options.greeks.live/area/operational-playbook/), [Order Routing](https://options.greeks.live/area/order-routing/), [Dark Pools](https://options.greeks.live/area/dark-pools/), [Price Improvement](https://options.greeks.live/area/price-improvement/), [Algorithmic Trading](https://options.greeks.live/area/algorithmic-trading/)	

## Discover More

- 
### [What Are the Key Quantitative Metrics Used to Compare Execution Venues for Best Execution?](https://options.greeks.live/question/what-are-the-key-quantitative-metrics-used-to-compare-execution-venues-for-best-execution/)
![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)

Key metrics for venue comparison quantify price, certainty, speed, and post-trade impact to build a total economic cost profile.

- 
### [How Do Dark Pools and Alternative Trading Systems Fit into an Institutional Best Execution Strategy?](https://options.greeks.live/question/how-do-dark-pools-and-alternative-trading-systems-fit-into-an-institutional-best-execution-strategy/)
![Translucent teal panel with droplets signifies granular market microstructure and latent liquidity in digital asset derivatives. Abstract beige and grey planes symbolize diverse institutional counterparties and multi-venue RFQ protocols, enabling high-fidelity execution and price discovery for block trades via aggregated inquiry.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocols-liquidity-aggregation.jpg)

Dark pools and ATS are vital components in a best execution strategy, enabling institutions to minimize market impact by executing large orders anonymously.

- 
### [How Does Market Volatility Impact a Broker’s Best Execution Duties?](https://options.greeks.live/question/how-does-market-volatility-impact-a-brokers-best-execution-duties/)
![A central split circular mechanism, half teal with liquid droplets, intersects four reflective angular planes. This abstractly depicts an institutional RFQ protocol for digital asset options, enabling principal-led liquidity provision and block trade execution with high-fidelity price discovery within a low-latency market microstructure, ensuring capital efficiency and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-core-system-for-high-fidelity-execution-and-aggregated-liquidity.jpg)

Market volatility transforms best execution from a compliance check into a dynamic test of a broker's systemic resilience and analytical sophistication.

- 
### [How Does a Smart Order Router Prioritize between RFQ and Dark Pool Venues?](https://options.greeks.live/question/how-does-a-smart-order-router-prioritize-between-rfq-and-dark-pool-venues/)
![A complex, multi-faceted crystalline object rests on a dark, reflective base against a black background. This abstract visual represents the intricate market microstructure of institutional digital asset derivatives. It symbolizes multi-leg spreads, implied volatility surfaces, and the precise price discovery within RFQ protocols for high-fidelity execution on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-execution-architecture.jpg)

A Smart Order Router prioritizes venues by dynamically solving a cost-optimization problem based on order size, urgency, and market conditions.

- 
### [How Does Anonymity in Dark Pools Affect Overall Market Quality?](https://options.greeks.live/question/how-does-anonymity-in-dark-pools-affect-overall-market-quality/)
![Abstract layered forms visualize market microstructure, featuring overlapping circles as liquidity pools and order book dynamics. A prominent diagonal band signifies RFQ protocol pathways, enabling high-fidelity execution and price discovery for institutional digital asset derivatives, hinting at dark liquidity and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-protocol.jpg)

Anonymity in dark pools is an architectural solution to minimize large-order transaction costs by trading pre-trade transparency for potential adverse selection.

- 
### [How Do Regulatory Frameworks like MiFID II Influence the Choice between RFQ and Dark Pool Venues?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-influence-the-choice-between-rfq-and-dark-pool-venues/)
![Central mechanical pivot with a green linear element diagonally traversing, depicting a robust RFQ protocol engine for institutional digital asset derivatives. This signifies high-fidelity execution of aggregated inquiry and price discovery, ensuring capital efficiency within complex market microstructure and order book dynamics.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-best-execution.jpg)

MiFID II re-architected venue selection by capping dark pools, forcing a strategic pivot to RFQ-based SIs for efficient block execution.

- 
### [How Do Regulators Define Best Execution for Algorithmic Strategies?](https://options.greeks.live/question/how-do-regulators-define-best-execution-for-algorithmic-strategies/)
![A dark blue, precision-engineered blade-like instrument, representing a digital asset derivative or multi-leg spread, rests on a light foundational block, symbolizing a private quotation or block trade. This structure intersects robust teal market infrastructure rails, indicating RFQ protocol execution within a Prime RFQ for high-fidelity execution and liquidity aggregation in institutional trading.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-multi-leg-spreads-best-execution-capital-efficiency.jpg)

Regulators define best execution for algorithmic strategies as a continuous, evidence-based duty of care, embedded in a robust technological and governance framework.

- 
### [How Can Transaction Cost Analysis Be Used to Measure the Impact of Regulation on Execution Quality in Dark Pools?](https://options.greeks.live/question/how-can-transaction-cost-analysis-be-used-to-measure-the-impact-of-regulation-on-execution-quality-in-dark-pools/)
![A dark, reflective surface showcases a metallic bar, symbolizing market microstructure and RFQ protocol precision for block trade execution. A clear sphere, representing atomic settlement or implied volatility, rests upon it, set against a teal liquidity pool. This depicts institutional-grade digital asset derivatives trading with high-fidelity execution and prime brokerage oversight.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-4.jpg)

Transaction Cost Analysis quantifies the impact of regulation on dark pool execution quality, enabling strategic adaptation to market fragmentation.

- 
### [How Does an Integrated Oems Improve Transaction Cost Analysis and Best Execution Reporting?](https://options.greeks.live/question/how-does-an-integrated-oems-improve-transaction-cost-analysis-and-best-execution-reporting/)
![A sleek, institutional grade sphere features a luminous circular display showcasing a stylized Earth, symbolizing global liquidity aggregation. This advanced Prime RFQ interface enables real-time market microstructure analysis and high-fidelity execution for digital asset derivatives. It represents dynamic price discovery via sophisticated RFQ protocols, optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-trading-platform-displaying-global-liquidity-aggregation-and-real-time-price-discovery-for-rfq-protocols.jpg)

An integrated OEMS improves TCA and best execution reporting by creating a unified data environment for real-time, predictive analysis.

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    "headline": "How Does the Choice of Execution Venue Affect the Proof of Best Execution for LIS Trades? \u25b4 Question",
    "description": "Venue choice for LIS trades dictates the available liquidity and information leakage, forming the auditable foundation of best execution proof. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-does-the-choice-of-execution-venue-affect-the-proof-of-best-execution-for-lis-trades/",
    "datePublished": "2025-08-05T16:46:41+00:00",
    "dateModified": "2025-08-05T16:46:42+00:00",
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        "caption": "An abstract, technical image features a central illuminated hub with four radiating light beams forming an 'X' against geometric dark and teal planes. This embodies the sophisticated architecture of an institutional Prime RFQ, facilitating high-fidelity execution of Bitcoin Options and Ethereum Futures via advanced RFQ protocols. It visualizes aggregated liquidity across diverse dark pools and regulated venues, enabling precise price discovery, efficient multi-leg spread trading, and robust portfolio margin management, crucial for achieving best execution."
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        "Algorithmic Trading",
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        "Price Improvement",
        "Request for Quote",
        "Systematic Internalisers",
        "Transaction Cost",
        "Transaction Cost Analysis",
        "Venue Selection"
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```

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            "name": "What Are The Key Metrics For Comparing Venue Performance?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "Once a venue or set of venues has been selected, the next strategic layer is the continuous monitoring and analysis of their performance. This requires a robust Transaction Cost Analysis (TCA) framework that goes beyond simple price comparisons. Key metrics include:"
            }
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                "text": "The categorization of a client as retail or professional can also influence the strategic approach to venue selection. While the overarching obligation to achieve the best possible result applies to both, the relative importance of the execution factors may differ. For professional clients, who are presumed to have a more sophisticated understanding of financial markets, there may be a greater emphasis on factors like minimizing market impact and accessing specialized liquidity pools. For retail clients, price and cost are often given greater weight. This distinction must be reflected in the firm's order execution policy and in the documented rationale for its venue selection decisions."
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---

**Original URL:** https://options.greeks.live/question/how-does-the-choice-of-execution-venue-affect-the-proof-of-best-execution-for-lis-trades/
