# How Does the Concept of Best Execution under MiFID II Affect the Data Captured in RFQ Execution Reports? ▴ Question

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

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![A precisely balanced transparent sphere, representing an atomic settlement or digital asset derivative, rests on a blue cross-structure symbolizing a robust RFQ protocol or execution management system. This setup is anchored to a textured, curved surface, depicting underlying market microstructure or institutional-grade infrastructure, enabling high-fidelity execution, optimized price discovery, and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-engineered-rfq-block-trade-execution-for-digital-asset-derivatives.jpg)

![A precise stack of multi-layered circular components visually representing a sophisticated Principal Digital Asset RFQ framework. Each distinct layer signifies a critical component within market microstructure for high-fidelity execution of institutional digital asset derivatives, embodying liquidity aggregation across dark pools, enabling private quotation and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/principal-digital-asset-rfq-protocol-layers-for-high-fidelity-execution.jpg)

## Concept

![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)

## The Unseen Architecture of Proof

The Markets in Financial Instruments Directive II (MiFID II) introduced a regulatory standard that fundamentally re-engineered the evidential requirements of [institutional trading](https://prime.greeks.live/area/institutional-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). At its core, the mandate for “best execution” required [investment firms](https://prime.greeks.live/area/investment-firms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to move beyond merely achieving a good price. It compelled them to construct a defensible, data-rich narrative for every execution, proving that “all sufficient steps” were taken to obtain the best possible result for their clients. This directive had a profound impact on all execution protocols, but its effect on the Request for Quote (RFQ) or bilateral price discovery process was particularly transformative.

Unlike the continuous, observable nature of lit order books, the RFQ process is inherently discrete and opaque. It is a series of private negotiations, and MiFID II demanded that this private process be rendered transparent and auditable after the fact.

This regulatory pressure created a new architectural need within the firm. The data captured in RFQ execution reports could no longer be a simple log of the final transaction details ▴ price, quantity, counterparty. Instead, the report itself had to become the repository of proof. It needed to contain the entire decision-making process, from the rationale for selecting certain liquidity providers to the granular details of every quote received, including those that were rejected.

The very concept of the execution report evolved from a static record into a dynamic evidentiary file, a structured chronicle designed to withstand regulatory scrutiny and validate the firm’s [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This shift was not about adding more fields to a database; it was about embedding the principles of accountability and transparency into the operational fabric of the trading desk.

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

## From Obligation to Internal Logic

The initial manifestation of this requirement came in the form of detailed, prescriptive reporting standards, notably the [Regulatory Technical Standards](https://prime.greeks.live/area/regulatory-technical-standards/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RTS) 27 and 28. RTS 27 required [execution venues](https://prime.greeks.live/area/execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to publish vast quantities of data on execution quality, while RTS 28 mandated that investment firms publish annual summaries of their top five execution venues and a qualitative assessment of the execution quality achieved. For the RFQ process, this meant that firms had to systematically collect data that would feed into these public disclosures. The goal was to create a market-wide mechanism for comparison and accountability.

However, the practical application of these standards revealed a significant flaw in their design. The sheer volume and complexity of the data made meaningful comparison exceptionally difficult, a fact acknowledged by regulators themselves in subsequent reviews.

> The core principle of MiFID II best execution is the demonstrable proof of a superior process, not just the achievement of a favorable outcome.

Consequently, the market has witnessed a significant regulatory shift. Authorities in both the UK and EU have moved to remove or deprioritize the formal RTS 27 and [RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) reporting obligations. This development does not represent a retreat from the principle of [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). On the contrary, it signals a maturation of the regulatory view.

The focus has shifted from the bureaucratic act of producing standardized public reports to the substantive internal obligation of the firm. The responsibility now lies squarely with the investment firm to build and maintain its own robust, internal data architecture. This system must be capable of demonstrating, on demand, a rigorous and evidence-based approach to achieving best execution for its clients. The [data capture](https://prime.greeks.live/area/data-capture/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) requirements born out of MiFID II have, therefore, become decoupled from the specific reports they were designed to populate, creating an enduring legacy that shapes the internal data governance and analytical capabilities of every modern institutional trading desk.

![A transparent bar precisely intersects a dark blue circular module, symbolizing an RFQ protocol for institutional digital asset derivatives. This depicts high-fidelity execution within a dynamic liquidity pool, optimizing market microstructure via a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-for-prime-os-execution.jpg)

![A sleek pen hovers over a luminous circular structure with teal internal components, symbolizing precise RFQ initiation. This represents high-fidelity execution for institutional digital asset derivatives, optimizing market microstructure and achieving atomic settlement within a Prime RFQ liquidity pool](https://options.greeks.live/wp-content/uploads/2025/07/optimizing-digital-asset-derivatives-rfq-through-prime-os-precision.jpg)

## Strategy

![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](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-best-execution-prime-os.jpg)

## The Intended and Actual Outcome of Prescriptive Reporting

The strategic intent behind the RTS 28 reporting regime was to enforce discipline through transparency. By mandating the public disclosure of top execution venues and qualitative summaries of execution outcomes, regulators aimed to create a competitive environment where clients could, in theory, compare the execution quality of different investment firms. For RFQ-heavy workflows, this meant firms had to develop a strategy for collecting, aggregating, and presenting data that would portray their [counterparty selection](https://prime.greeks.live/area/counterparty-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and execution process in the best possible light.

The strategy was one of public-facing compliance, where the primary objective was the production of a report that satisfied the letter of the law. This led to a massive investment in data capture and reporting infrastructure designed specifically to meet the granular requirements of the regulation.

However, the strategic reality diverged sharply from the regulatory intent. The reports proved to be of limited practical use to their intended audience. They were often too complex, too backward-looking, and lacked the contextual detail necessary for a true “apples-to-apples” comparison of execution quality, especially for nuanced, bilateral trading protocols like RFQs. The strategic focus for many firms became one of minimizing the compliance burden rather than leveraging the data for genuine insight.

The vast data collection effort, while technically compliant, often ended up in a “data warehouse” used primarily for generating the annual report, with little day-to-day impact on trading decisions or analytics. This disconnect between the cost of compliance and the value of the output is a primary driver behind the recent regulatory pivot away from these specific reports.

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

## From Public Mandate to Internal System

The table below illustrates the divergence between the intended purpose of the RTS 28 framework for RFQs and the observed reality that led to its obsolescence. This highlights the strategic shift from a compliance-driven reporting exercise to an internally-focused, evidence-based operational model.

| Strategic Goal of RTS 28 for RFQs | Observed Market Reality & Rationale for Removal |
| --- | --- |
| Enable Client Comparison To provide clients with standardized data to compare the execution quality of different firms, particularly regarding their choice of counterparties and venues for OTC instruments. | Lack of Meaningful Comparability The reports were rarely read by investors. The qualitative nature of the summaries and the lack of context around specific RFQ scenarios made it impossible to make fair comparisons between firms whose trading styles and client needs differed significantly. |
| Promote Venue Competition To create pressure on execution venues (including Systematic Internalisers acting as RFQ counterparties) to offer better execution quality, knowing their performance would be publicly reported by their clients. | Ineffective Mechanism The aggregated, annual nature of the data was insufficient to create real-time competitive pressure. A firm’s choice of RFQ counterparty is based on a complex set of factors (relationship, specific instrument expertise, reliability) that are not captured in a high-level report. |
| Improve Firm Governance To force firms to systematically review and document their execution policies and outcomes, thereby improving internal governance and oversight of the trading process. | Burden without Insight While firms did improve data collection, the primary focus was on report generation. The process often became a compliance formality rather than a driver of strategic analysis or improved execution logic. The cost of producing the reports outweighed the governance benefits derived from them. |
| Standardize Data Disclosure To create a uniform format for disclosing execution data across the industry, making the market more transparent as a whole. | Data Overload without Clarity The sheer volume of data, particularly when combined with the output from RTS 27 reports, created noise rather than clarity. Regulators noted that the reports contained “large amounts of detailed data” but did not enable useful comparison. |

![Sleek, metallic, modular hardware with visible circuit elements, symbolizing the market microstructure for institutional digital asset derivatives. This low-latency infrastructure supports RFQ protocols, enabling high-fidelity execution for private quotation and block trade settlement, ensuring capital efficiency within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/market-microstructure-engine-for-crypto-derivatives-rfq-protocol.jpg)

## The Enduring Strategic Imperative

The removal of the RTS 28 obligation is not a license to discard the data. The strategic imperative has evolved. Instead of collecting data for a public report, firms must now architect a data strategy that serves a more critical purpose ▴ internal defense and continuous improvement.

The core question from a regulator or a sophisticated client is no longer “Where is your RTS 28 report?” but “How can you prove you achieved best execution on this specific RFQ trade?”. Answering this question requires a far more dynamic and granular data framework than the one required for the annual report.

> The focus of data strategy has pivoted from periodic, public disclosure to continuous, internal defensibility.

The new strategy is about creating an “always-on” audit trail. It involves capturing not just the “what” but the “why” of every RFQ. Why were these three counterparties chosen for the inquiry? What were the timestamps of each quote request and response?

If the best-priced quote was not chosen, what was the documented justification (e.g. settlement risk, size availability)? This data becomes the foundation for a firm’s [Execution Quality Analysis](https://prime.greeks.live/area/execution-quality-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (EQA). It allows the firm to move beyond simple [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) and analyze the entire lifecycle of the RFQ, identifying inefficiencies in counterparty response times, patterns in quote quality, and opportunities to improve the trader’s decision-making process. The data, once collected for a compliance burden, is now a strategic asset for optimizing performance and managing regulatory risk.

![A precision-engineered teal metallic mechanism, featuring springs and rods, connects to a light U-shaped interface. This represents a core RFQ protocol component enabling automated price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/rfq-execution-engine-component-for-institutional-digital-asset-derivatives.jpg)

![Stacked, glossy modular components depict an institutional-grade Digital Asset Derivatives platform. Layers signify RFQ protocol orchestration, high-fidelity execution, and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/layered-digital-asset-derivatives-rfq-protocol-stack-for-prime-brokerage.jpg)

## Execution

![A Prime RFQ interface for institutional digital asset derivatives displays a block trade module and RFQ protocol channels. Its low-latency infrastructure ensures high-fidelity execution within market microstructure, enabling price discovery and capital efficiency for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-rfq-protocol-engine-high-fidelity-execution-digital-asset-derivatives.jpg)

## The RFQ Best Execution Evidentiary File

In the absence of the formal RTS 28 reporting mandate, the execution of a defensible [best execution policy](https://prime.greeks.live/area/best-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for RFQs depends on the construction of a comprehensive internal data file for every transaction. This is not a report to be published, but an evidentiary record to be maintained and analyzed. It is the firm’s primary tool for demonstrating adherence to its [execution policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and for satisfying regulatory inquiries.

The architecture of this file must be meticulous, capturing the state of the market and the trader’s actions at every critical juncture of the RFQ lifecycle. It is the operational manifestation of the “all sufficient steps” principle.

The following table outlines the critical data fields that constitute a robust RFQ Best Execution Evidentiary File. This framework moves beyond the high-level summaries of the past and focuses on the granular, time-stamped evidence required to reconstruct and defend a trading decision.

| Data Category | Core Data Fields | Operational Purpose |
| --- | --- | --- |
| Pre-Trade & Justification | Client Order Timestamp; Instrument Identifier (ISIN/CFI); Order Characteristics (Size, Side, Price/Spread); Pre-Trade Benchmark Price; Rationale for RFQ Protocol Use; List of Solicited Counterparties; Justification for Counterparty Selection. | To establish the baseline conditions and context of the order. This section documents the ‘why’ behind the chosen execution method and the selection of liquidity providers, which is a key part of the execution policy. |
| Quote Solicitation & Response | Timestamp of each RFQ sent; Timestamp of each quote received or non-response; Quote details from each counterparty (Price, Size, Time-to-Live); Number of counterparties that provided a quote. | To create a complete and auditable record of the competitive landscape for the trade. This data is critical for proving that a competitive process was undertaken to source liquidity and discover a fair price. |
| Execution & Rationale | Winning Counterparty ID; Winning Quote Details; Execution Timestamp; Trader ID; Explicit reason code if the best-priced quote was not transacted (e.g. size, certainty of execution, settlement risk). | To document the final trade decision and, crucially, to justify any deviation from a purely price-based selection. This justification is a cornerstone of demonstrating adherence to the broader factors of best execution. |
| Post-Trade Analysis | Post-Trade Benchmark Price; Slippage vs. Pre-Trade Benchmark; Comparison of winning quote vs. all other quotes received; Counterparty performance metrics (response time, quote stability). | To measure the quality of the execution outcome and to feed data back into the pre-trade process. This analysis helps refine counterparty selection and improve the overall execution policy over time. |

![A teal and white sphere precariously balanced on a light grey bar, itself resting on an angular base, depicts market microstructure at a critical price discovery point. This visualizes high-fidelity execution of digital asset derivatives via RFQ protocols, emphasizing capital efficiency and risk aggregation within a Principal trading desk's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-execution-strategy.jpg)

## Operationalizing the Data Capture Workflow

Integrating this level of data capture into the trading workflow requires a systematic operational process. It cannot be an afterthought; it must be embedded in the systems and procedures of the trading desk. The following steps outline a compliant workflow:

- **Order Ingestion and System Stamping** ▴ When a client order suitable for RFQ is received, the Order Management System (EMS/OMS) must immediately apply a timestamp and log the full order details. The system should prompt the trader to confirm the rationale for using the RFQ protocol over other available execution methods (e.g. lit market, dark pool).

- **Counterparty Selection and Logging** ▴ The trader selects a list of counterparties to solicit for a quote. This selection must be logged by the system. Ideally, the system should be configured with the firm’s approved counterparty list, and any deviation should require a logged justification from the trader.

- **Automated RFQ Dissemination and Monitoring** ▴ The EMS should send the RFQ to all selected counterparties simultaneously, logging the precise timestamp for each message. The system must then track incoming responses, timestamping each quote as it arrives and logging non-responses after a pre-defined timeout period.

- **Execution with Justification Capture** ▴ The trader executes against one of the received quotes. The system presents the trader with all competing quotes. If the trader selects any quote other than the best-priced one, the system must require the selection of a reason code from a pre-approved list before the order can be routed. This makes justification a mandatory part of the execution process.

- **File Assembly and Post-Trade Enrichment** ▴ Upon execution, the system automatically assembles all the logged data points into the single “Evidentiary File.” This file is then enriched with post-trade data, including the relevant benchmark prices for TCA and slippage calculations. This complete file is then stored for audit, analysis, and client reporting purposes.

![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)

## From Data for Compliance to Data for Performance

This rigorous data capture process does more than just create a defensive audit trail. It transforms the data into a powerful asset for internal performance optimization. By systematically collecting this information, a firm can move beyond regulatory necessity and unlock tangible analytical value.

> The architecture required for MiFID II compliance provides the raw material for superior execution analytics.

The table below shows how the data points, initially captured for evidentiary purposes, can be repurposed to drive strategic improvements in the trading process. This dual-use capability is the hallmark of a well-designed data system.

| Evidentiary Data Point | Analytical Application & Performance Insight |
| --- | --- |
| Timestamps of all quote responses | Counterparty Performance Analysis ▴ Firms can rank counterparties by average response time, identifying those who are quickest to provide liquidity. This can inform future counterparty selection, especially in fast-moving markets. |
| Details of all losing quotes | Quote Quality & Spread Analysis ▴ By analyzing the spread between the winning quote and the losing quotes, firms can measure the competitiveness of their counterparty panel. A consistently wide spread may indicate a need to add more competitive liquidity providers. |
| Reason codes for non-price-based execution | Trader Behavior & Policy Tuning ▴ Analyzing the frequency of different reason codes can reveal insights into trader decision-making. A high frequency of “settlement risk” for a certain counterparty, for example, could trigger a review of that relationship by the risk department. |
| Number of counterparties solicited vs. number quoted | Counterparty Hit Rate & Panel Optimization ▴ This metric reveals which counterparties are most reliable in providing quotes. A counterparty that is frequently solicited but rarely quotes may be a candidate for removal from the primary panel, streamlining the RFQ process. |

![A precisely engineered multi-component structure, split to reveal its granular core, symbolizes the complex market microstructure of institutional digital asset derivatives. This visual metaphor represents the unbundling of multi-leg spreads, facilitating transparent price discovery and high-fidelity execution via RFQ protocols within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocols-revealing-market-microstructure-for-high-fidelity-execution-and-atomic-settlement-within-principals-operational-framework.jpg)

## References

- Lehalle, Charles-Albert, and Sophie Moinas. “Strategic Liquidity Provision in a Dynamic Limit Order Book.” Market Microstructure ▴ Confronting Many Viewpoints, edited by F. Abergel et al. John Wiley & Sons, 2012, pp. 325-347.

- Gomber, Peter, et al. “High-Frequency Trading.” Goethe University, Working Paper, 2011.

- European Securities and Markets Authority. “Consultation Paper on the MiFID II/MiFIR review report on best execution.” ESMA35-43-2836, 24 September 2021.

- UK Financial Conduct Authority. “PS21/20 ▴ Reforms to UK MiFID’s conduct and organisational requirements.” FCA, 30 November 2021.

- O’Hara, Maureen. Market Microstructure Theory. Blackwell Publishers, 1995.

- Madhavan, Ananth. “Market Microstructure ▴ A Survey.” Journal of Financial Markets, vol. 3, no. 3, 2000, pp. 205-258.

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

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

![A metallic cylindrical component, suggesting robust Prime RFQ infrastructure, interacts with a luminous teal-blue disc representing a dynamic liquidity pool for digital asset derivatives. A precise golden bar diagonally traverses, symbolizing an RFQ-driven block trade path, enabling high-fidelity execution and atomic settlement within complex market microstructure for institutional grade operations](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-protocols-navigating-digital-asset-derivatives-market-microstructure-for-optimal-block-trade-liquidity.jpg)

## Reflection

![A precision institutional interface features a vertical display, control knobs, and a sharp element. This RFQ Protocol system ensures High-Fidelity Execution and optimal Price Discovery, facilitating Liquidity Aggregation](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-platform-interface.jpg)

## Beyond the Evidentiary Threshold

The regulatory journey of best execution, from the prescriptive formats of RTS 27 and 28 to a more principles-based enforcement, presents a critical point of reflection for every investment firm. The dissolution of a specific reporting mandate does not diminish the underlying obligation; it elevates it. The question to consider is whether the firm’s data architecture was built merely to satisfy a reporting template, or if it was designed as a core component of its execution intelligence. Is the data a historical artifact stored for potential audits, or is it a living resource actively informing and improving the firm’s performance?

A system designed solely for compliance is a cost center. A system designed for analysis and optimization is a competitive advantage. The data points required to prove best execution ▴ competing quotes, timestamps, justification logs ▴ are the very same data points needed to build sophisticated models of counterparty behavior, to refine execution algorithms, and to provide clients with a truly transparent view of the value being created on their behalf.

The end of the formal reporting era is an opportunity to re-evaluate the purpose of this data. It is a chance to move beyond the evidentiary threshold and begin architecting a system where regulatory compliance becomes a natural byproduct of a relentless pursuit of superior execution.

![Interlocked, precision-engineered spheres reveal complex internal gears, illustrating the intricate market microstructure and algorithmic trading of an institutional grade Crypto Derivatives OS. This visualizes high-fidelity execution for digital asset derivatives, embodying RFQ protocols and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-system.jpg)

## Glossary

<a href="https://prime.greeks.live/area/institutional-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Engineered object with layered translucent discs and a clear dome encapsulating an opaque core. Symbolizing market microstructure for institutional digital asset derivatives, it represents a Principal's operational framework for high-fidelity execution via RFQ protocols, optimizing price discovery and capital efficiency within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-intelligence-engine.jpg)

## Institutional Trading

Meaning ▴ Institutional Trading refers to the execution of large-volume financial transactions by entities such as asset managers, hedge funds, pension funds, and sovereign wealth funds, distinct from retail investor activity. </a><a href="https://prime.greeks.live/area/investment-firms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two reflective, disc-like structures, one tilted, one flat, symbolize the Market Microstructure of Digital Asset Derivatives. This metaphor encapsulates RFQ Protocols and High-Fidelity Execution within a Liquidity Pool for Price Discovery, vital for a Principal's Operational Framework ensuring Atomic Settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-liquidity-aggregation-optimizing-market-microstructure-principal-trading-best-execution-atomic-settlement.jpg)

## Investment Firms

Meaning ▴ Investment Firms are institutional entities primarily engaged in the management, deployment, and intermediation of capital within financial markets, operating as critical nodes in the global capital allocation network. </a><a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A refined object featuring a translucent teal element, symbolizing a dynamic RFQ for Institutional Grade Digital Asset Derivatives. Its precision embodies High-Fidelity Execution and seamless Price Discovery within complex Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-for-optimal-execution-and-deep-liquidity-aggregation.jpg)

## Execution Quality

Meaning ▴ Execution Quality quantifies the efficacy of an order's fill, assessing how closely the achieved trade price aligns with the prevailing market price at submission, alongside consideration for speed, cost, and market impact. </a><a href="https://prime.greeks.live/area/regulatory-technical-standards/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision engineered system for institutional digital asset derivatives. Intricate components symbolize RFQ protocol execution, enabling high-fidelity price discovery and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-4.jpg)

## Regulatory Technical Standards

Meaning ▴ Regulatory Technical Standards, or RTS, are legally binding technical specifications developed by European Supervisory Authorities to elaborate on the details of legislative acts within the European Union's financial services framework. </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">
![Dark, reflective planes intersect, outlined by a luminous bar with three apertures. This visualizes RFQ protocols for institutional liquidity aggregation and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-dynamics.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/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision interlocking components with exposed mechanisms symbolize an institutional-grade platform. This embodies a robust RFQ protocol for high-fidelity execution of multi-leg options strategies, driving efficient price discovery and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-execution-platform.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/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An advanced digital asset derivatives system features a central liquidity pool aperture, integrated with a high-fidelity execution engine. This Prime RFQ architecture supports RFQ protocols, enabling block trade processing and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-system-architecture.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/data-capture/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Interlocking modular components symbolize a unified Prime RFQ for institutional digital asset derivatives. Different colored sections represent distinct liquidity pools and RFQ protocols, enabling multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-prime-os-market-microstructure-rfq-protocols.jpg)

## Data Capture

Meaning ▴ Data Capture refers to the precise, systematic acquisition and ingestion of raw, real-time information streams from various market sources into a structured data repository. </a><a href="https://prime.greeks.live/area/counterparty-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Glossy, intersecting forms in beige, blue, and teal embody RFQ protocol efficiency, atomic settlement, and aggregated liquidity for institutional digital asset derivatives. The sleek design reflects high-fidelity execution, prime brokerage capabilities, and optimized order book dynamics for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-digital-asset-derivatives-execution-via-optimized-rfq-protocols-enhancing-principal-operational-frameworks.jpg)

## Counterparty Selection

Meaning ▴ Counterparty selection refers to the systematic process of identifying, evaluating, and engaging specific entities for trade execution, risk transfer, or service provision, based on predefined criteria such as creditworthiness, liquidity provision, operational reliability, and pricing competitiveness within a digital asset derivatives ecosystem. </a><a href="https://prime.greeks.live/area/execution-quality-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, pointed object, merging light and dark modular components, embodies advanced market microstructure for digital asset derivatives. Its precise form represents high-fidelity execution, price discovery via RFQ protocols, emphasizing capital efficiency, institutional grade alpha generation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-rfq-execution-system-microstructure.jpg)

## Execution Quality Analysis

Meaning ▴ Execution Quality Analysis is the systematic quantitative evaluation of trading order fulfillment effectiveness against pre-defined benchmarks and market conditions. </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">
![Glowing teal conduit symbolizes high-fidelity execution pathways and real-time market microstructure data flow for digital asset derivatives. Smooth grey spheres represent aggregated liquidity pools and robust counterparty risk management within a Prime RFQ, enabling optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-market-microstructure-prime-os.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </a><a href="https://prime.greeks.live/area/best-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An institutional grade system component, featuring a reflective intelligence layer lens, symbolizes high-fidelity execution and market microstructure insight. This enables price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-precision-rfq-execution-system-interface.jpg)

## Best Execution Policy

Meaning ▴ The Best Execution Policy defines the obligation for a broker-dealer or trading firm to execute client orders on terms most favorable to the client. </a><a href="https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, modular infrastructure for institutional digital asset derivatives trading. Its intersecting elements symbolize integrated RFQ protocols, facilitating high-fidelity execution and precise price discovery across complex multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-optimizing-high-fidelity-block-trade-liquidity-and-multi-leg-spread-precision.jpg)

## Execution Policy

Meaning ▴ An Execution Policy defines a structured set of rules and computational logic governing the handling and execution of financial orders within a trading system. </a>

**Tags:** [Liquidity Sourcing](https://options.greeks.live/area/liquidity-sourcing/), [Regulatory Technical Standards](https://options.greeks.live/area/regulatory-technical-standards/), [Best Execution](https://options.greeks.live/area/best-execution/), [OTC Derivatives](https://options.greeks.live/area/otc-derivatives/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [Data Capture](https://options.greeks.live/area/data-capture/)	

## Discover More

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

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

- 
### [How Do Regulatory Frameworks like MiFID II View the Practice of Client Tiering and Best Execution?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-view-the-practice-of-client-tiering-and-best-execution/)
![Two precision-engineered nodes, possibly representing a Private Quotation or RFQ mechanism, connect via a transparent conduit against a striped Market Microstructure backdrop. This visualizes High-Fidelity Execution pathways for Institutional Grade Digital Asset Derivatives, enabling Atomic Settlement and Capital Efficiency within a Dark Pool environment, optimizing Price Discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-nodes.jpg)

MiFID II requires firms to architect a transparent, data-driven system where client tiering is a justified method for optimizing execution.

- 
### [What Are the Key Components of a MiFID II Compliant Best Execution Policy?](https://options.greeks.live/question/what-are-the-key-components-of-a-mifid-ii-compliant-best-execution-policy/)
![Precision-engineered institutional grade components, representing prime brokerage infrastructure, intersect via a translucent teal bar embodying a high-fidelity execution RFQ protocol. This depicts seamless liquidity aggregation and atomic settlement for digital asset derivatives, reflecting complex market microstructure and efficient price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-prime-os-core.jpg)

A MiFID II best execution policy is the operational blueprint for a firm's fiduciary duty, systematically translating market data into auditable, optimal client outcomes.

- 
### [What Are the Specific Reporting Differences between CLOB and RFQ Trades under RTS 28?](https://options.greeks.live/question/what-are-the-specific-reporting-differences-between-clob-and-rfq-trades-under-rts-28/)
![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)

RTS 28 reporting translates CLOB data into a narrative of algorithmic efficiency and RFQ data into a defense of discreet, relationship-based liquidity sourcing.

- 
### [How Does Mifid Ii Best Execution Redefine Vendor Selection Criteria?](https://options.greeks.live/question/how-does-mifid-ii-best-execution-redefine-vendor-selection-criteria/)
![Central, interlocked mechanical structures symbolize a sophisticated Crypto Derivatives OS driving institutional RFQ protocol. Surrounding blades represent diverse liquidity pools and multi-leg spread components. This visualizes high-fidelity execution, precise price discovery, and algorithmic trading within complex market microstructure, optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-architecture-optimizing-high-fidelity-execution-across-diverse-liquidity-pools.jpg)

MiFID II transforms vendor selection into a quantitative discipline, demanding an auditable, data-driven architecture to prove best execution.

- 
### [How Does the Emergence of Systematic Internalisers Affect Best Execution Analysis for Institutional Investors?](https://options.greeks.live/question/how-does-the-emergence-of-systematic-internalisers-affect-best-execution-analysis-for-institutional-investors/)
![Precision-engineered multi-vane system with opaque, reflective, and translucent teal blades. This visualizes Institutional Grade Digital Asset Derivatives Market Microstructure, driving High-Fidelity Execution via RFQ protocols, optimizing Liquidity Pool aggregation, and Multi-Leg Spread management on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-multi-vane-system-illustrating-institutional-digital-asset-derivatives-rfq-protocols-market-microstructure-optimized-liquidity-aggregation-prime-os-high-fidelity-execution.jpg)

Systematic Internalisers compel a shift in best execution analysis from simple price comparison to a multi-venue, quantitative assessment of liquidity access and market impact.

- 
### [What Are the Key Data Points an Ems Must Capture to Prove Best Execution under Mifid Ii?](https://options.greeks.live/question/what-are-the-key-data-points-an-ems-must-capture-to-prove-best-execution-under-mifid-ii/)
![Abstract visualization of institutional RFQ protocol for digital asset derivatives. Translucent layers symbolize dark liquidity pools within complex market microstructure. A central channel ensures high-fidelity execution and atomic settlement. Green nodes denote private quotation endpoints, enabling aggregated inquiry and price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-6.jpg)

An EMS proves best execution by capturing a complete, timestamped data record of an order's lifecycle against all execution factors.

- 
### [What Are the Core Components of a Defensible Best Execution Policy after the Repeal of RTS 28?](https://options.greeks.live/question/what-are-the-core-components-of-a-defensible-best-execution-policy-after-the-repeal-of-rts-28/)
![A sophisticated institutional-grade system's internal mechanics. A central metallic wheel, symbolizing an algorithmic trading engine, sits above glossy surfaces with luminous data pathways and execution triggers. This abstract visualizes high-fidelity execution for digital asset derivatives, optimizing market microstructure and RFQ protocol efficiency within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-core.jpg)

A defensible best execution policy post-RTS 28 is a dynamic, data-driven framework embedded in a firm's culture, focused on demonstrable client outcomes.

- 
### [What Are the Specific Data Requirements for Proving Best Execution in an RFQ Trade under MiFID II?](https://options.greeks.live/question/what-are-the-specific-data-requirements-for-proving-best-execution-in-an-rfq-trade-under-mifid-ii/)
![Abstract geometric forms, including overlapping planes and central spherical nodes, visually represent a sophisticated institutional digital asset derivatives trading ecosystem. It depicts complex multi-leg spread execution, dynamic RFQ protocol liquidity aggregation, and high-fidelity algorithmic trading within a Prime RFQ framework, ensuring optimal price discovery and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-liquidity-aggregation-market-microstructure-high-fidelity-execution-alpha-generation-prime-os-capital-efficiency.jpg)

A firm's RFQ data architecture must systematically capture pre-trade intent and post-trade outcomes to prove best execution compliance.

---

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---

**Original URL:** https://options.greeks.live/question/how-does-the-concept-of-best-execution-under-mifid-ii-affect-the-data-captured-in-rfq-execution-reports/
