# How Does the Removal of RTS 28 in the UK Affect a Firm’s Ability to Demonstrate Best Execution? ▴ Question

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

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## Concept

The removal of the Regulatory Technical Standard 28 ([RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) reporting obligation in the United Kingdom represents a significant recalibration in the philosophy of regulatory oversight, moving from a prescriptive, public disclosure model to a regime centered on a firm’s internal accountability and the substance of its [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The core legal and ethical duty for a firm to achieve the best possible result for its clients when executing orders remains unaltered. The change, effective from December 1, 2021, was a direct response to the industry-wide assessment that the RTS 28 reports, which mandated an annual public summary of the top five execution venues used and a qualitative assessment of execution quality, were failing in their primary objective.

These reports were conceived as a tool to enhance transparency and empower investors to make informed judgments about their brokers’ execution practices. The underlying theory was that by making venue selection public, market forces would drive firms toward those offering superior execution quality. In practice, the output was found to be of limited utility. The [Financial Conduct Authority](https://prime.greeks.live/area/financial-conduct-authority/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (FCA) noted that the intended audience, including both retail and institutional clients, seldom accessed these reports.

The data within was often aggregated to a level that obscured meaningful analysis, was backward-looking, and failed to provide the specific context needed by a sophisticated client to properly scrutinize a firm’s [execution strategy](https://prime.greeks.live/area/execution-strategy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for their particular type of business. The cost of producing these detailed reports was substantial, creating a significant compliance burden without a commensurate benefit to market transparency or investor protection.

> The abolition of RTS 28 reporting did not abolish the best execution duty itself; it removed a specific, and ultimately ineffective, method of demonstrating compliance.

Consequently, the UK’s departure from this reporting framework places a greater emphasis on the robustness of a firm’s internal [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) policies, monitoring arrangements, and governance structures. The fundamental obligation, as enshrined in the FCA’s Conduct of Business Sourcebook ([COBS](https://prime.greeks.live/area/cobs/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)), requires firms to take all sufficient steps to obtain the best possible result for their clients, taking into account price, costs, speed, likelihood of execution and settlement, size, nature, or any other consideration relevant to the execution of the order. The removal of RTS 28 means that the method of proving adherence to this principle is now less about public, standardized reporting and more about a firm’s ability to provide a comprehensive and coherent defense of its execution practices to the regulator upon request.

![Modular institutional-grade execution system components reveal luminous green data pathways, symbolizing high-fidelity cross-asset connectivity. This depicts intricate market microstructure facilitating RFQ protocol integration for atomic settlement of digital asset derivatives within a Principal's operational framework, underpinned by a Prime RFQ intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/modular-high-fidelity-execution-architecture-for-institutional-digital-asset-derivatives-rfq-protocol-integration-and-principals-operational-framework-optimization.jpg)

## The Enduring Mandate of Best Execution

Understanding the shift requires a clear distinction between the act of reporting and the act of executing. RTS 28 was a post-trade transparency exercise. Best execution is a continuous, front-to-back obligation that permeates a firm’s entire trading and investment process. It encompasses:

- **Order Handling** ▴ The processes and systems in place to manage client orders efficiently and fairly.

- **Venue and Broker Selection** ▴ The methodology for choosing where and with whom to execute orders. This includes not just regulated markets and multilateral trading facilities (MTFs), but also systematic internalisers, brokers, and other liquidity sources.

- **Execution Monitoring** ▴ The real-time and post-trade analysis of execution quality against relevant benchmarks.

- **Governance and Oversight** ▴ The establishment of clear lines of responsibility, regular reviews of execution arrangements, and a formal governance structure to challenge and validate the firm’s approach.

The FCA’s stance is unequivocal ▴ firms must still be able to demonstrate, with clear evidence, that they are meeting these obligations. The focus has simply moved from a public, and largely ignored, report to the internal, auditable processes that genuinely drive execution outcomes. This places a greater onus on firms to not only have effective policies but to be able to articulate and evidence their effectiveness through detailed internal records and analysis.

![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)

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

## Strategy

In a post-RTS 28 environment, a firm’s strategy for demonstrating best execution must evolve from a compliance-driven reporting task to a dynamic, data-centric framework of continuous monitoring and governance. The absence of a mandated public report elevates the importance of a firm’s internal narrative and its ability to substantiate that narrative with robust, granular data. The strategic imperative is to build a demonstrable and defensible process that proves the firm is consistently seeking the best possible outcomes for its clients, tailored to their specific needs and the nature of their orders.

This strategic shift necessitates a move away from reliance on aggregated, historical data, as was the case with RTS 28, towards a more proactive and analytical approach. Firms must now harness a wider array of data sources and analytical tools to provide a comprehensive picture of their execution quality. This includes leveraging market data from various providers, execution data from venues and brokers, and increasingly, sophisticated [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) to benchmark performance. The core of the new strategy is to treat best execution not as a static, annual report, but as a live, evidence-based discipline that is integrated into the firm’s daily operations and governance structure.

![A precision-engineered institutional digital asset derivatives execution system cutaway. The teal Prime RFQ casing reveals intricate market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-protocol-core-engine.jpg)

## Pillars of a Modern Best Execution Strategy

A robust post-RTS 28 strategy is built on several key pillars:

- **Enhanced Data and Analytics** ▴ The foundation of any credible [best execution framework](https://prime.greeks.live/area/best-execution-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is data. Firms must invest in the systems and expertise to capture, process, and analyze a wide range of execution data. This goes beyond simple price and cost metrics to include factors like speed of execution, fill rates, price impact, and comparisons to relevant benchmarks (e.g. VWAP, TWAP, arrival price). TCA becomes a central component of this, providing the quantitative rigor needed to assess performance across different venues, brokers, and algorithms.

- **Dynamic Policy Management** ▴ A firm’s best execution policy can no longer be a static document reviewed annually. It must be a living document that reflects the firm’s current execution arrangements, the venues and brokers it uses, and the rationale for its choices. The policy should be regularly updated to reflect changes in market structure, the availability of new liquidity sources, and the results of the firm’s own execution quality monitoring.

- **Strengthened Governance and Oversight** ▴ With the removal of the public accountability mechanism of RTS 28, the role of internal governance becomes paramount. Firms must have a dedicated committee or function responsible for overseeing best execution. This body should be empowered to challenge the firm’s execution practices, review monitoring reports, and ensure that any identified deficiencies are remediated. The minutes and actions of this governance body form a critical part of the audit trail that demonstrates a firm’s commitment to best execution.

![A deconstructed mechanical system with segmented components, revealing intricate gears and polished shafts, symbolizing the transparent, modular architecture of an institutional digital asset derivatives trading platform. This illustrates multi-leg spread execution, RFQ protocols, and atomic settlement processes](https://options.greeks.live/wp-content/uploads/2025/07/deconstructed-principal-trading-system-revealing-core-mechanics-of-digital-asset-derivatives-execution.jpg)

## From Prescriptive Reporting to a Principles-Based Framework

The table below contrasts the old RTS 28 regime with the strategic approach required in the current environment.

| Aspect | RTS 28 Approach (Pre-Dec 2021) | Post-RTS 28 Strategic Framework |
| --- | --- | --- |
| Primary Focus | Public disclosure and standardized reporting. | Internal governance, continuous monitoring, and demonstrable compliance. |
| Data Utilized | Aggregated, historical data on top five venues. | Granular, real-time and post-trade data from multiple sources, including TCA providers. |
| Demonstration of Compliance | Annual publication of the RTS 28 report. | Comprehensive internal audit trail, including policies, monitoring reports, and governance minutes. |
| Client Engagement | Largely passive, through a report that was rarely read. | Proactive and tailored, providing clients with meaningful, context-specific information on execution quality upon request. |

> Effective best execution strategy now hinges on a firm’s ability to create a compelling, evidence-backed internal narrative of its execution quality.

Ultimately, the removal of RTS 28 empowers firms to design a best [execution framework](https://prime.greeks.live/area/execution-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that is genuinely tailored to their business model and client base. It replaces a one-size-fits-all reporting requirement with a more intelligent, principles-based approach. However, this increased flexibility comes with increased responsibility.

Firms that fail to invest in the necessary data, analytics, and governance will find themselves exposed in the event of an FCA inquiry. The winners in this new landscape will be those who view best execution not as a compliance burden, but as a source of competitive advantage and a core component of their client value proposition.

![A polished, segmented metallic disk with internal structural elements and reflective surfaces. This visualizes a sophisticated RFQ protocol engine, representing the market microstructure of institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-1.jpg)

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## Execution

Executing a best execution strategy in the absence of RTS 28 requires a disciplined and systematic approach to data, analysis, and governance. Firms must construct an operational framework that can withstand regulatory scrutiny and provide tangible evidence of their commitment to achieving the best possible outcomes for clients. This framework is not a single project but a continuous cycle of monitoring, analysis, and refinement.

![An abstract composition of interlocking, precisely engineered metallic plates represents a sophisticated institutional trading infrastructure. Visible perforations within a central block symbolize optimized data conduits for high-fidelity execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-multi-leg-execution-layer.jpg)

## Building a Defensible Best Execution Framework

The operational execution of a modern best execution framework can be broken down into three core components ▴ Data and Monitoring, Analysis and Review, and [Governance and Control](https://prime.greeks.live/area/governance-and-control/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Each component must be robustly implemented and documented to create a comprehensive and defensible audit trail.

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## Data and Monitoring

The starting point for any best execution framework is the systematic collection of relevant data. Firms need to move beyond basic trade details and capture a rich dataset that allows for meaningful analysis. This includes:

- **Order Characteristics** ▴ Instrument, order type, size, duration, and any specific client instructions.

- **Execution Details** ▴ Venue, broker, algorithm used, execution price, costs (explicit and implicit), speed of execution, and fill rate.

- **Market Data** ▴ Relevant benchmark data for the time of execution, such as the state of the order book, quoted spreads, and benchmark prices (e.g. arrival price, VWAP).

This data should be fed into a monitoring system that allows for regular, ideally automated, analysis. The table below outlines a sample structure for a best execution monitoring dashboard.

| Metric Category | Key Performance Indicator (KPI) | Description | Analysis Dimension |
| --- | --- | --- | --- |
| Price | Price Improvement | Execution price versus the best quoted price at the time of the order. | By venue, broker, asset class. |
| Cost | Total Cost Analysis | Analysis of all costs, including commissions, fees, and implicit costs like market impact. | By execution strategy, order size. |
| Speed | Order Fill Time | Time from order receipt to final execution. | By venue, time of day. |
| Likelihood of Execution | Fill Rate | Percentage of orders executed successfully. | By instrument, market conditions. |

![Two abstract, polished components, diagonally split, reveal internal translucent blue-green fluid structures. This visually represents the Principal's Operational Framework for Institutional Grade Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-prime-os-liquidity-framework.jpg)

## Analysis and Review

Once the data is collected, it must be subjected to rigorous analysis. This is where TCA plays a critical role. TCA provides an objective, quantitative assessment of execution quality by comparing trade outcomes to a variety of benchmarks.

The analysis should be conducted regularly (e.g. quarterly) and the findings should be documented in a formal report. This report should not just present the data, but also provide a qualitative assessment of the results, explaining why certain outcomes were achieved and identifying any areas for improvement.

> In the absence of RTS 28, Transaction Cost Analysis transitions from a supplementary tool to a core pillar of a firm’s best execution evidence.

The review process should be designed to answer key questions, such as:

- Are our chosen execution venues and brokers consistently delivering high-quality outcomes?

- Are our execution algorithms performing as expected?

- Are there any patterns of poor performance that need to be investigated?

- How do our execution costs compare to industry benchmarks?

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## Governance and Control

The final component of the framework is a robust governance and control structure. This ensures that the findings of the monitoring and analysis are acted upon. A best execution committee, comprising senior representatives from the front office, compliance, and risk, should meet regularly to review the TCA reports and other monitoring data. This committee should be responsible for:

- **Approving the firm’s best execution policy.**

- **Reviewing and challenging the firm’s execution arrangements.**

- **Overseeing the performance of execution venues and brokers.**

- **Ensuring that any identified issues are remediated in a timely manner.**

The minutes of these meetings are a crucial piece of evidence, demonstrating to the regulator that the firm takes its best execution obligations seriously and has a formal process for overseeing them. This documented governance process effectively replaces the public disclosure function of RTS 28, providing a clear and defensible record of the firm’s commitment to its clients.

![Precision-engineered modular components, with teal accents, align at a central interface. This visually embodies an RFQ protocol for institutional digital asset derivatives, facilitating principal liquidity aggregation and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-interface-for-atomic-settlement.jpg)

## References

- Financial Conduct Authority. (2021). PS21/20 ▴ Changes to UK MiFID’s conduct and organisational requirements. London, UK ▴ Financial Conduct Authority.

- European Securities and Markets Authority. (2024). ESMA publishes statement on reporting requirements under RTS 28 of MiFID II. Paris, France ▴ ESMA.

- DLA Piper. (2024). ESMA publishes statement on reporting requirements under RTS 28 of MiFID II.

- PwC. (2021). FCA confirms research and best execution changes to UK MiFID.

- Baker McKenzie. (2022). UK ▴ FCA makes changes to MiFID II research rules and removes RTS 27 and RTS 28 best execution reporting.

- TRAction Fintech. (2024). RTS 27 and 28 ▴ The 2024 Status of These Reports in UK and EU.

- eflow Global. (2021). Best execution and beyond – What’s happening to RTS 27 & 28 post-Brexit?.

- FCA Handbook, Conduct of Business Sourcebook (COBS), Chapter 11.2A.

![Abstract depiction of an institutional digital asset derivatives execution system. A central market microstructure wheel supports a Prime RFQ framework, revealing an algorithmic trading engine for high-fidelity execution of multi-leg spreads and block trades via advanced RFQ protocols, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-system-1.jpg)

## Reflection

The transition away from RTS 28 marks a maturation of the regulatory landscape. It moves beyond a compliance culture of box-ticking to one that demands genuine, demonstrable accountability. For firms, this presents an opportunity to re-evaluate their entire execution philosophy. The question is no longer “How do we produce this report?” but “How do we build and evidence a truly superior execution process?” The answer lies not in a single piece of technology or a static policy document, but in the creation of a dynamic, intelligent system of monitoring, analysis, and governance.

The tools and data to achieve this are readily available. The defining factor will be a firm’s commitment to integrating them into a coherent and defensible framework that places the client’s best interests at the heart of every execution decision.

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## Glossary

<a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An exposed high-fidelity execution engine reveals the complex market microstructure of an institutional-grade crypto derivatives OS. Precision components facilitate smart order routing and multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-2.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/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central processing core with intersecting, transparent structures revealing intricate internal components and blue data flows. This symbolizes an institutional digital asset derivatives platform's Prime RFQ, orchestrating high-fidelity execution, managing aggregated RFQ inquiries, and ensuring atomic settlement within dynamic market microstructure, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-system-facilitating-high-fidelity-rfq-protocol-optimization-for-best-execution-and-atomic-settlement.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/financial-conduct-authority/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, bi-component digital asset derivatives engine reveals its intricate core, symbolizing an advanced RFQ protocol. This Prime RFQ component enables high-fidelity execution and optimal price discovery within complex market microstructure, managing latent liquidity for institutional operations](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimal-execution.jpg)

## Financial Conduct Authority

Meaning ▴ The Financial Conduct Authority operates as the conduct regulator for financial services firms and financial markets in the United Kingdom. </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 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](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-core.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/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The image depicts two interconnected modular systems, one ivory and one teal, symbolizing robust institutional grade infrastructure for digital asset derivatives. Glowing internal components represent algorithmic trading engines and intelligence layers facilitating RFQ protocols for high-fidelity execution and atomic settlement of multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-1.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/cobs/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Symmetrical internal components, light green and white, converge at central blue nodes. This abstract representation embodies a Principal's operational framework, enabling high-fidelity execution of institutional digital asset derivatives via advanced RFQ protocols, optimizing market microstructure for price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-core.jpg)

## Cobs

Meaning ▴ COBS, or Consistent Overhead Byte Stuffing, defines a byte-stuffing algorithm designed to reliably frame data packets by ensuring that zero bytes appear exclusively as frame delimiters. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek 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)

## 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-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Internal, precise metallic and transparent components are illuminated by a teal glow. This visual metaphor represents the sophisticated market microstructure and high-fidelity execution of RFQ protocols for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-microstructure-prime-os-intelligence-layer-atomic-settlement-precision.jpg)

## Best Execution Framework

Meaning ▴ The Best Execution Framework defines a structured methodology for achieving the most advantageous outcome for client orders, considering price, cost, speed, likelihood of execution and settlement, order size, and any other relevant considerations. </a><a href="https://prime.greeks.live/area/execution-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A split spherical mechanism reveals intricate internal components. This symbolizes an Institutional Digital Asset Derivatives Prime RFQ, enabling high-fidelity RFQ protocol execution, optimal price discovery, and atomic settlement for block trades and multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-revealing-rfq-execution-core-mechanics.jpg)

## Execution Framework

Meaning ▴ An Execution Framework represents a comprehensive, programmatic system designed to facilitate the systematic processing and routing of trading orders across various market venues, optimizing for predefined objectives such as price, speed, or minimized market impact. </a><a href="https://prime.greeks.live/area/governance-and-control/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, spherical intelligence layer component with internal blue mechanics and a precision lens. It embodies a Principal's private quotation system, driving high-fidelity execution and price discovery for digital asset derivatives through RFQ protocols, optimizing market microstructure and minimizing latency](https://options.greeks.live/wp-content/uploads/2025/08/principals-private-quotation-system-intelligence-layer-component.jpg)

## Governance and Control

Meaning ▴ Governance and Control refers to the comprehensive framework of policies, procedures, and technological mechanisms designed to direct and oversee the operational integrity, risk exposure, and strategic alignment of institutional activities within digital asset markets. </a>

**Tags:** [Execution Quality](https://options.greeks.live/area/execution-quality/), [Investment Firm Governance](https://options.greeks.live/area/investment-firm-governance/), [Best Execution Framework](https://options.greeks.live/area/best-execution-framework/), [Execution Framework](https://options.greeks.live/area/execution-framework/), [RTS 28](https://options.greeks.live/area/rts-28/), [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/)	

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- 
### [What Are the Primary Regulatory Frameworks Governing Best Execution in the US and Europe?](https://options.greeks.live/question/what-are-the-primary-regulatory-frameworks-governing-best-execution-in-the-us-and-europe/)
![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)

The primary regulatory frameworks for best execution in the US and Europe mandate a demonstrable, data-driven process for achieving the most favorable client outcomes in fragmented markets.

- 
### [What Are the Operational Challenges of Applying Different Best Execution Standards for a Global Firm?](https://options.greeks.live/question/what-are-the-operational-challenges-of-applying-different-best-execution-standards-for-a-global-firm/)
![A sleek, dark, metallic system component features a central circular mechanism with a radiating arm, symbolizing precision in High-Fidelity Execution. This intricate design suggests Atomic Settlement capabilities and Liquidity Aggregation via an advanced RFQ Protocol, optimizing Price Discovery within complex Market Microstructure and Order Book Dynamics on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-high-fidelity-execution-protocol-liquidity-market-microstructure.jpg)

A global firm's primary operational challenge is architecting a unified, data-driven execution system that navigates fragmented regulations and markets to preserve capital.

- 
### [What Are the Key Differences in Best Execution Requirements between the US and European Regulations?](https://options.greeks.live/question/what-are-the-key-differences-in-best-execution-requirements-between-the-us-and-european-regulations/)
![A dark, precision-engineered module with raised circular elements integrates with a smooth beige housing. It signifies high-fidelity execution for institutional RFQ protocols, ensuring robust price discovery and capital efficiency in digital asset derivatives market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-system-core-high-speed-price-discovery-module.jpg)

US and EU best execution rules differ in the EU's prescriptive data demands versus the US's principles-based diligence standard.

- 
### [What Are the Key Components of a Best Execution Policy?](https://options.greeks.live/question/what-are-the-key-components-of-a-best-execution-policy/)
![A precise, multi-faceted geometric structure represents institutional digital asset derivatives RFQ protocols. Its sharp angles denote high-fidelity execution and price discovery for multi-leg spread strategies, symbolizing capital efficiency and atomic settlement within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-microstructure-framework.jpg)

A Best Execution Policy is an institution's dynamic, data-driven framework for consistently delivering optimal trading outcomes.

- 
### [How Did Mifid Ii Change the Best Execution Standard for Rfq Platforms?](https://options.greeks.live/question/how-did-mifid-ii-change-the-best-execution-standard-for-rfq-platforms/)
![Intricate metallic components signify system precision engineering. These structured elements symbolize institutional-grade infrastructure for high-fidelity execution of digital asset derivatives. Mechanics highlight RFQ protocol efficiency, atomic settlement, and robust market microstructure for optimal price discovery within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-engineering-for-high-fidelity-execution-and-latency-optimization.jpg)

MiFID II codified best execution into a data-driven, auditable protocol, transforming RFQ platforms into critical compliance infrastructure.

- 
### [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.

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---

**Original URL:** https://options.greeks.live/question/how-does-the-removal-of-rts-28-in-the-uk-affect-a-firms-ability-to-demonstrate-best-execution/
