# How Has Mifid Ii's Emphasis on Best Execution Altered Block Trading Strategies? ▴ Question

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

---

![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)

![A dark blue sphere and teal-hued circular elements on a segmented surface, bisected by a diagonal line. This visualizes institutional block trade aggregation, algorithmic price discovery, and high-fidelity execution within a Principal's Prime RFQ, optimizing capital efficiency and mitigating counterparty risk for digital asset derivatives and multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/market-microstructure-driven-institutional-digital-asset-derivatives-rfq.jpg)

## Concept

The Markets in Financial Instruments Directive II (MiFID II) fundamentally recalibrated the operational mandate for institutional trading, moving the principle of [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) from a generalized obligation to a forensic, data-driven requirement. For [block trading](https://prime.greeks.live/area/block-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a practice historically reliant on relationships, discretion, and the opacity of over-the-counter (OTC) markets, this shift represented a systemic rewiring. The core of the directive insists that investment firms take “all sufficient steps” to obtain the best possible result for their clients, considering a wide spectrum of execution factors beyond just price. This created a profound tension with the foundational mechanics of block trading, where minimizing market impact and preventing information leakage for large, illiquid positions were often achieved through methods that lacked the granular audit trails now demanded by regulators.

Prior to MiFID II, a portfolio manager could justify a [block trade](https://prime.greeks.live/area/block-trade/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) executed through a trusted dealer based on qualitative judgment and a long-standing relationship. The directive dismantled this paradigm by demanding a quantifiable and defensible audit trail for every execution decision. The responsibility shifted squarely onto the asset manager to prove, with data, that the chosen [execution strategy](https://prime.greeks.live/area/execution-strategy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) was superior to available alternatives. This encompasses not just the final price but also costs, speed, likelihood of execution, settlement, size, and any other relevant consideration.

Consequently, the very nature of sourcing liquidity for [large orders](https://prime.greeks.live/area/large-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) had to be re-engineered. The informal, bilateral negotiation, once the cornerstone of block trading, became a liability unless it could be systematically evidenced as the optimal path. This regulatory pressure catalyzed a move towards more structured, electronic, and transparent methods of sourcing liquidity, fundamentally altering the ecosystem of venues and the strategies used to interact with them.

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

## The New Burden of Proof

The directive’s emphasis on transparency and data created a new “burden of proof” for the buy-side. An investment firm’s [execution policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) could no longer be a static document; it had to become a dynamic framework, continuously monitored and refined based on execution quality data. This meant that for each class of financial instrument, firms needed to detail the venues and factors affecting their execution choices, explaining clearly to clients how their orders would be handled. For [block trades](https://prime.greeks.live/area/block-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), this introduced a significant analytical overhead.

A trader now needed to evidence why a particular dark pool, [systematic internaliser](https://prime.greeks.live/area/systematic-internaliser/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SI), or request-for-quote (RFQ) platform was selected over routing the order to a lit market via an algorithm. The decision-making process, once an art form based on market feel and experience, had to be codified into a science supported by pre-trade analytics and validated by [post-trade transaction cost analysis](https://prime.greeks.live/area/post-trade-transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA). This analytical rigor is central to the post-MiFID II landscape, compelling firms to invest in the technological and quantitative capabilities necessary to navigate a more complex and fragmented liquidity environment.

> MiFID II transformed best execution from a qualitative goal into a quantitative, evidence-based discipline, forcing a systemic overhaul of traditional block trading practices.

![Beige module, dark data strip, teal reel, clear processing component. This illustrates an RFQ protocol's high-fidelity execution, facilitating principal-to-principal atomic settlement in market microstructure, essential for a Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-protocol-execution-engine.jpg)

## Systematic Internalisation as a Core Component

One of the most significant structural shifts prompted by [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) was the formalization and expansion of the Systematic Internaliser ([SI](https://prime.greeks.live/area/si/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) regime. An SI is an investment firm that deals on its own account by executing client orders outside a regulated market or multilateral trading facility (MTF). The SI regime provided a compliant framework for the bilateral trading that was historically central to block liquidity. Instead of informal dealer relationships, firms could now connect to SIs, which were obligated to provide quotes and report trades, bringing a degree of transparency and structure to this corner of the market.

This development was crucial, as it offered a legitimate and data-supported channel for executing large orders that might otherwise cause significant [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) on lit exchanges. The rise of SIs provided a necessary release valve, allowing for principal-to-principal risk transfer while still fitting within the new, more stringent regulatory framework and its reporting requirements.

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

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

## Strategy

In response to MiFID II’s stringent best execution mandate, block trading strategies underwent a forced evolution, moving from a relationship-centric model to a technology- and data-centric one. The overarching goal remained the same ▴ execute large orders with minimal market impact and price slippage. However, the methods for achieving this goal were fundamentally re-architected.

The directive effectively atomized the monolithic block trade, compelling traders to dissect the order lifecycle into a series of discrete, justifiable decisions, each supported by robust data analytics. This necessitated a multi-pronged strategic adaptation, focusing on venue selection, liquidity sourcing, and the sophisticated use of execution algorithms.

![Sharp, intersecting elements, two light, two teal, on a reflective disc, centered by a precise mechanism. This visualizes institutional liquidity convergence for multi-leg options strategies in digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-block-trade-execution.jpg)

## The Strategic Pivot to Conditional and Large-In-Scale Venues

A primary strategic adaptation was the increased reliance on specialized trading venues designed for large orders. MiFID II’s double volume caps (DVCs), which limited the amount of dark trading in a particular stock, funneled liquidity towards platforms that operated under specific waivers, most notably the [Large-in-Scale](https://prime.greeks.live/area/large-in-scale/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ([LIS](https://prime.greeks.live/area/lis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) waiver. This waiver permitted dark trading for orders exceeding a certain size threshold, making LIS-focused venues a natural home for block trades. Consequently, a key strategy became identifying and connecting to a network of these venues, such as Turquoise Plato Block Discovery and Cboe LIS. 

This shift was accompanied by the proliferation of conditional order types. A conditional order allows a firm to rest a large, non-binding indication of interest across multiple venues simultaneously. A firm execution commitment is only made when a matching counterparty is found, at which point a firm-up process is initiated.

This mechanism allows traders to safely explore a wide range of [dark pools](https://prime.greeks.live/area/dark-pools/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and other liquidity sources for a potential block execution without committing capital or leaking information prematurely. The strategy here is one of maximizing reach while minimizing information footprint, a critical combination for achieving best execution on size-sensitive orders.

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

## Comparative Analysis of Pre- and Post-MiFID II Block Trading Approaches

The table below outlines the strategic shift in block trading operations, contrasting the legacy model with the new data-driven framework mandated by the regulation.

| Execution Parameter | Pre-MiFID II Strategy | Post-MiFID II Strategy |
| --- | --- | --- |
| Liquidity Sourcing | Primarily based on voice brokerage and established dealer relationships. High degree of reliance on a small number of trusted counterparties. | Systematic engagement with a diverse range of electronic venues, including SIs, LIS-focused dark pools, and periodic auction systems. Use of conditional orders to sweep multiple venues. |
| Venue Selection | Discretionary, based on trader experience and qualitative assessment of counterparty reliability. Limited formal analysis. | Data-driven and policy-based. Venues are selected based on historical performance metrics (e.g. fill probability, price improvement, information leakage) documented in the firm’s execution policy. |
| Execution Method | Often manual, with trades negotiated and executed bilaterally over the phone or via chat. | Predominantly electronic and often automated. Heavy use of specialized algorithms and smart order routers (SORs) designed to access fragmented liquidity. |
| Best Execution Proof | Largely qualitative. Justification often rested on the trader’s narrative of the market conditions and the difficulty of the trade. | Quantitative and evidence-based. Requires detailed pre-trade analysis and post-trade Transaction Cost Analysis (TCA) reports comparing the execution against benchmarks. |
| Technology Focus | Communication tools (phone, chat) were paramount. Trading technology was secondary to personal relationships. | Integration of EMS/OMS with data analytics platforms, SORs, and a wide array of execution venues. Technology is the central enabler of the strategy. |

![Sleek, dark grey mechanism, pivoted centrally, embodies an RFQ protocol engine for institutional digital asset derivatives. Diagonally intersecting planes of dark, beige, teal symbolize diverse liquidity pools and complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-powering-high-fidelity-execution-for-multi-leg-spreads-portfolio-margin-and-atomic-settlement-via-prime-os-for-block-trades.jpg)

## The Rise of the Data-Driven Execution Policy

Perhaps the most profound strategic change was the elevation of the [order execution policy](https://prime.greeks.live/area/order-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) from a compliance formality to a central pillar of trading strategy. Under MiFID II, firms are required to monitor the effectiveness of their execution arrangements and policies to identify and correct any deficiencies. This means the policy must be a living document, informed by a constant feedback loop of execution data.

This has led to the following strategic imperatives:

- **Systematic Venue Analysis** ▴ Firms must now continuously analyze the execution quality offered by different venues. This involves capturing vast amounts of data on fill rates, latency, price improvement, and post-trade reversion (a measure of market impact). The strategy is to dynamically route orders to the venues that offer the best performance for a given order type, size, and market condition.

- **Algorithmic Wheel Optimization** ▴ The choice of execution algorithm is a critical part of the strategy. Firms now use sophisticated “algo wheels” or routers to test and allocate order flow to different broker algorithms. The performance of each algorithm is measured against benchmarks, and flow is directed to the best-performing providers. This creates a competitive, data-driven environment where algorithms must constantly prove their value.

- **Pre-trade Decision Support** ▴ Strategy has shifted towards leveraging pre-trade analytics to guide execution choices. Before an order is even placed, traders now use tools that estimate potential market impact, predict liquidity availability across different venues, and recommend an optimal execution strategy (e.g. use a LIS-focused algo, seek a block on an SI, or work the order slowly on lit markets).

> Post-MiFID II, a firm’s execution policy transformed from a static compliance document into the dynamic, data-fueled engine driving all strategic trading decisions.

![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)

![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)

## Execution

The execution of block trades in the MiFID II era is a discipline of precision, measurement, and justification. The strategic imperatives of sourcing liquidity from fragmented pools and evidencing best execution translate into a granular, technology-dependent operational workflow. Every step, from order inception to settlement, must be captured, time-stamped, and analyzed within a robust framework. This has profound implications for the technological architecture of the trading desk and the daily procedures followed by traders.

![Polished opaque and translucent spheres intersect sharp metallic structures. This abstract composition represents advanced RFQ protocols for institutional digital asset derivatives, illustrating multi-leg spread execution, latent liquidity aggregation, and high-fidelity execution within principal-driven trading environments](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-optimal-execution-orchestration.jpg)

## The Centrality of Transaction Cost Analysis (TCA)

At the heart of MiFID II-compliant execution is [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Once a post-trade review tool, TCA has become an integral part of the entire trading lifecycle. The execution process now revolves around generating the data necessary for a comprehensive TCA report that can withstand regulatory scrutiny. This means that [pre-trade analysis](https://prime.greeks.live/area/pre-trade-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), real-time monitoring, and post-trade reporting are all interconnected components of a single execution system.

A modern [TCA](https://prime.greeks.live/area/tca/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) framework for block trades must provide evidence on the key execution factors. This involves a detailed comparison of the achieved execution against various benchmarks. The choice of benchmark is itself a critical decision that must be justified.

For a large, illiquid block, simply comparing against the arrival price may be insufficient. A more sophisticated approach might involve comparing the execution to a volume-weighted average price (VWAP) over the execution period, or to the performance of a portfolio of similar orders.

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

## Key Data Points in a MiFID II-Compliant TCA Report for a Block Trade

The following table details the essential data components required to build a defensible best execution report for a large-in-scale trade. The availability and analysis of these points are the bedrock of the modern execution process.

| Data Category | Specific Data Points | Purpose in Execution Analysis |
| --- | --- | --- |
| Order Characteristics | Instrument Identifier (ISIN), Order Size, Side (Buy/Sell), Order Type (e.g. LIS, Conditional), Time of Order Receipt, Time of Transmission. | Provides the fundamental context of the trade and establishes the initial conditions for benchmarking (the “zero point” for analysis). |
| Pre-Trade Analysis | Estimated Market Impact, Expected Volatility, Liquidity Profile across Venues, Benchmark Price (e.g. Arrival Price, Previous Close). | Demonstrates that the trader assessed market conditions and formulated a rational execution plan before committing the order. Forms the basis of the execution strategy. |
| Execution Details | Fill Timestamps, Fill Prices, Fill Sizes, Venue of Execution (e.g. SI, MTF, OTF), Counterparty ID, Algorithm Used. | Creates a complete and auditable record of how the order was worked. This is the raw data for calculating performance and impact. |
| Cost Analysis | Explicit Costs (Commissions, Fees), Implicit Costs (Slippage vs. Arrival Price, Slippage vs. VWAP), Market Impact (Post-Trade Reversion). | Quantifies the total cost of the execution, moving beyond simple commissions to capture the economic reality of the trade’s footprint on the market. |
| Venue Performance | Comparison of execution quality across venues considered but not used. Justification for the final venue choice based on the execution policy. | Provides evidence that the firm is actively monitoring its execution arrangements and directing flow to the venues that provide the best outcomes, as required by the directive. |

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

## The Integrated Execution Workflow

Executing a block trade is no longer a linear process of “find a counterparty, agree on a price.” It is an iterative, system-driven workflow that integrates the firm’s Order Management System (OMS) and Execution Management System (EMS) with a host of external platforms and data sources.

- **Order Inception and Pre-Trade Scan** ▴ A portfolio manager’s order arrives in the OMS. The EMS immediately pulls in pre-trade data, analyzing the order’s size relative to average daily volume (ADV) and assessing available liquidity across connected venues, including lit markets, MTFs, and SIs. The system recommends a primary execution strategy based on the firm’s execution policy (e.g. “This order is >15% of ADV; prioritize LIS venues”).

- **Conditional Staging** ▴ The trader, guided by the pre-trade analysis, stages the order as a conditional order within the EMS. The EMS’s [smart order router](https://prime.greeks.live/area/smart-order-router/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) then sends non-binding indications to a pre-defined list of LIS-focused dark pools and other venues. This allows the trader to discreetly search for a large, natural counterparty without creating market impact.

- **Firm-Up and Execution** ▴ When a potential match is found on a conditional venue, the system alerts the trader. The trader then initiates the “firm-up” process, converting the indication into a live, executable order. The execution is captured, time-stamped, and fed back into the EMS in real-time.

- **Algorithmic Work-Down** ▴ If a full block cannot be sourced via the conditional process, the remaining portion of the order (the “leave”) is often routed to a sophisticated execution algorithm. The choice of algorithm (e.g. a liquidity-seeking algo, an implementation shortfall algo) is again dictated by the execution policy and the characteristics of the order. The algorithm works the remainder of the order, seeking to minimize impact according to its programmed logic.

- **Continuous Monitoring and Post-Trade Analysis** ▴ Throughout this process, all data is being fed into the TCA system. The trader monitors execution performance against benchmarks in real-time. Once the order is complete, the TCA system generates a final report, which is archived for compliance purposes and used to refine the firm’s execution policy and algorithmic choices for future trades.

> The modern block trade is executed not by a single decision, but through a dynamic, technology-driven workflow that continuously generates the data required to prove its own optimality.

![A precision optical component stands on a dark, reflective surface, symbolizing a Price Discovery engine for Institutional Digital Asset Derivatives. This Crypto Derivatives OS element enables High-Fidelity Execution through advanced Algorithmic Trading and Multi-Leg Spread capabilities, optimizing Market Microstructure for RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-optimal-execution-system-microstructure.jpg)

## References

- Exton, Gareth. “Equities trading focus ▴ Block trading.” Global Trading, 2017.

- Hogan Lovells. “Achieving best execution under MiFID II.” 2017.

- “Best Execution Under MiFID II.” AFME, 2017.

- “Fixed income trading focus | Beyond MiFID II ▴ Best Execution article.” FIXimate, FIX Trading Community, 2017.

- Linedata. “Tackling the Challenges of MiFID II ▴ Best Execution.” 2016.

- Lehalle, Charles-Albert, and Sophie Laruelle, eds. Market Microstructure in Practice. World Scientific Publishing Company, 2018.

- Harris, Larry. Trading and Exchanges ▴ Market Microstructure for Practitioners. Oxford University Press, 2003.

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

![An angular, teal-tinted glass component precisely integrates into a metallic frame, signifying the Prime RFQ intelligence layer. This visualizes high-fidelity execution and price discovery for institutional digital asset derivatives, enabling volatility surface analysis and multi-leg spread optimization via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-for-digital-asset-derivatives-execution.jpg)

## Reflection

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

## From Obligation to Operational Alpha

The regulatory framework of MiFID II, while initially perceived as a compliance burden, has catalyzed a profound operational transformation in the execution of large-scale trades. The mandate for demonstrable best execution has compelled a shift from intuition-based trading to a quantitative, systematic process. This evolution has elevated the role of technology and data from supporting functions to the very core of the trading operation. The ability to capture, analyze, and act upon vast streams of market and execution data is no longer a competitive advantage; it is the foundational requirement for participation in the modern market.

Considering this systemic rewiring, the crucial introspection for any trading entity is how it has integrated these new requirements into its operational DNA. Is the firm’s execution policy a static document designed to satisfy an audit, or is it a dynamic, living framework that actively informs every trading decision? How is execution data being used not just to prove compliance, but to generate insights that refine strategies, optimize algorithmic choices, and ultimately improve performance?

The directive’s true legacy is the creation of a new arena for competition, one where the advantage, or “alpha,” is derived not just from market insight, but from superior operational architecture. The challenge lies in viewing the system not as a constraint, but as the primary tool for achieving a decisive and defensible edge.

![Abstract geometric planes, translucent teal representing dynamic liquidity pools and implied volatility surfaces, intersect a dark bar. This signifies FIX protocol driven algorithmic trading and smart order routing](https://options.greeks.live/wp-content/uploads/2025/07/optimized-institutional-digital-asset-derivatives-rfq-liquidity-aggregation.jpg)

## Glossary

<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, multi-layered institutional crypto derivatives platform interface, featuring a transparent intelligence layer for real-time market microstructure analysis. Buttons signify RFQ protocol initiation for block trades, enabling high-fidelity execution and optimal price discovery within a robust Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-os-precision-execution-rfq-protocol-intelligence-layer.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/block-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise metallic instrument, resembling an algorithmic trading probe or a multi-leg spread representation, passes through a transparent RFQ protocol gateway. This illustrates high-fidelity execution within market microstructure, facilitating price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-orchestration-of-institutional-digital-asset-rfq-execution.jpg)

## Block Trading

Meaning ▴ Block Trading denotes the execution of a substantial volume of securities or digital assets as a single transaction, often negotiated privately and executed off-exchange to minimize market impact. </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 precision-engineered metallic institutional trading platform, bisected by an execution pathway, features a central blue RFQ protocol engine. This Crypto Derivatives OS core facilitates high-fidelity execution, optimal price discovery, and multi-leg spread trading, reflecting advanced market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-institutional-digital-asset-derivatives-execution-core-facilitating-rfq-protocol-driven-optimal-price-discovery-and-multi-leg-spread-trading-for-capital-efficiency.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/block-trade/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Transparent conduits and metallic components abstractly depict institutional digital asset derivatives trading. Symbolizing cross-protocol RFQ execution, multi-leg spreads, and high-fidelity atomic settlement across aggregated liquidity pools, it reflects prime brokerage infrastructure](https://options.greeks.live/wp-content/uploads/2025/07/cross-protocol-rfq-execution-digital-asset-derivatives-microstructure-system.jpg)

## Block Trade

Meaning ▴ A Block Trade constitutes a large-volume transaction of securities or digital assets, typically negotiated privately away from public exchanges to minimize market impact. </a><a href="https://prime.greeks.live/area/large-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A teal-blue disk, symbolizing a liquidity pool for digital asset derivatives, is intersected by a bar. This represents an RFQ protocol or block trade, detailing high-fidelity execution pathways](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-high-fidelity-digital-asset-execution.jpg)

## Large Orders

Meaning ▴ A Large Order designates a transaction volume for a digital asset that significantly exceeds the prevailing average daily trading volume or the immediate depth available within the order book, requiring specialized execution methodologies to prevent material price dislocation and preserve market integrity. </a><a href="https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, dark sphere, symbolizing the Intelligence Layer of a Prime RFQ, rests on a sophisticated institutional grade platform. Its surface displays volatility surface data, hinting at quantitative analysis for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-platform-intelligence-layer-optimizing-high-fidelity-execution.jpg)

## Execution Policy

Meaning ▴ An Execution Policy defines a structured set of rules and computational logic governing the handling and execution of financial orders within a trading system. </a><a href="https://prime.greeks.live/area/block-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central engineered mechanism, resembling a Prime RFQ hub, anchors four precision arms. This symbolizes multi-leg spread execution and liquidity pool aggregation for RFQ protocols, enabling high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-enabling-multi-leg-spread-strategies-for-optimized-liquidity.jpg)

## Block Trades

Meaning ▴ Block Trades denote transactions of significant volume, typically negotiated bilaterally between institutional participants, executed off-exchange to minimize market disruption and information leakage. </a><a href="https://prime.greeks.live/area/post-trade-transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, intersecting metallic elements above illuminated tracks frame a central oval block. This visualizes institutional digital asset derivatives trading, depicting RFQ protocols for high-fidelity execution, liquidity aggregation, and price discovery within market microstructure, ensuring best execution on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-for-optimal-execution.jpg)

## Post-Trade Transaction Cost Analysis

Meaning ▴ Post-Trade Transaction Cost Analysis quantifies the implicit and explicit costs incurred during the execution of a trade, providing a forensic examination of performance after an order has been completed. </a><a href="https://prime.greeks.live/area/systematic-internaliser/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Interlocking dark modules with luminous data streams represent an institutional-grade Crypto Derivatives OS. It facilitates RFQ protocol integration for multi-leg spread execution, enabling high-fidelity execution, optimal price discovery, and capital efficiency in market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution.jpg)

## Systematic Internaliser

Meaning ▴ A Systematic Internaliser (SI) is a financial institution executing client orders against its own capital on an organized, frequent, systematic basis off-exchange. </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">
![Precision-engineered modular components display a central control, data input panel, and numerical values on cylindrical elements. This signifies an institutional Prime RFQ for digital asset derivatives, enabling RFQ protocol aggregation, high-fidelity execution, algorithmic price discovery, and volatility surface calibration for portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/firm-fx-options-rfq-trade-system-key-microstructure-data-flow-core-engine.jpg)

## Mifid Ii

Meaning ▴ MiFID II, the Markets in Financial Instruments Directive II, constitutes a comprehensive regulatory framework enacted by the European Union to govern financial markets, investment firms, and trading venues. </a><a href="https://prime.greeks.live/area/si/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent, multi-faceted component, indicative of an RFQ engine's intricate market microstructure logic, emerges from complex FIX Protocol connectivity. Its sharp edges signify high-fidelity execution and price discovery precision for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimized-for-best-execution.jpg)

## Si

Meaning ▴ SI, or Systematic Internaliser, denotes an investment firm that executes client orders against its own proprietary capital, outside the framework of a regulated market or a multilateral trading facility. </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">
![Sharp, transparent, teal structures and a golden line intersect a dark void. This symbolizes market microstructure for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-execution-leveraging-granular-market-microstructure-intelligence.jpg)

## 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/large-in-scale/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision metallic pointers converge on a central blue mechanism. This symbolizes Market Microstructure of Institutional Grade Digital Asset Derivatives, depicting High-Fidelity Execution and Price Discovery via RFQ protocols, ensuring Capital Efficiency and Atomic Settlement for Multi-Leg Spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-for-precision-execution.jpg)

## Large-In-Scale

Meaning ▴ Large-in-Scale designates an order quantity significantly exceeding typical displayed liquidity on lit exchanges, necessitating specialized execution protocols to mitigate market impact and price dislocation. </a><a href="https://prime.greeks.live/area/lis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Internal hard drive mechanics, with a read/write head poised over a data platter, symbolize the precise, low-latency execution and high-fidelity data access vital for institutional digital asset derivatives. This embodies a Principal OS architecture supporting robust RFQ protocols, enabling atomic settlement and optimized liquidity aggregation within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-precision-execution-system-microstructure.jpg)

## Lis

Meaning ▴ LIS, or Large In Scale, designates an order size that exceeds specific regulatory thresholds, qualifying it for pre-trade transparency waivers on trading venues. </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">
![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)

## 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/order-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, precision-engineered device with a split-screen interface displaying implied volatility and price discovery data for digital asset derivatives. This institutional grade module optimizes RFQ protocols, ensuring high-fidelity execution and capital efficiency within market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-module.jpg)

## Order Execution Policy

Meaning ▴ An Order Execution Policy defines the systematic procedures and criteria governing how an institutional trading desk processes and routes client or proprietary orders across various liquidity venues. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstractly depicting an institutional digital asset derivatives trading system. Intersecting beams symbolize cross-asset strategies and high-fidelity execution pathways, integrating a central, translucent disc representing deep liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-ecosystem-unifying-rfq-protocols-for-high-fidelity-execution-and-deep-liquidity-aggregation-across-multi-leg-spreads.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/pre-trade-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A large, smooth sphere, a textured metallic sphere, and a smaller, swirling sphere rest on an angular, dark, reflective surface. This visualizes a principal liquidity pool, complex structured product, and dynamic volatility surface, representing high-fidelity execution within an institutional digital asset derivatives market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-optimized-market-microstructure-precision.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/tca/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two sharp, teal, blade-like forms crossed, featuring circular inserts, resting on stacked, darker, elongated elements. This represents intersecting RFQ protocols for institutional digital asset derivatives, illustrating multi-leg spread construction and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-best-execution.jpg)

## Tca

Meaning ▴ Transaction Cost Analysis (TCA) represents a quantitative methodology designed to evaluate the explicit and implicit costs incurred during the execution of financial trades. </a><a href="https://prime.greeks.live/area/smart-order-router/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A symmetrical, star-shaped Prime RFQ engine with four translucent blades symbolizes multi-leg spread execution and diverse liquidity pools. Its central core represents price discovery for aggregated inquiry, ensuring high-fidelity execution within a secure market microstructure via smart order routing for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-prime-os-1.jpg)

## Smart Order Router

Meaning ▴ A Smart Order Router (SOR) is an algorithmic trading mechanism designed to optimize order execution by intelligently routing trade instructions across multiple liquidity venues. </a>

**Tags:** [Market Impact](https://options.greeks.live/area/market-impact/), [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/), [Large-in-Scale](https://options.greeks.live/area/large-in-scale/), [Cost Analysis](https://options.greeks.live/area/cost-analysis/), [LIS](https://options.greeks.live/area/lis/), [MiFID II](https://options.greeks.live/area/mifid-ii/)	

## Discover More

- 
### [How Do Regulatory Frameworks like MiFID II Impact RFQ Best Practices and Information Disclosure?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-impact-rfq-best-practices-and-information-disclosure/)
![A metallic, modular trading interface with black and grey circular elements, signifying distinct market microstructure components and liquidity pools. A precise, blue-cored probe diagonally integrates, representing an advanced RFQ engine for granular price discovery and atomic settlement of multi-leg spread strategies in institutional digital asset derivatives. This optimizes capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-system-facilitating-high-fidelity-execution-price-discovery.jpg)

MiFID II transforms RFQ protocols by mandating a data-driven system to prove the "best possible result" for clients.

- 
### [What Are the Regulatory Requirements for Demonstrating Best Execution for Block Trades?](https://options.greeks.live/question/what-are-the-regulatory-requirements-for-demonstrating-best-execution-for-block-trades/)
![A crystalline sphere, symbolizing atomic settlement for digital asset derivatives, rests on a Prime RFQ platform. Intersecting blue structures depict high-fidelity RFQ execution and multi-leg spread strategies, showcasing optimized market microstructure for capital efficiency and latent liquidity.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-8.jpg)

Demonstrating best execution for block trades requires a systemic, data-driven protocol that proves fiduciary diligence through verifiable analysis.

- 
### [How Do Best Execution Mandates Influence a Firm’s Strategy for Managing Information Leakage?](https://options.greeks.live/question/how-do-best-execution-mandates-influence-a-firms-strategy-for-managing-information-leakage/)
![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)

Best execution mandates compel firms to architect a trading process where managing information leakage is the core mechanism for delivering quantifiable performance.

- 
### [What Are the Primary Alternatives to Dark Pools for Executing Trades under DVC Constraints?](https://options.greeks.live/question/what-are-the-primary-alternatives-to-dark-pools-for-executing-trades-under-dvc-constraints/)
![A polished sphere with metallic rings on a reflective dark surface embodies a complex Digital Asset Derivative or Multi-Leg Spread. Layered dark discs behind signify underlying Volatility Surface data and Dark Pool liquidity, representing High-Fidelity Execution and Portfolio Margin capabilities within an Institutional Grade Prime Brokerage framework.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-block-trade-liquidity-execution-microstructure-analytics.jpg)

Primary dark pool alternatives include lit exchanges (via algorithms), single-dealer platforms, and multi-dealer RFQ systems.

- 
### [How Does the Regulatory Environment Influence the Evolution of RFQ and Block Trading Protocols?](https://options.greeks.live/question/how-does-the-regulatory-environment-influence-the-evolution-of-rfq-and-block-trading-protocols/)
![A sleek, institutional-grade device featuring a reflective blue dome, representing a Crypto Derivatives OS Intelligence Layer for RFQ and Price Discovery. Its metallic arm, symbolizing Pre-Trade Analytics and Latency monitoring, ensures High-Fidelity Execution for Multi-Leg Spreads.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-intelligence-layer.jpg)

Regulatory frameworks compel the architectural evolution of RFQ and block trading protocols, embedding compliance into the core of execution logic.

- 
### [What Are the Key Differences in Applying Best Execution to RFQs versus Lit Markets?](https://options.greeks.live/question/what-are-the-key-differences-in-applying-best-execution-to-rfqs-versus-lit-markets/)
![A central toroidal structure and intricate core are bisected by two blades: one algorithmic with circuits, the other solid. This symbolizes an institutional digital asset derivatives platform, leveraging RFQ protocols for high-fidelity execution and price discovery. It optimizes market microstructure for capital efficiency, managing multi-leg spreads and latent liquidity within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-hub-integrating-algorithmic-intelligence-for-high-fidelity-price-discovery-and-liquidity-aggregation.jpg)

Best execution requires managing algorithmic impact in lit markets and curating competitive, discrete auctions in RFQ systems.

- 
### [What Are the Key Pillars of a MiFID II Compliant Best Execution Policy?](https://options.greeks.live/question/what-are-the-key-pillars-of-a-mifid-ii-compliant-best-execution-policy/)
![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)

A MiFID II best execution policy is a firm's documented system for delivering and proving the best possible trading outcome for its clients.

- 
### [How Do Regulations like MiFID II Affect Block Trading in Europe?](https://options.greeks.live/question/how-do-regulations-like-mifid-ii-affect-block-trading-in-europe/)
![Sharp, layered planes, one deep blue, one light, intersect a luminous sphere and a vast, curved teal surface. This abstractly represents high-fidelity algorithmic trading and multi-leg spread execution. The sphere symbolizes a prime brokerage liquidity pool, interacting with latent liquidity for optimal RFQ protocol price discovery within complex market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-system-microstructure.jpg)

MiFID II reshaped European block trading by capping dark pool volumes, forcing a strategic shift to LIS waivers, periodic auctions, and systematic internalisers.

- 
### [How Do Reporting Deferrals for RFQ Platforms Affect a Firm’s Best Execution Obligations?](https://options.greeks.live/question/how-do-reporting-deferrals-for-rfq-platforms-affect-a-firms-best-execution-obligations/)
![A sleek, futuristic apparatus featuring a central spherical processing unit flanked by dual reflective surfaces and illuminated data conduits. This system visually represents an advanced RFQ protocol engine facilitating high-fidelity execution and liquidity aggregation for institutional digital asset derivatives. It embodies precise price discovery, multi-leg spread processing, and atomic settlement within a Prime RFQ framework.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-options-rfq-liquidity-aggregation-interface.jpg)

Reporting deferrals embed market impact mitigation into best execution, demanding a dynamic, evidence-based analysis of delayed data.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "How Has Mifid Ii&#8217;s Emphasis on Best Execution Altered Block Trading Strategies?",
            "item": "https://options.greeks.live/question/how-has-mifid-iis-emphasis-on-best-execution-altered-block-trading-strategies/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/question/how-has-mifid-iis-emphasis-on-best-execution-altered-block-trading-strategies/"
    },
    "headline": "How Has Mifid Ii's Emphasis on Best Execution Altered Block Trading Strategies? \u25b4 Question",
    "description": "MiFID II systematically converted best execution from a qualitative principle into a data-driven mandate, forcing block trading to evolve from relationship-based discretion to technology-centric, evidence-based strategies. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-has-mifid-iis-emphasis-on-best-execution-altered-block-trading-strategies/",
    "datePublished": "2025-08-07T20:03:34+00:00",
    "dateModified": "2025-08-07T20:03:45+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/08/quantitative-finance-driven-rfq-workflow-for-best-execution-in-digital-assets.jpg",
        "caption": "This sophisticated, dark teal instrument, emblematic of a Prime RFQ, showcases the precise engineering behind institutional digital asset derivatives trading. Its integrated metallic element with directional arrow signifies advanced smart order routing and rapid private quotation delivery within an RFQ protocol, ensuring best execution for block trades. It represents an intelligence layer for managing implied volatility and gamma exposure, optimizing portfolio margin and mitigating counterparty risk across complex market microstructure, crucial for high-frequency trading and quantitative analysis."
    },
    "keywords": [
        "Algorithmic Trading",
        "Best Execution",
        "Block Trade",
        "Block Trades",
        "Block Trading",
        "Conditional Orders",
        "Cost Analysis",
        "Dark Pools",
        "Execution Policy",
        "Execution Strategy",
        "Large Orders",
        "Large-in-Scale",
        "LIS",
        "Market Impact",
        "Market Microstructure",
        "MiFID II",
        "Order Execution Policy",
        "Post-Trade Transaction Cost Analysis",
        "Pre-Trade Analysis",
        "SI",
        "Smart Order Router",
        "Systematic Internaliser",
        "TCA",
        "Transaction Cost",
        "Transaction Cost Analysis"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/question/how-has-mifid-iis-emphasis-on-best-execution-altered-block-trading-strategies/
