# How Has Regulation like Mifid Ii Influenced the Evolution of Rfq Platforms for Both Asset Classes in Europe? ▴ Question

**Published:** 2025-07-30
**Categories:** Question

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## Concept

The implementation of the Markets in Financial Instruments Directive II (MiFID II) was a foundational recalibration of European financial market architecture. For the [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) protocol, this introduced a systemic tension. The directive’s central objective is [pre-trade transparency](https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), mandating the disclosure of pricing information before a trade is finalized. This principle directly challenges the operational value of traditional RFQ, a protocol designed for discreetly sourcing liquidity, particularly for large-in-scale orders in equities and the inherently less liquid universe of fixed income instruments.

Pre-[MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the RFQ mechanism functioned as a private communication channel. An initiator could solicit prices from a select group of liquidity providers, minimizing market impact and [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This was a system predicated on controlled information disclosure. MiFID II superimposed a new regulatory operating system onto this environment, one that fundamentally prioritized market-wide price discovery.

The directive introduced new classifications for trading venues, including Multilateral Trading Facilities (MTFs) and Organised Trading Facilities (OTFs), alongside redefined roles for Systematic Internalisers (SIs). Every trading protocol, including the bilateral price discovery of [RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), had to be re-engineered to function within this new, transparent framework.

> The directive compelled RFQ systems to evolve from private negotiation tools into regulated, auditable components of a transparent market structure.

This forced evolution was particularly acute in the [fixed income](https://prime.greeks.live/area/fixed-income/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) markets. Unlike [equities](https://prime.greeks.live/area/equities/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), which are largely standardized and exchange-traded, fixed income instruments are vastly more diverse and fragmented, with liquidity concentrated in specific issues and maturities. Applying a transparency model designed for equities to the bond market was a complex undertaking.

The regulation acknowledged this through a system of waivers and deferrals, allowing for exemptions from pre-trade transparency for instruments deemed illiquid or for trades classified as large-in-scale. Consequently, [RFQ platforms](https://prime.greeks.live/area/rfq-platforms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in the fixed income space were re-architected to integrate these compliance pathways directly into their workflow, becoming essential tools for navigating the intricate requirements of the new regulatory landscape.

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## Strategy

In the post-MiFID II environment, the strategic deployment of RFQ platforms transformed into a sophisticated exercise in managing the trade-off between accessing liquidity and controlling information leakage. Institutions developed nuanced strategies tailored to the specific microstructure of each asset class.

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## Equity Markets a New Calculus for Block Trading

For equities, MiFID II’s introduction of the double volume cap (DVC) mechanism, which limited the amount of trading that could occur in dark pools, altered the strategic landscape for executing large block orders. This regulatory pressure shifted significant volume toward Systematic Internalisers and newly configured RFQ systems that could operate within the updated ruleset.

The institutional trader’s strategy evolved from a primary reliance on dark pools to a more diversified approach. RFQ platforms became a primary tool for discovering block liquidity from SIs without signaling intent to the broader public market. This required platforms to provide robust connectivity to a wide network of SIs and to offer workflows that could efficiently manage these interactions. The objective was to achieve price improvement over the lit market benchmark while satisfying the [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) mandates under MiFID II.

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## Fixed Income Navigating a Complex Transparency Framework

In fixed income, the strategic challenge centered on the asset class’s inherent illiquidity. The MiFID II framework, while aiming for equity-like transparency, recognized that full pre-trade disclosure for most bonds would decimate liquidity. The regulation’s focus on transparency proved to be a complex fit for markets where most instruments are bespoke and not intended for continuous trading.

As a result, the dominant strategy for institutional desks became the proficient use of RFQ platforms engineered to navigate the complex system of waivers. An effective platform was one that could automatically identify whether an instrument was liquid or illiquid based on regulatory data and apply the appropriate transparency waivers. This created a bifurcation in execution strategies:

- **Low-Touch Workflow** For smaller, more liquid bond trades, firms implemented automated, rules-based RFQ protocols. These systems could send quote requests to multiple dealers and execute based on pre-defined parameters, ensuring efficiency and creating a clear audit trail for best execution.

- **High-Touch Workflow** For large, illiquid, or complex trades, the RFQ process remained a high-touch endeavor. The value of the platform shifted to providing a compliant and auditable environment for these negotiations, ensuring that even discreetly arranged trades were captured within the firm’s regulatory reporting framework.

> Strategic adaptation to MiFID II involved leveraging RFQ platforms as sophisticated filters, modulating transparency based on asset class, order size, and instrument liquidity.

The table below outlines the strategic shift in RFQ utilization before and after MiFID II’s implementation.

### Table 1 ▴ Strategic Shift in RFQ Usage

| Asset Class | Pre-MiFID II Strategy | Post-MiFID II Strategy |
| --- | --- | --- |
| Equities | Primarily used for block trades as an alternative to dark pools, with a focus on minimizing information leakage through bilateral negotiation. | Became a core tool for accessing liquidity from Systematic Internalisers, strategically used to avoid dark pool volume caps. Focus shifted to auditable, best-execution workflows. |
| Fixed Income | The dominant protocol for price discovery in a largely OTC market. Strategy focused on leveraging dealer relationships within a private, telephone-based or basic electronic system. | Utilized as a system for navigating transparency waivers. Strategy bifurcated into automated low-touch execution for liquid bonds and high-touch, compliant negotiation for illiquid instruments. |

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## Execution

The strategic imperatives created by MiFID II drove a profound architectural evolution in RFQ platforms. The focus shifted from simple quote solicitation to the provision of sophisticated, data-driven execution systems designed for a regulated market. The mechanics of the platforms were rebuilt to embed compliance, efficiency, and analytics directly into the trading workflow.

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## How Have RFQ Protocols Been Re-Engineered?

The core [RFQ protocol](https://prime.greeks.live/area/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) underwent significant enhancements to address the need for controlled information disclosure in a transparent regime. Platforms introduced functionalities that gave traders granular control over their quote requests.

A primary example is the development of flexible or staged RFQ protocols. Instead of broadcasting a request to the entire market or a large list of dealers, a trader can now send an inquiry to a small, initial group of liquidity providers (e.g. three to six dealers). If a dealer fails to respond within a set time, the system can automatically rotate in a new dealer from a predefined list.

This mechanical innovation directly mitigates information leakage, as the full size of the inquiry is never revealed to a wide audience at once. It systemizes the process of finding a counterparty while adhering to the principles of best execution.

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## The Integration of Automation and Data Analytics

MiFID II’s mandate for firms to demonstrate best execution for all client orders was a powerful catalyst for platform evolution. It became insufficient to simply get a good price; firms needed to be able to prove it with data. In response, RFQ platforms transformed into integrated data and execution systems.

- **Rules-Based Automation** For a significant portion of order flow, particularly smaller trades in more liquid instruments, platforms integrated rules-based automation. An execution desk can now configure the system to automatically handle these orders, defining parameters such as the number of dealers to query, acceptable price thresholds relative to a benchmark, and auto-execution triggers. This has driven significant efficiency gains and allowed human traders to focus on larger, more complex orders.

- **[Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ([TCA](https://prime.greeks.live/area/tca/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite))** Modern RFQ platforms are now deeply integrated with TCA suites. Immediately following an execution, the trade data is fed into analytical models that compare the execution price against a range of benchmarks. For fixed income, this involves measuring the trade against a continuous composite price derived from multiple data sources. This provides the necessary data to satisfy regulatory obligations and allows firms to continuously refine their execution strategies.

> The modern RFQ platform functions as an execution system where compliance protocols and data analytics are inseparable from the act of trading itself.

The following table details the evolution of key RFQ platform features, illustrating the direct impact of the regulatory environment on the technology.

### Table 2 ▴ Evolution of RFQ Platform Features

| Feature | Pre-MiFID II Architecture | Post-MiFID II Architecture |
| --- | --- | --- |
| Quoting Protocol | Static, manual request sent to a broad list of dealers. | Flexible, staged, and automated protocols with controlled, sequential dealer inclusion to minimize information leakage. |
| Workflow | Largely manual, high-touch process for all trade sizes. | Segmented workflow with rules-based, low-touch automation for smaller trades and sophisticated, high-touch tools for block orders. |
| Compliance | An ancillary concern, with record-keeping often manual and fragmented. | Embedded as a core function, with automated application of transparency waivers and a complete, auditable electronic record of every interaction. |
| Analytics | Minimal to non-existent. Post-trade analysis was a separate, often manual, process. | Deeply integrated Transaction Cost Analysis (TCA) providing real-time feedback and data for regulatory best execution reporting. |

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## What Is the Future Trajectory for RFQ Systems?

The trajectory points toward greater integration and data-driven intelligence. Platforms are increasingly incorporating all-to-all trading models, where buy-side firms can also respond to quote requests, further deepening the available liquidity pool. The next phase of evolution will likely involve the application of machine learning to optimize dealer selection and trading strategies, leveraging the vast datasets now being collected to produce superior execution outcomes within the established regulatory framework.

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## References

- Tradeweb. “MiFID II? Tradeweb’s got it covered.” 25 August 2016.

- AFM. “A review of MiFID II and MiFIR.” 27 August 2020.

- Coalition Greenwich. “MiFID II Poised to Increase Electronic Trading, Tighten Spreads in European Fixed-Income Market.” 15 March 2018.

- Global Relay. “The Impact of MiFID II on EU Financial Markets.” 01 May 2024.

- Directorate-General for Financial Stability, Financial Services and Capital Markets Union. “The impact of MiFID II rules on SME and fixed income investment research.” 09 October 2020.

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## Reflection

The regulatory architecture of MiFID II has permanently reshaped the function of the RFQ protocol. It has transitioned from a simple communication tool into a critical component of an institution’s execution management system. The core challenge for any trading desk is to now view these platforms as more than just conduits for liquidity. They are sophisticated systems for managing transparency, compliance, and execution quality in unison.

Consider your own operational framework. How is the intelligence gathered from your RFQ interactions being utilized? Does your execution protocol treat the data from TCA as a static report for compliance, or is it a dynamic input that continuously refines your liquidity sourcing strategy? The evolution of these platforms presents an opportunity to build a more integrated and intelligent trading architecture, where each execution contributes to a deeper understanding of the [market microstructure](https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and a quantifiable edge in capital efficiency.

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## Glossary

<a href="https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract composition featuring two overlapping digital asset liquidity pools, intersected by angular structures representing multi-leg RFQ protocols. This visualizes dynamic price discovery, high-fidelity execution, and aggregated liquidity within institutional-grade crypto derivatives OS, optimizing capital efficiency and mitigating counterparty risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-optimizing-aggregated-liquidity-and-multi-leg-execution-via-advanced-market-microstructure.jpg)

## Pre-Trade Transparency

Meaning ▴ Pre-Trade Transparency refers to the real-time dissemination of bid and offer prices, along with associated sizes, prior to the execution of a trade. </a><a href="https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision mechanism, symbolizing an algorithmic trading engine, centrally mounted on a market microstructure surface. Lens-like features represent liquidity pools and an intelligence layer for pre-trade analytics, enabling high-fidelity execution of institutional grade digital asset derivatives via RFQ protocols within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-microstructure.jpg)

## Request for Quote

Meaning ▴ A Request for Quote, or RFQ, constitutes a formal communication initiated by a potential buyer or seller to solicit price quotations for a specified financial instrument or block of instruments from one or more liquidity providers. </a><a href="https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precisely engineered central blue hub anchors segmented grey and blue components, symbolizing a robust Prime RFQ for institutional trading of digital asset derivatives. This structure represents a sophisticated RFQ protocol engine, optimizing liquidity pool aggregation and price discovery through advanced market microstructure for high-fidelity execution and private quotation](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-digital-asset-derivatives-rfq-execution-core-systemic-hub.jpg)

## Information Leakage

Meaning ▴ Information leakage denotes the unintended or unauthorized disclosure of sensitive trading data, often concerning an institution's pending orders, strategic positions, or execution intentions, to external market participants. </a><a href="https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## 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/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic algorithmic trading component with a central circular mechanism rests on angular, multi-colored reflective surfaces, symbolizing sophisticated RFQ protocols, aggregated liquidity, and high-fidelity execution within institutional digital asset derivatives market microstructure. This represents the intelligence layer of a Prime RFQ for optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-system-architecture-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## Rfq

Meaning ▴ Request for Quote (RFQ) is a structured communication protocol enabling a market participant to solicit executable price quotations for a specific instrument and quantity from a selected group of liquidity providers. </a><a href="https://prime.greeks.live/area/fixed-income/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, multi-segmented sphere embodies a Principal's operational framework for institutional digital asset derivatives. Its transparent 'intelligence layer' signifies high-fidelity execution and price discovery via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-digital-asset-derivatives-execution-engine.jpg)

## Fixed Income

Meaning ▴ Fixed Income refers to a class of financial instruments characterized by regular, predetermined payments to the investor over a specified period, typically culminating in the return of principal at maturity. </a><a href="https://prime.greeks.live/area/equities/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Equities

Meaning ▴ Equities represent ownership interests in a corporation, typically conveyed through shares of stock, providing holders a claim on company assets and earnings. </a><a href="https://prime.greeks.live/area/rfq-platforms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Rfq Platforms

Meaning ▴ RFQ Platforms are specialized electronic systems engineered to facilitate the price discovery and execution of financial instruments through a request-for-quote protocol. </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">
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## 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/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Rfq Protocol

Meaning ▴ The Request for Quote (RFQ) Protocol defines a structured electronic communication method enabling a market participant to solicit firm, executable prices from multiple liquidity providers for a specified financial instrument and quantity. </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 precision mechanism with a central circular core and a linear element extending to a sharp tip, encased in translucent material. This symbolizes an institutional RFQ protocol's market microstructure, enabling high-fidelity execution and price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-facilitating-optimal-price-discovery-and-best-execution.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/tca/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, futuristic institutional-grade instrument, representing high-fidelity execution of digital asset derivatives. Its sharp point signifies price discovery via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-execution-engine-for-institutional-digital-asset-derivatives.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/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A teal-blue textured sphere, signifying a unique RFQ inquiry or private quotation, precisely mounts on a metallic, institutional-grade base. Integrated into a Prime RFQ framework, it illustrates high-fidelity execution and atomic settlement for digital asset derivatives within market microstructure, ensuring capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-prime-os-execution-1.jpg)

## Market Microstructure

Meaning ▴ Market Microstructure refers to the study of the processes and rules by which securities are traded, focusing on the specific mechanisms of price discovery, order flow dynamics, and transaction costs within a trading venue. </a>

**Tags:** [OTF](https://options.greeks.live/area/otf/), [Fixed Income](https://options.greeks.live/area/fixed-income/), [Request for Quote](https://options.greeks.live/area/request-for-quote/), [TCA](https://options.greeks.live/area/tca/), [Block Trading](https://options.greeks.live/area/block-trading/), [Systematic Internaliser](https://options.greeks.live/area/systematic-internaliser/)	

## Discover More

- 
### [How Do Pre-Trade Waivers for Illiquid Bonds Function under MiFID II?](https://options.greeks.live/question/how-do-pre-trade-waivers-for-illiquid-bonds-function-under-mifid-ii/)
![A precision-engineered interface for institutional digital asset derivatives. A circular system component, perhaps an Execution Management System EMS module, connects via a multi-faceted Request for Quote RFQ protocol bridge to a distinct teal capsule, symbolizing a bespoke block trade. This depicts high-fidelity execution, optimizing market microstructure within a Principal's operational framework for atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-interface-for-institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-within-principal-operating-system.jpg)

Pre-trade waivers for illiquid bonds under MiFID II systematically suspend public quote obligations to protect liquidity providers and enable RFQ-based trading.

- 
### [From a Regulatory Perspective Is the Growth of RFQ Trading a Concern for Market Fairness?](https://options.greeks.live/question/from-a-regulatory-perspective-is-the-growth-of-rfq-trading-a-concern-for-market-fairness/)
![A luminous teal bar traverses a dark, textured metallic surface with scattered water droplets. This represents the precise, high-fidelity execution of an institutional block trade via a Prime RFQ, illustrating real-time price discovery. The droplets symbolize dynamic market microstructure and managed latent liquidity, crucial for optimal capital efficiency in digital asset derivatives RFQ protocols.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-real-time-institutional-digital-asset-rfq-execution-stream-visualizing-prime-os-liquidity-flow.jpg)

The growth of RFQ trading is a managed concern, addressed by regulations that trade pre-trade opacity for rigorous post-trade transparency and best execution mandates.

- 
### [What Are the Core Differences between US and EU Regulations Forcing RFQ Adoption?](https://options.greeks.live/question/what-are-the-core-differences-between-us-and-eu-regulations-forcing-rfq-adoption/)
![Close-up of intricate mechanical components symbolizing a robust Prime RFQ for institutional digital asset derivatives. These precision parts reflect market microstructure and high-fidelity execution within an RFQ protocol framework, ensuring capital efficiency and optimal price discovery for Bitcoin options.](https://options.greeks.live/wp-content/uploads/2025/07/engineered-core-systems-driving-institutional-digital-asset-derivatives-rfq-protocol-execution.jpg)

EU regulations prescriptively mandate RFQ adoption via transparency rules, while US rules foster it as a market-driven best execution tool.

- 
### [How Does RFQ-EMS Integration Impact Best Execution Obligations?](https://options.greeks.live/question/how-does-rfq-ems-integration-impact-best-execution-obligations/)
![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. This visual metaphor highlights seamless interoperability, robust Prime RFQ architecture, and intelligent routing for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-multi-leg-execution-layer.jpg)

RFQ-EMS integration embeds the duty of best execution into a firm's core operational architecture, creating a systematic, auditable workflow.

- 
### [How Does MiFID II Influence the Choice between RFQ and SI Venues?](https://options.greeks.live/question/how-does-mifid-ii-influence-the-choice-between-rfq-and-si-venues/)
![Abstract structure combines opaque curved components with translucent blue blades, a Prime RFQ for institutional digital asset derivatives. It represents market microstructure optimization, high-fidelity execution of multi-leg spreads via RFQ protocols, ensuring best execution and capital efficiency across liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimizing-market-microstructure-for-high-fidelity-execution-best-execution-price-discovery-across-liquidity-pools-and-prime-os.jpg)

MiFID II mandates a data-driven choice between SI immediacy and RFQ price discovery to prove best execution.

- 
### [How Does MiFID II Define the Scope of Best Execution for RFQ Protocols?](https://options.greeks.live/question/how-does-mifid-ii-define-the-scope-of-best-execution-for-rfq-protocols/)
![A sleek, cream-colored, dome-shaped object with a dark, central, blue-illuminated aperture, resting on a reflective surface against a black background. This represents a cutting-edge Crypto Derivatives OS, facilitating high-fidelity execution for institutional digital asset derivatives. Its central aperture symbolizes intelligent price discovery and real-time market microstructure analysis, crucial for optimal RFQ protocol management and multi-leg spread strategies, embodying prime brokerage capabilities.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-prime-os-high-fidelity-rfq-execution-engine-intelligence-layer.jpg)

MiFID II mandates a systematic, evidence-based process to ensure the best possible result for clients in RFQ protocols.

- 
### [How Has the Request for Quote Protocol Evolved under the MiFID II Framework?](https://options.greeks.live/question/how-has-the-request-for-quote-protocol-evolved-under-the-mifid-ii-framework/)
![A sphere split into light and dark segments, revealing a luminous core. This encapsulates the precise Request for Quote RFQ protocol for institutional digital asset derivatives, highlighting high-fidelity execution, optimal price discovery, and advanced market microstructure within aggregated liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-execution-framework-for-institutional-digital-asset-derivatives-request-for-quote-protocol-optimization.jpg)

MiFID II evolved the RFQ protocol from a discreet conversation into a transparent, electronic, and data-driven execution mechanism.

- 
### [How Does MiFID II Differentiate Best Execution for RFQ and CLOB Systems?](https://options.greeks.live/question/how-does-mifid-ii-differentiate-best-execution-for-rfq-and-clob-systems/)
![Two smooth, teal spheres, representing institutional liquidity pools, precisely balance a metallic object, symbolizing a block trade executed via RFQ protocol. This depicts high-fidelity execution, optimizing price discovery and capital efficiency within a Principal's operational framework for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-bridging-institutional-liquidity-pools-via-rfq-protocol-for-optimized-digital-asset-derivatives-price-discovery.jpg)

MiFID II mandates a bifurcated best execution analysis, assessing CLOBs on post-trade data against public benchmarks and RFQs on the integrity of the private price discovery process.

- 
### [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.

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---

**Original URL:** https://options.greeks.live/question/how-has-regulation-like-mifid-ii-influenced-the-evolution-of-rfq-platforms-for-both-asset-classes-in-europe/
