# How Has the Deprioritization of RTS 27 and 28 Affected Best Execution in Europe? ▴ Question

**Published:** 2025-08-10
**Categories:** Question

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## Concept

The deprioritization of Regulatory Technical Standards (RTS) 27 and 28 marks a pivotal recalibration in the European framework for best execution. It signals a move away from a prescriptive, report-centric model of transparency toward a more principles-based system that places greater emphasis on the internal capabilities and analytical rigor of investment firms. This transition acknowledges a fundamental reality experienced by market participants ▴ the immense operational cost and complexity of producing these reports often outweighed their practical utility for investors or for the enhancement of [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The original intent was to create a common data language for [execution performance](https://prime.greeks.live/question/can-superior-counterparty-performance-quantification-directly-translate-to-measurably-improved-fund-performance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), yet the result was frequently a deluge of non-standardized, context-poor data that was difficult to compare and rarely consumed.

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## The Original Blueprint for Transparency

Under the Markets in Financial Instruments Directive II (MiFID II), RTS 27 and 28 were conceived as foundational pillars of a new, transparent European market structure. The objective was to arm investors with detailed information, enabling them to assess how and where their orders were being executed and to hold firms accountable to their [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) obligations. This was a systemic attempt to codify and standardize the measurement of execution quality across a fragmented landscape of trading venues and [investment firms](https://prime.greeks.live/question/how-can-investment-firms-leverage-technology-to-mitigate-the-costs-of-si-compliance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

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## RTS 27 the Venue’s Diagnostic Report

[RTS 27](https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) required execution venues ▴ such as stock exchanges, multilateral trading facilities (MTFs), and systematic internalisers (SIs) ▴ to publish quarterly reports detailing a vast array of execution quality metrics. [These reports](https://prime.greeks.live/question/can-these-realistic-simulations-be-used-to-predict-the-market-impact-of-new-financial-regulations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) were designed to be the raw material for analysis, containing granular data on prices, costs, speed, and likelihood of execution for individual financial instruments. The vision was for this data to allow firms and their clients to conduct objective, data-driven comparisons of venue performance, forming a quantitative basis for venue selection and execution routing decisions.

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## RTS 28 the Firm’s Execution Footprint

Complementing the venue-specific data of RTS 27, [RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) mandated that investment firms publish annual reports summarizing their execution practices. These reports identified the top five execution venues used for each class of financial instrument and included a qualitative summary of the execution quality obtained. The goal was to provide clients with a clear picture of their broker’s execution policies in practice, fostering competition based on demonstrated execution performance. It was a mechanism for accountability, forcing firms to disclose their routing decisions and justify them with an analysis of the results achieved.

> The suspension of these reporting mandates reflects a regulatory acknowledgment that true execution quality is a dynamic process, not a static report, demanding a shift in focus from public disclosure to internal analytical mastery.

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## Systemic Flaws in the Data Protocol

Despite their laudable goals, the RTS 27 and 28 frameworks exhibited significant operational and conceptual flaws from the outset. The immense volume and granularity of RTS 27 data made it exceptionally costly for venues to produce and for firms to ingest and analyze. More critically, a lack of strict standardization in data formatting and content meant that comparing reports from different venues was often an exercise in reconciling disparate datasets, a task that required significant resources and expertise.

Stakeholder feedback, cited by both the UK’s Financial Conduct Authority (FCA) and the European Securities and Markets Authority (ESMA), consistently highlighted that these reports were rarely downloaded or used by end-investors. The information was often perceived as too complex, outdated by the time of publication, and lacking the necessary context to draw meaningful conclusions about execution quality. For many firms, the process became a compliance exercise ▴ a fulfillment of a regulatory obligation ▴ rather than a meaningful tool for improving client outcomes. This divergence between regulatory intent and practical reality ultimately led to the consensus that the system required a fundamental rethink.

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## Strategy

The removal of the mandatory RTS 27 and 28 reporting obligations instigates a significant strategic re-evaluation for investment firms. The operational focus transitions from a compliance-driven task of external reporting to the strategic imperative of building and maintaining a robust internal best execution monitoring framework. This change elevates the importance of a firm’s proprietary data and analytical capabilities, transforming best execution from a periodic disclosure exercise into a continuous, data-driven process of internal scrutiny and optimization. The responsibility for proving best execution has not diminished; rather, the methodology for demonstrating it has become more internalized and sophisticated.

![A sophisticated institutional-grade system's internal mechanics. A central metallic wheel, symbolizing an algorithmic trading engine, sits above glossy surfaces with luminous data pathways and execution triggers](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-core.jpg)

## The Shift from Public Mandate to Proprietary Intelligence

With the disappearance of the standardized, albeit flawed, public datasets, the strategic high ground now belongs to firms that can cultivate superior internal intelligence. The core of this strategy involves treating [execution data](https://prime.greeks.live/area/execution-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) not as a resource for regulatory reports, but as a critical input for a dynamic feedback loop. This loop consists of capturing high-quality trade data, analyzing it to measure performance, and using the resulting insights to refine execution policies, algorithms, and venue choices. The emphasis is on creating a self-improving system, where every trade contributes to a deeper understanding of market dynamics and execution pathways.

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## Recalibrating the Analytical Engine Transaction Cost Analysis

[Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) moves from being a supplementary tool to the central analytical engine for best execution. While previously TCA could be benchmarked against or supplemented by RTS 27 data, it now stands as the primary quantitative methodology for evaluating execution performance. A modern TCA framework must go beyond simple price metrics. It involves a multi-dimensional analysis that considers:

- **Implicit Costs** ▴ Measuring market impact and slippage against relevant benchmarks (e.g. arrival price, interval VWAP). This quantifies the hidden costs of executing a trade.

- **Explicit Costs** ▴ Tracking commissions, fees, and taxes associated with each execution to provide a complete picture of total cost.

- **Execution Speed and Certainty** ▴ Analyzing the time taken to execute an order and the fill rates achieved, which are critical factors for certain trading strategies.

- **Venue Performance** ▴ Using TCA data to conduct rigorous, like-for-like comparisons of execution quality across different venues, moving beyond the high-level summary that RTS 28 provided.

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## The Emerging Data Ecosystem

The void left by RTS 27 and 28 is being filled by a growing ecosystem of third-party data and analytics providers. These vendors aggregate and normalize vast amounts of market data, offering sophisticated TCA and peer-to-peer benchmarking services. The strategic decision for firms is no longer just about internal analysis but also about how to leverage these external resources effectively.

Engaging with these providers can offer a broader market context, allowing a firm to compare its execution performance against an anonymized peer group. This provides a powerful tool for identifying areas of underperformance and validating the effectiveness of its execution strategies in a way that the old reporting regime never could.

> Firms must now architect their own systems of proof, relying on sophisticated internal analytics and curated external data to demonstrate their commitment to client outcomes.

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## Qualitative Factors a Renewed Emphasis

The deprioritization of quantitative reports paradoxically increases the importance of qualitative assessment. Without a universal, albeit imperfect, quantitative benchmark, regulators and clients will place greater weight on a firm’s documented policies and the rationale behind its execution decisions. The strategic response requires a comprehensive and well-articulated execution policy that details not just what factors are considered, but how they are weighted and balanced.

This includes assessing venue resilience, technological capabilities, risk controls, and the quality of their customer service. The ability to articulate and document this qualitative diligence becomes a key component of the overall best execution strategy.

This strategic realignment is summarized in the table below, contrasting the old and new paradigms.

### Table 1 ▴ Best Execution Monitoring Paradigm Shift

| Component | Pre-Deprioritization Approach (RTS 27/28 Era) | Post-Deprioritization Approach (Internal Intelligence Era) |
| --- | --- | --- |
| Primary Data Source | Public RTS 27 reports from venues and internal trade data. | High-granularity internal execution data, supplemented by third-party vendor data. |
| Core Analytical Tool | Comparison of RTS 28 disclosures and basic internal analysis. | Multi-dimensional Transaction Cost Analysis (TCA) as the central engine. |
| Strategic Focus | Compliance with periodic public reporting obligations. | Continuous internal monitoring, optimization, and performance improvement. |
| Governance & Oversight | Review and publication of annual RTS 28 reports. | Dynamic review of TCA results, venue analysis, and documented qualitative assessments by execution committees. |

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## Execution

In the post-RTS 27/28 environment, the execution of a best execution policy is an exercise in systemic integrity. It requires the deliberate construction of an internal framework that is both robust in its data handling and sophisticated in its analytical output. The focus shifts from producing a static, public-facing artifact to maintaining a dynamic, internal system of record and analysis that can withstand regulatory scrutiny and, more importantly, drive continuous performance improvements for clients. The obligation to achieve the best possible result remains unchanged; what has evolved is the toolkit and the methodology for proving it.

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## Reinforcing the Internal Execution Framework

The practical implementation of a modern best execution framework rests on several key pillars. This is an architectural challenge, requiring firms to integrate data capture, analytics, and governance into a cohesive operational process. The objective is to create a closed-loop system where execution data is systematically collected, rigorously analyzed, and the resulting intelligence is fed back into the decision-making process for venue and algorithm selection.

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## Upgrading Internal Data Capture and Storage

The foundation of any credible best execution framework is high-quality, granular data. Firms must ensure their systems capture a complete lifecycle of every order. This is a far more demanding task than simply compiling data for an annual report. Key data points to capture include:

- **Order Timestamps** ▴ Millisecond or even microsecond precision for order receipt, routing to venue, execution, and final confirmation.

- **Benchmark Prices** ▴ The prevailing market price at the moment the order is received (the arrival price) and at various points during its execution.

- **Routing Information** ▴ A detailed log of where the order was sent, including any re-routes, and the specific execution algorithm used.

- **Fill Details** ▴ The price, size, and venue of each partial and final fill.

This data must be stored in an accessible and queryable format, allowing for both real-time monitoring and historical analysis.

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## Advanced Analytics and Peer Benchmarking

With a robust dataset, the next step is to deploy advanced analytics. This means moving beyond simple average price comparisons. A sophisticated TCA platform should be capable of “apples-to-apples” comparisons by normalizing for different market conditions, order sizes, and stock volatilities. This allows for a much fairer and more insightful assessment of venue and algorithm performance.

Furthermore, integrating data from external vendors allows for powerful peer group analysis. Seeing how a firm’s execution costs for a specific type of trade compare to an anonymized industry average provides invaluable context and helps to identify systemic strengths and weaknesses in the firm’s execution strategy.

> The deprioritization of RTS 27 and 28 does not lower the bar for best execution; it raises the bar for how firms must internally measure, validate, and govern it.

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## The Governance Overlay Documenting the Rationale

The final and most critical layer of execution is governance. The data and analysis are only valuable if they are used to inform decisions within a structured oversight process. Best Execution Committees or similar governance bodies must meet regularly to review the outputs of the TCA system. Their role is to interpret the data, challenge underperformance, and make documented decisions about the firm’s execution policy.

The documentation of this process is paramount. Regulators will expect to see a clear audit trail showing not just the quantitative analysis but the qualitative judgments made based on that analysis. This includes the rationale for using certain venues, the calibration of trading algorithms, and the overall strategy for achieving best execution for different types of clients and instruments.

The table below provides a granular look at the factors that a modern, data-driven governance process should consider.

### Table 2 ▴ Granular Best Execution Factor Analysis

| Execution Factor | Primary Metric (Example) | Data Source | Analytical Consideration |
| --- | --- | --- | --- |
| Price Improvement | Frequency and amount of execution price better than the NBBO. | Internal execution data; Vendor data feeds. | Is price improvement consistent across venues for similar order types? Does it offset other costs? |
| Implicit Costs | Implementation Shortfall (Arrival Price vs. Execution Price). | Internal timestamped order and market data. | How does market impact vary by venue, algorithm, and time of day? |
| Explicit Costs | Total fees and commissions per share/trade. | Broker and venue rate cards; Clearing data. | Are all-in costs competitive? Understanding complex fee schedules and rebate models. |
| Likelihood of Execution | Order fill rates; Orders partially filled vs. fully filled. | Internal order management system data. | Critical for illiquid instruments. Assessing which venues provide the highest certainty of execution. |
| Speed of Execution | Time from order routing to execution confirmation. | Internal timestamped order data. | How does latency vary between venues and how does it impact execution quality for different strategies? |

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## References

- FinanceFeeds. “A Deeper Look Into RTS 27 And 28 Abandonment By ESMA And FCA.” 16 February 2024.

- Decuyper, Charlotte. “Best execution post-RTS 27 ▴ Building consensus in the industry.” FIXimate, FIX Trading Community. 23 December 2021.

- “RTS 28 reports dropped as ESMA deprioritises enforcement.” Global Trading. 14 February 2024.

- DLA Piper. “ESMA publishes statement on reporting requirements under RTS 28 of MiFID II.” 20 February 2024.

- TRAction Fintech. “RTS 27 and 28 ▴ The 2024 Status of These Reports in UK and EU.” 14 February 2024.

- European Securities and Markets Authority. “Public Statement ▴ Deprioritisation of supervisory actions on the obligation to publish RTS 27 reports.” ESMA50-165-2234. 14 December 2022.

- Financial Conduct Authority. “Markets and Markets Infrastructure.” CP21/18. July 2021.

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## Reflection

The phasing out of the RTS 27 and 28 reporting mandates represents more than a mere reduction in administrative tasks. It is a fundamental re-architecting of the philosophy behind best execution oversight in Europe. The system is moving from a state of enforced, standardized public disclosure to one that champions internal, proprietary, and continuous self-assessment.

This evolution presents a profound challenge and a significant opportunity. The challenge lies in cultivating the internal discipline, technological infrastructure, and analytical expertise to build a monitoring framework that is demonstrably superior to the one it replaces.

The opportunity is for firms to reclaim the narrative of best execution. It allows them to move beyond a check-the-box compliance mentality and forge a genuine competitive advantage through superior execution quality. The ultimate measure of success in this new landscape will not be the ability to produce a report, but the ability to answer a simple, yet profound question from a client or a regulator ▴ “How do you know you achieved the best possible result?” The quality of that answer will depend entirely on the integrity of the internal system a firm has chosen to build.

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## Glossary

<a href="https://prime.greeks.live/question/can-superior-counterparty-performance-quantification-directly-translate-to-measurably-improved-fund-performance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Execution Performance

Quantifying counterparty execution quality translates directly to fund performance by minimizing costs and preserving alpha. </a><a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Execution Quality

Meaning ▴ Execution Quality quantifies the efficacy of an order's fill, assessing how closely the achieved trade price aligns with the prevailing market price at submission, alongside consideration for speed, cost, and market impact. </a><a href="https://prime.greeks.live/question/how-can-investment-firms-leverage-technology-to-mitigate-the-costs-of-si-compliance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Investment Firms

Leveraging technology to automate data management and reporting is the most effective way for investment firms to mitigate the costs of SI compliance. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered metallic component displays two interlocking gold modules with circular execution apertures, anchored by a central pivot. This symbolizes an institutional-grade digital asset derivatives platform, enabling high-fidelity RFQ execution, optimized multi-leg spread management, and robust prime brokerage liquidity](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-core-for-institutional-trade-flow.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/question/can-these-realistic-simulations-be-used-to-predict-the-market-impact-of-new-financial-regulations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A luminous central hub with radiating arms signifies an institutional RFQ protocol engine. It embodies seamless liquidity aggregation and high-fidelity execution for multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-hub-for-optimal-liquidity-aggregation.jpg)

## These Reports

Realistic simulations provide a systemic laboratory to forecast the emergent, second-order effects of new financial regulations. </a><a href="https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multi-faceted geometric object with varied reflective surfaces rests on a dark, curved base. It embodies complex RFQ protocols and deep liquidity pool dynamics, representing advanced market microstructure for precise price discovery and high-fidelity execution of institutional digital asset derivatives, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/multi-faceted-institutional-digital-asset-derivatives-execution-infrastructure.jpg)

## Rts 27

Meaning ▴ RTS 27 mandates that investment firms and market operators publish detailed data on the quality of execution of transactions on their venues. </a><a href="https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dual-toned cylindrical component features a central transparent aperture revealing intricate metallic wiring. This signifies a core RFQ processing unit for Digital Asset Derivatives, enabling rapid Price Discovery and High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-best-execution-prime-os.jpg)

## Rts 28

Meaning ▴ RTS 28 refers to Regulatory Technical Standard 28 under MiFID II, which mandates investment firms and market operators to publish annual reports on the quality of execution of transactions on trading venues and for financial instruments. </a><a href="https://prime.greeks.live/area/execution-data/?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 Data

Meaning ▴ Execution Data comprises the comprehensive, time-stamped record of all events pertaining to an order's lifecycle within a trading system, from its initial submission to final settlement. </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">
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## 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>

**Tags:** [Venue Analysis](https://options.greeks.live/area/venue-analysis/), [Execution Data](https://options.greeks.live/area/execution-data/), [Data-Driven Compliance](https://options.greeks.live/area/data-driven-compliance/), [RTS 27](https://options.greeks.live/area/rts-27/), [Transaction Cost](https://options.greeks.live/area/transaction-cost/), [Transaction Cost Analysis (TCA)](https://options.greeks.live/area/transaction-cost-analysis-tca/)	

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- 
### [How Should a Best Execution Committee Document Its Decisions to Create a Sufficient Audit Trail?](https://options.greeks.live/question/how-should-a-best-execution-committee-document-its-decisions-to-create-a-sufficient-audit-trail/)
![A sophisticated, illuminated device representing an Institutional Grade Prime RFQ for Digital Asset Derivatives. Its glowing interface indicates active RFQ protocol execution, displaying high-fidelity execution status and price discovery for block trades. The design suggests robust market microstructure and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-digital-asset-derivatives-best-execution-1.jpg)

A Best Execution Committee's audit trail is the immutable, data-driven ledger of its fiduciary diligence and systemic control.

- 
### [What Are the Specific Data Requirements for Demonstrating Best Execution to Regulators?](https://options.greeks.live/question/what-are-the-specific-data-requirements-for-demonstrating-best-execution-to-regulators/)
![A segmented rod traverses a multi-layered spherical structure, depicting a streamlined Institutional RFQ Protocol. This visual metaphor illustrates optimal Digital Asset Derivatives price discovery, high-fidelity execution, and robust liquidity pool integration, minimizing slippage and ensuring atomic settlement for multi-leg spreads within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-flow-1.jpg)

Demonstrating best execution requires a systemic data architecture to provide verifiable evidence of optimal client outcomes.

- 
### [How Does Tca Directly Support the Venue Selection Process under Mifid Ii?](https://options.greeks.live/question/how-does-tca-directly-support-the-venue-selection-process-under-mifid-ii/)
![A sophisticated proprietary system module featuring precision-engineered components, symbolizing an institutional-grade Prime RFQ for digital asset derivatives. Its intricate design represents market microstructure analysis, RFQ protocol integration, and high-fidelity execution capabilities, optimizing liquidity aggregation and price discovery for block trades within a multi-leg spread environment.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-proprietary-architecture-driving-high-fidelity-digital-asset-derivatives-execution-via-rfq-protocols-and-optimized-market-microstructure-dynamics.jpg)

TCA provides the quantitative evidence system required by MiFID II to engineer and defend an optimal venue selection process.

- 
### [How Does MiFID II’s Best Execution Mandate Affect Algorithmic Trading Strategies?](https://options.greeks.live/question/how-does-mifid-iis-best-execution-mandate-affect-algorithmic-trading-strategies/)
![A deconstructed mechanical system with segmented components, revealing intricate gears and polished shafts, symbolizing the transparent, modular architecture of an institutional digital asset derivatives trading platform. This illustrates multi-leg spread execution, RFQ protocols, and atomic settlement processes.](https://options.greeks.live/wp-content/uploads/2025/07/deconstructed-principal-trading-system-revealing-core-mechanics-of-digital-asset-derivatives-execution.jpg)

MiFID II transforms best execution into a quantitative mandate, requiring algorithms to be architected for provable, data-driven transparency.

- 
### [How Should a Firm Operationally Manage Both MiFID II and FINRA Best Execution Obligations?](https://options.greeks.live/question/how-should-a-firm-operationally-manage-both-mifid-ii-and-finra-best-execution-obligations/)
![Symmetrical, institutional-grade Prime RFQ component for digital asset derivatives. Metallic segments signify interconnected liquidity pools and precise price discovery. A central intelligence layer drives high-fidelity execution via RFQ protocols, optimizing multi-leg spread transactions.](https://options.greeks.live/wp-content/uploads/2025/07/principals-prime-os-for-digital-asset-derivatives-rfq-execution.jpg)

A firm must architect a unified, data-driven execution system that treats dual compliance as a single operational discipline.

- 
### [How Has the Deprecation of Rts 28 Reporting Affected Institutional Trading Strategies in the European Union?](https://options.greeks.live/question/how-has-the-deprecation-of-rts-28-reporting-affected-institutional-trading-strategies-in-the-european-union/)
![A sleek, conical precision instrument, with a vibrant mint-green tip and a robust grey base, represents the cutting-edge of institutional digital asset derivatives trading. Its sharp point signifies price discovery and best execution within complex market microstructure, powered by RFQ protocols for dark liquidity access and capital efficiency in atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-microstructure-price-discovery-optimization-prime-os-intelligence-layer.jpg)

The deprecation of RTS 28 shifts the best execution onus from public reporting to a superior, internalized data and analytics framework.

- 
### [How Does Technology Influence a Firm’s Ability to Meet MiFID II Best Execution Standards?](https://options.greeks.live/question/how-does-technology-influence-a-firms-ability-to-meet-mifid-ii-best-execution-standards/)
![Translucent teal glass pyramid and flat pane, geometrically aligned on a dark base, symbolize market microstructure and price discovery within RFQ protocols for institutional digital asset derivatives. This visualizes multi-leg spread construction, high-fidelity execution via a Principal's operational framework, ensuring atomic settlement for latent liquidity.](https://options.greeks.live/wp-content/uploads/2025/07/transparent-geometric-structures-visualizing-multi-leg-spread-rfq-protocols-for-high-fidelity-institutional-digital-asset-derivatives-execution.jpg)

Technology provides the data architecture to transform MiFID II best execution from a qualitative duty into a quantitative, evidence-based discipline.

- 
### [What Are the Key Technological Requirements for a Firm to Comply with MiFID II Best Execution?](https://options.greeks.live/question/what-are-the-key-technological-requirements-for-a-firm-to-comply-with-mifid-ii-best-execution/)
![A sophisticated mechanism depicting the high-fidelity execution of institutional digital asset derivatives. It visualizes RFQ protocol efficiency, real-time liquidity aggregation, and atomic settlement within a prime brokerage framework, optimizing market microstructure for multi-leg spreads.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-liquidity-aggregation-system.jpg)

A firm's compliance with MiFID II best execution hinges on an integrated technological system for data capture, analysis, and auditable proof of optimal outcomes.

- 
### [How Can Firms Leverage Technology to Meet the Enhanced Best Execution Requirements of MiFID II?](https://options.greeks.live/question/how-can-firms-leverage-technology-to-meet-the-enhanced-best-execution-requirements-of-mifid-ii/)
![An institutional-grade platform's RFQ protocol interface, with a price discovery engine and precision guides, enables high-fidelity execution for digital asset derivatives. Integrated controls optimize market microstructure and liquidity aggregation within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/proprietary-institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-granular-market-microstructure-analysis-for-prime-os.jpg)

Firms meet MiFID II best execution by embedding a data-driven, technology-centric framework into their core operational structure.

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---

**Original URL:** https://options.greeks.live/question/how-has-the-deprioritization-of-rts-27-and-28-affected-best-execution-in-europe/
