# How Has the Removal of SI Quoting Obligations for Non-Equity Instruments Altered the RFQ Landscape? ▴ Question

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

---

![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)

![A robust, dark metallic platform, indicative of an institutional-grade execution management system. Its precise, machined components suggest high-fidelity execution for digital asset derivatives via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-high-fidelity-price-discovery-and-atomic-settlement-infrastructure.jpg)

## Concept

The operational logic governing non-equity [liquidity sourcing](https://prime.greeks.live/area/liquidity-sourcing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) has been fundamentally re-architected. The removal of mandatory pre-trade quoting obligations for Systematic Internalisers (SIs) under the [MiFIR review](https://prime.greeks.live/area/mifir-review/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) represents a deliberate recalibration of the transparency framework, moving the system away from continuous, often indicative, price streams. This change acknowledges the distinct microstructure of non-equity markets, such as bonds and derivatives, where liquidity is frequently fragmented and instrument characteristics are highly variable.

The previous mandate required SIs to publish firm quotes, creating a source of public data. Its removal shifts the primary mechanism for [price discovery](https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) toward on-demand, bilateral protocols.

> The regulatory adjustment fundamentally elevates the request-for-quote protocol from a supplementary tool to a core system for institutional price discovery.

This structural alteration places greater emphasis on the Request for Quote (RFQ) landscape. With less ambient, continuous pricing information available from SIs, the [RFQ protocol](https://prime.greeks.live/area/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) becomes the critical conduit for sourcing actionable liquidity for specific instruments and sizes. Market participants must now actively probe for prices from a curated set of counterparties.

This pivot introduces a new systemic component designed to maintain post-trade transparency without burdening market makers with pre-trade obligations ▴ the [Designated Publishing Entity](https://prime.greeks.live/area/designated-publishing-entity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (DPE). The DPE framework decouples the act of trading from the responsibility of public reporting, allowing a firm to assume reporting duties without needing to be the SI, thereby streamlining compliance and operational workflows.

![A sleek blue and white mechanism with a focused lens symbolizes Pre-Trade Analytics for Digital Asset Derivatives. A glowing turquoise sphere represents a Block Trade within a Liquidity Pool, demonstrating High-Fidelity Execution via RFQ protocol for Price Discovery in Dark Pool Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/advanced-institutional-digital-asset-derivatives-rfq-execution-system-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## How Does This Recalibration Affect Price Discovery?

Price discovery in this revised architecture becomes a more episodic and deliberate process. Instead of scanning continuously available quotes, institutional traders initiate structured information discovery events through RFQ systems. This alters the data inputs for valuation and execution models.

The quality of price discovery is now directly proportional to the sophistication of a firm’s counterparty network and the efficiency of its RFQ technology. It demands a higher degree of internal intelligence to understand who is likely to hold a given position and at what price, a departure from the more centralized transparency model previously in place.

![Detailed metallic disc, a Prime RFQ core, displays etched market microstructure. Its central teal dome, an intelligence layer, facilitates price discovery](https://options.greeks.live/wp-content/uploads/2025/07/principal-operating-system-intelligence-layer-powering-digital-asset-derivatives-rfq-protocols-for-optimal-execution.jpg)

![Intersecting geometric planes symbolize complex market microstructure and aggregated liquidity. A central nexus represents an RFQ hub for high-fidelity execution of multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-market-microstructure-optimisation.jpg)

## Strategy

Adapting to the modified regulatory environment requires a strategic pivot from passive monitoring of SI quotes to active, targeted liquidity sourcing. The architecture of a successful trading strategy now rests upon the efficient and discreet management of bilateral price discovery. The RFQ protocol is the primary system for this, enabling institutions to probe for liquidity without signaling broad market intent, thereby minimizing [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and potential price impact. This strategic shift requires a re-evaluation of technology, counterparty relationships, and internal execution logic.

> Effective strategy in this new framework is defined by the ability to construct and manage a high-fidelity, proprietary view of the liquidity landscape.

The core of the strategy involves treating the RFQ process as a data-driven function. Firms must develop a systemic approach to counterparty selection, leveraging historical trade data and real-time analytics to identify the most suitable liquidity providers for a specific instrument and trade size. This necessitates an integrated technology stack capable of managing multiple, concurrent quote solicitations, normalizing the responses, and presenting them within a framework that facilitates optimal execution decisions.

![A dark, precision-engineered module with raised circular elements integrates with a smooth beige housing. It signifies high-fidelity execution for institutional RFQ protocols, ensuring robust price discovery and capital efficiency in digital asset derivatives market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-system-core-high-speed-price-discovery-module.jpg)

## What Are the Strategic Implications for Counterparty Management?

Counterparty management evolves into a dynamic and data-intensive discipline. The value of a counterparty is measured by the quality and consistency of their quote responses, their hit rates, and their discretion. This creates a feedback loop where execution data informs future counterparty selection, refining the process over time. The following table outlines the systemic shifts from a strategic perspective.

| System Component | Pre-MiFIR Review State | Post-MiFIR Review State |
| --- | --- | --- |
| SI Quoting | Mandatory pre-trade firm quotes provided a public data stream. | Voluntary quoting reduces ambient price information. |
| Price Discovery | A blend of public quote monitoring and RFQ. | Primarily driven by on-demand, targeted RFQ protocols. |
| RFQ Utility | A primary tool for large or illiquid trades. | A foundational protocol for a wider range of non-equity trades. |
| Information Leakage Risk | Contained by the structured nature of lit markets and SI quotes. | Managed through discreet, bilateral RFQ channels and curated counterparty lists. |

Buy-side desks must implement specific strategic adjustments to maintain a competitive edge in this environment. These adjustments form the basis of a modern execution framework for [non-equity instruments](https://prime.greeks.live/area/non-equity-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

- **Counterparty Tiering** ▴ Develop a quantitative system for ranking liquidity providers based on performance metrics such as response time, quote competitiveness, and execution reliability.

- **Technology Integration** ▴ Ensure the firm’s Execution Management System (EMS) can seamlessly handle RFQ workflows, from creation and distribution to the analysis of returned quotes.

- **Dynamic Execution Logic** ▴ Implement rules-based systems that guide traders on when to use an RFQ, a dark pool, or another execution channel based on order size, instrument liquidity, and market conditions.

![A futuristic metallic optical system, featuring a sharp, blade-like component, symbolizes an institutional-grade platform. It enables high-fidelity execution of digital asset derivatives, optimizing market microstructure via precise RFQ protocols, ensuring efficient price discovery and robust portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-for-high-fidelity-rfq-execution-and-optimal-price-discovery.jpg)

![Abstract depiction of an advanced institutional trading system, featuring a prominent sensor for real-time price discovery and an intelligence layer. Visible circuitry signifies algorithmic trading capabilities, low-latency execution, and robust FIX protocol integration for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-high-fidelity-rfq-protocols.jpg)

## Execution

[High-fidelity execution](https://prime.greeks.live/area/high-fidelity-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) within the recalibrated non-equity landscape is a function of protocol mastery and technological precision. The operational focus shifts to the granular mechanics of the RFQ process, transforming it into a controlled and measurable system for sourcing liquidity. Success is determined by the ability to manage information, minimize latency, and make data-driven decisions within the tight timeframes of a quote’s validity. This requires a robust operational framework that governs every step of the execution lifecycle.

![A sleek Execution Management System diagonally spans segmented Market Microstructure, representing Prime RFQ for Institutional Grade Digital Asset Derivatives. It rests on two distinct Liquidity Pools, one facilitating RFQ Block Trade Price Discovery, the other a Dark Pool for Private Quotation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-optimizing-rfq-protocols-across-segmented-liquidity-pools.jpg)

## How Is Execution Quality Measured in a Discretionary RFQ Environment?

[Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) in this context expands to include metrics specific to the RFQ workflow. Analysis moves beyond simple price improvement against a benchmark. It now incorporates the measurement of quote response times, hit rates, and the performance of specific counterparties.

The objective is to build a quantitative picture of execution quality that accounts for the implicit costs of information leakage and the opportunity costs of missed liquidity. This data-driven feedback loop is essential for refining execution protocols and optimizing counterparty selection over time.

> The architecture of execution has become a system of controlled inquiry, where managing the flow of information is as vital as the final execution price.

The table below details key parameters within the RFQ execution protocol, highlighting their strategic importance in achieving optimal outcomes.

| Parameter | Description | Strategic Consideration |
| --- | --- | --- |
| Number of Counterparties | The quantity of liquidity providers included in a single RFQ event. | Balancing the need for competitive tension against the risk of information leakage. A smaller, targeted list is often superior. |
| Response Time Window | The duration allocated for counterparties to respond with a quote. | Must be short enough to capture actionable prices in a dynamic market but long enough to allow for considered responses. |
| Minimum Quantity | The smallest size for which a quote is requested. | Used to filter for serious counterparties and ensure the returned quotes are relevant to the intended trade size. |
| Disclosure Level | The amount of information revealed to counterparties (e.g. direction, full size). | Calibrated to provide enough information for accurate pricing while protecting the institution’s trading intentions. |

A typical operational workflow for executing a large, illiquid bond trade under this revised structure demonstrates the methodical nature of the process:

- **Pre-Trade Analysis** ▴ The system analyzes historical data and market indicators to establish a benchmark price range and identify potential liquidity pockets.

- **Counterparty Shortlisting** ▴ Based on a quantitative scoring system, the execution protocol selects a small, optimized group of counterparties best suited for the specific bond.

- **RFQ Configuration and Dispatch** ▴ The trader or automated system configures the RFQ parameters (size, response time) and dispatches the request through a secure, aggregated channel.

- **Quote Evaluation and Execution** ▴ The system normalizes incoming quotes, benchmarks them against pre-trade analysis, and facilitates execution with the chosen counterparty.

- **Post-Trade Reporting** ▴ The transaction details are transmitted to the firm’s designated publishing entity (DPE) or the counterparty’s APA for public dissemination under the appropriate deferral timeline.

![Sleek metallic system component with intersecting translucent fins, symbolizing multi-leg spread execution for institutional grade digital asset derivatives. It enables high-fidelity execution and price discovery via RFQ protocols, optimizing market microstructure and gamma exposure for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-system-rfq-protocols.jpg)

## References

- Simmons & Simmons. “MiFIR and MiFID II review ▴ ten key things that EU financial institutions should know.” _Financial Services Regulation Insights_, 16 Jan. 2024.

- Ashurst LLP. “EU changes to the MIFID regime are here.” _Ashurst Publications_, 28 Mar. 2024.

- European Securities and Markets Authority. “MiFID II/MiFIR Review Report on non-equity transparency.” _ESMA Reports_, 25 Sept. 2020.

- Association for Financial Markets in Europe. “AFME Guide to EU and UK Market Reforms ▴ MiFIR and MiFID II.” _AFME Publications_, 28 Oct. 2024.

- Euronext. “MiFID Refit ▴ Euronext Position on Non-Equity Transparency.” _Euronext Thought Leadership_, 14 Jan. 2021.

![A gleaming, translucent sphere with intricate internal mechanisms, flanked by precision metallic probes, symbolizes a sophisticated Principal's RFQ engine. This represents the atomic settlement of multi-leg spread strategies, enabling high-fidelity execution and robust price discovery within institutional digital asset derivatives markets, minimizing latency and slippage for optimal alpha generation and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/inst-digital-asset-deriv-rfq-os-for-optimal-high-fidelity-trade-exec.jpg)

## Reflection

The regulatory evolution of non-equity market structure is more than a set of rule changes; it is an endorsement of a different philosophy of transparency. The system now explicitly recognizes that for many instruments, liquidity is not a continuous, homogenous pool but a discrete, relationship-driven resource. This places the onus on market participants to build and maintain a superior operational apparatus for sourcing that liquidity.

Consider your own institution’s operational framework as a complete system. Does its architecture for sourcing liquidity possess the required agility and intelligence to function effectively in this environment? The knowledge of these regulatory shifts is a single component.

Integrating that knowledge into a coherent, data-driven execution system is what creates a durable, strategic advantage. The potential lies in architecting a superior process for navigating this more complex, yet potentially more rewarding, landscape.

![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](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)

## Glossary

<a href="https://prime.greeks.live/area/liquidity-sourcing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A vertically stacked assembly of diverse metallic and polymer components, resembling a modular lens system, visually represents the layered architecture of institutional digital asset derivatives. Each distinct ring signifies a critical market microstructure element, from RFQ protocol layers to aggregated liquidity pools, ensuring high-fidelity execution and capital efficiency within a Prime RFQ framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-execution-stack.jpg)

## Liquidity Sourcing

Meaning ▴ Liquidity Sourcing refers to the systematic process of identifying, accessing, and aggregating available trading interest across diverse market venues to facilitate optimal execution of financial transactions. </a><a href="https://prime.greeks.live/area/mifir-review/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Interconnected, sharp-edged geometric prisms on a dark surface reflect complex light. This embodies the intricate market microstructure of institutional digital asset derivatives, illustrating RFQ protocol aggregation for block trade execution, price discovery, and high-fidelity execution within a Principal's operational framework enabling optimal liquidity](https://options.greeks.live/wp-content/uploads/2025/07/precision-geometric-prisms-reflecting-institutional-digital-asset-derivatives-rfq-price-discovery-and-optimized-execution-market-microstructure.jpg)

## Mifir Review

Meaning ▴ The MiFIR Review refers to the ongoing legislative process undertaken by the European Commission to assess and propose amendments to the Markets in Financial Instruments Regulation (MiFIR) and Directive (MiFID II). </a><a href="https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multi-faceted crystalline form with sharp, radiating elements centers on a dark sphere, symbolizing complex market microstructure. This represents sophisticated RFQ protocols, aggregated inquiry, and high-fidelity execution across diverse liquidity pools, optimizing capital efficiency for institutional digital asset derivatives within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-institutional-digital-asset-derivatives-price-discovery.jpg)

## Price Discovery

Meaning ▴ Price discovery is the continuous, dynamic process by which the market determines the fair value of an asset through the collective interaction of supply and demand. </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">
![A reflective metallic disc, symbolizing a Centralized Liquidity Pool or Volatility Surface, is bisected by a precise rod, representing an RFQ Inquiry for High-Fidelity Execution. Translucent blue elements denote Dark Pool access and Private Quotation Networks, detailing Institutional Digital Asset Derivatives Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution.jpg)

## 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/designated-publishing-entity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![This visual represents an advanced Principal's operational framework for institutional digital asset derivatives. A foundational liquidity pool seamlessly integrates dark pool capabilities for block trades](https://options.greeks.live/wp-content/uploads/2025/07/principal-crypto-derivatives-os-rfq-execution-microstructure.jpg)

## Designated Publishing Entity

Meaning ▴ A Designated Publishing Entity functions as an authoritative, digitally secured node within a financial ecosystem, specifically mandated to disseminate canonical, validated data sets. </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">
![Dark, pointed instruments intersect, bisected by a luminous stream, against angular planes. This embodies institutional RFQ protocol driving cross-asset execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-best-execution-system-architecture.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/non-equity-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise metallic and transparent teal mechanism symbolizes the intricate market microstructure of a Prime RFQ. It facilitates high-fidelity execution for institutional digital asset derivatives, optimizing RFQ protocols for private quotation, aggregated inquiry, and block trade management, ensuring best execution](https://options.greeks.live/wp-content/uploads/2025/07/advanced-principal-trading-systems-driving-high-fidelity-institutional-digital-asset-derivatives-rfq-execution-protocols.jpg)

## Non-Equity Instruments

Meaning ▴ Non-equity instruments are financial contracts or securities that do not confer ownership interest in an issuing entity. </a><a href="https://prime.greeks.live/area/high-fidelity-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Diagonal composition of sleek metallic infrastructure with a bright green data stream alongside a multi-toned teal geometric block. This visualizes High-Fidelity Execution for Digital Asset Derivatives, facilitating RFQ Price Discovery within deep Liquidity Pools, critical for institutional Block Trades and Multi-Leg Spreads on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-execution-optimization-leveraging-proprietary-institutional-prime-os-for-optimal-price-discovery-and-latency-reduction.jpg)

## High-Fidelity Execution

Meaning ▴ High-Fidelity Execution refers to the precise and deterministic fulfillment of a trading instruction or operational process, ensuring minimal deviation from the intended parameters, such as price, size, and timing. </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 slender metallic probe extends between two curved surfaces. This abstractly illustrates high-fidelity execution for institutional digital asset derivatives, driving price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-instrument-navigating-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-price-discovery-and-high-fidelity-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>

**Tags:** [Counterparty Risk](https://options.greeks.live/area/counterparty-risk/), [Price Discovery](https://options.greeks.live/area/price-discovery/), [Non-Equity Instruments](https://options.greeks.live/area/non-equity-instruments/), [Designated Publishing Entity](https://options.greeks.live/area/designated-publishing-entity/), [MiFIR Review](https://options.greeks.live/area/mifir-review/), [Pre-Trade Transparency](https://options.greeks.live/area/pre-trade-transparency/)	

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U.S. rules centralize price discovery on transparent CLOBs, while European regulations permit discreet, large-scale liquidity sourcing via RFQs.

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Information asymmetry in disclosed RFQs drives adverse selection, requiring strategic counterparty curation and protocol design.

---

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                "text": "Price discovery in this revised architecture becomes a more episodic and deliberate process. Instead of scanning continuously available quotes, institutional traders initiate structured information discovery events through RFQ systems. This alters the data inputs for valuation and execution models. The quality of price discovery is now directly proportional to the sophistication of a firm's counterparty network and the efficiency of its RFQ technology. It demands a higher degree of internal intelligence to understand who is likely to hold a given position and at what price, a departure from the more centralized transparency model previously in place."
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---

**Original URL:** https://options.greeks.live/question/how-has-the-removal-of-si-quoting-obligations-for-non-equity-instruments-altered-the-rfq-landscape/
