# How Should Buy Side Best Execution Policies Evolve in a Post Si Derivatives Market? ▴ Question

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

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![A polished spherical form representing a Prime Brokerage platform features a precisely engineered RFQ engine. This mechanism facilitates high-fidelity execution for institutional Digital Asset Derivatives, enabling private quotation and optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-optimal-execution-digital-asset-derivatives.jpg)

![Precision-engineered modular components display a central control, data input panel, and numerical values on cylindrical elements. This signifies an institutional Prime RFQ for digital asset derivatives, enabling RFQ protocol aggregation, high-fidelity execution, algorithmic price discovery, and volatility surface calibration for portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/firm-fx-options-rfq-trade-system-key-microstructure-data-flow-core-engine.jpg)

## Concept

The mandate for buy-side institutions to secure best execution has undergone a fundamental recalibration in the [derivatives market](https://prime.greeks.live/area/derivatives-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a direct consequence of the MiFID II regulatory framework. This evolution transcends a mere semantic shift from “reasonable steps” to “sufficient steps.” It represents a systemic overhaul, compelling firms to dismantle legacy, relationship-based execution models and erect in their place a robust, data-centric apparatus capable of withstanding intense regulatory scrutiny. The introduction of the [Systematic Internaliser](https://prime.greeks.live/area/systematic-internaliser/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SI) regime further complicates this landscape, creating a new category of execution venue with distinct transparency obligations.

For the buy-side, navigating this new world requires a profound understanding of the interplay between regulatory intent, market structure, and technological capability. The core challenge lies in extending the principles of [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), once primarily the domain of liquid equities, to the complex, often opaque, world of over-the-counter (OTC) derivatives.

![A central, metallic, multi-bladed mechanism, symbolizing a core execution engine or RFQ hub, emits luminous teal data streams. These streams traverse through fragmented, transparent structures, representing dynamic market microstructure, high-fidelity price discovery, and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/principal-grade-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-optimal-price-discovery-across-fragmented-market-microstructure.jpg)

## The New Execution Paradigm

At its heart, the post-[MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) best execution doctrine is about demonstrating a repeatable, auditable, and data-driven process for achieving the optimal outcome for the end client. This is a far more demanding standard than the previous regime, which often relied on qualitative assessments and established broker relationships. The new paradigm requires a quantitative approach, where every execution decision is supported by a body of evidence.

This evidence must encompass a wide range of factors beyond just price, including costs, speed, likelihood of execution, and settlement finality. For derivatives, this presents a unique set of challenges, given the inherent complexity of these instruments and the fragmented nature of their liquidity pools.

![A sleek, futuristic mechanism showcases a large reflective blue dome with intricate internal gears, connected by precise metallic bars to a smaller sphere. This embodies an institutional-grade Crypto Derivatives OS, optimizing RFQ protocols for high-fidelity execution, managing liquidity pools, and enabling efficient price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-facilitating-high-fidelity-execution-and-optimal-market-microstructure-with-prime-os-intelligence.jpg)

## Systematic Internalisers a New Class of Counterparty

The SI regime introduces a new dynamic to the derivatives market. SIs, which are investment firms that deal on their own account by executing client orders outside of a regulated market, are now subject to pre-trade transparency obligations for liquid instruments. This means they must make firm quotes public, providing a new source of price discovery for the buy-side. However, the SI regime also introduces new complexities.

[Buy-side firms](https://prime.greeks.live/area/buy-side-firms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) must now be able to identify which of their counterparties are operating as SIs and for which instruments. They must also be able to incorporate SI quotes into their best execution analysis, comparing them against quotes from other venues, such as multilateral trading facilities (MTFs) and organised trading facilities (OTFs).

> The emergence of Systematic Internalisers fundamentally alters the derivatives landscape, introducing a new class of venue with specific transparency requirements that buy-side firms must integrate into their execution policies.

![Abstract spheres and a translucent flow visualize institutional digital asset derivatives market microstructure. It depicts robust RFQ protocol execution, high-fidelity data flow, and seamless liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/precision-market-microstructure-for-institutional-digital-asset-derivatives-leveraging-rfq-protocols-and-atomic-settlement-across-prime-os.jpg)

## The Data-Driven Mandate

Underpinning the entire post-MiFID II best execution framework is the mandate for data. Buy-side firms are now required to collect, store, and analyse vast amounts of data to demonstrate compliance. This includes not only their own execution data but also market data from a variety of sources. This data is used to inform pre-trade analysis, monitor [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in real-time, and conduct post-trade [transaction cost analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA).

The challenge is not just in acquiring the data, but in making sense of it. For derivatives, this is particularly acute, as the data is often unstructured and lacks the standardization of the equities market.

![Intersecting multi-asset liquidity channels with an embedded intelligence layer define this precision-engineered framework. It symbolizes advanced institutional digital asset RFQ protocols, visualizing sophisticated market microstructure for high-fidelity execution, mitigating counterparty risk and enabling atomic settlement across crypto derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-system-microstructure-dynamics.jpg)

![A symmetrical, high-tech digital infrastructure depicts an institutional-grade RFQ execution hub. Luminous conduits represent aggregated liquidity for digital asset derivatives, enabling high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-system.jpg)

## Strategy

In the [post-SI derivatives market](https://prime.greeks.live/question/how-can-post-trade-analysis-differentiate-between-market-impact-and-unfavorable-market-momentum/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a static, check-the-box approach to best execution is no longer tenable. Buy-side firms must adopt a dynamic and adaptive strategy that is deeply integrated into their investment process. This strategy must be built on a foundation of robust data analytics, a sophisticated understanding of [market microstructure](https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and a flexible approach to liquidity sourcing. The goal is to create a virtuous cycle of continuous improvement, where data informs execution decisions, and execution outcomes are fed back into the analytical framework to refine future strategies.

![A sleek, spherical, off-white device with a glowing cyan lens symbolizes an Institutional Grade Prime RFQ Intelligence Layer. It drives High-Fidelity Execution of Digital Asset Derivatives via RFQ Protocols, enabling Optimal Liquidity Aggregation and Price Discovery for Market Microstructure Analysis](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimal-execution-1.jpg)

## Evolving the Execution Policy

The [execution policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the cornerstone of a firm’s best execution framework. In the post-MiFID II era, this document must be more than just a high-level statement of intent. It must be a detailed, living document that outlines the firm’s specific procedures for achieving best execution for each class of derivative instrument.

This includes a clear articulation of the relative importance of the various execution factors, the criteria for venue and counterparty selection, and the methodology for monitoring and reviewing execution quality. The policy must also be tailored to the specific characteristics of the firm’s order flow and the nature of its client base.

![Transparent conduits and metallic components abstractly depict institutional digital asset derivatives trading. Symbolizing cross-protocol RFQ execution, multi-leg spreads, and high-fidelity atomic settlement across aggregated liquidity pools, it reflects prime brokerage infrastructure](https://options.greeks.live/wp-content/uploads/2025/07/cross-protocol-rfq-execution-digital-asset-derivatives-microstructure-system.jpg)

## A Multi-Faceted Approach to Venue Selection

The proliferation of [execution venues](https://prime.greeks.live/area/execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), including the introduction of SIs, means that buy-side firms have more choice than ever before. However, this choice also brings complexity. A sophisticated venue selection strategy must go beyond a simple comparison of explicit costs. It must also consider a range of qualitative and quantitative factors, including:

- **Liquidity Profile** ▴ The depth and quality of liquidity available on the venue for the specific instrument being traded.

- **Execution Model** ▴ The venue’s execution model, whether it be a central limit order book (CLOB), an [RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)-based system, or a periodic auction.

- **Transparency** ▴ The level of pre- and post-trade transparency provided by the venue.

- **Counterparty Risk** ▴ The creditworthiness and operational reliability of the counterparties available on the venue.

![Abstract spheres on a fulcrum symbolize Institutional Digital Asset Derivatives RFQ protocol. A small white sphere represents a multi-leg spread, balanced by a large reflective blue sphere for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-dynamic-balance-for-optimal-high-fidelity-execution.jpg)

## The Central Role of Transaction Cost Analysis

[Transaction Cost](https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Analysis (TCA) is the primary tool for measuring and managing execution costs. In the derivatives market, TCA is a far more complex undertaking than in the equities market. The lack of a standardized tape and the bespoke nature of many [OTC derivatives](https://prime.greeks.live/area/otc-derivatives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) make it difficult to establish reliable benchmarks. However, despite these challenges, a robust TCA framework is essential for demonstrating best execution.

Buy-side firms must invest in the data and analytical capabilities to develop meaningful TCA models for their derivatives flow. This may involve using a combination of internal and third-party data sources, as well as sophisticated modeling techniques to account for the unique characteristics of each instrument.

> A sophisticated TCA framework is the lynchpin of a modern best execution policy, providing the quantitative evidence needed to validate execution decisions and drive continuous improvement.

The table below outlines a possible framework for a multi-layered TCA approach for OTC derivatives, moving from basic to more advanced analytical techniques.

| TCA Layer | Methodology | Data Requirements | Key Performance Indicator (KPI) |
| --- | --- | --- | --- |
| Layer 1 ▴ Quote-to-Trade Analysis | Comparison of executed price to the range of quotes received from counterparties. | Internal RFQ and trade data. | Quote spread, price improvement. |
| Layer 2 ▴ Benchmark-Relative Analysis | Comparison of executed price to a relevant pre-trade benchmark (e.g. arrival price, volume-weighted average price). | Internal trade data, third-party market data. | Slippage, implementation shortfall. |
| Layer 3 ▴ Peer Group Analysis | Comparison of execution costs against an anonymized peer group of similar firms. | Internal trade data, third-party TCA provider data. | Percentile ranking, cost-to-trade. |
| Layer 4 ▴ Factor-Based Analysis | Regression analysis to identify the key drivers of execution costs (e.g. volatility, order size, time of day). | Internal trade data, market data, factor library. | Factor sensitivities, cost attribution. |

![Precision cross-section of an institutional digital asset derivatives system, revealing intricate market microstructure. Toroidal halves represent interconnected liquidity pools, centrally driven by an RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-architecture-revealing-precision-rfq-protocol-engine-for-optimal-high-fidelity-execution-and-latent-liquidity-aggregation.jpg)

![Abstract RFQ engine, transparent blades symbolize multi-leg spread execution and high-fidelity price discovery. The central hub aggregates deep liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-crypto-derivatives-high-fidelity-block-trade.jpg)

## Execution

The execution phase is where the strategic vision for best execution is translated into tangible results. In the post-SI derivatives market, this requires a disciplined and systematic approach, supported by a robust technological infrastructure and a deep understanding of the available execution protocols. The buy-side trader’s role is evolving from that of a simple order-taker to a sophisticated execution strategist, responsible for navigating a complex and fragmented liquidity landscape to achieve the optimal outcome for the end client.

![A conceptual image illustrates a sophisticated RFQ protocol engine, depicting the market microstructure of institutional digital asset derivatives. Two semi-spheres, one light grey and one teal, represent distinct liquidity pools or counterparties within a Prime RFQ, connected by a complex execution management system for high-fidelity execution and atomic settlement of Bitcoin options or Ethereum futures](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-market-microstructure-2.jpg)

## The Institutional RFQ Workflow

The Request for Quote (RFQ) protocol has become a cornerstone of institutional [derivatives trading](https://prime.greeks.live/area/derivatives-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), particularly for large or complex orders. A well-structured RFQ workflow is essential for achieving competitive pricing and demonstrating best execution. The following is a step-by-step guide to a best-practice institutional RFQ workflow:

- **Pre-Trade Analysis** ▴ Before initiating an RFQ, the [trader should](https://prime.greeks.live/question/how-should-a-traders-execution-algorithm-adapt-to-a-last-look-rejection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) conduct a thorough pre-trade analysis to determine the optimal execution strategy. This includes an assessment of market conditions, an analysis of the instrument’s liquidity profile, and a consideration of the order’s size and complexity.

- **Counterparty Selection** ▴ The trader should maintain a curated list of approved counterparties, based on a range of criteria including creditworthiness, operational reliability, and historical execution quality. The selection of counterparties for a specific RFQ should be tailored to the characteristics of the order.

- **RFQ Initiation** ▴ The RFQ should be initiated electronically, through a multi-dealer platform that allows for simultaneous submission to multiple counterparties. The RFQ should clearly specify all the relevant parameters of the trade, including the instrument, size, and desired settlement terms.

- **Quote Analysis** ▴ As quotes are received, the trader should analyze them in real-time, comparing them not only on price but also on any other relevant factors, such as the counterparty’s willingness to provide size.

- **Execution** ▴ The trader should execute the trade with the counterparty that provides the best overall outcome, based on the firm’s execution policy. The execution should be time-stamped and recorded for audit purposes.

- **Post-Trade Processing** ▴ The trade should be processed straight-through to the firm’s order management system (OMS) and risk management systems. The execution data should also be fed into the firm’s TCA system for post-trade analysis.

![An institutional grade system component, featuring a reflective intelligence layer lens, symbolizes high-fidelity execution and market microstructure insight. This enables price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-precision-rfq-execution-system-interface.jpg)

## Data and Reporting the Evidentiary Trail

[Under MiFID](https://prime.greeks.live/question/what-are-the-operational-consequences-of-misreporting-under-mifid-ii-versus-a-reporting-failure-under-emir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) II, buy-side firms are required to make public an annual report (RTS 28) detailing their top five execution venues for each class of financial instrument, as well as a summary of their execution quality analysis. This report is the primary means by which firms demonstrate their compliance with the best execution obligation. The table below provides an overview of the key data points required for the RTS 28 report, as well as the corresponding data required from execution venues under RTS 27, which informs the buy-side’s analysis.

| Report | Data Point | Description | Source |
| --- | --- | --- | --- |
| RTS 28 (Buy-Side) | Top 5 Venues | A list of the top five execution venues used for each class of financial instrument, based on trading volumes. | Internal trade data |
| RTS 28 (Buy-Side) | Execution Quality Summary | A qualitative summary of the analysis and conclusions drawn from the firm’s monitoring of execution quality. | Internal TCA, venue data |
| RTS 27 (Venue) | Price | Intra-day and daily pricing information for each financial instrument. | Execution venue |
| RTS 27 (Venue) | Costs | Detailed information on all costs associated with trading on the venue, including execution fees, clearing and settlement fees, and any rebates or discounts. | Execution venue |
| RTS 27 (Venue) | Likelihood of Execution | Data on the number of orders or RFQs received, executed, and cancelled, as well as information on the speed of execution. | Execution venue |

![A modular system with beige and mint green components connected by a central blue cross-shaped element, illustrating an institutional-grade RFQ execution engine. This sophisticated architecture facilitates high-fidelity execution, enabling efficient price discovery for multi-leg spreads and optimizing capital efficiency within a Prime RFQ framework for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/principal-prime-os-rfq-engine-for-digital-asset-derivatives.jpg)

## The Technological Imperative

It is impossible to overstate the importance of technology in the post-SI derivatives market. A modern, sophisticated execution management system (EMS) is no longer a luxury, but a necessity. The EMS should be the central hub of the trading desk, providing the trader with a consolidated view of liquidity across all venues, as well as the tools to analyze and execute orders in a systematic and efficient manner. The EMS should also be fully integrated with the firm’s other systems, including the OMS, risk management systems, and TCA provider, to ensure a seamless and automated workflow from pre-trade to post-settlement.

> In the contemporary derivatives market, technology is the engine of best execution, providing the tools and infrastructure necessary to navigate a complex and fragmented landscape.

A best-in-class EMS should provide the following functionalities:

- **Consolidated [Market Data](https://prime.greeks.live/area/market-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ Real-time market data from all relevant venues, including SIs, MTFs, and OTFs.

- **Advanced Order Types** ▴ A full suite of advanced order types, including algorithmic and smart order routing capabilities.

- **Pre-Trade Analytics** ▴ Integrated pre-trade analytics tools, including liquidity and market impact models.

- **RFQ Management** ▴ A sophisticated RFQ management tool that allows for the creation, submission, and analysis of RFQs to multiple counterparties.

- **Post-Trade Integration** ▴ Seamless integration with post-trade systems for straight-through processing and TCA.

![A sleek, institutional-grade device, with a glowing indicator, represents a Prime RFQ terminal. Its angled posture signifies focused RFQ inquiry for Digital Asset Derivatives, enabling high-fidelity execution and precise price discovery within complex market microstructure, optimizing latent liquidity](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-terminal-facilitating-high-fidelity-price-discovery-and-optimal-liquidity-aggregation.jpg)

## References

- 1. Flextrade. (2015). MiFID II ▴ The Buy-Side Transparency Challenge.

- 2. Kennedy, T. (2017). Best Execution Under MiFID II. Thomson Reuters.

- 3. Khwaja, A. (2015). MiFID II and Best Execution for Derivatives. Clarus Financial Technology.

- 4. SmartStream Technologies. (n.d.). Systematic Internalisation under MiFID II ▴ What’s Needed Now.

- 5. Winters, K. (2018). Liquidity Matters ▴ Pre and Post trade transparency under MiFID II – the impact of Systematic Internalisers. S&P Global.

- 6. Zikes, F. (2018). Measuring Transaction Costs in OTC markets. Board of Governors of the Federal Reserve System.

- 7. S&P Global. (n.d.). OTC Derivatives Best Execution.

- 8. CME Group. (2024). Futures RFQs 101.

- 9. Pace, A. (2019). RFQ for Equities ▴ Arming the buy-side with choice and ease of execution. Tradeweb.

- 10. eflow Global. (2025). Best execution compliance in a global context.

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

## Reflection

The evolution of best execution in the derivatives market is a journey, not a destination. The regulatory landscape will continue to evolve, new technologies will emerge, and market structures will shift. The buy-side firms that will thrive in this environment are those that embrace a culture of continuous improvement, constantly questioning their assumptions, refining their processes, and investing in the tools and talent necessary to maintain a decisive edge. The framework outlined in this analysis provides a roadmap for this journey, but it is up to each firm to chart its own course, guided by a deep understanding of its own unique circumstances and a relentless commitment to achieving the best possible outcome for its clients.

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

## The Human Element in a Quantitative World

While data and technology are the indispensable tools of the modern trading desk, it is crucial to remember the enduring importance of the human element. The most sophisticated analytical models and the most advanced execution systems are only as effective as the traders who wield them. The successful buy-side trader of the future will be a hybrid, possessing both the quantitative skills to interpret complex data and the qualitative judgment to make sound decisions in the face of uncertainty. They will be a master of the machine, but not a slave to it, able to leverage the power of technology to augment their own innate market intuition and experience.

![Stacked precision-engineered circular components, varying in size and color, rest on a cylindrical base. This modular assembly symbolizes a robust Crypto Derivatives OS architecture, enabling high-fidelity execution for institutional RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-architecture-optimized-for-high-fidelity-execution.jpg)

## Glossary

<a href="https://prime.greeks.live/area/systematic-internaliser/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Systematic Internaliser

Meaning ▴ A Systematic Internaliser (SI) is a financial institution executing client orders against its own capital on an organized, frequent, systematic basis off-exchange. </a><a href="https://prime.greeks.live/area/derivatives-market/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract, precisely engineered construct of interlocking grey and cream panels, featuring a teal display and control. This represents an institutional-grade Crypto Derivatives OS for RFQ protocols, enabling high-fidelity execution, liquidity aggregation, and market microstructure optimization within a Principal's operational framework for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/integrated-principal-trading-system-modules-for-institutional-digital-asset-derivatives-rfq-execution-and-optimized-market-microstructure.jpg)

## Derivatives Market

Meaning ▴ The Derivatives Market constitutes a sophisticated financial ecosystem where participants trade standardized contracts whose intrinsic value is systematically derived from the performance of an underlying asset, index, or rate. </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">
![Precision instrument featuring a sharp, translucent teal blade from a geared base on a textured platform. This symbolizes high-fidelity execution of institutional digital asset derivatives via RFQ protocols, optimizing market microstructure for capital efficiency and algorithmic trading on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-algorithmic-execution-infrastructure-for-institutional-digital-asset-derivatives-request-for-quote-protocols-optimal-liquidity.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract digital interface features a dark circular screen with two luminous dots, one teal and one grey, symbolizing active and pending private quotation statuses within an RFQ protocol. Below, sharp parallel lines in black, beige, and grey delineate distinct liquidity pools and execution pathways for multi-leg spread strategies, reflecting market microstructure and high-fidelity execution for institutional grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-displaying-multi-leg-execution-status-and-optimal-liquidity-pathways.jpg)

## Mifid Ii

Meaning ▴ MiFID II, the Markets in Financial Instruments Directive II, constitutes a comprehensive regulatory framework enacted by the European Union to govern financial markets, investment firms, and trading venues. </a><a href="https://prime.greeks.live/area/buy-side-firms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting metallic components symbolize an institutional RFQ Protocol framework. This system enables High-Fidelity Execution and Atomic Settlement for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-specialists.jpg)

## Buy-Side Firms

Meaning ▴ Buy-side firms are financial institutions that manage investment capital on behalf of clients or for their proprietary accounts, with the primary objective of generating returns through strategic asset allocation and trading. </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">
![Polished metallic disks, resembling data platters, with a precise mechanical arm poised for high-fidelity execution. This embodies an institutional digital asset derivatives platform, optimizing RFQ protocol for efficient price discovery, managing market microstructure, and leveraging a Prime RFQ intelligence layer to minimize execution latency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-precision-execution-via-advanced-rfq-protocols-and-prime-os-intelligence-layer-for-optimal-market-microstructure.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/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A futuristic system component with a split design and intricate central element, embodying advanced RFQ protocols. This visualizes high-fidelity execution, precise price discovery, and granular market microstructure control for institutional digital asset derivatives, optimizing liquidity provision and minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/07/advanced-rfq-protocols-for-digital-asset-derivatives-price-discovery.jpg)

## Execution Quality

Meaning ▴ Execution Quality quantifies the efficacy of an order's fill, assessing how closely the achieved trade price aligns with the prevailing market price at submission, alongside consideration for speed, cost, and market impact. </a><a href="https://prime.greeks.live/question/how-can-post-trade-analysis-differentiate-between-market-impact-and-unfavorable-market-momentum/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Translucent spheres, embodying institutional counterparties, reveal complex internal algorithmic logic. Sharp lines signify high-fidelity execution and RFQ protocols, connecting these liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-optimal-execution-engine.jpg)

## Post-Si Derivatives Market

Post-trade analysis isolates an order's impact by subtracting market momentum from total slippage to reveal true execution cost. </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 sleek, institutional-grade Crypto Derivatives OS with an integrated intelligence layer supports a precise RFQ protocol. Two balanced spheres represent principal liquidity units undergoing high-fidelity execution, optimizing capital efficiency within market microstructure for best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-3.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><a href="https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek pen hovers over a luminous circular structure with teal internal components, symbolizing precise RFQ initiation. This represents high-fidelity execution for institutional digital asset derivatives, optimizing market microstructure and achieving atomic settlement within a Prime RFQ liquidity pool](https://options.greeks.live/wp-content/uploads/2025/07/optimizing-digital-asset-derivatives-rfq-through-prime-os-precision.jpg)

## Execution Policy

Meaning ▴ An Execution Policy defines a structured set of rules and computational logic governing the handling and execution of financial orders within a trading system. </a><a href="https://prime.greeks.live/area/execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated dark-hued institutional-grade digital asset derivatives platform interface, featuring a glowing aperture symbolizing active RFQ price discovery and high-fidelity execution. The integrated intelligence layer facilitates atomic settlement and multi-leg spread processing, optimizing market microstructure for prime brokerage operations and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-intelligence-layer.jpg)

## Execution Venues

Meaning ▴ Execution Venues are regulated marketplaces or bilateral platforms where financial instruments are traded and orders are matched, encompassing exchanges, multilateral trading facilities, organized trading facilities, and over-the-counter desks. </a><a href="https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Interlocking transparent and opaque geometric planes on a dark surface. This abstract form visually articulates the intricate Market Microstructure of Institutional Digital Asset Derivatives, embodying High-Fidelity Execution through advanced RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/geometric-abstraction-of-institutional-digital-asset-derivatives-market-microstructure-driving-high-fidelity-execution-via-principal-rfq-protocols-and-optimal-liquidity-aggregation.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/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated digital asset derivatives execution platform showcases its core market microstructure. A speckled surface depicts real-time market data streams](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-core-microstructure.jpg)

## Transaction Cost

Meaning ▴ Transaction Cost represents the total quantifiable economic friction incurred during the execution of a trade, encompassing both explicit costs such as commissions, exchange fees, and clearing charges, alongside implicit costs like market impact, slippage, and opportunity cost. </a><a href="https://prime.greeks.live/area/otc-derivatives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated digital asset derivatives RFQ engine's core components are depicted, showcasing precise market microstructure for optimal price discovery. Its central hub facilitates algorithmic trading, ensuring high-fidelity execution across multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimizing-multi-leg-spreads-for-optimal-capital-efficiency.jpg)

## Otc Derivatives

Meaning ▴ OTC Derivatives are bilateral financial contracts executed directly between two counterparties, outside the regulated environment of a centralized exchange. </a><a href="https://prime.greeks.live/area/derivatives-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Three sensor-like components flank a central, illuminated teal lens, reflecting an advanced RFQ protocol system. This represents an institutional digital asset derivatives platform's intelligence layer for precise price discovery, high-fidelity execution, and managing multi-leg spread strategies, optimizing market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-for-optimal-execution.jpg)

## Derivatives Trading

Meaning ▴ Derivatives trading involves the exchange of financial contracts whose value is derived from an underlying asset, index, or rate. </a><a href="https://prime.greeks.live/question/how-should-a-traders-execution-algorithm-adapt-to-a-last-look-rejection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated institutional digital asset derivatives platform unveils its core market microstructure. Intricate circuitry powers a central blue spherical RFQ protocol engine on a polished circular surface](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-prime-os-unveiling-rfq-protocol-engine-market-microstructure-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## Trader Should

An adaptive algorithm treats a last look rejection as a data signal to dynamically recalibrate its counterparty risk model and routing logic. </a><a href="https://prime.greeks.live/question/what-are-the-operational-consequences-of-misreporting-under-mifid-ii-versus-a-reporting-failure-under-emir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, bi-component digital asset derivatives engine reveals its intricate core, symbolizing an advanced RFQ protocol. This Prime RFQ component enables high-fidelity execution and optimal price discovery within complex market microstructure, managing latent liquidity for institutional operations](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimal-execution.jpg)

## Under Mifid

A MiFID II misreport corrupts market surveillance data; an EMIR failure hides systemic risk, creating distinct operational and reputational threats. </a><a href="https://prime.greeks.live/area/market-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered, multi-layered mechanism symbolizing a robust RFQ protocol engine for institutional digital asset derivatives. Its components represent aggregated liquidity, atomic settlement, and high-fidelity execution within a sophisticated market microstructure, enabling efficient price discovery and optimal capital efficiency for block trades](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-engine.jpg)

## Market Data

Meaning ▴ Market Data comprises the real-time or historical pricing and trading information for financial instruments, encompassing bid and ask quotes, last trade prices, cumulative volume, and order book depth. </a>

**Tags:** [Systematic Internaliser](https://options.greeks.live/area/systematic-internaliser/), [Buy-Side Firms](https://options.greeks.live/area/buy-side-firms/), [Execution Policy](https://options.greeks.live/area/execution-policy/), [Transaction Cost](https://options.greeks.live/area/transaction-cost/), [Derivatives Market](https://options.greeks.live/area/derivatives-market/), [Execution Quality](https://options.greeks.live/area/execution-quality/)	

## Discover More

- 
### [How Does the SI Quoting Obligation Impact Best Execution Analysis?](https://options.greeks.live/question/how-does-the-si-quoting-obligation-impact-best-execution-analysis/)
![A sophisticated dark-hued institutional-grade digital asset derivatives platform interface, featuring a glowing aperture symbolizing active RFQ price discovery and high-fidelity execution. The integrated intelligence layer facilitates atomic settlement and multi-leg spread processing, optimizing market microstructure for prime brokerage operations and capital efficiency. This represents a robust crypto derivatives OS.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-intelligence-layer.jpg)

The SI quoting obligation integrates a firm's principal book as a formal venue, demanding data-driven proof of its superiority within best execution analysis.

- 
### [What Are the Key Technological Challenges in Implementing Mifid Ii’s Best Execution Requirements for Otc Derivatives?](https://options.greeks.live/question/what-are-the-key-technological-challenges-in-implementing-mifid-iis-best-execution-requirements-for-otc-derivatives/)
![A sophisticated control panel, featuring concentric blue and white segments with two teal oval buttons. This embodies an institutional RFQ Protocol interface, facilitating High-Fidelity Execution for Private Quotation and Aggregated Inquiry. It represents the Prime RFQ Intelligence Layer, optimizing Capital Efficiency within complex Market Microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-rfq-protocol-interface-for-digital-asset-derivatives-execution.jpg)

MiFID II's OTC rules require an engineering solution to transform fragmented data into a verifiable, systematic execution process.

- 
### [How Does the Concept of “Legitimate Reliance” Affect Best Execution Obligations in RFQ Trading?](https://options.greeks.live/question/how-does-the-concept-of-legitimate-reliance-affect-best-execution-obligations-in-rfq-trading/)
![A glossy, segmented sphere with a luminous blue 'X' core represents a Principal's Prime RFQ. It highlights multi-dealer RFQ protocols, high-fidelity execution, and atomic settlement for institutional digital asset derivatives, signifying unified liquidity pools, market microstructure, and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-core-for-best-rfq-digital-asset-derivatives-institutional-trade-flow.jpg)

Legitimate reliance determines if best execution duties apply to an RFQ, shifting the focus from price alone to the client-dealer context.

- 
### [Can a Single Global Execution Policy Satisfy Both MiFID II and FINRA Requirements Simultaneously?](https://options.greeks.live/question/can-a-single-global-execution-policy-satisfy-both-mifid-ii-and-finra-requirements-simultaneously/)
![A precision sphere, an Execution Management System EMS, probes a Digital Asset Liquidity Pool. This signifies High-Fidelity Execution via Smart Order Routing for institutional-grade digital asset derivatives. It highlights Price Discovery and Pre-Trade Analytics within a Principal's Prime RFQ framework.](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-orchestrating-global-digital-asset-derivatives-liquidity-pool-price-discovery-and-high-fidelity-execution.jpg)

A single global execution policy can satisfy both MiFID II and FINRA by adopting the more stringent principles of MiFID II as a universal standard.

- 
### [How Does the Use of Pre-Trade Analytics in the RFQ Process Contribute to Regulatory Best Execution Requirements?](https://options.greeks.live/question/how-does-the-use-of-pre-trade-analytics-in-the-rfq-process-contribute-to-regulatory-best-execution-requirements/)
![A modular, dark-toned system with light structural components and a bright turquoise indicator, representing a sophisticated Crypto Derivatives OS for institutional-grade RFQ protocols. It signifies private quotation channels for block trades, enabling high-fidelity execution and price discovery through aggregated inquiry, minimizing slippage and information leakage within dark liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-system-for-optimal-execution-1.jpg)

Pre-trade analytics systematize the RFQ process, providing the auditable, data-driven evidence required to meet best execution obligations.

- 
### [How Do Best Execution Obligations Change When Dealing with Illiquid or Complex Securities?](https://options.greeks.live/question/how-do-best-execution-obligations-change-when-dealing-with-illiquid-or-complex-securities/)
![A precision-engineered metallic institutional trading platform, bisected by an execution pathway, features a central blue RFQ protocol engine. This Crypto Derivatives OS core facilitates high-fidelity execution, optimal price discovery, and multi-leg spread trading, reflecting advanced market microstructure.](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-institutional-digital-asset-derivatives-execution-core-facilitating-rfq-protocol-driven-optimal-price-discovery-and-multi-leg-spread-trading-for-capital-efficiency.jpg)

Best execution for illiquid assets transforms the obligation from price discovery to a documented, multi-factor process of price construction.

- 
### [Can Best Execution Be Proven for over the Counter Derivatives and Other Illiquid Assets?](https://options.greeks.live/question/can-best-execution-be-proven-for-over-the-counter-derivatives-and-other-illiquid-assets/)
![A symmetrical, reflective apparatus with a glowing Intelligence Layer core, embodying a Principal's Core Trading Engine for Digital Asset Derivatives. Four sleek blades represent multi-leg spread execution, dark liquidity aggregation, and high-fidelity execution via RFQ protocols, enabling atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-optimized-execution.jpg)

Proving best execution for illiquid assets is achieved by engineering a defensible, data-driven process, not by finding a single price.

- 
### [How Do Regulatory Frameworks like MiFID II Influence the Strategy for Managing RFQ Information Leakage?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-influence-the-strategy-for-managing-rfq-information-leakage/)
![Stacked, distinct components, subtly tilted, symbolize the multi-tiered institutional digital asset derivatives architecture. Layers represent RFQ protocols, private quotation aggregation, core liquidity pools, and atomic settlement. This design optimizes market microstructure for high-fidelity execution and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/layered-institutional-digital-asset-derivatives-rfq-protocols-optimizing-principal-execution-management-systems-for-best-execution.jpg)

MiFID II transforms RFQ information leakage management from a relational art into a data-driven science of systematic risk control.

- 
### [What Role Does a Best Execution Committee Play in the Governance of a Trading Desk?](https://options.greeks.live/question/what-role-does-a-best-execution-committee-play-in-the-governance-of-a-trading-desk/)
![A central, intricate blue mechanism, evocative of an Execution Management System EMS or Prime RFQ, embodies algorithmic trading. Transparent rings signify dynamic liquidity pools and price discovery for institutional digital asset derivatives. Background diagonals abstractly depict market microstructure optimization via RFQ protocols ensuring high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-framework-driving-high-fidelity-rfq-execution-and-optimized-market-microstructure-for-capital-efficiency.jpg)

A Best Execution Committee is the governance system that translates fiduciary duty into a data-driven, auditable operational framework.

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---

**Original URL:** https://options.greeks.live/question/how-should-buy-side-best-execution-policies-evolve-in-a-post-si-derivatives-market/
