# How Should Governance Committees Use Integrated Data to Oversee Both Best Execution and Fair Value? ▴ Question

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

---

![An exposed high-fidelity execution engine reveals the complex market microstructure of an institutional-grade crypto derivatives OS. Precision components facilitate smart order routing and multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-2.jpg)

![A transparent sphere, representing a granular digital asset derivative or RFQ quote, precisely balances on a proprietary execution rail. This symbolizes high-fidelity execution within complex market microstructure, driven by rapid price discovery from an institutional-grade trading engine, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-precision-1.jpg)

## Concept

A governance committee’s [fiduciary duty](https://prime.greeks.live/area/fiduciary-duty/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) extends into the complex, data-heavy realms of [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and fair value. The fundamental challenge for any such committee is the translation of vast, disparate datasets into a coherent narrative of oversight. The process begins not with a post-mortem of individual trades or valuation marks, but with the establishment of a unified data fabric ▴ a single, integrated environment where transaction data and valuation data coexist and inform one another. This system transforms oversight from a series of disjointed compliance checks into a dynamic, system-level function.

Best execution and [fair value](https://prime.greeks.live/area/fair-value/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) are two sides of the same coin. Best execution, as defined by regulations like MiFID II and FINRA Rule 5310, is the obligation to take all sufficient steps to obtain the best possible result for a client, considering factors like price, costs, speed, and likelihood of execution. Fair value, under frameworks like [ASC 820](https://prime.greeks.live/area/asc-820/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), is the price that would be received to sell an asset in an orderly transaction between market participants.

The execution cost directly impacts the net proceeds from an asset sale, thereby connecting the act of trading to the asset’s carrying value. An integrated data approach recognizes this intrinsic link, allowing a committee to see how [execution quality](https://prime.greeks.live/question/how-can-pre-trade-analytics-differentiate-between-high-quality-and-low-quality-quotes-in-an-rfq-auction/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), or a lack thereof, ripples through to the balance sheet.

> A committee’s effectiveness is directly proportional to the quality and integration of the data it receives; siloed information creates blind spots.

![A sleek, multi-segmented sphere embodies a Principal's operational framework for institutional digital asset derivatives. Its transparent 'intelligence layer' signifies high-fidelity execution and price discovery via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-digital-asset-derivatives-execution-engine.jpg)

## The Unified Data Imperative

An integrated data model aggregates information from numerous sources into a centralized repository. This includes the Order Management System (OMS), the Execution Management System (EMS), third-party [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) providers, and valuation or pricing service providers. By normalizing and time-stamping data from these systems, a committee can reconstruct the entire lifecycle of an investment decision, from pre-trade analysis to execution and subsequent valuation.

This holistic view is critical. For instance, analyzing a large block trade in an illiquid corporate bond requires more than just the final execution price. A committee needs to see the pre-trade price estimates, the number of dealers queried through a Request for Quote (RFQ) system, the response times, the spread on the quotes received, and the market conditions at the time of execution. Simultaneously, the committee must understand how this [executed price](https://prime.greeks.live/question/can-vwap-and-other-traditional-benchmarks-still-provide-value-for-block-trades-executed-via-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a tangible data point, will be used as an input for the bond’s fair value measurement, particularly if it is classified as a Level 2 or Level 3 asset under the ASC 820 hierarchy.

![A sophisticated teal and black device with gold accents symbolizes a Principal's operational framework for institutional digital asset derivatives. It represents a high-fidelity execution engine, integrating RFQ protocols for atomic settlement](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-core-engine-for-best-execution.jpg)

## From Reactive Review to Proactive Governance

Without integrated data, a committee is often left reviewing historical reports that present best execution and fair value as separate, static events. This is a reactive posture. An integrated system enables a proactive stance.

The committee can establish automated alerts and key performance indicators (KPIs) that flag deviations in real-time or near-real-time. For example, an alert could be triggered if a series of trades consistently executes at the poor end of the day’s volume-weighted average price (VWAP) or if a valuation mark on an asset deviates significantly from a recent execution price without a clear market-driven reason.

This shift empowers the committee to ask more pointed, insightful questions. Instead of asking “Was this a good trade?” they can ask, “We see a pattern of high slippage in this asset class when trading with a specific set of counterparties; what is the strategy to address this?” This elevates the dialogue from a simple compliance check to a strategic discussion about optimizing the entire investment process, a core tenet of a committee’s governance mandate.

![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)

![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)

## Strategy

A strategic framework for overseeing best execution and fair value hinges on the committee’s ability to define, monitor, and act upon a curated set of integrated metrics. This strategy moves beyond simple pass/fail assessments and towards a continuous, data-driven dialogue with the investment and trading teams. The objective is to build a system of governance that is both rigorous in its analysis and flexible enough to adapt to diverse asset classes and market conditions. A successful strategy is built on three pillars ▴ a unified set of performance indicators, a clear linkage between transaction costs and valuation, and a robust benchmarking methodology.

![A sleek spherical mechanism, representing a Principal's Prime RFQ, features a glowing core for real-time price discovery. An extending plane symbolizes high-fidelity execution of institutional digital asset derivatives, enabling optimal liquidity, multi-leg spread trading, and capital efficiency through advanced RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-platform-for-high-fidelity-execution-and-optimal-liquidity.jpg)

## A Unified Oversight Dashboard

The cornerstone of the strategy is the development of a unified oversight dashboard that presents KPIs and Key Risk Indicators (KRIs) drawn from the integrated data environment. This dashboard should be the committee’s primary tool for its regular reviews. It provides a high-level view of performance while allowing for drill-downs into specific areas of concern. The metrics chosen should be explicitly designed to bridge the gap between execution and valuation.

For example, a metric like ‘Realized Slippage vs. Valuation Mark’ can directly compare the cost of liquidating a position against its last carrying value. A consistently negative result could indicate overly optimistic valuation marks or deteriorating execution quality, both of which require committee attention. The goal is to create a set of indicators that tell a comprehensive story about the entire investment lifecycle.

### Table 1 ▴ Integrated KPIs for Best Execution and Fair Value Oversight

| Metric | Description | Data Sources | Link to Best Ex / Fair Value | Committee Action Trigger |
| --- | --- | --- | --- | --- |
| Implementation Shortfall | The total cost of a trade, measured from the time the investment decision is made to the final execution. Includes market impact and opportunity cost. | Pre-trade decision timestamp, EMS/OMS, Market Data | Holistic measure of execution quality; a high shortfall erodes the asset’s ‘entry’ or ‘exit’ value. | Consistent underperformance against pre-trade estimates for a specific strategy or trader. |
| Spread to Arrival Price | The difference between the execution price and the mid-price of the security at the time the order was sent to the market. | OMS/EMS, Market Data Feeds | Measures the cost of crossing the bid-ask spread and immediate market impact. A primary TCA metric. | Negative trends in specific securities or with particular brokers, suggesting information leakage. |
| Valuation Variance to Executed Price | The difference between the fair value mark for an asset and the price of a recent, sizable trade in that same asset. | Valuation System, EMS/OMS | Directly tests the validity of Level 2 and Level 3 fair value inputs against real-world transaction data. | Significant variance (e.g. >5%) without a clear market event to justify the difference. |
| RFQ Response Dispersion | The statistical variance in the prices quoted by dealers in response to a Request for Quote (RFQ). | EMS, Dealer Quote Logs | A wide dispersion may indicate low liquidity or high uncertainty, impacting both execution and fair value confidence. A tight dispersion in a competitive RFQ is a strong indicator of a fair price. | Routinely selecting dealers who provide outlier quotes, or a widening of dispersion over time. |

![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)

## Connecting Transaction Cost Analysis to Valuation

A critical strategic element is the formal integration of post-trade [Transaction Cost](https://prime.greeks.live/area/transaction-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Analysis (TCA) into the fair value validation process. TCA is no longer just a tool for traders; it is a vital source of data for the governance committee. The insights from TCA provide an empirical basis for assessing the reasonableness of valuation models, especially for less liquid assets.

> Effective governance demands that the empirical reality of transaction costs directly informs the theoretical exercise of valuation.

For instance, if an asset is valued using a discounted cash flow (DCF) model (a Level 3 input under ASC 820), the discount rate used should reflect the asset’s risk and illiquidity. TCA data can provide a quantitative measure of that illiquidity. If TCA reports show that trading the asset consistently incurs high market impact costs, it suggests a higher illiquidity premium should be factored into its valuation. The committee’s role is to ensure this feedback loop exists and is acted upon by the valuation team.

![A multi-layered device with translucent aqua dome and blue ring, on black. This represents an Institutional-Grade Prime RFQ Intelligence Layer for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-intelligence-layer.jpg)

## The Strategic Use of Benchmarks

The final component of the strategy is the intelligent use of benchmarks. No single trade or valuation can be assessed in a vacuum. A committee must insist on a multi-layered benchmarking approach to provide context for all performance metrics.

- **Internal Benchmarks** ▴ The firm’s own historical trading data provides the most relevant baseline. The [committee should](https://prime.greeks.live/question/what-specific-steps-should-an-audit-committee-take-quarterly-before-ceo-certification/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ask ▴ Is our execution quality in this asset class improving or deteriorating over time?

- **Peer Universe Benchmarks** ▴ Anonymized data from third-party providers allows a firm to compare its performance against a cohort of similar investment managers. This helps answer the question ▴ Are our trading costs competitive with our peers?

- **Market-Relative Benchmarks** ▴ Standard benchmarks like VWAP (Volume-Weighted Average Price) or TWAP (Time-Weighted Average Price) provide a measure of performance against the broader market on a given day.

- **Pre-Trade Benchmarks** ▴ Comparing execution results against the firm’s own pre-trade cost estimates is perhaps the most important benchmark. It measures the firm’s ability to forecast and manage its own trading costs, which is a hallmark of a sophisticated execution process.

The committee’s strategy should be to review performance against this hierarchy of benchmarks. A single underperformance against VWAP may be explainable, but a consistent underperformance against internal, peer, and pre-trade benchmarks signals a systemic issue that requires governance-level intervention.

![A translucent institutional-grade platform reveals its RFQ execution engine with radiating intelligence layer pathways. Central price discovery mechanisms and liquidity pool access points are flanked by pre-trade analytics modules for digital asset derivatives and multi-leg spreads, ensuring high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-core-platform.jpg)

![Abstractly depicting an institutional digital asset derivatives trading system. Intersecting beams symbolize cross-asset strategies and high-fidelity execution pathways, integrating a central, translucent disc representing deep liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-ecosystem-unifying-rfq-protocols-for-high-fidelity-execution-and-deep-liquidity-aggregation-across-multi-leg-spreads.jpg)

## Execution

The execution of an integrated oversight policy requires a disciplined, repeatable process that translates strategic goals into concrete actions for the governance committee. This operational playbook is not about micromanaging traders or second-guessing valuation models. It is about establishing a robust data-driven workflow that ensures accountability, identifies systemic risks, and documents the committee’s diligent oversight. The process can be broken down into a defined quarterly review cycle, a deep-dive methodology for analyzing specific transactions, and a clear understanding of the underlying system architecture.

![Metallic rods and translucent, layered panels against a dark backdrop. This abstract visualizes advanced RFQ protocols, enabling high-fidelity execution and price discovery across diverse liquidity pools for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-market-microstructure-for-institutional-digital-asset-derivatives-rfq.jpg)

## The Quarterly Governance Oversight Process

A structured quarterly meeting is the primary venue for the committee to execute its oversight function. Each meeting should follow a consistent agenda, ensuring all key areas are reviewed systematically. This process transforms governance from an abstract concept into a series of tangible, documented steps.

- **Data Aggregation and Dashboard Review** ▴ Prior to the meeting, a dedicated team (often in risk or compliance) prepares the integrated oversight dashboard. The first step of the meeting is a high-level review of this dashboard, focusing on the KPIs and KRIs defined in the strategy. The committee should look for trends, outliers, and significant changes from previous quarters. 

- **Exception-Based Reporting Analysis** ▴ The dashboard should automatically flag any metrics that have breached pre-defined thresholds. This is where the committee’s work begins. They should systematically review each exception. For example, if a particular trading strategy shows a spike in [implementation shortfall](https://prime.greeks.live/area/implementation-shortfall/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the committee must drill down into the underlying [trade data](https://prime.greeks.live/area/trade-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to understand the cause. 

- **Qualitative Overlay and Dialogue** ▴ Data alone is insufficient. The committee must engage in a dialogue with the heads of trading and portfolio management. For each exception identified, the relevant manager should be prepared to provide context. Was the high slippage on a trade due to an unexpected market event, or was it a result of poor strategy? This qualitative information is crucial for interpreting the quantitative data and should be formally minuted. 

- **Valuation Committee Cross-Validation** ▴ The governance committee’s findings must be shared with the firm’s valuation committee (or equivalent body). If the best execution review reveals high transaction costs or increasing illiquidity for an asset, the valuation committee must be able to demonstrate how these factors are being incorporated into the asset’s fair value mark. 

- **Action Item Generation and Tracking** ▴ The meeting must conclude with a clear set of action items. These are not suggestions; they are directives. For example ▴ “The head of trading is to conduct a review of broker performance for EMEA equities and present findings at the next meeting.” Each action item must have a clear owner and a deadline, and progress must be the first item on the agenda for the following quarterly meeting. 

![Precision instruments, resembling calibration tools, intersect over a central geared mechanism. This metaphor illustrates the intricate market microstructure and price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-engine-microstructure-analytics.jpg)

## Quantitative Deep Dive a Transaction Case Study

To truly understand the power of integrated data, the committee should periodically conduct a deep dive into a single, complex transaction. This exercise ensures the committee members fully grasp the data they are reviewing and can challenge the information presented to them. The following table illustrates such a deep dive for a hypothetical block trade in an illiquid convertible bond, an asset with both execution and complex fair value considerations.

> A single, well-analyzed transaction can reveal more about a firm’s processes than a thousand pages of summary reports.

### Table 2 ▴ Integrated Data Analysis of a Convertible Bond Block Trade

| Timestamp (T) | Event | Data Point | Source System | Best Execution Analysis | Fair Value Impact |
| --- | --- | --- | --- | --- | --- |
| T-60min | Pre-Trade Analysis | Estimated Impact Cost ▴ 25 bps; Target Price ▴ 98.50 | Pre-Trade Analytics Tool | Establishes the initial benchmark for the trade’s success. | N/A |
| T-5min | RFQ Sent | RFQ for 25m units sent to 5 dealers. | EMS | Evidence of competitive process initiated. Number of dealers is a key factor. | N/A |
| T-3min | Quotes Received | Dealer A ▴ 98.35, Dealer B ▴ 98.30, Dealer C ▴ 98.15, Dealer D ▴ 98.10, Dealer E ▴ No Bid | EMS Quote Log | Spread of 25 bps indicates some illiquidity. “No Bid” is a critical data point. Best quote is 15 bps below pre-trade target. | Provides multiple, observable market data points (Level 2 inputs) for valuation. |
| T-0 | Execution | Executed 25m units at 98.35 with Dealer A. | OMS/EMS | Trade executed at the best quoted price. Slippage vs. Arrival (98.50) is -15 bps. Within acceptable pre-trade estimate. | The executed price of 98.35 becomes a primary, highly-weighted input for the end-of-day valuation mark. |
| T+1day | Valuation Mark | Asset marked at 98.40. | Valuation System | N/A | Mark is 5 bps above the executed price. Committee must ask for justification (e.g. broader market rally, new information). |

![A polished metallic disc represents an institutional liquidity pool for digital asset derivatives. A central spike enables high-fidelity execution via algorithmic trading of multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-liquidity-system.jpg)

## System and Data Architecture Considerations

The execution of this oversight model is predicated on a sound technological foundation. The committee does not need to be a group of technologists, but they should receive confirmation from the CTO or Head of Operations that the necessary architecture is in place. Key components include:

- **A Centralized Data Warehouse** ▴ Raw data from all source systems (OMS, EMS, [market data](https://prime.greeks.live/area/market-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), valuation engines) must be fed into a central repository. This is the only way to create a single source of truth.

- **Data Normalization and Enrichment** ▴ The raw data must be cleaned, normalized into a common format, and enriched with additional information (e.g. classifying trades by strategy, portfolio manager, or asset class).

- **Business Intelligence (BI) Tools** ▴ These are the tools that sit on top of the data warehouse and create the dashboards and reports the committee uses. The committee should have input into the design of these dashboards to ensure they meet their oversight needs.

- **Documented Data Governance** ▴ There must be a formal policy that dictates who owns the data, how its quality is maintained, and how access is controlled. This ensures the integrity of the entire process.

By focusing on these three areas ▴ a disciplined process, deep-dive analytical capabilities, and a robust system architecture ▴ a governance committee can effectively execute its duty to oversee both best execution and fair value in an integrated and meaningful way.

![A circular mechanism with a glowing conduit and intricate internal components represents a Prime RFQ for institutional digital asset derivatives. This system facilitates high-fidelity execution via RFQ protocols, enabling price discovery and algorithmic trading within market microstructure, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-protocol-core.jpg)

## References

- Nagy, Christopher, and Tyler Gellasch. “Better ‘Best Execution’ ▴ An Overview and Assessment.” _Global Algorithmic Capital Markets ▴ High Frequency Trading, Dark Pools, and Regulatory Challenges_, edited by Walter Mattli, Oxford University Press, 2019.

- Financial Industry Regulatory Authority. “FINRA Rule 5310 ▴ Best Execution and Interpositioning.” FINRA, 2023.

- Gomber, Peter, and Gregor Pujol. “Best execution in electronic banking and brokerage ▴ an analysis of business and technical requirements.” _Journal of Financial Transformation_, vol. 22, 2007, pp. 109-121.

- Financial Accounting Standards Board. “Accounting Standards Codification Topic 820 ▴ Fair Value Measurement.” FASB, 2011.

- McPartland, Kevin. “Corporate Bond Best Execution, More Art Than Science.” Coalition Greenwich, 2017.

- PGGM Investments. “Best Execution Governance.” PGGM, 2022.

- Charles River Development. “Transaction Cost Analysis (TCA).” Charles River Development, A State Street Company, 2023.

- Acuiti. “The Growing Sophistication of Transaction Cost Analysis.” Report, 2024.

![A precision-engineered blue mechanism, symbolizing a high-fidelity execution engine, emerges from a rounded, light-colored liquidity pool component, encased within a sleek teal institutional-grade shell. This represents a Principal's operational framework for digital asset derivatives, demonstrating algorithmic trading logic and smart order routing for block trades via RFQ protocols, ensuring atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-os-core-algorithmic-execution-engine.jpg)

## Reflection

![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)

## From Oversight to Operational Alpha

The framework detailed here provides a systematic approach to governance, transforming the oversight of best execution and fair value from a regulatory burden into a source of strategic advantage. The establishment of an integrated data fabric is the foundational step, yet the true evolution occurs when the committee uses this system not just for retrospective review, but as a forward-looking analytical tool. The ability to correlate execution patterns with valuation outcomes, to quantify the true cost of illiquidity, and to challenge the assumptions within financial models based on empirical trade data is a powerful capability.

This moves the governance function beyond its traditional role of risk mitigation. It becomes a partner in performance optimization, asking questions that drive greater efficiency and capital preservation. The ultimate goal is a state of continuous improvement, where the insights gleaned from the oversight process are fed back into the investment and trading functions, refining strategies and enhancing returns.

The committee’s work, therefore, becomes a critical component of the firm’s operational alpha ▴ the value generated through superior processes, systems, and governance. The question for every committee member to consider is how their current oversight process contributes to this objective.

![Sleek, off-white cylindrical module with a dark blue recessed oval interface. This represents a Principal's Prime RFQ gateway for institutional digital asset derivatives, facilitating private quotation protocol for block trade execution, ensuring high-fidelity price discovery and capital efficiency through low-latency liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-portal-optimal-institutional-digital-asset-execution.jpg)

## Glossary

<a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek cream-colored device with a dark blue optical sensor embodies Price Discovery for Digital Asset Derivatives. It signifies High-Fidelity Execution via RFQ Protocols, driven by an Intelligence Layer optimizing Market Microstructure for Algorithmic Trading on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-high-fidelity-execution-engine-optimized-rfq-protocols-prime-os-intelligence-layer.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/area/fiduciary-duty/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A diagonal composition contrasts a blue intelligence layer, symbolizing market microstructure and volatility surface, with a metallic, precision-engineered execution engine. This depicts high-fidelity execution for institutional digital asset derivatives via RFQ protocols, ensuring atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-for-institutional-digital-asset-derivatives-execution.jpg)

## Fiduciary Duty

Meaning ▴ Fiduciary duty constitutes a legal and ethical obligation requiring one party, the fiduciary, to act solely in the best interests of another party, the beneficiary. </a><a href="https://prime.greeks.live/area/fair-value/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A symmetrical, intricate digital asset derivatives execution engine. Its metallic and translucent elements visualize a robust RFQ protocol facilitating multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-best-execution.jpg)

## Fair Value

Meaning ▴ Fair Value represents the theoretical price of an asset, derivative, or portfolio component, meticulously derived from a robust quantitative model, reflecting the true economic equilibrium in the absence of transient market noise. </a><a href="https://prime.greeks.live/area/asc-820/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished, dark teal institutional-grade mechanism reveals an internal beige interface, precisely deploying a metallic, arrow-etched component. This signifies high-fidelity execution within an RFQ protocol, enabling atomic settlement and optimized price discovery for institutional digital asset derivatives and multi-leg spreads, ensuring minimal slippage and robust capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/quantitative-finance-driven-rfq-workflow-for-best-execution-in-digital-assets.jpg)

## Asc 820

Meaning ▴ ASC 820, officially Accounting Standards Codification 820, establishes the authoritative framework for fair value measurement within U.S. </a><a href="https://prime.greeks.live/question/how-can-pre-trade-analytics-differentiate-between-high-quality-and-low-quality-quotes-in-an-rfq-auction/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic structural component interlocks with two black, dome-shaped modules, each displaying a green data indicator. This signifies a dynamic RFQ protocol within an institutional Prime RFQ, enabling high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/modular-rfq-protocol-engine-for-digital-asset-derivatives-prime-os.jpg)

## Execution Quality

Pre-trade analytics differentiate quotes by systematically scoring counterparty reliability and predicting execution quality beyond price. </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 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)

## 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/question/can-vwap-and-other-traditional-benchmarks-still-provide-value-for-block-trades-executed-via-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision optical component stands on a dark, reflective surface, symbolizing a Price Discovery engine for Institutional Digital Asset Derivatives. This Crypto Derivatives OS element enables High-Fidelity Execution through advanced Algorithmic Trading and Multi-Leg Spread capabilities, optimizing Market Microstructure for RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-optimal-execution-system-microstructure.jpg)

## Executed Price

VWAP provides an essential system benchmark, enabling rigorous post-trade analysis of RFQ-executed block trades. </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 luminous conical element projects from a multi-faceted transparent teal crystal, signifying RFQ protocol precision and price discovery. This embodies institutional grade digital asset derivatives high-fidelity execution, leveraging Prime RFQ for liquidity aggregation and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-rfq-protocol-orchestration-for-institutional-digital-asset-derivatives-high-fidelity-execution.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/question/what-specific-steps-should-an-audit-committee-take-quarterly-before-ceo-certification/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precisely aligned forms depict an institutional trading system's RFQ protocol interface. Circular elements symbolize market data feeds and price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-interface-optimization.jpg)

## Committee Should

The audit committee's quarterly process is a systematic validation of internal controls that underpins CEO financial certification. </a><a href="https://prime.greeks.live/area/implementation-shortfall/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract forms on dark, a sphere balanced by intersecting planes. This signifies high-fidelity execution for institutional digital asset derivatives, embodying RFQ protocols and price discovery within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-platform-microstructure-execution-prime-os.jpg)

## Implementation Shortfall

Meaning ▴ Implementation Shortfall quantifies the total cost incurred from the moment a trading decision is made to the final execution of the order. </a><a href="https://prime.greeks.live/area/trade-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central core represents a Prime RFQ engine, facilitating high-fidelity execution. Transparent, layered structures denote aggregated liquidity pools and multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-for-institutional-digital-asset-derivatives-execution.jpg)

## Trade Data

Meaning ▴ Trade Data constitutes the comprehensive, timestamped record of all transactional activities occurring within a financial market or across a trading platform, encompassing executed orders, cancellations, modifications, and the resulting fill details. </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 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)

## 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:** [Cost Analysis](https://options.greeks.live/area/cost-analysis/), [Trade Data](https://options.greeks.live/area/trade-data/), [Transaction Cost](https://options.greeks.live/area/transaction-cost/), [ASC 820](https://options.greeks.live/area/asc-820/), [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/), [Governance Committee KPIs](https://options.greeks.live/area/governance-committee-kpis/)	

## Discover More

- 
### [What Are the Core Components of a Defensible Best Execution File for a Bond Trade?](https://options.greeks.live/question/what-are-the-core-components-of-a-defensible-best-execution-file-for-a-bond-trade/)
![A cutaway view reveals an advanced RFQ protocol engine for institutional digital asset derivatives. Intricate coiled components represent algorithmic liquidity provision and portfolio margin calculations. Translucent sections expose the quantitative analytics core enabling high-fidelity execution and low-latency order routing for Bitcoin options.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-digital-asset-derivatives-core-internal-mechanism-visualized.jpg)

A defensible bond trade execution file is a system of record that provides a data-driven, auditable narrative of fiduciary diligence.

- 
### [What Makes the Logic of Smart Trading “Smart”?](https://options.greeks.live/question/what-makes-the-logic-of-smart-trading-smart/)
![A sleek, spherical white and blue module featuring a central black aperture and teal lens, representing the core Intelligence Layer for Institutional Trading in Digital Asset Derivatives. It visualizes High-Fidelity Execution within an RFQ protocol, enabling precise Price Discovery and optimizing the Principal's Operational Framework for Crypto Derivatives OS.](https://options.greeks.live/wp-content/uploads/2025/07/precision-lens-for-institutional-digital-asset-derivatives-rfq-execution.jpg)

Smart Trading logic is a system that translates strategic intent into optimal execution by algorithmically navigating market fragmentation.

- 
### [What Is the Role of Transaction Cost Analysis in a Global Best Execution Policy?](https://options.greeks.live/question/what-is-the-role-of-transaction-cost-analysis-in-a-global-best-execution-policy/)
![A sleek, institutional-grade RFQ engine precisely interfaces with a dark blue sphere, symbolizing a deep latent liquidity pool for digital asset derivatives. This robust connection enables high-fidelity execution and price discovery for Bitcoin Options and multi-leg spread strategies.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-linking-deep-liquidity-pools.jpg)

Transaction Cost Analysis is the quantitative engine that validates a best execution policy, transforming regulatory duty into a strategic edge.

- 
### [How Can a Firm Quantitatively Prove It Is Meeting Its Best Execution Obligations?](https://options.greeks.live/question/how-can-a-firm-quantitatively-prove-it-is-meeting-its-best-execution-obligations/)
![A symmetrical, intricate digital asset derivatives execution engine. Its metallic and translucent elements visualize a robust RFQ protocol facilitating multi-leg spread execution. This system optimizes market microstructure and price discovery, ensuring high-fidelity execution and aggregated inquiry for capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-best-execution.jpg)

A firm proves best execution by building a quantitative, auditable system that measures trade performance against objective benchmarks.

- 
### [What Are the Primary Technological Requirements for an Effective TCA System?](https://options.greeks.live/question/what-are-the-primary-technological-requirements-for-an-effective-tca-system/)
![A central processing core with intersecting, transparent structures revealing intricate internal components and blue data flows. This symbolizes an institutional digital asset derivatives platform's Prime RFQ, orchestrating high-fidelity execution, managing aggregated RFQ inquiries, and ensuring atomic settlement within dynamic market microstructure, optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trading-system-facilitating-high-fidelity-rfq-protocol-optimization-for-best-execution-and-atomic-settlement.jpg)

An effective TCA system is a high-fidelity data processing framework that translates market interaction into quantifiable strategic intelligence.

- 
### [What Are the Practical Challenges of Implementing Transaction Cost Analysis for OTC Derivatives?](https://options.greeks.live/question/what-are-the-practical-challenges-of-implementing-transaction-cost-analysis-for-otc-derivatives/)
![Translucent circular elements represent distinct institutional liquidity pools and digital asset derivatives. A central arm signifies the Prime RFQ facilitating RFQ-driven price discovery, enabling high-fidelity execution via algorithmic trading, optimizing capital efficiency within complex market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-best-execution-framework.jpg)

Implementing TCA for OTC derivatives requires architecting a bespoke data and valuation system to overcome the absence of public benchmarks.

- 
### [What Are the Primary Differences in TCA for RFQs versus Lit Order Books?](https://options.greeks.live/question/what-are-the-primary-differences-in-tca-for-rfqs-versus-lit-order-books/)
![Abstract layered forms visualize market microstructure, featuring overlapping circles as liquidity pools and order book dynamics. A prominent diagonal band signifies RFQ protocol pathways, enabling high-fidelity execution and price discovery for institutional digital asset derivatives, hinting at dark liquidity and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-protocol.jpg)

TCA for RFQs assesses private auction efficiency, while for lit books it measures performance against public, continuous market data.

- 
### [How Does Smart Trading Help Quantify Execution Quality?](https://options.greeks.live/question/how-does-smart-trading-help-quantify-execution-quality/)
![A beige, triangular device with a dark, reflective display and dual front apertures. This specialized hardware facilitates institutional RFQ protocols for digital asset derivatives, enabling high-fidelity execution, market microstructure analysis, optimal price discovery, capital efficiency, block trades, and portfolio margin.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-terminal-for-high-fidelity-execution-and-precise-market-microstructure-analysis.jpg)

Smart Trading quantifies execution by creating a high-fidelity data trail for analysis against objective, verifiable benchmarks.

- 
### [How Does Information Asymmetry Affect Best Execution in Corporate Bond Markets?](https://options.greeks.live/question/how-does-information-asymmetry-affect-best-execution-in-corporate-bond-markets/)
![A precision-engineered metallic and glass system depicts the core of an Institutional Grade Prime RFQ, facilitating high-fidelity execution for Digital Asset Derivatives. Transparent layers represent visible liquidity pools and the intricate market microstructure supporting RFQ protocol processing, ensuring atomic settlement capabilities.](https://options.greeks.live/wp-content/uploads/2025/08/robust-institutional-digital-asset-derivatives-trading-platform-for-optimized-rfq-protocol-execution-and-deep-liquidity-access.jpg)

Information asymmetry in corporate bond markets necessitates a systematic execution framework to manage signaling risk and access fragmented liquidity.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "How Should Governance Committees Use Integrated Data to Oversee Both Best Execution and Fair Value?",
            "item": "https://options.greeks.live/question/how-should-governance-committees-use-integrated-data-to-oversee-both-best-execution-and-fair-value/"
        }
    ]
}
```

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

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/question/how-should-governance-committees-use-integrated-data-to-oversee-both-best-execution-and-fair-value/"
    },
    "headline": "How Should Governance Committees Use Integrated Data to Oversee Both Best Execution and Fair Value? \u25b4 Question",
    "description": "Effective governance leverages an integrated data fabric to transform best execution and fair value oversight from a compliance task into a strategic capability. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-should-governance-committees-use-integrated-data-to-oversee-both-best-execution-and-fair-value/",
    "datePublished": "2025-08-10T04:37:49+00:00",
    "dateModified": "2025-08-10T04:37:51+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-core-engine-for-best-execution.jpg",
        "caption": "A precision-engineered financial instrument, featuring a prominent teal sphere as its central intelligence layer, mounted on a robust black module with intricate gold banding. This apparatus visually abstracts a core institutional digital asset derivatives trading system. It symbolizes a sophisticated RFQ protocol engine for high-fidelity execution and atomic settlement of multi-leg spreads. Embodying the Principal's operational framework, it leverages quantitative analysis for delta hedging, ensuring capital efficiency and best execution on a Prime RFQ."
    },
    "keywords": [
        "ASC 820",
        "Best Execution",
        "Best Execution Oversight",
        "Cost Analysis",
        "Fair Value",
        "Fair Value Governance",
        "Fiduciary Duty",
        "Governance Committee KPIs",
        "Implementation Shortfall",
        "Integrated Trade Data",
        "Market Data",
        "Market Microstructure",
        "Regulatory Reporting",
        "RFQ Analysis",
        "Trade Data",
        "Trade Data Analytics",
        "Transaction Cost",
        "Transaction Cost Analysis",
        "Transaction Cost Analysis (TCA)"
    ]
}
```

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


---

**Original URL:** https://options.greeks.live/question/how-should-governance-committees-use-integrated-data-to-oversee-both-best-execution-and-fair-value/
