# What Are the Core Differences between FINRA and MiFID II Best Execution Standards? ▴ Question

**Published:** 2025-08-05
**Categories:** Question

---

![A central glowing blue mechanism with a precision reticle is encased by dark metallic panels. This symbolizes an institutional-grade Principal's operational framework for high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-core-enabling-institutional-digital-asset-derivatives-rfq-execution.jpg)

![A precision mechanism with a central circular core and a linear element extending to a sharp tip, encased in translucent material. This symbolizes an institutional RFQ protocol's market microstructure, enabling high-fidelity execution and price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-facilitating-optimal-price-discovery-and-best-execution.jpg)

## Concept

An examination of the best execution mandates promulgated by the [Financial Industry Regulatory Authority](https://prime.greeks.live/area/financial-industry-regulatory-authority/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (FINRA) in the United States and the Markets in Financial Instruments Directive (MiFID II) in the European Union reveals two distinct yet convergent regulatory architectures. The core operational divergence is rooted in their foundational principles. FINRA’s framework, articulated in Rule 5310, is built upon the standard of “reasonable diligence.” This requires a firm to ascertain the best market for a security and execute at a price as favorable as [possible under prevailing market conditions](https://prime.greeks.live/question/how-can-a-firm-quantitatively-demonstrate-that-its-quotes-reflect-prevailing-market-conditions/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This principle establishes a robust, yet flexible, standard of care that has long governed U.S. broker-dealer conduct.

Conversely, [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) introduces a more demanding compliance threshold with its “[all sufficient steps](https://prime.greeks.live/area/all-sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” requirement. This linguistic shift from “reasonable” to “sufficient” represents a significant architectural evolution, compelling investment firms to construct and maintain a more rigorous and evidence-based execution framework. The European Securities and Markets Authority (ESMA) has clarified that this elevates the compliance bar, mandating a demonstrable and systematic process for achieving the best possible result for clients. This system must be capable of identifying and correcting deficiencies on an ongoing basis, embedding a continuous improvement cycle into the firm’s operational DNA.

> The foundational difference lies in the stringency of the core obligation, with MiFID II’s “all sufficient steps” demanding a more systematic and demonstrable execution framework than FINRA’s “reasonable diligence” standard.

The architectural divergence extends to the scope of their application. FINRA’s [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) rules have historically been centered on the equities markets, where a consolidated tape and robust public data facilitate price comparison. MiFID II, from its inception, was designed as a multi-asset class directive. Its mandate extends across equities, bonds, derivatives, and even illiquid over-the-counter (OTC) instruments.

This expansive scope presents a significant operational challenge, requiring firms to develop methodologies for proving best execution in markets that lack the centralized price transparency of listed equities. This necessitates the use of proxy instruments, internal valuation models, and a documented process for soliciting competitive quotes.

This difference in scope fundamentally alters the technological and data infrastructure required for compliance. A firm operating under FINRA may have a highly sophisticated equity execution monitoring system, but a MiFID II-compliant firm must have a system architecture capable of capturing and analyzing execution data across a far more heterogeneous range of financial instruments. This requires a more complex data model, sophisticated [transaction cost analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) tools, and a robust framework for handling sparse or unstructured data, particularly in the OTC space.

![A precise RFQ engine extends into an institutional digital asset liquidity pool, symbolizing high-fidelity execution and advanced price discovery within complex market microstructure. This embodies a Principal's operational framework for multi-leg spread strategies and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-engine-interfacing-core-liquidity-system.jpg)

![Abstract intersecting beams with glowing channels precisely balance dark spheres. This symbolizes institutional RFQ protocols for digital asset derivatives, enabling high-fidelity execution, optimal price discovery, and capital efficiency within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-best-execution-prime-os-infrastructure.jpg)

## Strategy

Developing a compliance strategy for FINRA and MiFID II best execution standards requires a deep understanding of their distinct operational philosophies. For a U.S.-centric firm, the strategic focus is on demonstrating “[reasonable diligence](https://prime.greeks.live/area/reasonable-diligence/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” through a well-documented process of regular and rigorous reviews. For a firm operating under MiFID II, the strategy must be architected around the principle of “all sufficient steps,” which demands a more proactive and data-intensive approach to [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) monitoring and management.

![Precisely engineered circular beige, grey, and blue modules stack tilted on a dark base. A central aperture signifies the core RFQ protocol engine](https://options.greeks.live/wp-content/uploads/2025/07/core-prime-os-rfq-engine-digital-asset-derivatives-trading-system-execution.jpg)

## How Do the Reporting Frameworks Differ?

A primary strategic divergence emerges in the reporting and disclosure requirements of the two regimes. MiFID II implements a highly prescriptive and public-facing reporting framework through its Regulatory Technical Standards (RTS) 27 and 28. 

- **[RTS 27](https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ This requires execution venues (including exchanges, MTFs, and Systematic Internalisers) to publish quarterly reports on execution quality. These reports contain granular data on price, costs, speed, and likelihood of execution for each financial instrument. 

- **[RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ This mandates that investment firms annually disclose their top five execution venues for each class of financial instrument, along with a qualitative assessment of the execution quality obtained. 

This reporting architecture creates a public feedback loop, allowing clients and regulators to compare the execution quality of different firms and venues. The strategic implication is that MiFID II firms must not only achieve best execution but also be prepared to publicly defend [their execution](https://prime.greeks.live/question/how-can-institutional-traders-quantify-the-true-cost-of-information-leakage-in-their-execution-strategies/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) choices with robust data.

FINRA’s regime, while requiring firms to document their best execution reviews, does not have a directly comparable public disclosure requirement. The focus is on internal documentation and the ability to demonstrate to regulators upon request that a “regular and rigorous” review process is in place. The recent introduction of Regulation Best Execution by the SEC, however, signals a move towards greater transparency and a more explicit focus on conflicts of interest, particularly concerning [payment for order flow](https://prime.greeks.live/area/payment-for-order-flow/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (PFOF). 

> MiFID II’s strategy is one of public transparency through detailed reporting, while FINRA’s has traditionally focused on internal diligence and regulatory examination.

![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)

## Comparative Analysis of Execution Factors

Both frameworks require firms to consider a range of execution factors beyond just price. However, the emphasis and application of these factors differ, influencing a firm’s [order routing](https://prime.greeks.live/area/order-routing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) strategy.

### Execution Factor Comparison

| Execution Factor | FINRA Rule 5310 Perspective | MiFID II Article 27 Perspective |
| --- | --- | --- |
| Price | A primary consideration, with an emphasis on achieving a price as favorable as possible under prevailing market conditions. | A critical component of the “total consideration” for retail clients, which also includes all execution-related costs. |
| Costs | Implicitly considered as part of achieving a favorable price. Explicit costs like commissions are a key component. | Explicitly defined and must be included in the “total consideration” calculation. This includes venue fees, clearing, and settlement costs. |
| Speed of Execution | A required factor in the “regular and rigorous” review. | An explicit execution factor that must be weighed against other factors based on the client’s objectives. |
| Likelihood of Execution | A key consideration, particularly for limit orders. | An explicit factor, particularly relevant in less liquid markets or for large orders. |
| Size and Nature of the Order | Considered as part of the “prevailing market conditions.” | An explicit factor that influences the relative importance of other factors. |

The strategic challenge for a global firm is to create a unified [execution policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that can accommodate these different nuances. This often involves adopting the higher standard (MiFID II’s “all [sufficient steps](https://prime.greeks.live/area/sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)”) as the global baseline and then tailoring procedures to meet specific jurisdictional requirements, such as FINRA’s focus on PFOF disclosures.

![A slender metallic probe extends between two curved surfaces. This abstractly illustrates high-fidelity execution for institutional digital asset derivatives, driving price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-instrument-navigating-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

![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)

## Execution

The execution of a best execution policy under FINRA and MiFID II requires distinct operational workflows and technological architectures. While both aim to protect investors, their implementation in a live trading environment reveals significant differences in process, data management, and governance.

![A translucent teal dome, brimming with luminous particles, symbolizes a dynamic liquidity pool within an RFQ protocol. Precisely mounted metallic hardware signifies high-fidelity execution and the core intelligence layer for institutional digital asset derivatives, underpinned by granular market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-core-intelligence-layer.jpg)

## Operationalizing the Review Process

Under [FINRA Rule 5310](https://prime.greeks.live/area/finra-rule-5310/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), firms must conduct a “regular and rigorous” review of their execution quality. This is typically a quarterly process that involves a security-by-security and order-by-order type analysis. The execution of this review involves:

- **Data Collection** ▴ Gathering execution data from the firm’s order management system (OMS), including timestamps, order types, execution prices, and venues. 

- **Benchmarking** ▴ Comparing execution quality against competing markets. This may involve using data from third-party TCA providers or the consolidated tape. 

- **Documentation** ▴ Documenting the review process, the data considered, the analysis performed, and any resulting changes to order routing logic. This documentation is critical for regulatory examinations. 

MiFID II demands a more continuous and integrated monitoring process. The execution of a MiFID II-compliant monitoring framework involves:

- **Pre-Trade Analysis** ▴ Systems must be in place to assess the available liquidity and pricing across all potential execution venues before an order is routed. 

- **Post-Trade TCA** ▴ Conducting detailed TCA on executed orders to measure performance against a variety of benchmarks (e.g. VWAP, TWAP, arrival price). This analysis must be performed across all asset classes. 

- **Policy Governance** ▴ Establishing a formal governance structure, often including a best execution committee, to review monitoring results, identify deficiencies, and update the firm’s execution policy. This process must be documented and auditable. 

![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)

## What Are the Implications for Technology and Data Architecture?

The technological requirements for executing a MiFID II best execution policy are substantially more complex than for FINRA. The multi-asset class scope and the “all sufficient steps” standard necessitate a sophisticated and integrated technology stack.

### Technology and Data Architecture Comparison

| Component | FINRA Execution Environment | MiFID II Execution Environment |
| --- | --- | --- |
| Data Capture | Primarily focused on equity order and execution data. May rely on batch processing for quarterly reviews. | Requires real-time capture of order, execution, and market data across all asset classes, including unstructured data from RFQ systems. |
| Analytics Engine | TCA focused on equities, often centered on price improvement and effective spread analysis. | Multi-asset class TCA engine capable of handling sparse data for illiquid instruments. Must be able to analyze a wide range of execution factors. |
| Reporting System | Internal reporting system to document “regular and rigorous” reviews for regulators. | Automated system for generating public RTS 27 and RTS 28 reports in the required format. |
| Governance Workflow | Workflow to support quarterly reviews and ad-hoc regulatory requests. | Integrated workflow for continuous monitoring, exception handling, and escalation to a best execution committee. |

> Executing a MiFID II policy requires a real-time, multi-asset data and analytics architecture, whereas a FINRA-compliant execution can be achieved with a more periodic, equity-focused system.

The execution of these policies also has a profound impact on a firm’s relationship with its clients. [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, firms have an explicit obligation to explain their execution policy in a way that is easily understood by clients and to obtain their consent. This requires a higher degree of transparency and communication than is typically required under the FINRA framework. The public nature of the RTS 28 reports also means that firms must be prepared to have their execution performance scrutinized by clients and competitors alike, adding a commercial incentive to the regulatory imperative of achieving best execution.

![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)

## References

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

- Finberg, R. (2017). Don’t sleep on MiFID II Best Execution as Regulators are Waking Up. Cappitech.

- Kinahan, P. (2024). Best execution ▴ US looks to eliminate conflicts. Intuition.

- Financial Industry Regulatory Authority. (2021). 2021 Report on FINRA’s Examination and Risk Monitoring Program. FINRA.

- Rathnam, L. (2024). In a nutshell ▴ Best Execution under MiFID II/MiFIR. Planet Compliance.

![A precision-engineered central mechanism, with a white rounded component at the nexus of two dark blue interlocking arms, visually represents a robust RFQ Protocol. This system facilitates Aggregated Inquiry and High-Fidelity Execution for Institutional Digital Asset Derivatives, ensuring Optimal Price Discovery and efficient Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/centralized-hub-for-institutional-digital-asset-derivatives-rfq-protocol-aggregated-inquiry-and-optimal-price-discovery.jpg)

## Reflection

The examination of FINRA and MiFID II best execution standards moves beyond a simple compliance checklist. It prompts a deeper introspection into a firm’s operational architecture and its core philosophy of client service. Is your firm’s execution framework designed merely to meet a regulatory minimum, or is it engineered to deliver a demonstrably superior outcome for your clients?

The data, workflows, and governance structures required by these regulations are not just compliance burdens; they are the building blocks of a high-performance execution system. The true strategic advantage lies in viewing these requirements as a blueprint for constructing a more transparent, efficient, and client-centric trading operation.

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

## Glossary

<a href="https://prime.greeks.live/question/how-can-a-firm-quantitatively-demonstrate-that-its-quotes-reflect-prevailing-market-conditions/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek metallic components with teal luminescence precisely intersect, symbolizing an institutional-grade Prime RFQ. This represents multi-leg spread execution for digital asset derivatives via RFQ protocols, ensuring high-fidelity execution, optimal price discovery, and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-best-execution-system.jpg)

## Possible under Prevailing Market Conditions

A firm proves its quotes reflect market conditions by systematically benchmarking them against a synthesized, multi-factor market price. </a><a href="https://prime.greeks.live/area/financial-industry-regulatory-authority/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated digital asset derivatives trading mechanism features a central processing hub with luminous blue accents, symbolizing an intelligence layer driving high fidelity execution. Transparent circular elements represent dynamic liquidity pools and a complex volatility surface, revealing market microstructure and atomic settlement via an advanced RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-framework-optimizing-market-microstructure-price-discovery-intelligence-layer.jpg)

## Financial Industry Regulatory Authority

Meaning ▴ The Financial Industry Regulatory Authority, commonly known as FINRA, operates as the largest independent regulator for all securities firms conducting business with the public in the United States. </a><a href="https://prime.greeks.live/area/all-sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## All Sufficient Steps

Meaning ▴ All Sufficient Steps denotes a design principle and operational mandate within a system where every component or process is engineered to autonomously achieve its defined objective without requiring external intervention or additional inputs beyond its initial parameters. </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">
![A precision optical system with a reflective lens embodies the Prime RFQ intelligence layer. Gray and green planes represent divergent RFQ protocols or multi-leg spread strategies for institutional digital asset derivatives, enabling high-fidelity execution and optimal price discovery within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-intelligent-core-driving-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-across-diverse-liquidity-pools-for-optimal-price-discovery.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/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated metallic and teal mechanism, symbolizing an institutional-grade Prime RFQ for digital asset derivatives. Its precise alignment suggests high-fidelity execution, optimal price discovery via aggregated RFQ protocols, and robust market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-precision-execution.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/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## 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/reasonable-diligence/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central glowing core within metallic structures symbolizes an Institutional Grade RFQ engine. This Intelligence Layer enables optimal Price Discovery and High-Fidelity Execution for Digital Asset Derivatives, streamlining Block Trade and Multi-Leg Spread Atomic Settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-microstructure-core.jpg)

## Reasonable Diligence

Meaning ▴ Reasonable Diligence denotes the systematic and prudent level of investigation and care an institutional participant is expected to undertake to identify, assess, and mitigate risks associated with financial transactions, market participants, and operational processes within the digital asset ecosystem. </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 split spherical mechanism reveals intricate internal components. This symbolizes an Institutional Digital Asset Derivatives Prime RFQ, enabling high-fidelity RFQ protocol execution, optimal price discovery, and atomic settlement for block trades and multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-revealing-rfq-execution-core-mechanics.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/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished disc with a central green RFQ engine for institutional digital asset derivatives. Radiating lines symbolize high-fidelity execution paths, atomic settlement flows, and market microstructure dynamics, enabling price discovery and liquidity aggregation within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-core-for-optimal-execution.jpg)

## Rts 27

Meaning ▴ RTS 27 mandates that investment firms and market operators publish detailed data on the quality of execution of transactions on their venues. </a><a href="https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic instrument with a central pivot and pointed arm, featuring a reflective surface and a teal band, embodies an institutional RFQ protocol. This represents high-fidelity execution for digital asset derivatives, enabling private quotation and optimal price discovery for multi-leg spread strategies within a dark pool, powered by a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-for-optimal-liquidity-discovery.jpg)

## Rts 28

Meaning ▴ RTS 28 refers to Regulatory Technical Standard 28 under MiFID II, which mandates investment firms and market operators to publish annual reports on the quality of execution of transactions on trading venues and for financial instruments. </a><a href="https://prime.greeks.live/question/how-can-institutional-traders-quantify-the-true-cost-of-information-leakage-in-their-execution-strategies/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Illuminated conduits passing through a central, teal-hued processing unit abstractly depict an Institutional-Grade RFQ Protocol. This signifies High-Fidelity Execution of Digital Asset Derivatives, enabling Optimal Price Discovery and Aggregated Liquidity for Multi-Leg Spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-best-execution.jpg)

## Their Execution

Institutional traders quantify leakage by measuring the adverse price impact attributable to their trading footprint beyond baseline market volatility. </a><a href="https://prime.greeks.live/area/payment-for-order-flow/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic mechanism symbolizes an advanced institutional trading system. The central sphere represents aggregated liquidity and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-for-optimal-price-discovery-and-best-execution.jpg)

## Payment for Order Flow

Meaning ▴ Payment for Order Flow (PFOF) designates the financial compensation received by a broker-dealer from a market maker or wholesale liquidity provider in exchange for directing client order flow to them for execution. </a><a href="https://prime.greeks.live/area/order-routing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A light sphere, representing a Principal's digital asset, is integrated into an angular blue RFQ protocol framework. Sharp fins symbolize high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/principals-core-asset-rfq-protocol-framework-for-digital-derivatives.jpg)

## Order Routing

Meaning ▴ Order Routing is the automated process by which a trading order is directed from its origination point to a specific execution venue or liquidity source. </a><a href="https://prime.greeks.live/area/sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Sufficient Steps

Meaning ▴ Sufficient Steps constitute the minimum, verifiable sequence of operations required to achieve a defined, deterministic outcome within a financial protocol or system, ensuring operational closure and state transition. </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">
![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)

## 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/finra-rule-5310/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic mechanism with a luminous blue sphere at its core represents a Liquidity Pool within a Crypto Derivatives OS. Surrounding rings symbolize intricate Market Microstructure, facilitating RFQ Protocol and High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-crypto-derivatives-rfq-protocol-core-mechanism.jpg)

## Finra Rule 5310

Meaning ▴ FINRA Rule 5310 mandates broker-dealers diligently seek the best market for customer orders. </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">
![Precision-engineered institutional-grade Prime RFQ modules connect via intricate hardware, embodying robust RFQ protocols for digital asset derivatives. This underlying market microstructure enables high-fidelity execution and atomic settlement, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-prime-os-modules-enabling-institutional-digital-asset-derivatives-rfq-protocols-for-best-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>

**Tags:** [RTS 27](https://options.greeks.live/area/rts-27/), [Payment for Order Flow](https://options.greeks.live/area/payment-for-order-flow/), [Regulatory Compliance](https://options.greeks.live/area/regulatory-compliance/), [Systematic Internaliser](https://options.greeks.live/area/systematic-internaliser/), [Order Routing](https://options.greeks.live/area/order-routing/), [RTS 28](https://options.greeks.live/area/rts-28/)	

## Discover More

- 
### [What Are the Key Differences between U.S. and European Best Execution Requirements?](https://options.greeks.live/question/what-are-the-key-differences-between-u-s-and-european-best-execution-requirements/)
![A precision metallic instrument with a black sphere rests on a multi-layered platform. This symbolizes institutional digital asset derivatives market microstructure, enabling high-fidelity execution and optimal price discovery across diverse liquidity pools. Essential for managing counterparty risk and multi-leg spread strategies within the Prime RFQ protocol intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-component-digital-asset-derivatives-market-microstructure.jpg)

U.S. best execution prioritizes best reasonably available price; Europe's MiFID II mandates proving all sufficient steps were taken across broader factors.

- 
### [What Are the Primary Differences between U.S. and European Best Execution Rules?](https://options.greeks.live/question/what-are-the-primary-differences-between-u-s-and-european-best-execution-rules/)
![A dark blue, precision-engineered blade-like instrument, representing a digital asset derivative or multi-leg spread, rests on a light foundational block, symbolizing a private quotation or block trade. This structure intersects robust teal market infrastructure rails, indicating RFQ protocol execution within a Prime RFQ for high-fidelity execution and liquidity aggregation in institutional trading.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-multi-leg-spreads-best-execution-capital-efficiency.jpg)

U.S. best execution centers on diligent pursuit of the best price, while Europe mandates proving the best overall outcome across multiple explicit factors.

- 
### [What Are the Key Differences between MiFID II and FINRA Best Execution Requirements for RFQ?](https://options.greeks.live/question/what-are-the-key-differences-between-mifid-ii-and-finra-best-execution-requirements-for-rfq/)
![A central RFQ engine orchestrates diverse liquidity pools, represented by distinct blades, facilitating high-fidelity execution of institutional digital asset derivatives. Metallic rods signify robust FIX protocol connectivity, enabling efficient price discovery and atomic settlement for Bitcoin options.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-liquidity-orchestration.jpg)

MiFID II demands demonstrable, data-driven proof of the best outcome; FINRA requires a defensible, diligent process.

- 
### [What Are the Key Differences in Best Execution Requirements between the EU and the US?](https://options.greeks.live/question/what-are-the-key-differences-in-best-execution-requirements-between-the-eu-and-the-us/)
![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)

EU's MiFID II mandates prescriptive, data-driven proof of best execution, while the US system requires a principles-based, diligent review.

- 
### [What Are the Regulatory Implications of Failing to Prove Best Execution?](https://options.greeks.live/question/what-are-the-regulatory-implications-of-failing-to-prove-best-execution/)
![A meticulously engineered mechanism showcases a blue and grey striped block, representing a structured digital asset derivative, precisely engaged by a metallic tool. This setup illustrates high-fidelity execution within a controlled RFQ environment, optimizing block trade settlement and managing counterparty risk through robust market microstructure. It highlights a Prime RFQ intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-institutional-digital-asset-derivatives-rfq-execution.jpg)

Failing to prove best execution invites regulatory sanction by demonstrating a systemic breakdown in a firm's duty to protect client interests.

- 
### [How Do the Safe Harbors for Best Execution Differ between the US and EU Regimes?](https://options.greeks.live/question/how-do-the-safe-harbors-for-best-execution-differ-between-the-us-and-eu-regimes/)
![A transparent cylinder containing a white sphere floats between two curved structures, each featuring a glowing teal line. This depicts institutional-grade RFQ protocols driving high-fidelity execution of digital asset derivatives, facilitating private quotation and liquidity aggregation through a Prime RFQ for optimal block trade atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-6.jpg)

The US best execution safe harbor is built on proving diligent price-seeking, while the EU's is built on proving fidelity to a transparent process.

- 
### [How Does MiFID II Define Best Execution Differently from FINRA?](https://options.greeks.live/question/how-does-mifid-ii-define-best-execution-differently-from-finra/)
![A modular, institutional-grade device with a central data aggregation interface and metallic spigot. This Prime RFQ represents a robust RFQ protocol engine, enabling high-fidelity execution for institutional digital asset derivatives, optimizing capital efficiency and best execution.](https://options.greeks.live/wp-content/uploads/2025/08/principals-institutional-digital-asset-derivatives-prime-os-for-optimized-rfq-protocol-best-execution-system.jpg)

MiFID II mandates a provable, data-centric system of "all sufficient steps," while FINRA requires a principles-based "reasonable diligence."

- 
### [How Does MiFID II Specifically Redefine Best Execution for RFQ-Based Trades?](https://options.greeks.live/question/how-does-mifid-ii-specifically-redefine-best-execution-for-rfq-based-trades/)
![A luminous blue Bitcoin coin rests precisely within a sleek, multi-layered platform. This embodies high-fidelity execution of digital asset derivatives via an RFQ protocol, highlighting price discovery and atomic settlement. The structured environment signifies institutional-grade liquidity aggregation and portfolio margin.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-3.jpg)

MiFID II redefines RFQ best execution by mandating a shift from subjective judgment to a data-driven, auditable process.

- 
### [What Is the Difference between FINRA’s Best Execution Rule and MiFID II?](https://options.greeks.live/question/what-is-the-difference-between-finras-best-execution-rule-and-mifid-ii/)
![A central, multifaceted RFQ engine processes aggregated inquiries via precise execution pathways and robust capital conduits. This institutional-grade system optimizes liquidity aggregation, enabling high-fidelity execution and atomic settlement for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-engine-high-fidelity-digital-asset-execution.jpg)

FINRA's principles-based rule demands justifiable processes, while MiFID II's prescriptive framework mandates data-driven transparency.

---

## 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": "What Are the Core Differences between FINRA and MiFID II Best Execution Standards?",
            "item": "https://options.greeks.live/question/what-are-the-core-differences-between-finra-and-mifid-ii-best-execution-standards/"
        }
    ]
}
```

```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/what-are-the-core-differences-between-finra-and-mifid-ii-best-execution-standards/"
    },
    "headline": "What Are the Core Differences between FINRA and MiFID II Best Execution Standards? \u25b4 Question",
    "description": "FINRA's \"reasonable diligence\" and MiFID II's \"all sufficient steps\" define divergent paths to ensuring optimal client outcomes. \u25b4 Question",
    "url": "https://options.greeks.live/question/what-are-the-core-differences-between-finra-and-mifid-ii-best-execution-standards/",
    "datePublished": "2025-08-05T18:25:24+00:00",
    "dateModified": "2025-08-05T18:25:24+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/2025/07/core-prime-os-rfq-engine-digital-asset-derivatives-trading-system-execution.jpg",
        "caption": "A precisely engineered stack of circular modules, beige, grey, and blue, tilted on a dark base, represents a sophisticated Prime RFQ for institutional digital asset derivatives. Its central aperture signifies the core RFQ protocol engine, enabling high-fidelity execution and robust price discovery across complex market microstructure. This system minimizes slippage and counterparty risk, facilitating optimal liquidity pool aggregation for multi-leg spread strategies, including Bitcoin Options and Ethereum Futures, ensuring capital efficiency and best execution via advanced algorithmic trading."
    },
    "keywords": [
        "All Sufficient Steps",
        "Best Execution",
        "Execution Policy",
        "Execution Quality",
        "Financial Industry Regulatory Authority",
        "FINRA Rule 5310",
        "Market Structure",
        "MiFID II",
        "Multi-Asset Trading",
        "Order Routing",
        "Payment for Order Flow",
        "Prevailing Market Conditions",
        "Reasonable Diligence",
        "Regular and Rigorous Review",
        "Regulatory Compliance",
        "RTS 27",
        "RTS 28",
        "Rule 5310",
        "Sufficient Steps",
        "Systematic Internaliser",
        "Transaction Cost Analysis"
    ]
}
```

```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"
    }
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "FAQPage",
    "mainEntity": [
        {
            "@type": "Question",
            "name": "How Do The Reporting Frameworks Differ?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "A primary strategic divergence emerges in the reporting and disclosure requirements of the two regimes. MiFID II implements a highly prescriptive and public-facing reporting framework through its Regulatory Technical Standards (RTS) 27 and 28. "
            }
        },
        {
            "@type": "Question",
            "name": "What Are The Implications For Technology And Data Architecture?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The technological requirements for executing a MiFID II best execution policy are substantially more complex than for FINRA. The multi-asset class scope and the \"all sufficient steps\" standard necessitate a sophisticated and integrated technology stack."
            }
        }
    ]
}
```


---

**Original URL:** https://options.greeks.live/question/what-are-the-core-differences-between-finra-and-mifid-ii-best-execution-standards/
