# What Are the Core Differences between MiFID I and MiFID II regarding Best Execution Requirements? ▴ Question

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

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![A high-fidelity institutional Prime RFQ engine, with a robust central mechanism and two transparent, sharp blades, embodies precise RFQ protocol execution for digital asset derivatives. It symbolizes optimal price discovery, managing latent liquidity and minimizing slippage for multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-precision-execution-1.jpg)

![Robust metallic structures, one blue-tinted, one teal, intersect, covered in granular water droplets. This depicts a principal's institutional RFQ framework facilitating multi-leg spread execution, aggregating deep liquidity pools for optimal price discovery and high-fidelity atomic settlement of digital asset derivatives for enhanced capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-optimized-for-high-fidelity-execution.jpg)

## Concept

The transition from the Markets in Financial Instruments Directive (MiFID I) to its successor, MiFID II, represents a fundamental recalibration of the principles governing European financial markets. At the heart of this evolution lies the doctrine of [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a concept that underwent significant reinforcement. The initial framework under MiFID I required firms to take “all reasonable steps” to obtain the best [possible result](https://prime.greeks.live/question/from-the-perspective-of-a-liquidity-initiator-which-rfq-protocol-is-more-likely-to-result-in-better-execution-prices/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for their clients.

This standard, while foundational, left room for considerable interpretation, allowing firms to define their own processes for achieving what they deemed a favorable outcome. The subsequent implementation of [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) on January 3, 2018, introduced a more stringent and demonstrably rigorous standard.

The core impetus for this regulatory enhancement was the 2008 financial crisis, which exposed certain weaknesses and a lack of transparency across securities markets. Regulators perceived a need to move beyond a principles-based approach to one that was more prescriptive, data-driven, and verifiable. MiFID II replaced the “all reasonable steps” clause with the mandate to take “[all sufficient steps](https://prime.greeks.live/area/all-sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).” This seemingly subtle change in wording imposes a much higher standard of compliance, shifting the onus onto [investment firms](https://prime.greeks.live/question/what-is-the-role-of-a-best-execution-committee-in-investment-management-firms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to not only design a robust execution policy but also to prove its effectiveness through quantitative data and continuous monitoring.

It marked a move from a subjective assessment of effort to an objective, evidence-based validation of outcomes. The new regime compels firms to strengthen front-office accountability and implement exacting systems and controls to identify and remedy any deficiencies in [execution quality](https://prime.greeks.live/question/how-should-a-firms-best-execution-committee-use-rfq-data-to-oversee-and-improve-execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

> The shift from “reasonable” to “sufficient” steps fundamentally altered the best execution obligation from a procedural exercise to a mandate for demonstrable, data-driven proof of optimal client outcomes.

Furthermore, the scope of the best execution obligation was substantially broadened. While MiFID I’s principles applied to all financial instruments in theory, the practical application and data availability were largely confined to equities. MiFID II explicitly extended the rigorous best execution standards to a wider array of asset classes, including bonds, structured finance products, and derivatives.

This expansion necessitated a far more granular approach, requiring firms to tailor their execution policies to the specific characteristics of each instrument class and the diverse [execution venues](https://prime.greeks.live/area/execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) where they are traded. The directive now demands a clear, detailed, and easily understood [execution policy](https://prime.greeks.live/question/what-is-the-role-of-a-firms-execution-policy-in-demonstrating-compliance-with-best-execution-rules/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that explains precisely how orders will be handled for the client, a direct response to regulatory findings that earlier policies were often too generic.

![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)

![Abstract machinery visualizes an institutional RFQ protocol engine, demonstrating high-fidelity execution of digital asset derivatives. It depicts seamless liquidity aggregation and sophisticated algorithmic trading, crucial for prime brokerage capital efficiency and optimal market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-1.jpg)

## Strategy

![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)

## From Principle to Prescription a New Execution Philosophy

The strategic recalibration from MiFID I to MiFID II required investment firms to dismantle and re-engineer their entire approach to order handling. The change from “reasonable” to “sufficient” steps was the philosophical epicenter of this shift, compelling a move from a process-oriented defense to a results-oriented, empirical validation. [Under MiFID](https://prime.greeks.live/question/what-are-the-key-differences-between-best-execution-under-mifid-i-and-mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) I, a firm could often satisfy its obligation by demonstrating it had followed its internal execution policy.

MiFID II, conversely, demands that the policy itself is proven to be effective and that the outcomes are consistently monitored and optimized. This necessitates a robust feedback loop where execution data is continuously analyzed to refine the firm’s strategy, including its choice of execution venues.

A primary strategic adjustment involved the explicit elevation of cost and price in the hierarchy of execution factors. While MiFID I listed several factors for consideration (price, costs, speed, likelihood of execution, etc.), MiFID II clarified their relative importance. For retail clients, the “[total consideration](https://prime.greeks.live/area/total-consideration/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite),” representing the combination of the instrument’s price and all associated execution costs, became the paramount factor.

This includes not just explicit execution fees but also less obvious charges like settlement fees or market data fees. This focus on total cost requires firms to develop a more sophisticated and transparent accounting of all expenses passed on to the client, moving beyond just the headline price of an asset.

![Three sensor-like components flank a central, illuminated teal lens, reflecting an advanced RFQ protocol system. This represents an institutional digital asset derivatives platform's intelligence layer for precise price discovery, high-fidelity execution, and managing multi-leg spread strategies, optimizing market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-for-optimal-execution.jpg)

## Expanding the Execution Universe

Another critical strategic evolution was the formal expansion of the types of execution venues that firms must consider. MiFID I acknowledged regulated markets and Multilateral Trading Facilities (MTFs). MiFID II broadened this landscape considerably to include Organised Trading Facilities (OTFs), Systematic Internalisers (SIs), and [other liquidity providers](https://prime.greeks.live/question/how-can-tca-data-be-used-to-evaluate-the-performance-of-liquidity-providers-in-an-rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

This expansion reflects the increasing fragmentation of liquidity across different platforms and obliges firms to look beyond traditional exchanges to source the best possible outcomes for their clients. An [execution policy under MiFID](https://prime.greeks.live/question/what-are-the-core-components-of-a-best-execution-policy-under-both-finra-and-mifid-ii-regulations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) II must therefore provide a detailed account of the different venues used for each class of [financial instrument](https://prime.greeks.live/question/how-does-mica-distinguish-between-a-crypto-asset-and-a-financial-instrument/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and rigorously justify the selection criteria.

> MiFID II mandates a strategic pivot towards proactive, data-driven venue analysis and selection, replacing the more passive, policy-based approach of its predecessor.

The table below outlines the core strategic shifts between the two directives, illustrating the increased granularity and accountability required under the new regime.

### Table 1 ▴ Strategic Comparison of MiFID I and MiFID II Best Execution

| Core Aspect | MiFID I Standard | MiFID II Standard |
| --- | --- | --- |
| Overarching Obligation | Take all reasonable steps to obtain the best possible result. | Take all sufficient steps to obtain the best possible result. |
| Instrument Scope | Primarily focused on equities due to data availability. | Explicitly covers all asset classes, including equities, bonds, derivatives, and structured products. |
| Cost Consideration | Costs are a factor, but with less specific guidance on their calculation. | Emphasis on “total consideration” (price + all costs) as the primary determinant for retail clients. |
| Execution Venues | Consideration of regulated markets and MTFs. | Expanded to include OTFs, Systematic Internalisers, and other liquidity providers. |
| Policy Requirements | A general order execution policy is required. | Policies must be customized by financial instrument class and provide detailed information on venue selection. |
| Proof of Compliance | Focus on demonstrating that established procedures were followed. | Focus on demonstrating, with quantitative data, that the procedures produce the best possible results. |

![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)

![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)

## Execution

![A glossy, teal sphere, partially open, exposes precision-engineered metallic components and white internal modules. This represents an institutional-grade Crypto Derivatives OS, enabling secure RFQ protocols for high-fidelity execution and optimal price discovery of Digital Asset Derivatives, crucial for prime brokerage and minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-platform-revealing-core-rfq-protocol-mechanisms-for-optimized-high-fidelity-execution.jpg)

## The Mandate for Data Driven Proof

The execution of a best execution policy under MiFID II is fundamentally a data-centric operation. The directive moved the process from a qualitative assessment to a quantitative, evidence-based discipline through the introduction of specific regulatory technical standards (RTS). The most significant of these are RTS 27 and RTS 28, which together create a transparent ecosystem for evaluating execution quality. These reports are not merely bureaucratic filings; they are the primary mechanisms through which firms must demonstrate [compliance](https://prime.greeks.live/area/compliance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) with the “all [sufficient steps](https://prime.greeks.live/question/how-does-mifid-ii-define-all-sufficient-steps-for-rfq-best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” mandate.

[RTS 27](https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) reports are the responsibility of execution venues, including trading venues like regulated markets and MTFs, as well as market makers and other liquidity providers. These quarterly reports provide detailed, standardized data on the quality of execution achieved on that venue. The objective is to create a public, comparable dataset that investment firms can use to conduct their own analysis and make informed decisions about where to route client orders. The level of detail required is substantial, covering everything from execution prices and costs to the likelihood and speed of execution for individual financial instruments.

![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)

## RTS 28 the Firm’s Public Declaration of Execution Quality

While RTS 27 provides the raw material, [RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the finished product of a firm’s internal analysis. Annually, investment firms must publish an RTS 28 report detailing the top five execution venues they used for each class of financial instrument. This report is a public disclosure of their execution practices. It must include both quantitative and qualitative information.

The firm must present a summary of its analysis and the conclusions it has drawn from its continuous monitoring of execution quality. This qualitative summary must explain how the firm has used the data, including information from RTS 27 reports, to refine its execution strategies and venue selection over the preceding year.

The operational requirements for producing an RTS 28 report are extensive. Firms must:

- **Collect and Consolidate Data** ▴ Gather vast amounts of trade data across all asset classes and execution venues.

- **Analyze Venue Performance** ▴ Use the collected data, supplemented by public RTS 27 data, to evaluate the performance of each venue against the defined execution factors.

- **Justify Venue Selection** ▴ The report must clearly explain the rationale for choosing the top five venues, linking the decision back to the overarching goal of achieving the best possible result for clients.

- **Disclose Conflicts of Interest** ▴ Firms must be transparent about any close links, conflicts of interest, or common ownership with respect to the execution venues used.

- **Detail Payments** ▴ Any payments received from or made to execution venues (rebates, etc.) must be disclosed to ensure transparency around potential inducements.

The following table provides a simplified illustration of the data points required within an RTS 28 report for a specific class of financial instrument.

### Table 2 ▴ Illustrative Data for RTS 28 Report (Equities ▴ Large Cap)

| Execution Venue Name | Proportion of Volume | Proportion of Orders | Percentage of Passive Orders | Percentage of Aggressive Orders | Evidence of Best Execution |
| --- | --- | --- | --- | --- | --- |
| Venue A (Regulated Market) | 45% | 40% | 60% | 40% | Primary venue for deep liquidity and price formation; consistently low effective spreads. |
| Venue B (MTF) | 25% | 30% | 50% | 50% | Selected for speed of execution and lower explicit costs for smaller order sizes. |
| Venue C (Systematic Internaliser) | 15% | 15% | N/A | N/A | Utilized for large-in-scale orders to minimize market impact; provides price improvement. |
| Venue D (MTF – Dark Pool) | 10% | 10% | 100% | 0% | Used for passive block orders to source non-displayed liquidity and reduce information leakage. |
| Venue E (Broker Algo) | 5% | 5% | N/A | N/A | Employed for specific strategies requiring access to a consolidated order book across multiple venues. |

![A pristine teal sphere, representing a high-fidelity digital asset, emerges from concentric layers of a sophisticated principal's operational framework. These layers symbolize market microstructure, aggregated liquidity pools, and RFQ protocol mechanisms ensuring best execution and optimal price discovery within an institutional-grade crypto derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-core-2.jpg)

## Governance and Oversight a Structural Imperative

Beyond data reporting, MiFID II imposes stringent governance requirements. Firms must establish a formal, accountable oversight function responsible for the best execution policy. This function, often situated within a compliance or risk management framework, is tasked with the regular review and challenge of the firm’s execution arrangements.

The policy cannot be a static document; it must be a living framework that adapts to changes in market structure, the emergence of new liquidity sources, and the results of ongoing performance monitoring. This requires a clear chain of command and accountability, ensuring that senior management is ultimately responsible for demonstrating that the firm is consistently delivering the best possible outcomes for its clients.

![Metallic platter signifies core market infrastructure. A precise blue instrument, representing RFQ protocol for institutional digital asset derivatives, targets a green block, signifying a large block trade](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-protocol-execution-engine-market-microstructure-optimization-for-alpha-generation.jpg)

## References

- Dechert LLP. “MiFID II ▴ Best execution.” Dechert, 2014.

- Planet Compliance. “In a nutshell ▴ Best Execution under MiFID II/MiFIR.” Planet Compliance, 2018.

- Global Relay. “MiFID II and MiFIR ▴ Key differences and similarities.” Global Relay, 2024.

- “Best Execution Under MiFID II.” Datasite, 2017.

- Hogan Lovells. “Achieving best execution under MiFID II.” Hogan Lovells, 2017.

![An exposed institutional digital asset derivatives engine reveals its market microstructure. The polished disc represents a liquidity pool for price discovery](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-execution-system.jpg)

## Reflection

![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)

## A System of Continuous Optimization

The evolution from MiFID I to MiFID II reframed the concept of best execution from a procedural obligation into a dynamic system of continuous improvement. The regulations compel a financial institution to look inward, to dissect its own decision-making processes, and to justify its execution choices with empirical evidence. The framework moves beyond a simple checklist of duties and demands the cultivation of an internal culture of accountability, where execution quality is not an afterthought but a central pillar of the client service proposition.

Considering this regulatory architecture, firms are prompted to evaluate the robustness of their own operational frameworks. Is the data capture mechanism comprehensive enough to feed the analytical models required? Are the analytical tools sophisticated enough to derive meaningful insights from the terabytes of market data now available?

Ultimately, the regulations suggest that achieving a superior execution edge is inseparable from possessing a superior operational and analytical infrastructure. The mandate is clear ▴ the process of seeking the best outcome for a client must itself be subject to a process of perpetual optimization.

![A luminous central hub with radiating arms signifies an institutional RFQ protocol engine. It embodies seamless liquidity aggregation and high-fidelity execution for multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-hub-for-optimal-liquidity-aggregation.jpg)

## Glossary

<a href="https://prime.greeks.live/question/from-the-perspective-of-a-liquidity-initiator-which-rfq-protocol-is-more-likely-to-result-in-better-execution-prices/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Possible Result

For a liquidity initiator, the RFQ protocol yielding the best price is the one that optimally balances competitive tension against information leakage for a specific trade's size and context. </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 luminous digital asset core, symbolizing price discovery, rests on a dark liquidity pool. Surrounding metallic infrastructure signifies Prime RFQ and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-core-high-fidelity-execution-engine-for-principal-trading.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two high-gloss, white cylindrical execution channels with dark, circular apertures and secure bolted flanges, representing robust institutional-grade infrastructure for digital asset derivatives. These conduits facilitate precise RFQ protocols, ensuring optimal liquidity aggregation and high-fidelity execution within a proprietary Prime RFQ environment](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-execution-channels-enabling-private-quotation-and-optimal-liquidity-aggregation-for-high-fidelity-digital-asset-derivatives-rfq-protocols-on-prime-os.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/all-sufficient-steps/?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)

## 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/question/what-is-the-role-of-a-best-execution-committee-in-investment-management-firms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Internal components of a Prime RFQ execution engine, with modular beige units, precise metallic mechanisms, and complex data wiring. This infrastructure supports high-fidelity execution for institutional digital asset derivatives, facilitating advanced RFQ protocols, optimal liquidity aggregation, multi-leg spread trading, and efficient price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-rfq-engine-for-institutional-digital-asset-options.jpg)

## Investment Firms

The Best Execution Committee is the operational core of an investment firm's fiduciary duty, ensuring optimal trading outcomes for clients. </a><a href="https://prime.greeks.live/question/how-should-a-firms-best-execution-committee-use-rfq-data-to-oversee-and-improve-execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Execution Quality

A Best Execution Committee uses RFQ data to build a quantitative, evidence-based oversight system that optimizes counterparty selection and routing. </a><a href="https://prime.greeks.live/question/what-is-the-role-of-a-firms-execution-policy-in-demonstrating-compliance-with-best-execution-rules/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, modular infrastructure for institutional digital asset derivatives trading. Its intersecting elements symbolize integrated RFQ protocols, facilitating high-fidelity execution and precise price discovery across complex multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-optimizing-high-fidelity-block-trade-liquidity-and-multi-leg-spread-precision.jpg)

## Execution Policy

A firm's execution policy is the operational blueprint for translating fiduciary duty into a demonstrable, data-driven compliance framework. </a><a href="https://prime.greeks.live/area/execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished, dark spherical component anchors a sophisticated system architecture, flanked by a precise green data bus. This represents a high-fidelity execution engine, enabling institutional-grade RFQ protocols for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-core.jpg)

## Execution Venues

Meaning ▴ Execution Venues are regulated marketplaces or bilateral platforms where financial instruments are traded and orders are matched, encompassing exchanges, multilateral trading facilities, organized trading facilities, and over-the-counter desks. </a><a href="https://prime.greeks.live/question/what-are-the-key-differences-between-best-execution-under-mifid-i-and-mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A glowing green ring encircles a dark, reflective sphere, symbolizing a principal's intelligence layer for high-fidelity RFQ execution. It reflects intricate market microstructure, signifying precise algorithmic trading for institutional digital asset derivatives, optimizing price discovery and managing latent liquidity](https://options.greeks.live/wp-content/uploads/2025/07/core-institutional-digital-asset-derivatives-rfq-execution-system-hub.jpg)

## Under Mifid

MiFID II transformed best execution from a principles-based guideline into a data-driven, demonstrable system of accountability and operational precision. </a><a href="https://prime.greeks.live/area/total-consideration/?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)

## Total Consideration

Meaning ▴ Total Consideration represents the comprehensive economic value exchanged in a transaction, encompassing all components of payment, fees, and other direct or indirect value transfers. </a><a href="https://prime.greeks.live/question/how-can-tca-data-be-used-to-evaluate-the-performance-of-liquidity-providers-in-an-rfq-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Other Liquidity Providers

TCA data enables the quantitative dissection of LP performance in RFQ systems, optimizing execution by modeling counterparty behavior. </a><a href="https://prime.greeks.live/question/what-are-the-core-components-of-a-best-execution-policy-under-both-finra-and-mifid-ii-regulations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated digital asset derivatives RFQ engine's core components are depicted, showcasing precise market microstructure for optimal price discovery. Its central hub facilitates algorithmic trading, ensuring high-fidelity execution across multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimizing-multi-leg-spreads-for-optimal-capital-efficiency.jpg)

## Execution Policy under Mifid

A best execution policy is a firm's documented, data-driven system for ensuring client orders achieve the most favorable terms available. </a><a href="https://prime.greeks.live/question/how-does-mica-distinguish-between-a-crypto-asset-and-a-financial-instrument/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered institutional grade components, representing prime brokerage infrastructure, intersect via a translucent teal bar embodying a high-fidelity execution RFQ protocol. This depicts seamless liquidity aggregation and atomic settlement for digital asset derivatives, reflecting complex market microstructure and efficient price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-prime-os-core.jpg)

## Financial Instrument

MiCA distinguishes assets by their economic substance; if a crypto-asset functions like a traditional security, MiFID II applies, otherwise MiCA provides a bespoke framework. </a><a href="https://prime.greeks.live/question/how-does-mifid-ii-define-all-sufficient-steps-for-rfq-best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A complex core mechanism with two structured arms illustrates a Principal Crypto Derivatives OS executing RFQ protocols. This system enables price discovery and high-fidelity execution for institutional digital asset derivatives block trades, optimizing market microstructure and capital efficiency via private quotations](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-execution-protocol-system.jpg)

## Sufficient Steps

MiFID II's 'all sufficient steps' for RFQ best execution mandates a demonstrable, data-driven process designed to consistently secure the best possible outcome by systematically evaluating execution factors and proving price fairness. </a><a href="https://prime.greeks.live/area/compliance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central metallic bar, representing an RFQ block trade, pivots through translucent geometric planes symbolizing dynamic liquidity pools and multi-leg spread strategies. This illustrates a Principal's operational framework for high-fidelity execution and atomic settlement within a sophisticated Crypto Derivatives OS, optimizing private quotation workflows](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-facilitating-high-fidelity-price-discovery-and-optimal-capital-efficiency-within-advanced-market-microstructure.jpg)

## Compliance

Meaning ▴ Compliance, within the context of institutional digital asset derivatives, signifies the rigorous adherence to established regulatory mandates, internal corporate policies, and industry best practices governing financial operations. </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">
![Robust institutional Prime RFQ core connects to a precise RFQ protocol engine. Multi-leg spread execution blades propel a digital asset derivative target, optimizing price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-proto-insti-digital-asset-derivs-hi-fi-exec-capital-effi-risk-mgmt.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, 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)

## 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>

**Tags:** [All Sufficient Steps](https://options.greeks.live/area/all-sufficient-steps/), [Order Execution Policy](https://options.greeks.live/area/order-execution-policy/), [Best Execution](https://options.greeks.live/area/best-execution/), [Systematic Internaliser](https://options.greeks.live/area/systematic-internaliser/), [Organised Trading Facility](https://options.greeks.live/area/organised-trading-facility/), [Total Consideration](https://options.greeks.live/area/total-consideration/)	

## Discover More

- 
### [How Does MiFID II Impact the Selection of Execution Venues?](https://options.greeks.live/question/how-does-mifid-ii-impact-the-selection-of-execution-venues/)
![A central RFQ aggregation engine radiates segments, symbolizing distinct liquidity pools and market makers. This depicts multi-dealer RFQ protocol orchestration for high-fidelity price discovery in digital asset derivatives, highlighting diverse counterparty risk profiles and algorithmic pricing grids.](https://options.greeks.live/wp-content/uploads/2025/07/centralized-digital-asset-rfq-orchestration-for-multi-venue-liquidity-aggregation-and-high-fidelity-execution-across-diverse-counterparties.jpg)

MiFID II mandates a shift to a data-driven, evidence-based system for selecting execution venues to demonstrably achieve the best possible client result.

- 
### [What Are the Key Differences between Best Execution Obligations in the US and Europe?](https://options.greeks.live/question/what-are-the-key-differences-between-best-execution-obligations-in-the-us-and-europe/)
![A translucent sphere with intricate metallic rings, an 'intelligence layer' core, is bisected by a sleek, reflective blade. This visual embodies an 'institutional grade' 'Prime RFQ' enabling 'high-fidelity execution' of 'digital asset derivatives' via 'private quotation' and 'RFQ protocols', optimizing 'capital efficiency' and 'market microstructure' for 'block trade' operations.](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

US best execution prioritizes principles-based diligence, while the EU's MiFID II mandates a prescriptive, data-driven demonstration of all sufficient steps.

- 
### [How Does MiFID II Define the Best Execution Obligations for Different Client Categories?](https://options.greeks.live/question/how-does-mifid-ii-define-the-best-execution-obligations-for-different-client-categories/)
![A sleek conduit, embodying an RFQ protocol and smart order routing, connects two distinct, semi-spherical liquidity pools. Its transparent core signifies an intelligence layer for algorithmic trading and high-fidelity execution of digital asset derivatives, ensuring atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-engine-bridging-diverse-liquidity-pools-via-high-fidelity-rfq-protocol-orchestration.jpg)

MiFID II defines best execution as a tiered obligation, demanding total consideration for retail clients and a flexible, factor-based approach for professionals.

- 
### [What Are the Primary Differences between MiFID I and MiFID II Best Execution Standards?](https://options.greeks.live/question/what-are-the-primary-differences-between-mifid-i-and-mifid-ii-best-execution-standards/)
![Visualizing institutional digital asset derivatives market microstructure. A central RFQ protocol engine facilitates high-fidelity execution across diverse liquidity pools, enabling precise price discovery for multi-leg spreads. The connecting element signifies smart order routing for atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-across-multi-asset-liquidity.jpg)

MiFID II elevated best execution from a procedural principle to a data-driven discipline requiring proof of sufficient steps across all asset classes.

- 
### [In What Ways Do Best Execution Obligations Differ for Retail versus Professional Clients?](https://options.greeks.live/question/in-what-ways-do-best-execution-obligations-differ-for-retail-versus-professional-clients/)
![Reflective and translucent discs overlap, symbolizing an RFQ protocol bridging market microstructure with institutional digital asset derivatives. This depicts seamless price discovery and high-fidelity execution, accessing latent liquidity for optimal atomic settlement within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-execution-best-price-discovery.jpg)

Best execution obligations diverge from a protective, cost-focused mandate for retail clients to a flexible, factor-based framework for professionals.

- 
### [How Does MiFID II’s Best Execution Policy Impact the Use of Anonymous RFQs?](https://options.greeks.live/question/how-does-mifid-iis-best-execution-policy-impact-the-use-of-anonymous-rfqs/)
![An intricate, high-precision mechanism symbolizes an Institutional Digital Asset Derivatives RFQ protocol. Its sleek off-white casing protects the core market microstructure, while the teal-edged component signifies high-fidelity execution and optimal price discovery. A detailed circular dial suggests real-time implied volatility and quantitative analysis for portfolio margin.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-market-microstructure-optimization.jpg)

MiFID II mandates that anonymous RFQs be integrated into a data-rich, auditable framework, transforming them from discreet tools into fully accountable execution venues.

- 
### [What Are the Core Differences between MiFID II and FINRA Best Execution Rules?](https://options.greeks.live/question/what-are-the-core-differences-between-mifid-ii-and-finra-best-execution-rules/)
![A polished, dark spherical component anchors a sophisticated system architecture, flanked by a precise green data bus. This represents a high-fidelity execution engine, enabling institutional-grade RFQ protocols for digital asset derivatives. It embodies the precision of private quotation and efficient latent liquidity aggregation within market microstructure, crucial for optimal capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-core.jpg)

MiFID II demands continuous, data-driven proof of optimal outcomes; FINRA requires a defensible process of reasonable diligence.

- 
### [How Does MiFID II Define the “All Sufficient Steps” Mandate?](https://options.greeks.live/question/how-does-mifid-ii-define-the-all-sufficient-steps-mandate/)
![An abstract composition featuring two overlapping digital asset liquidity pools, intersected by angular structures representing multi-leg RFQ protocols. This visualizes dynamic price discovery, high-fidelity execution, and aggregated liquidity within institutional-grade crypto derivatives OS, optimizing capital efficiency and mitigating counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-optimizing-aggregated-liquidity-and-multi-leg-execution-via-advanced-market-microstructure.jpg)

MiFID II's "all sufficient steps" mandate requires firms to build a provable, data-driven system for continuously optimizing client execution outcomes.

- 
### [How Do Regulators Audit an SI’s Best Execution for OTC Trades?](https://options.greeks.live/question/how-do-regulators-audit-an-sis-best-execution-for-otc-trades/)
![A precision mechanical assembly: black base, intricate metallic components, luminous mint-green ring with dark spherical core. This embodies an institutional Crypto Derivatives OS, its market microstructure enabling high-fidelity execution via RFQ protocols for intelligent liquidity aggregation and optimal price discovery.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-crypto-derivatives-rfq-engine-high-fidelity-execution.jpg)

Regulators audit an SI's best execution by forensically examining its data-driven systems to verify all sufficient steps were taken.

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---

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