# What Are the Key Differences between MiFID I and MiFID II? ▴ Question

**Published:** 2025-08-13
**Categories:** Question

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![Precision-engineered modular components, with transparent elements and metallic conduits, depict a robust RFQ Protocol engine. This architecture facilitates high-fidelity execution for institutional digital asset derivatives, enabling efficient liquidity aggregation and atomic settlement within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-optimizing-high-fidelity-execution-and-liquidity-aggregation.jpg)

![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)

## Concept

The transition from the Markets in [Financial Instruments](https://prime.greeks.live/question/how-should-a-quantitative-scoring-system-be-adapted-for-illiquid-or-bespoke-financial-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Directive (MiFID I) to its second iteration, MiFID II, represents a fundamental re-architecting of the European Union’s financial markets. This was not a simple update but a systemic overhaul engineered in response to the fissures revealed by the 2008 financial crisis. Where MiFID I, implemented in 2007, laid the foundation for a competitive, integrated single market for investment services, its focus was predominantly on equity markets. It established initial principles for transparency and [investor protection](https://prime.greeks.live/area/investor-protection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), creating a common regulatory passport for firms to operate across the European Economic Area.

However, the crisis exposed significant blind spots, particularly in the less transparent, non-equity and over-the-counter (OTC) derivatives markets. These asset classes had grown immensely in complexity and volume, operating largely outside the regulatory perimeter established by the initial directive. The subsequent evolution into [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), which took effect in 2018, was a direct consequence of this realization.

MiFID II, in conjunction with its accompanying regulation, [MiFIR](https://prime.greeks.live/area/mifir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), can be understood as a project to extend the original blueprint’s reach and granularity. The core objective shifted from merely fostering competition to mandating a radical level of transparency and strengthening the foundational protections for all participants. This required a significant expansion in scope, pulling a vast array of non-equity instruments ▴ such as bonds, structured finance products, and derivatives ▴ into a rigorous regulatory framework for the first time.

The directive’s architects sought to illuminate the opaque corners of the market, effectively redesigning the system to ensure that nearly all organized trading would occur on regulated platforms with robust pre- and [post-trade transparency](https://prime.greeks.live/area/post-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) requirements. This systemic redesign was a deliberate effort to enhance market resilience, improve price discovery, and ultimately, rebuild investor confidence by providing regulators with an unprecedented volume of high-quality data to monitor for systemic risk and market abuse.

![A precision institutional interface features a vertical display, control knobs, and a sharp element. This RFQ Protocol system ensures High-Fidelity Execution and optimal Price Discovery, facilitating Liquidity Aggregation](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-platform-interface.jpg)

![Abstract spheres and a sharp disc depict an Institutional Digital Asset Derivatives ecosystem. A central Principal's Operational Framework interacts with a Liquidity Pool via RFQ Protocol for High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework.jpg)

## Strategy

![A refined object featuring a translucent teal element, symbolizing a dynamic RFQ for Institutional Grade Digital Asset Derivatives. Its precision embodies High-Fidelity Execution and seamless Price Discovery within complex Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-for-optimal-execution-and-deep-liquidity-aggregation.jpg)

## A New Mandate for Transparency

A central strategic divergence between the two frameworks lies in their approach to market transparency. MiFID I introduced foundational pre-trade and post-trade transparency obligations, but these were largely confined to shares traded on regulated markets. This left a significant portion of trading activity, especially in OTC derivatives and dark pools, with limited visibility. MiFID II strategically dismantled these silos by extending transparency rules to a much broader universe of financial instruments, including bonds, derivatives, and other non-equity products.

This expansion was operationalized through the creation of a more stratified system of trading venues. Alongside existing Regulated Markets (RMs) and Multilateral Trading Facilities (MTFs), MiFID II introduced the [Organised Trading Facility](https://prime.greeks.live/area/organised-trading-facility/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (OTF) category, specifically designed to capture organized, non-equity trading that previously occurred bilaterally. This structural change ensures that discretionary trading, common in derivatives markets, is brought within a formal regulatory framework, subject to consistent rules and oversight.

> The strategic shift from “reasonable steps” to “all sufficient steps” in best execution fundamentally altered a firm’s duty from a procedural obligation to a demonstrably evidence-based one.

![Translucent and opaque geometric planes radiate from a central nexus, symbolizing layered liquidity and multi-leg spread execution via an institutional RFQ protocol. This represents high-fidelity price discovery for digital asset derivatives, showcasing optimal capital efficiency within a robust Prime RFQ framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-layer.jpg)

## Recalibrating Investor Protection and Execution

The investor protection regime under MiFID II is demonstrably more stringent and granular than its predecessor. A key evolution is the enhancement of the [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) standard. MiFID I required firms to take “reasonable steps” to achieve the best result for their clients, a principle that proved difficult to enforce consistently. MiFID II elevated this standard to “[all sufficient steps](https://prime.greeks.live/area/all-sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite),” compelling firms to implement a much more rigorous and evidence-based approach.

This is not merely a semantic change; it necessitates a comprehensive execution policy that considers a wider range of factors beyond just price, including costs, speed, and likelihood of execution. Furthermore, firms are now required to publicly disclose, on an annual basis, detailed reports on [execution quality](https://prime.greeks.live/question/how-can-pre-trade-analytics-differentiate-between-high-quality-and-low-quality-quotes-in-an-rfq-auction/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) from the top five execution venues they use for each class of [financial instrument](https://prime.greeks.live/question/how-does-the-instrument-by-instrument-approach-differ-from-previous-models/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (known as RTS 28 reports). This creates a powerful feedback loop, allowing clients to scrutinize and compare the execution performance of their investment firms.

Another profound strategic shift was the unbundling of research payments from execution commissions. Under MiFID I, the cost of investment research was often bundled with trading fees, creating potential conflicts of interest and obscuring the true cost of execution. MiFID II mandated a clear separation.

Firms must now either pay for research from their own resources or establish a dedicated Research Payment Account (RPA) funded by a specific charge agreed upon with the client upfront. This change forces a more transparent pricing model for research and encourages asset managers to be more discerning about the research they consume, treating it as a distinct service with a tangible cost.

![A dynamic visual representation of an institutional trading system, featuring a central liquidity aggregation engine emitting a controlled order flow through dedicated market infrastructure. This illustrates high-fidelity execution of digital asset derivatives, optimizing price discovery within a private quotation environment for block trades, ensuring capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/principal-os-driving-high-fidelity-execution-for-digital-asset-derivatives-through-optimized-rfq-protocols-and-smart-order-routing.jpg)

## Comparative Framework of Key Provisions

The table below outlines the core strategic differences between the two regulatory regimes, illustrating the significant expansion in scope and stringency introduced by MiFID II.

| Provision | MiFID I | MiFID II / MiFIR |
| --- | --- | --- |
| Instrument Scope | Primarily focused on equities traded on regulated markets. | Expanded to cover nearly all financial instruments, including bonds, derivatives, structured products, and emission allowances. |
| Best Execution Standard | Firms must take “reasonable steps” to obtain the best possible result for their clients. | Firms must take “all sufficient steps,” requiring a more robust, demonstrable, and data-driven process. |
| Transparency | Pre- and post-trade transparency obligations largely limited to the equity markets. | Extended pre- and post-trade transparency requirements to non-equity instruments like bonds and derivatives. Introduced the OTF venue category. |
| Research Payments | Research costs were commonly bundled with execution commissions. | Mandated the unbundling of research and execution payments, requiring firms to pay for research directly or through a client-funded RPA. |
| Transaction Reporting | A foundational reporting system was in place. | Vastly expanded the scope and detail of transaction reporting, increasing the number of data fields from 23 to 65 to enhance market abuse monitoring. |

![A precise metallic central hub with sharp, grey angular blades signifies high-fidelity execution and smart order routing. Intersecting transparent teal planes represent layered liquidity pools and multi-leg spread structures, illustrating complex market microstructure for efficient price discovery within institutional digital asset derivatives RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-high-fidelity-execution-across-market-microstructure-dynamics.jpg)

![Central teal-lit mechanism with radiating pathways embodies a Prime RFQ for institutional digital asset derivatives. It signifies RFQ protocol processing, liquidity aggregation, and high-fidelity execution for multi-leg spread trades, enabling atomic settlement within market microstructure via quantitative analysis](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-for-institutional-digital-asset-rfq-protocol-execution-engine.jpg)

## Execution

![Central, interlocked mechanical structures symbolize a sophisticated Crypto Derivatives OS driving institutional RFQ protocol. Surrounding blades represent diverse liquidity pools and multi-leg spread components](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-architecture-optimizing-high-fidelity-execution-across-diverse-liquidity-pools.jpg)

## The Operational Architecture of Transaction Reporting

The execution of MiFID II’s objectives hinges critically on a vastly expanded data collection and reporting infrastructure. Where MiFID I established a baseline for [transaction reporting](https://prime.greeks.live/area/transaction-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), MiFIR operationalized a far more demanding regime, increasing the number of reportable data fields from 23 to 65. This expansion was designed to provide regulators with a panoramic view of market activity, enabling more effective surveillance for insider dealing and market manipulation.

The operational challenge for [investment firms](https://prime.greeks.live/question/how-can-investment-firms-leverage-technology-to-optimize-their-pre-trade-transparency-obligations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) was immense, requiring significant investment in technology and data management systems. Firms must now capture and report highly granular data for every transaction, including the precise time of execution down to the microsecond, detailed information identifying the client and the decision-maker for the trade, and a flag indicating the specific trading capacity of the firm.

A critical component of this architecture is the requirement for all legal entities involved in transactions to have a [Legal Entity Identifier](https://prime.greeks.live/area/legal-entity-identifier/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (LEI). The “no LEI, no trade” rule became a hard-coded operational reality, forcing a universal adoption of this global identification standard. The data must be transmitted to an Approved Reporting Mechanism (ARM) by the close of the following working day (T+1).

The ARM then validates the data and transmits it to the relevant National Competent Authority (NCA). This two-step process creates a standardized and auditable trail for every transaction within the directive’s scope, forming the bedrock of the new supervisory system.

![A transparent sphere on an inclined white plane represents a Digital Asset Derivative within an RFQ framework on a Prime RFQ. A teal liquidity pool and grey dark pool illustrate market microstructure for high-fidelity execution and price discovery, mitigating slippage and latency](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-digital-asset-derivatives-execution-protocols-optimize-microstructure.jpg)

## Data Fields for MiFIR Transaction Reporting (Illustrative Sample)

The following table provides a simplified illustration of the type of granular data required for a single transaction report under MiFIR, highlighting the depth of information that must be captured and transmitted operationally.

| Field Number (RTS 22) | Field Name | Example Data | Description |
| --- | --- | --- | --- |
| 4 | Executing entity identification code | 5493001B317444A72S27 | The LEI of the investment firm executing the transaction. |
| 7 | Buyer identification code | 213800A34B55C67D8E90 | The LEI of the buying legal entity or a unique national identifier for a natural person. |
| 25 | Trading date and time | 2025-08-13T09:27:54.123456Z | The precise date and time, in UTC, when the transaction was executed. |
| 29 | Trading capacity | DEAL | Indicates the capacity in which the firm executed the trade (e.g. dealing on own account, matched principal). |
| 33 | Price | 105.75 | The price per unit of the financial instrument, excluding commission. |
| 42 | Instrument identification code | DE0001102333 | The ISIN code of the financial instrument that was traded. |
| 57 | Investment decision within firm | 987654321987654321 | A unique identifier for the person or algorithm within the investment firm responsible for the investment decision. |

> The operational mandate of MiFID II transformed compliance from a departmental function into an enterprise-wide data architecture challenge.

![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](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-across-multi-asset-liquidity.jpg)

## Implementing the Best Execution Framework

Executing compliance with MiFID II’s “all [sufficient steps](https://prime.greeks.live/question/what-is-the-difference-between-reasonable-steps-and-sufficient-steps-for-best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” best execution standard requires a fundamental shift in operational processes. Firms must move beyond a simple check-the-box approach to actively demonstrating and periodically reviewing the effectiveness of their execution arrangements. The process involves several key stages:

- **Policy Formulation** ▴ Firms must establish and implement a detailed order execution policy. This policy must clearly articulate, for each class of instrument, the relative importance of the execution factors (price, costs, speed, likelihood of execution and settlement, size, nature, or any other consideration). 

- **Venue Selection** ▴ The policy must identify the specific [execution venues](https://prime.greeks.live/question/how-does-a-best-execution-committee-quantify-and-compare-execution-quality-across-different-market-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and brokers the firm will rely on to consistently deliver the best possible results. This selection must be supported by data and analysis, not just historical relationships. 

- **Monitoring and Review** ▴ Investment firms are required to monitor the effectiveness of their order execution arrangements and policy on an ongoing basis. They must conduct a formal review at least annually or whenever a material change occurs that could affect their ability to achieve the best result for their clients. 

- **Public Disclosure ([RTS 27](https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)/28)** ▴ A significant operational lift involves the generation of two types of reports.

<li>**RTS 27 Reports** ▴ Execution venues must publish quarterly reports detailing a wide range of execution quality data for each financial instrument.

- **[RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Reports** ▴ Investment firms must publish annual reports summarizing the top five execution venues used for each class of financial instrument and a qualitative assessment of the execution quality achieved.

</li>

This cyclical process of policy, monitoring, and disclosure creates a system of accountability. It forces firms to build a quantitative, data-driven defense of their execution practices, making execution quality a measurable and competitive aspect of their service offering.

![Internal hard drive mechanics, with a read/write head poised over a data platter, symbolize the precise, low-latency execution and high-fidelity data access vital for institutional digital asset derivatives. This embodies a Principal OS architecture supporting robust RFQ protocols, enabling atomic settlement and optimized liquidity aggregation within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-precision-execution-system-microstructure.jpg)

## References

- European Parliament and Council of the European Union. “Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU.” Official Journal of the European Union, 2014.

- European Parliament and Council of the European Union. “Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012.” Official Journal of the European Union, 2014.

- Tuch, Andrew F. “The Failed Jurisprudence of Securities Regulation.” Capital Markets Law Journal, vol. 15, no. 1, 2020, pp. 69-100.

- Kerber, Wolfgang. “Competition and Regulation in European Financial Markets ▴ The Case of MiFID.” European Competition and Regulatory Law Review, vol. 2, no. 1, 2018, pp. 2-5.

- Avgouleas, Emilios. “The Global Financial Crisis and the Reform of the EU’s Financial Regulation ▴ The Case for a New ‘Systemic’ Approach.” European Law Journal, vol. 18, no. 4, 2012, pp. 508-535.

- Moloney, Niamh. “EU Financial Market Regulation after the Global Financial Crisis ▴ ‘More Europe’ or More Risks?” Common Market Law Review, vol. 47, no. 5, 2010, pp. 1317-1383.

- Buckley, Ross P. et al. “The G20 and the Financial Crisis ▴ A New Era of International Financial Regulation.” Journal of International Banking Law and Regulation, vol. 25, no. 1, 2010, pp. 3-10.

![An abstract metallic cross-shaped mechanism, symbolizing a Principal's execution engine for institutional digital asset derivatives. Its teal arm highlights specialized RFQ protocols, enabling high-fidelity price discovery across diverse liquidity pools for optimal capital efficiency and atomic settlement via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-for-digital-asset-derivatives-trading.jpg)

## Reflection

![Sleek, metallic, modular hardware with visible circuit elements, symbolizing the market microstructure for institutional digital asset derivatives. This low-latency infrastructure supports RFQ protocols, enabling high-fidelity execution for private quotation and block trade settlement, ensuring capital efficiency within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/08/market-microstructure-engine-for-crypto-derivatives-rfq-protocol.jpg)

## From Regulatory Burden to Systemic Intelligence

Viewing MiFID II solely through the lens of compliance cost misses its fundamental purpose. The directive is an engineering specification for a new market operating system, one where data is the primary asset. The extensive reporting and transparency requirements are not an end in themselves; they are the inputs for a vast intelligence-gathering apparatus designed to map market interconnections and pre-empt systemic failures. For market participants, the challenge is to reframe this data generation from a regulatory burden into a source of strategic insight.

The same information required by regulators can be harnessed internally to refine execution algorithms, optimize capital allocation, and gain a more granular understanding of liquidity dynamics. The firms that will thrive in this environment are those that build an operational framework capable of not only producing this data efficiently but also analyzing it for competitive advantage. The regulation provides the blueprint; the ultimate edge comes from how that blueprint is executed within a firm’s own technological and strategic architecture.

![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)

## Glossary

<a href="https://prime.greeks.live/question/how-should-a-quantitative-scoring-system-be-adapted-for-illiquid-or-bespoke-financial-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-component-digital-asset-derivatives-market-microstructure.jpg)

## Financial Instruments

Adapting a scoring system for illiquid assets requires engineering a multi-factor inferential model built on a foundation of virtualized, disparate data. </a><a href="https://prime.greeks.live/area/investor-protection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A blue speckled marble, symbolizing a precise block trade, rests centrally on a translucent bar, representing a robust RFQ protocol. This structured geometric arrangement illustrates complex market microstructure, enabling high-fidelity execution, optimal price discovery, and efficient liquidity aggregation within a principal's operational framework for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-rfq-execution-framework-optimizing-digital-asset-derivatives-liquidity-aggregation-across-complex-market-microstructure.jpg)

## Investor Protection

Meaning ▴ Investor Protection represents a foundational systemic framework designed to safeguard capital and ensure equitable market access and operation for institutional participants. </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 translucent blue cylinder, representing a liquidity pool or private quotation core, sits on a metallic execution engine. This system processes institutional digital asset derivatives via RFQ protocols, ensuring high-fidelity execution, pre-trade analytics, and smart order routing for capital efficiency on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-core-3.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/mifir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric forms in muted beige, grey, and teal represent the intricate market microstructure of institutional digital asset derivatives. Sharp angles and depth symbolize high-fidelity execution and price discovery within RFQ protocols, highlighting capital efficiency and real-time risk management for multi-leg spreads on a Prime RFQ platform](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-optimized-rfq-execution-for-digital-asset-derivatives.jpg)

## Mifir

Meaning ▴ MiFIR, the Markets in Financial Instruments Regulation, constitutes a foundational legislative framework within the European Union, enacted to enhance the transparency, efficiency, and integrity of financial markets. </a><a href="https://prime.greeks.live/area/post-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two sleek, pointed objects intersect centrally, forming an 'X' against a dual-tone black and teal background. This embodies the high-fidelity execution of institutional digital asset derivatives via RFQ protocols, facilitating optimal price discovery and efficient cross-asset trading within a robust Prime RFQ, minimizing slippage and adverse selection](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-microstructure.jpg)

## Post-Trade Transparency

Meaning ▴ Post-Trade Transparency defines the public disclosure of executed transaction details, encompassing price, volume, and timestamp, after a trade has been completed. </a><a href="https://prime.greeks.live/area/organised-trading-facility/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Glossy, intersecting forms in beige, blue, and teal embody RFQ protocol efficiency, atomic settlement, and aggregated liquidity for institutional digital asset derivatives. The sleek design reflects high-fidelity execution, prime brokerage capabilities, and optimized order book dynamics for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-digital-asset-derivatives-execution-via-optimized-rfq-protocols-enhancing-principal-operational-frameworks.jpg)

## Organised Trading Facility

Meaning ▴ An Organised Trading Facility (OTF) represents a specific type of multilateral system, as defined under MiFID II, designed for the trading of non-equity instruments. </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 focused view of a robust, beige cylindrical component with a dark blue internal aperture, symbolizing a high-fidelity execution channel. This element represents the core of an RFQ protocol system, enabling bespoke liquidity for Bitcoin Options and Ethereum Futures, minimizing slippage and information leakage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-engine-core-precision-component.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/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting transparent planes and glowing cyan structures symbolize a sophisticated institutional RFQ protocol. This depicts high-fidelity execution, robust market microstructure, and optimal price discovery for digital asset derivatives, enhancing capital efficiency and minimizing slippage via aggregated inquiry](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-for-optimal-market-microstructure-and-capital-efficiency.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/question/how-does-the-instrument-by-instrument-approach-differ-from-previous-models/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intricate metallic components signify system precision engineering. These structured elements symbolize institutional-grade infrastructure for high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-engineering-for-high-fidelity-execution-and-latency-optimization.jpg)

## Financial Instrument

The instrument-by-instrument approach mandates a granular, bottom-up risk calculation, replacing portfolio-level models with a direct summation of individual position capital charges. </a><a href="https://prime.greeks.live/question/how-can-pre-trade-analytics-differentiate-between-high-quality-and-low-quality-quotes-in-an-rfq-auction/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A 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 Quality

Pre-trade analytics differentiate quotes by systematically scoring counterparty reliability and predicting execution quality beyond price. </a><a href="https://prime.greeks.live/area/transaction-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An institutional-grade platform's RFQ protocol interface, with a price discovery engine and precision guides, enables high-fidelity execution for digital asset derivatives. Integrated controls optimize market microstructure and liquidity aggregation within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/proprietary-institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-granular-market-microstructure-analysis-for-prime-os.jpg)

## Transaction Reporting

Meaning ▴ Transaction Reporting defines the formal process of submitting granular trade data, encompassing execution specifics and counterparty information, to designated regulatory authorities or internal oversight frameworks. </a><a href="https://prime.greeks.live/question/how-can-investment-firms-leverage-technology-to-optimize-their-pre-trade-transparency-obligations/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Modular institutional-grade execution system components reveal luminous green data pathways, symbolizing high-fidelity cross-asset connectivity. This depicts intricate market microstructure facilitating RFQ protocol integration for atomic settlement of digital asset derivatives within a Principal's operational framework, underpinned by a Prime RFQ intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/modular-high-fidelity-execution-architecture-for-institutional-digital-asset-derivatives-rfq-protocol-integration-and-principals-operational-framework-optimization.jpg)

## Investment Firms

Investment firms use technology to ingest, normalize, and analyze multi-venue data, enabling automated, compliant, and optimized trade execution. </a><a href="https://prime.greeks.live/area/legal-entity-identifier/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Stacked, glossy modular components depict an institutional-grade Digital Asset Derivatives platform. Layers signify RFQ protocol orchestration, high-fidelity execution, and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/layered-digital-asset-derivatives-rfq-protocol-stack-for-prime-brokerage.jpg)

## Legal Entity Identifier

Meaning ▴ The Legal Entity Identifier is a 20-character alphanumeric code uniquely identifying legally distinct entities in financial transactions. </a><a href="https://prime.greeks.live/question/what-is-the-difference-between-reasonable-steps-and-sufficient-steps-for-best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract clear and teal geometric forms, including a central lens, intersect a reflective metallic surface on black. This embodies market microstructure precision, algorithmic trading for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-prime-os.jpg)

## Sufficient Steps

Sufficient steps require empirical proof of optimal outcomes, while reasonable steps demand only a defensible process. </a><a href="https://prime.greeks.live/question/how-does-a-best-execution-committee-quantify-and-compare-execution-quality-across-different-market-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An institutional grade system component, featuring a reflective intelligence layer lens, symbolizes high-fidelity execution and market microstructure insight. This enables price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-precision-rfq-execution-system-interface.jpg)

## Execution Venues

A Best Execution Committee systematically quantifies and compares venue quality using a data-driven framework of TCA metrics and qualitative overlays. </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">
![Abstract geometric structure with sharp angles and translucent planes, symbolizing institutional digital asset derivatives market microstructure. The central point signifies a core RFQ protocol engine, enabling precise price discovery and liquidity aggregation for multi-leg options strategies, crucial for high-fidelity execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/principals-operational-framework-optimizing-institutional-digital-asset-derivatives-rfq-protocol-execution-for-alpha-generation.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 precisely engineered multi-component structure, split to reveal its granular core, symbolizes the complex market microstructure of institutional digital asset derivatives. This visual metaphor represents the unbundling of multi-leg spreads, facilitating transparent price discovery and high-fidelity execution via RFQ protocols within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocols-revealing-market-microstructure-for-high-fidelity-execution-and-atomic-settlement-within-principals-operational-framework.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:** [RTS 22](https://options.greeks.live/area/rts-22/), [Post-Trade Transparency](https://options.greeks.live/area/post-trade-transparency/), [RTS 28](https://options.greeks.live/area/rts-28/), [MiFIR](https://options.greeks.live/area/mifir/), [Organised Trading Facility](https://options.greeks.live/area/organised-trading-facility/), [Market Infrastructure](https://options.greeks.live/area/market-infrastructure/)	

## Discover More

- 
### [How Does MiFID II Define the “All Sufficient Steps” Mandate for Best Execution?](https://options.greeks.live/question/how-does-mifid-ii-define-the-all-sufficient-steps-mandate-for-best-execution/)
![A complex metallic mechanism features a central circular component with intricate blue circuitry and a dark orb. This symbolizes the Prime RFQ intelligence layer, driving institutional RFQ protocols for digital asset derivatives. It facilitates high-fidelity execution, optimizing market microstructure for block trades and ensuring price discovery through private quotation.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-rfq-engine-for-digital-asset-derivatives-best-trade-execution.jpg)

MiFID II's "all sufficient steps" mandate requires firms to build a demonstrable, data-driven system for achieving the best client outcomes.

- 
### [How Do Regulatory Frameworks like MiFID II Influence the Use of RFQ for Bond Trading?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-influence-the-use-of-rfq-for-bond-trading/)
![Clear sphere, precise metallic probe, reflective platform, blue internal light. This symbolizes RFQ protocol for high-fidelity execution of digital asset derivatives, optimizing price discovery within market microstructure, leveraging dark liquidity for atomic settlement and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-precision-execution-1.jpg)

MiFID II reshapes bond trading by mandating transparency and formalizing the RFQ protocol, driving a shift to electronic, data-driven execution.

- 
### [How Do MiFID II Regulations Impact RFQ and IOI Audit Trail Requirements?](https://options.greeks.live/question/how-do-mifid-ii-regulations-impact-rfq-and-ioi-audit-trail-requirements/)
![A central, metallic cross-shaped RFQ protocol engine orchestrates principal liquidity aggregation between two distinct institutional liquidity pools. Its intricate design suggests high-fidelity execution and atomic settlement within digital asset options trading, forming a core Crypto Derivatives OS for algorithmic price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-architecture-optimizing-liquidity-aggregation-and-high-fidelity-execution.jpg)

MiFID II mandates a complete, time-stamped, and reconstructible audit trail for RFQ and IOI workflows to ensure transparency.

- 
### [How Do Regulatory Frameworks like MiFID II Influence the Adoption of Electronic RFQ Platforms?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-influence-the-adoption-of-electronic-rfq-platforms/)
![A solid object, symbolizing Principal execution via RFQ protocol, intersects a translucent counterpart representing algorithmic price discovery and institutional liquidity. This dynamic within a digital asset derivatives sphere depicts optimized market microstructure, ensuring high-fidelity execution and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-orchestration.jpg)

MiFID II mandates verifiable best execution, making data-rich electronic RFQ platforms the systemic solution for compliant liquidity sourcing.

- 
### [What Are the Key Differences in Reporting Requirements between MiFID I and MiFID II?](https://options.greeks.live/question/what-are-the-key-differences-in-reporting-requirements-between-mifid-i-and-mifid-ii/)
![A metallic ring, symbolizing a tokenized asset or cryptographic key, rests on a dark, reflective surface with water droplets. This visualizes a Principal's operational framework for High-Fidelity Execution of Institutional Digital Asset Derivatives. It embodies an RFQ Protocol ensuring precise Price Discovery, Atomic Settlement, and optimal Capital Efficiency within a robust Crypto Derivatives OS.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-protocol-execution.jpg)

MiFID II expands reporting from equities to all instruments, demanding granular data to enforce total market transparency.

- 
### [What Are the Best Execution Obligations for a Systematic Internaliser under the New Regime?](https://options.greeks.live/question/what-are-the-best-execution-obligations-for-a-systematic-internaliser-under-the-new-regime/)
![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. Varied quadrants represent diverse market microstructure, optimizing capital efficiency within a principal's operational framework, mitigating counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-hub-for-optimal-liquidity-aggregation.jpg)

A Systematic Internaliser's best execution obligation is a mandate to engineer a data-driven system that provides and proves superior execution quality.

- 
### [What Are the Specific Technological Requirements for an EMS to Be Compliant with MiFID II RFQ Rules?](https://options.greeks.live/question/what-are-the-specific-technological-requirements-for-an-ems-to-be-compliant-with-mifid-ii-rfq-rules/)
![A transparent, angular teal object with an embedded dark circular lens rests on a light surface. This visualizes an institutional-grade RFQ engine, enabling high-fidelity execution and precise price discovery for digital asset derivatives. It optimizes capital efficiency, manages counterparty risk, supports multi-leg spread strategies, and provides deep market microstructure insights within a Prime RFQ framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-engine-high-fidelity-execution.jpg)

A MiFID II-compliant EMS for RFQ workflows must be a technologically advanced system capable of demonstrating best execution through precise data capture, high-granularity timestamping, and comprehensive reporting.

- 
### [How Do Regulatory Frameworks like MiFID II Influence the Use and Transparency of Electronic RFQ Platforms in Europe?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-influence-the-use-and-transparency-of-electronic-rfq-platforms-in-europe/)
![A complex, multi-layered electronic component with a central connector and fine metallic probes. This represents a critical Prime RFQ module for institutional digital asset derivatives trading, enabling high-fidelity execution of RFQ protocols, price discovery, and atomic settlement for multi-leg spreads with minimal latency.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-rfq-engine-driving-best-execution-and-liquidity.jpg)

MiFID II re-architected RFQ platforms into regulated venues, mandating a transparent, auditable data trail for best execution.

- 
### [How Does MiFID II Define the Best Execution Obligations for SIs?](https://options.greeks.live/question/how-does-mifid-ii-define-the-best-execution-obligations-for-sis/)
![Abstract forms depict institutional liquidity aggregation and smart order routing. Intersecting dark bars symbolize RFQ protocols enabling atomic settlement for multi-leg spreads, ensuring high-fidelity execution and price discovery of digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-2.jpg)

MiFID II obligates SIs to build a data-driven system proving their execution is the best possible client outcome.

---

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---

**Original URL:** https://options.greeks.live/question/what-are-the-key-differences-between-mifid-i-and-mifid-ii/
