# What Are the Key Differences in Best Execution Obligations under MiFID II for Equities and Bonds? ▴ Question

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

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## Concept

The Markets in Financial Instruments Directive II ([MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) establishes a mandate for firms to secure the optimal outcome for their clients when executing orders. This obligation, however, is not a single, rigid rule. Its application transforms significantly when shifting from the highly structured, transparent world of equities to the more fragmented and opaque domain of [fixed income](https://prime.greeks.live/question/what-are-the-primary-differences-in-rfq-strategies-for-equities-versus-fixed-income-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). For equities, the conversation is dominated by quantifiable metrics on lit exchanges.

For bonds, the process is fundamentally different, rooted in a qualitative search for liquidity across disparate pools. The core distinction lies in how “best possible result” is defined and evidenced in markets with vastly different structures, liquidity profiles, and data availability.

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## From “reasonable Steps” to “sufficient Steps”

MiFID II intensified the [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) standard from its predecessor, MiFID I, by elevating the requirement from taking all “reasonable steps” to taking all “sufficient steps.” This semantic shift signals a higher bar for compliance, demanding a more proactive and demonstrable effort from firms. The directive compels investment firms to establish and implement a clear [order execution policy](https://prime.greeks.live/area/order-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This policy must detail the venues and factors the firm considers to consistently achieve the best results for its clients. For both equities and bonds, this means moving beyond a passive approach to execution and developing a systematic process for decision-making and review.

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## The Execution Factors a Differentiated Approach

MiFID II outlines several execution factors that firms must consider. These include price, costs, speed, likelihood of execution and settlement, size, and the nature of the order. The directive provides flexibility, allowing firms to weigh these factors based on the specific circumstances of the order, the client’s objectives, and the characteristics of the financial instrument. This is where the divergence between equities and bonds becomes most apparent.

For a liquid equity traded on a major exchange, price is often the paramount factor. The abundance of pre-trade and post-trade data from consolidated tapes and lit order books makes a quantitative, price-centric analysis feasible. In contrast, for an illiquid corporate bond, the “likelihood of execution” might vastly outweigh the marginal benefit of a slightly better price. The very act of finding a counterparty willing to transact in a meaningful size can be the primary determinant of a successful outcome.

> Best execution under MiFID II is a qualitative assessment of process, not just a quantitative measurement of price, especially in the fixed income markets.

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## Market Structure the Great Divide

The operational realities of equity and bond markets dictate the practical application of best execution principles. Equity markets are largely centralized and transparent, with continuous trading on regulated markets and multilateral trading facilities (MTFs). This structure facilitates a highly quantitative approach to best execution, often employing [smart order routers](https://prime.greeks.live/question/how-do-smart-order-routers-use-order-book-data-to-minimize-slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SORs) to algorithmically scan multiple venues for the best available price.

Bond markets, conversely, are predominantly over-the-counter (OTC) and characterized by a lack of centralized pricing information. There are significantly more individual bond issues than equities, many of which trade infrequently. This makes a consolidated, real-time view of the market, akin to the equity market’s national best bid and offer (NBBO) in the US, an impossibility. Consequently, best execution in fixed income is less about algorithmic routing and more about a documented, defensible process of sourcing liquidity, often through request-for-quote ([RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) protocols involving multiple dealers.

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## Strategy

Developing a robust best [execution strategy](https://prime.greeks.live/question/what-is-the-dominant-bidding-strategy-in-a-vickrey-rfq-and-why-is-it-considered-strategy-proof/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) under MiFID II requires a bespoke approach for equities and bonds, reflecting their inherent structural differences. A successful strategy moves beyond mere compliance to become a framework for optimizing client outcomes. For equities, the strategy is one of quantifiable optimization across transparent venues. For bonds, it is a strategy of qualitative diligence in an opaque market.

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## The Equity Execution Strategy a Quantitative Pursuit

The strategy for [equity best execution](https://prime.greeks.live/area/equity-best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is built on a foundation of data and technology. Given the high degree of pre-trade transparency and the availability of public data feeds, firms can and are expected to pursue a highly quantitative approach. The primary goal is to leverage technology to systematically scan the available liquidity and capture the best price.

- **Venue Analysis** ▴ A core component of the equity strategy is the continuous analysis of execution quality across various venues, including regulated markets, MTFs, and systematic internalisers. This involves monitoring factors like fill rates, execution speeds, and price improvement statistics.

- **[Smart Order Routing](https://prime.greeks.live/area/smart-order-routing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SOR)** ▴ Firms employ sophisticated SOR technology to dynamically route orders to the venue offering the best price at a given moment. The logic underpinning these routers is a key part of the best [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).

- **[Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA)** ▴ Post-trade TCA is central to the equity strategy. By comparing execution prices against relevant benchmarks (e.g. Volume-Weighted Average Price – VWAP, or [Arrival Price](https://prime.greeks.live/question/what-are-the-primary-differences-between-a-first-price-and-a-second-price-auction-in-an-rfq-context/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)), firms can measure performance, refine their algorithms, and demonstrate to clients and regulators that their approach is effective.

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## The Bond Execution Strategy a Qualitative Search

The strategy for [fixed income best execution](https://prime.greeks.live/area/fixed-income-best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is fundamentally a process of discovery and documentation. The lack of a consolidated tape and the illiquid nature of many bonds mean that a purely quantitative, price-focused strategy is often impractical and insufficient. The emphasis shifts from finding the single best price to demonstrating a thorough and fair process for sourcing liquidity.

- **Counterparty Selection** ▴ A critical element is the maintenance of a sufficiently broad and diverse panel of liquidity providers. The strategy must justify the selection of these counterparties and regularly review their performance.

- **Request-for-Quote (RFQ) Process** ▴ The RFQ protocol is the cornerstone of most fixed income execution strategies. Best practice involves sending quote requests to multiple dealers (typically a minimum of three) to create competitive tension and evidence a search for the best price. The entire process, including the quotes received and the rationale for the chosen counterparty, must be meticulously documented.

- **Pre-Trade Price Discovery** ▴ Before executing a trade, especially for less liquid bonds, firms must undertake a pre-trade price discovery process. This may involve using evaluated pricing services, referencing similar bonds, or analyzing historical trade data to establish a fair value range. This documented analysis forms a crucial part of the best execution evidence.

> In equities, the strategy is to find the best price; in bonds, the strategy is to prove a fair process was used to discover the price.

The following table illustrates the strategic divergence in applying best execution principles to equities versus bonds:

### Table 1 ▴ Strategic Comparison of Best Execution

| Strategic Component | Equities | Bonds |
| --- | --- | --- |
| Primary Goal | Quantitative price optimization and minimization of implicit costs (e.g. market impact). | Qualitative process of sourcing liquidity and demonstrating a comprehensive search for the best outcome. |
| Core Methodology | Use of smart order routers (SORs) and algorithms to access multiple lit venues simultaneously. | Systematic request-for-quote (RFQ) process with a defined panel of dealer counterparties. |
| Data Environment | High availability of real-time and historical public data (consolidated tape). | Limited pre-trade transparency; reliance on dealer quotes and evaluated pricing. |
| Key Performance Indicator | Transaction Cost Analysis (TCA) versus established benchmarks (e.g. VWAP, Arrival Price). | Documentation of a competitive and thorough RFQ process; justification of execution rationale. |
| Venue Landscape | Regulated Markets, Multilateral Trading Facilities (MTFs), Systematic Internalisers. | Primarily Over-the-Counter (OTC) dealer networks, with some trading on MTFs and Organised Trading Facilities (OTFs). |

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## Execution

The execution of a MiFID II-compliant best execution policy translates strategic goals into operational reality. This requires distinct workflows, data capture mechanisms, and monitoring procedures for equities and bonds. The focus for equities is on the calibration and oversight of automated systems, while for bonds, it centers on the disciplined management of a manual or semi-manual quoting process.

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## Operationalizing Equity Best Execution

The operational workflow for equity best execution is a continuous loop of pre-trade analysis, automated execution, and post-trade review. The firm’s execution policy must be embedded within its trading systems.

- **Policy Configuration** ▴ The firm defines its best execution criteria within its Order Management System (OMS) and Execution Management System (EMS). This includes specifying the approved execution venues and the parameters governing the behavior of [smart order](https://prime.greeks.live/question/can-a-smart-order-router-use-both-rfq-and-clob-venues-for-the-same-order/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) routers and other algorithms.

- **Pre-Trade Controls** ▴ Before an order is released, pre-trade [TCA](https://prime.greeks.live/area/tca/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) tools can be used to estimate potential market impact and transaction costs, helping traders select the most appropriate execution algorithm (e.g. VWAP, TWAP, Implementation Shortfall).

- **Automated Execution** ▴ For most orders, the SOR automatically slices and routes the order across multiple venues according to the pre-defined logic, seeking price improvement and deep liquidity while minimizing information leakage.

- **Monitoring and Oversight** ▴ The trading desk monitors execution in real-time, with the ability to intervene manually if market conditions change or if an algorithm is underperforming. All actions are time-stamped and logged for audit purposes.

- **Post-Trade Analysis** ▴ Execution data is systematically fed into a TCA system. This system generates reports comparing execution performance against benchmarks, which are used for client reporting, regulatory filings (such as [RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) reports on top-five venues), and internal review to refine the execution strategy.

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## Operationalizing Bond Best Execution

The operational workflow for fixed income is more event-driven and document-intensive, reflecting the nature of OTC trading. The process is designed to create a defensible audit trail for each trade.

- **Pre-Trade Intelligence Gathering** ▴ The trader begins by assessing the liquidity profile of the specific bond. This involves checking available data from trading platforms, consulting evaluated pricing sources, and potentially communicating with sales-traders to gauge market appetite. This research phase is documented.

- **RFQ Initiation** ▴ The trader uses an EMS or dedicated platform to construct an RFQ, selecting a sufficient number of dealers from the approved counterparty list. The selection of dealers should be appropriate for the size and nature of the bond.

- **Quote Management and Execution** ▴ As quotes are returned, they are automatically captured and displayed, allowing the trader to compare prices and sizes. The trader executes against the chosen quote. The system must record all quotes received, not just the winning one.

- **Documentation of Rationale** ▴ This is a critical step. If the trader does not execute at the best price, or if fewer than the standard number of quotes were solicited, the rationale must be recorded. For example, the best-priced quote may have been for an insufficient size, or a specific counterparty may have been chosen for its higher likelihood of settlement.

- **Periodic Review** ▴ On a periodic basis, the firm analyzes its execution data. This involves reviewing the competitiveness of quotes from different dealers, assessing the quality of the counterparty panel, and ensuring the documented procedures are being followed consistently.

> Equity execution is a process of system oversight, while bond execution is a process of evidence creation.

The data required to evidence best execution differs substantially between the two asset classes, as detailed in the table below.

### Table 2 ▴ Data and Monitoring for Best Execution

| Data Point / Metric | Relevance to Equities | Relevance to Bonds |
| --- | --- | --- |
| Arrival Price | High ▴ A core benchmark for TCA, measuring slippage from the moment the order is received. | Low ▴ Often no reliable “arrival price” exists due to a lack of a continuous market quote. |
| VWAP/TWAP | High ▴ Commonly used benchmarks for measuring the quality of algorithmic execution over a period. | Low ▴ Not applicable as there is no continuous stream of trades to calculate a meaningful average. |
| Number of Quotes Requested | Low ▴ Not a primary metric; focus is on accessing the entire lit market. | High ▴ A critical data point to evidence a competitive process. |
| Quotes Received (All) | Low ▴ Not applicable in the same way; the order book represents all available quotes. | High ▴ Essential for demonstrating that the execution decision was informed by a market sweep. |
| Execution Venue Analysis | High ▴ Firms must produce RTS 28 reports detailing volumes and execution quality by venue. | High ▴ RTS 28 reports are also required, but the “venues” are typically the specific dealers (counterparties). |
| Trader Rationale Log | Moderate ▴ Required for exceptions, such as manual overrides of an algorithm. | High ▴ Crucial for justifying any deviation from executing at the best-priced quote. |

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## References

- Financial Conduct Authority. (2017). Best execution and payment for order flow. Thematic Review TR17/1, London, UK.

- The Investment Association. (2019). Fixed Income Best Execution ▴ Not Just a Number. London, UK ▴ The Investment Association.

- European Securities and Markets Authority. (2015). MiFID II/MiFIR ▴ Final Report on Draft Technical Standards. ESMA/2015/1464, Paris, France.

- 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.

- BlackRock. (2018). MiFID II ▴ Best Execution Uncovered. ViewPoint, BlackRock.

- CFA Institute. (2018). MiFID II ▴ A New Era for Financial Markets.

- O’Hara, M. (1995). Market Microstructure Theory. Blackwell Publishers.

- Lehalle, C. A. & Laruelle, S. (2013). Market Microstructure in Practice. World Scientific Publishing.

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## Reflection

The dual obligations for equities and bonds under MiFID II compel a re-evaluation of a firm’s entire execution philosophy. It moves the conversation from a singular focus on compliance to a deeper consideration of operational design. The systems and skills required to demonstrate best execution in the data-rich environment of equities are fundamentally different from those needed to navigate the opaque, relationship-driven world of fixed income.

A truly effective framework recognizes this divergence not as a burden, but as an accurate reflection of market reality. The ultimate objective is to construct an evidence-based process that is authentic to the asset class, ensuring that the spirit of the regulation ▴ achieving the best outcome for the client ▴ is fulfilled through a system that is both defensible and operationally sound.

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## Glossary

<a href="https://prime.greeks.live/question/what-are-the-primary-differences-in-rfq-strategies-for-equities-versus-fixed-income-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Fixed Income

RFQ strategy shifts from impact control in transparent equity markets to price discovery in opaque fixed income environments. </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">
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## 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/order-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Order Execution Policy

Meaning ▴ An Order Execution Policy defines the systematic procedures and criteria governing how an institutional trading desk processes and routes client or proprietary orders across various liquidity venues. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## 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-do-smart-order-routers-use-order-book-data-to-minimize-slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Smart Order Routers

A Smart Order Router systematically deconstructs large orders, using composite order book data from all trading venues to find the optimal, lowest-slippage execution path. </a><a href="https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Rfq

Meaning ▴ Request for Quote (RFQ) is a structured communication protocol enabling a market participant to solicit executable price quotations for a specific instrument and quantity from a selected group of liquidity providers. </a><a href="https://prime.greeks.live/question/what-is-the-dominant-bidding-strategy-in-a-vickrey-rfq-and-why-is-it-considered-strategy-proof/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Execution Strategy

The dominant strategy in a Vickrey RFQ is truthful bidding, a strategy-proof approach ensuring optimal outcomes without counterparty risk. </a><a href="https://prime.greeks.live/area/equity-best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Equity Best Execution

Meaning ▴ Equity Best Execution defines the systematic obligation for a broker-dealer to obtain the most advantageous terms for a client's order. </a><a href="https://prime.greeks.live/area/smart-order-routing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Smart Order Routing

Meaning ▴ Smart Order Routing is an algorithmic execution mechanism designed to identify and access optimal liquidity across disparate trading venues. </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">
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## 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/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision instrument probes a speckled surface, visualizing market microstructure and liquidity pool dynamics within a dark pool. This depicts RFQ protocol execution, emphasizing price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-flow.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </a><a href="https://prime.greeks.live/question/what-are-the-primary-differences-between-a-first-price-and-a-second-price-auction-in-an-rfq-context/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A translucent blue sphere is precisely centered within beige, dark, and teal channels. This depicts RFQ protocol for digital asset derivatives, enabling high-fidelity execution of a block trade within a controlled market microstructure, ensuring atomic settlement and price discovery on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-pathway-for-institutional-digital-asset-derivatives-leveraging-rfq-protocols-and-high-fidelity-market-microstructure.jpg)

## Arrival Price

In an RFQ, a first-price auction's winner pays their bid; a second-price winner pays the second-highest bid, altering strategic incentives. </a><a href="https://prime.greeks.live/area/fixed-income-best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered modular components display a central control, data input panel, and numerical values on cylindrical elements. This signifies an institutional Prime RFQ for digital asset derivatives, enabling RFQ protocol aggregation, high-fidelity execution, algorithmic price discovery, and volatility surface calibration for portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/firm-fx-options-rfq-trade-system-key-microstructure-data-flow-core-engine.jpg)

## Fixed Income Best Execution

Meaning ▴ Fixed Income Best Execution represents the systematic process of achieving the most favorable terms reasonably available for a client's fixed income trade, considering the totality of factors influencing the transaction outcome. </a><a href="https://prime.greeks.live/question/can-a-smart-order-router-use-both-rfq-and-clob-venues-for-the-same-order/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A reflective surface supports a sharp metallic element, stabilized by a sphere, alongside translucent teal prisms. This abstractly represents institutional-grade digital asset derivatives RFQ protocol price discovery within a Prime RFQ, emphasizing high-fidelity execution and liquidity pool optimization](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-prime-os-microstructure-optimization.jpg)

## Smart Order

A Smart Order Router integrates RFQ and CLOB venues to create a unified liquidity system, optimizing execution by dynamically sourcing liquidity. </a><a href="https://prime.greeks.live/area/tca/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Reflective planes and intersecting elements depict institutional digital asset derivatives market microstructure. A central Principal-driven RFQ protocol ensures high-fidelity execution and atomic settlement across diverse liquidity pools, optimizing multi-leg spread strategies on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision.jpg)

## Tca

Meaning ▴ Transaction Cost Analysis (TCA) represents a quantitative methodology designed to evaluate the explicit and implicit costs incurred during the execution of financial trades. </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">
![Precision system for institutional digital asset derivatives. Translucent elements denote multi-leg spread structures and RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-infrastructure-for-institutional-digital-asset-derivatives-request-for-quote-protocol-optimization.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:** [RFQ](https://options.greeks.live/area/rfq/), [OTC Markets](https://options.greeks.live/area/otc-markets/), [Order Execution Policy](https://options.greeks.live/area/order-execution-policy/), [Bond Trading](https://options.greeks.live/area/bond-trading/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/)	

## Discover More

- 
### [How Do Best Execution Requirements under Mifid Ii Influence the Choice between Rfq and Bilateral Trades?](https://options.greeks.live/question/how-do-best-execution-requirements-under-mifid-ii-influence-the-choice-between-rfq-and-bilateral-trades/)
![A multi-faceted crystalline structure, featuring sharp angles and translucent blue and clear elements, rests on a metallic base. This embodies Institutional Digital Asset Derivatives and precise RFQ protocols, enabling High-Fidelity Execution. Light interaction depicts Price Discovery within complex Market Microstructure, leveraging a Prime RFQ Intelligence Layer for Multi-Leg Spread optimization and Capital Efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-market-microstructure.jpg)

MiFID II's best execution mandate compels firms to adopt auditable, data-rich protocols like RFQ to prove they have secured the best client outcomes.

- 
### [What Are the Key Differences in Analyzing Best Execution for Equities versus Options?](https://options.greeks.live/question/what-are-the-key-differences-in-analyzing-best-execution-for-equities-versus-options/)
![A sleek, metallic multi-lens device with glowing blue apertures symbolizes an advanced RFQ protocol engine. Its precision optics enable real-time market microstructure analysis and high-fidelity execution, facilitating automated price discovery and aggregated inquiry within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-engine-intelligence-layer.jpg)

Best execution analysis shifts from measuring against a continuous market in equities to validating against a theoretical model in options.

- 
### [How Does Best Execution Differ across Asset Classes like Equities and Fixed Income?](https://options.greeks.live/question/how-does-best-execution-differ-across-asset-classes-like-equities-and-fixed-income/)
![A slender metallic probe extends between two curved surfaces. This abstractly illustrates high-fidelity execution for institutional digital asset derivatives, driving price discovery within market microstructure. It represents Prime RFQ protocol precision navigating dark liquidity for best execution and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/precision-instrument-navigating-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

Best execution is a process adapted to market architecture; equities require navigating visible liquidity, while fixed income demands creating it.

- 
### [What Are the Specific Reporting Differences between CLOB and RFQ Trades under RTS 28?](https://options.greeks.live/question/what-are-the-specific-reporting-differences-between-clob-and-rfq-trades-under-rts-28/)
![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)

RTS 28 reporting translates CLOB data into a narrative of algorithmic efficiency and RFQ data into a defense of discreet, relationship-based liquidity sourcing.

- 
### [How Does MiFID II Define Best Execution for Request for Quote Trades?](https://options.greeks.live/question/how-does-mifid-ii-define-best-execution-for-request-for-quote-trades/)
![Intersecting muted geometric planes, with a central glossy blue sphere. This abstract visualizes market microstructure for institutional digital asset derivatives. The sphere embodies a block trade or private quotation via RFQ protocols, ensuring high-fidelity execution and atomic settlement on a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-5.jpg)

MiFID II mandates that RFQ trades are governed by a systematic, evidence-based process ensuring the best possible result for clients.

- 
### [How Does MiFID II Influence RFQ Counterparty Selection Strategies?](https://options.greeks.live/question/how-does-mifid-ii-influence-rfq-counterparty-selection-strategies/)
![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. This system supports institutional prime brokerage operations, minimizing counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimizing-multi-leg-spreads-for-optimal-capital-efficiency.jpg)

MiFID II transforms RFQ counterparty selection into a data-driven, multi-factor process, mandating a systematic and auditable execution framework.

- 
### [How Does MiFID II Specifically Define the “All Sufficient Steps” for Best Execution?](https://options.greeks.live/question/how-does-mifid-ii-specifically-define-the-all-sufficient-steps-for-best-execution/)
![A transparent sphere, representing a granular digital asset derivative or RFQ quote, precisely balances on a proprietary execution rail. This symbolizes high-fidelity execution within complex market microstructure, driven by rapid price discovery from an institutional-grade trading engine, optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-precision-1.jpg)

MiFID II defines "all sufficient steps" as a continuous, evidence-based obligation to achieve the best possible result for clients.

- 
### [What Are the Primary Best Execution Obligations When Executing an RFQ with a Systematic Internaliser?](https://options.greeks.live/question/what-are-the-primary-best-execution-obligations-when-executing-an-rfq-with-a-systematic-internaliser/)
![A futuristic system component with a split design and intricate central element, embodying advanced RFQ protocols. This visualizes high-fidelity execution, precise price discovery, and granular market microstructure control for institutional digital asset derivatives, optimizing liquidity provision and minimizing slippage.](https://options.greeks.live/wp-content/uploads/2025/07/advanced-rfq-protocols-for-digital-asset-derivatives-price-discovery.jpg)

Fulfilling best execution for an SI RFQ requires a data-driven, auditable process proving the chosen bilateral quote was the optimal outcome.

- 
### [What Are the Key Differences in Best Execution Duties between Equities and Fixed Income?](https://options.greeks.live/question/what-are-the-key-differences-in-best-execution-duties-between-equities-and-fixed-income/)
![A sleek, futuristic object with a glowing line and intricate metallic core, symbolizing a Prime RFQ for institutional digital asset derivatives. It represents a sophisticated RFQ protocol engine enabling high-fidelity execution, liquidity aggregation, atomic settlement, and capital efficiency for multi-leg spreads.](https://options.greeks.live/wp-content/uploads/2025/07/advanced-institutional-digital-asset-derivatives-rfq-protocol-execution-engine-for-optimal-liquidity-aggregation-and-atomic-settlement.jpg)

Best execution evolves from optimizing speed in transparent equity markets to a diligent search for value across fixed income's fragmented liquidity.

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---

**Original URL:** https://options.greeks.live/question/what-are-the-key-differences-in-best-execution-obligations-under-mifid-ii-for-equities-and-bonds/
