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

**Published:** 2025-08-07
**Categories:** Question

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![A symmetrical, star-shaped Prime RFQ engine with four translucent blades symbolizes multi-leg spread execution and diverse liquidity pools. Its central core represents price discovery for aggregated inquiry, ensuring high-fidelity execution within a secure market microstructure via smart order routing for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-prime-os-1.jpg)

![Sleek, intersecting planes, one teal, converge at a reflective central module. This visualizes an institutional digital asset derivatives Prime RFQ, enabling RFQ price discovery across liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-engine-optimizing-institutional-liquidity-aggregation-and-best-execution.jpg)

## Concept

![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)

## From a Mandate of Process to a System of Proof

The transition from the Markets in [Financial Instruments Directive](https://prime.greeks.live/question/how-can-firms-quantitatively-demonstrate-best-execution-for-rfq-trades-under-the-directive/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (MiFID I) to its successor, MiFID II, represents a fundamental re-architecting of the regulatory philosophy governing European financial markets. For the institutional participant, this was not a subtle recalibration. It was a seismic shift in the very definition of operational diligence. MiFID I established the foundational principle of “best execution,” requiring firms to take “all reasonable steps” to obtain the best [possible result](https://prime.greeks.live/question/how-does-implied-volatility-skew-affect-the-range-of-possible-strike-prices-for-a-zero-cost-structure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for their clients.

This initial framework, while groundbreaking, was largely a mandate of process. It required firms to establish and follow an [execution policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), but the evidentiary burden to demonstrate the consistent achievement of optimal outcomes was less severe. The system was predicated on the existence of a sound methodology, with the assumption that a well-designed process would naturally lead to the desired result.

[MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) dismantled this paradigm. It elevated the standard from “all reasonable steps” to “[all sufficient steps](https://prime.greeks.live/area/all-sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite),” a seemingly minor semantic change that carried profound operational weight. This new language moved the locus of regulatory scrutiny from the design of the execution policy to the measurable quality of the outcomes themselves. Sufficiency implies a higher, more demanding standard of proof.

It requires an investment firm to demonstrate, with granular data and rigorous analysis, that its execution strategy is not just well-conceived but empirically effective and consistently delivering the best possible result for the end client. The directive expanded the universe of factors to be considered ▴ price, costs, speed, likelihood of execution, and settlement, among others ▴ and demanded that their relative importance be dynamically weighed based on the specific characteristics of the client, the order, and the instrument.

> The core evolution from MiFID I to MiFID II was the pivot from documenting a reasonable process to substantiating a sufficient and superior outcome with empirical data.

This evolution can be viewed through the lens of a system designer. [MiFID I](https://prime.greeks.live/area/mifid-i/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) provided the schematic for a functional machine, outlining the necessary components and their intended interactions. A firm could achieve compliance by demonstrating that it had built the machine according to the specifications. MiFID II, in contrast, demanded a continuous stream of performance telemetry from that machine.

It was no longer enough to show that the system was built correctly; a firm now had to provide a complete audit trail of its performance, proving that it was operating at peak efficiency for every single transaction. This created a new imperative for investment in data capture, analytical capabilities, and the technological infrastructure required to support a far more demanding governance and reporting framework.

![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)

## Expanding the Execution Universe

A defining feature of the MiFID II framework is the significant expansion of the scope of [financial instruments](https://prime.greeks.live/area/financial-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and [execution venues](https://prime.greeks.live/area/execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) subject to best execution requirements. MiFID I’s focus was predominantly on equities traded on regulated markets and Multilateral Trading Facilities (MTFs). While other asset classes were technically in scope, the lack of price transparency and available data made proving best execution in non-equity markets a theoretical exercise rather than a practical requirement. The system’s architecture was designed for a world of lit, centralized equity markets.

MiFID II shattered these boundaries, extending the full force of the [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) doctrine to a much wider array of instruments, including bonds, structured finance products, and derivatives. This expansion was coupled with a formal recognition of a more fragmented and diverse landscape of liquidity sources. The directive explicitly brought Organised Trading Facilities (OTFs) ▴ a new category of venue primarily for non-equity instruments ▴ and Systematic Internalisers (SIs) into the regulatory perimeter. This acknowledged the reality of modern market structure, where a significant volume of trading occurs away from traditional exchanges.

For an institutional trader, this meant the field of play was suddenly much larger and more complex. The obligation to seek the best outcome now required a comprehensive and data-driven evaluation of a much broader set of potential execution venues, each with its own unique characteristics, costs, and liquidity profile. The simple act of routing an order became a far more complex strategic decision, demanding a sophisticated understanding of a multi-layered market ecosystem.

![Smooth, glossy, multi-colored discs stack irregularly, topped by a dome. This embodies institutional digital asset derivatives market microstructure, with RFQ protocols facilitating aggregated inquiry for multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-for-prime-os-best-execution.jpg)

![A central mechanism of an Institutional Grade Crypto Derivatives OS with dynamically rotating arms. These translucent blue panels symbolize High-Fidelity Execution via an RFQ Protocol, facilitating Price Discovery and Liquidity Aggregation for Digital Asset Derivatives within complex Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

## Strategy

![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)

## The New Mandate for Transparency and Data

The strategic implications of MiFID II’s best execution requirements are most profoundly felt in the directive’s relentless focus on transparency and data. Where MiFID I required firms to have a policy, MiFID II demands that the policy be alive, breathing, and justified by a constant flow of empirical evidence. This transformed best execution from a compliance function into a core strategic competency, deeply integrated with trading, technology, and client relations. The most significant strategic shift was the introduction of extensive new disclosure requirements, designed to make the execution process transparent to both regulators and clients.

This is most clearly embodied in the RTS 27 and [RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) reporting obligations. Although RTS 27 has since been removed, its initial impact, along with the continuing RTS 28 reports, fundamentally altered the strategic landscape.

- **RTS 27 Reports** ▴ These required execution venues to publish detailed quarterly reports on the quality of execution achieved on their platforms. The data included granular information on price, costs, and likelihood of execution for individual financial instruments. While no longer a requirement, its spirit lives on in the increased expectation for venue analysis. 

- **RTS 28 Reports** ▴ This ongoing requirement mandates that investment firms publicly disclose, on an annual basis, the top five execution venues they used for each class of financial instrument, for both retail and professional clients. Firms must also provide a summary of their analysis and the conclusions drawn from their detailed monitoring of the [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) obtained. 

These reporting requirements forced firms to move beyond a theoretical commitment to best execution and adopt a strategy of continuous, data-driven monitoring and evaluation. A firm’s choice of execution venues could no longer be based on historical relationships or qualitative assessments. It had to be defended with quantitative data, demonstrating that the chosen venues consistently delivered superior results. This necessitated a significant investment in data analytics and [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ([TCA](https://prime.greeks.live/area/tca/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)), transforming TCA from a post-trade review tool into a critical component of pre-trade decision-making and strategic planning.

![Overlapping grey, blue, and teal segments, bisected by a diagonal line, visualize a Prime RFQ facilitating RFQ protocols for institutional digital asset derivatives. It depicts high-fidelity execution across liquidity pools, optimizing market microstructure for capital efficiency and atomic settlement of block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-optimization-2.jpg)

## A Comparative Framework MiFID I Vs MiFID II

To fully grasp the strategic realignment required, it is useful to compare the core tenets of the two directives side-by-side. The table below illustrates the escalation in requirements, moving from a principles-based approach to a prescriptive, evidence-based framework.

| Feature | MiFID I | MiFID II |
| --- | --- | --- |
| Core 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; other asset classes had limited practical application. | Explicitly covers all financial instruments, including equities, bonds, derivatives, and structured products. |
| Venue Scope | Regulated Markets, MTFs. | Regulated Markets, MTFs, OTFs, Systematic Internalisers, and other liquidity providers. |
| Client Disclosure | Provide clients with the order execution policy. | Provide a detailed policy and an annual summary of top execution venues and quality analysis (RTS 28). |
| Evidentiary Burden | Demonstrate that a reasonable policy exists and is being followed. | Prove, with data, that the execution arrangements consistently achieve the best possible results. |
| Total Cost Consideration | Price and costs of execution were key factors. | Mandates consideration of “total consideration,” representing the price of the instrument and all costs related to execution. |

> MiFID II compels firms to shift their strategic focus from merely having a compliant execution policy to operating a dynamic, data-centric system that actively proves its own effectiveness.

![A sophisticated apparatus, potentially a price discovery or volatility surface calibration tool. A blue needle with sphere and clamp symbolizes high-fidelity execution pathways and RFQ protocol integration within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-institutional-digital-asset-derivatives-execution.jpg)

## Rethinking the Execution Policy

Under MiFID I, the [order execution policy](https://prime.greeks.live/area/order-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) was often a static, high-level document. MiFID II transformed it into a detailed, dynamic, and client-centric operational guide. The new requirements mandated that policies be customized for each class of financial instrument, recognizing that the factors determining best execution for a liquid equity are vastly different from those for an OTC derivative. The policy must clearly explain how the firm will weigh the different execution factors (price, cost, speed, etc.) for different types of orders and clients.

It must also identify the specific venues that will be used for each instrument class and provide a clear justification for their inclusion. This level of detail requires a much deeper strategic engagement with market structure and a more sophisticated approach to policy design and maintenance. The policy is no longer a document to be filed away; it is the central nervous system of the firm’s execution strategy, subject to regular review, testing, and enhancement in response to changing market conditions and performance data.

![A sleek, cream and dark blue institutional trading terminal with a dark interactive display. It embodies a proprietary Prime RFQ, facilitating secure RFQ protocols for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-terminal-for-best-execution.jpg)

![A dark blue sphere and teal-hued circular elements on a segmented surface, bisected by a diagonal line. This visualizes institutional block trade aggregation, algorithmic price discovery, and high-fidelity execution within a Principal's Prime RFQ, optimizing capital efficiency and mitigating counterparty risk for digital asset derivatives and multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/market-microstructure-driven-institutional-digital-asset-derivatives-rfq.jpg)

## Execution

![Segmented circular object, representing diverse digital asset derivatives liquidity pools, rests on institutional-grade mechanism. Central ring signifies robust price discovery a diagonal line depicts RFQ inquiry pathway, ensuring high-fidelity execution via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-high-fidelity-execution.jpg)

## The Operationalization of “all Sufficient Steps”

Translating the MiFID II mandate of “all [sufficient steps](https://prime.greeks.live/area/sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” into a concrete operational framework requires a systematic and technology-driven approach. The execution of this principle hinges on a firm’s ability to monitor, measure, and prove the quality of its execution on an ongoing basis. This is not a periodic review but a continuous, integrated process that touches every stage of the trade lifecycle. At its core, the operational challenge is to build a robust feedback loop where execution data informs and refines execution strategy in near real-time.

The operational workflow can be broken down into several key stages, each with enhanced requirements under MiFID II:

- **Pre-Trade Analysis** ▴ Before an order is even placed, the system must be capable of evaluating potential execution strategies against the best execution criteria. This involves using sophisticated TCA models to estimate potential market impact, slippage, and [total cost](https://prime.greeks.live/area/total-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for various routing options. The choice of venue and algorithm must be justifiable based on the specific characteristics of the order and prevailing market conditions. 

- **Intelligent Order Routing** ▴ The execution management system (EMS) or order management system (OMS) must be configured to access the full range of permissible execution venues. Smart order routers (SORs) become critical tools, dynamically seeking liquidity across lit markets, dark pools, OTFs, and SIs based on pre-defined logic that aligns with the firm’s execution policy. The SOR’s logic must be regularly reviewed and tested to ensure it is performing optimally. 

- **Post-Trade Analysis and Monitoring** ▴ This is where the evidentiary burden of MiFID II is most acute. Firms must systematically capture and analyze execution data for every trade. This analysis must compare the achieved execution price against a variety of benchmarks (e.g. VWAP, TWAP, arrival price) to calculate slippage and other performance metrics. The results of this TCA must be used to evaluate the performance of execution venues, brokers, and internal algorithms. 

- **Governance and Reporting** ▴ The entire process must be overseen by a formal governance structure. This includes regular meetings of a best execution committee to review TCA reports, assess venue performance, and approve any necessary changes to the [order execution](https://prime.greeks.live/area/order-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) policy. The output of this process provides the qualitative and quantitative data required for the annual RTS 28 report. 

![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)

## A Deeper Dive into Venue and Broker Analysis

A critical operational task under MiFID II is the rigorous and evidence-based selection and monitoring of execution venues and brokers. Firms must be able to demonstrate why a particular venue or broker was chosen and provide proof that this choice leads to consistently better outcomes for clients. This requires a multi-faceted analysis that goes far beyond simple volume metrics.

| Metric Category | Key Performance Indicators (KPIs) | Operational Purpose |
| --- | --- | --- |
| Price Improvement | – Effective Spread – Price Improvement vs. EBBO (European Best Bid and Offer) – Slippage vs. Arrival Price | To quantify the value added by the venue/broker in terms of achieving prices better than the prevailing market quote. |
| Cost Analysis | – Explicit Costs (Commissions, Fees) – Implicit Costs (Market Impact, Delay Costs) – Total Cost Analysis (TCA) | To provide a complete picture of the all-in cost of execution, aligning with the “total consideration” principle. |
| Execution Quality | – Fill Rate / Likelihood of Execution – Rejection Rates – Latency (Time to Execute) | To assess the reliability and efficiency of the execution process, crucial for time-sensitive orders. |
| Settlement Performance | – Settlement Failure Rates – Timeliness of Settlement | To evaluate the post-trade reliability of the venue/broker, a key factor in overall best execution. |
| Qualitative Factors | – Financial Stability – Quality of Service and Support – Technology and Connectivity Options | To provide a holistic view of the counterparty relationship beyond pure quantitative metrics. |

> The operational core of MiFID II best execution is a data-driven, systematic evaluation of all available liquidity sources against a multi-dimensional set of performance criteria.

This level of analysis requires a sophisticated data infrastructure capable of capturing, normalizing, and processing vast amounts of market and execution data. Firms must invest in TCA systems, either built in-house or sourced from specialist vendors, that can provide the necessary analytics and reporting capabilities. The output of these systems is the raw material for the best execution committee, enabling it to make informed, defensible decisions about the firm’s execution arrangements.

The process is cyclical ▴ data leads to analysis, analysis leads to decisions, decisions are implemented, and the results are measured through new data, beginning the cycle anew. This continuous loop is the very essence of executing on the MiFID II best execution mandate.

![A transparent glass bar, representing high-fidelity execution and precise RFQ protocols, extends over a white sphere symbolizing a deep liquidity pool for institutional digital asset derivatives. A small glass bead signifies atomic settlement within the granular market microstructure, supported by robust Prime RFQ infrastructure ensuring optimal price discovery and minimal slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-execution-prime-os-intelligence-layer-facilitating-optimal-price-discovery-and-best-execution.jpg)

## References

- Boventer, Jean-Pierre, and Peter O. Mülbert. “The new German securities trading act ▴ a transplantation of the EC markets in financial instruments directive (MiFID).” _European Business Organization Law Review_ 8.3 (2007) ▴ 497-531.

- Gomber, Peter, et al. “On the economics of the markets in financial instruments directive (MiFID) ▴ A survey and critical analysis.” _ICFAI Journal of Financial Economics_ 6.3 (2008) ▴ 7-37.

- Ker-Lindsay, James. “The policies of the European Union towards the Cyprus problem ▴ The impact of the EU.” _The EU and the Cyprus Conflict ▴ Modern Conflict, Postmodern Union_ (2009) ▴ 20-39.

- Moloney, Niamh. “The investor protection agenda in MiFID II and MiFIR.” _Capital Markets Law Journal_ 9.3 (2014) ▴ 289-301.

- Moloney, Niamh. “MiFID II ▴ a new, uncomfortable and uncertain regulatory framework for EU securities markets.” _Law and Financial Markets Review_ 8.4 (2014) ▴ 233-242.

- Armour, John, et al. _Principles of financial regulation_. Oxford University Press, 2016.

- Buckley, Ross P. Emilios Avgouleas, and Douglas W. Arner. “Reconceptualizing the regulation of the internal market for financial services.” _Reconceptualising global finance and its regulation_ (2016) ▴ 222-250.

- Avgouleas, Emilios. “The reform of the regulation of financial markets in the EU ▴ The case for a new ‘Financial ECB’.” _Pre-and Post-Crisis Financial Regulation_. Palgrave Macmillan, Cham, 2019. 143-167.

![Abstract spheres and a translucent flow visualize institutional digital asset derivatives market microstructure. It depicts robust RFQ protocol execution, high-fidelity data flow, and seamless liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/precision-market-microstructure-for-institutional-digital-asset-derivatives-leveraging-rfq-protocols-and-atomic-settlement-across-prime-os.jpg)

## Reflection

![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)

## Execution Quality as a Persistent Strategic Asset

The transition from MiFID I to MiFID II was more than a regulatory update; it was an enforced maturation of the market’s operational consciousness. The frameworks and systems built to satisfy the directive’s requirements ▴ the data repositories, the analytical engines, the governance committees ▴ should not be viewed as mere compliance infrastructure. They represent a strategic asset. The capacity to systematically measure, analyze, and optimize execution quality is a durable competitive advantage.

As markets continue to evolve, driven by technological innovation and new regulatory pressures, the principles embedded in MiFID II provide a robust blueprint for navigating future complexity. The ultimate objective is not simply to satisfy a regulator, but to build an execution framework so empirically sound and transparent that it becomes a cornerstone of client trust and a driver of superior performance. The question for any institution is how this system of intelligence can be leveraged beyond compliance to create a lasting operational edge.

![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)

## Glossary

<a href="https://prime.greeks.live/question/how-can-firms-quantitatively-demonstrate-best-execution-for-rfq-trades-under-the-directive/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Visualizing a complex Institutional RFQ ecosystem, angular forms represent multi-leg spread execution pathways and dark liquidity integration. A sharp, precise point symbolizes high-fidelity execution for digital asset derivatives, highlighting atomic settlement within a Prime RFQ framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-1.jpg)

## Financial Instruments Directive

A firm quantitatively demonstrates RFQ best execution by architecting a data-driven system that proves its process is optimal. </a><a href="https://prime.greeks.live/question/how-does-implied-volatility-skew-affect-the-range-of-possible-strike-prices-for-a-zero-cost-structure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Possible Result

Implied volatility skew dictates the trade-off between downside protection and upside potential in a zero-cost options structure. </a><a href="https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered modular components, 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)

## Execution Policy

Meaning ▴ An Execution Policy defines a structured set of rules and computational logic governing the handling and execution of financial orders within a trading system. </a><a href="https://prime.greeks.live/area/all-sufficient-steps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A slender metallic probe extends between two curved surfaces. This abstractly illustrates high-fidelity execution for institutional digital asset derivatives, driving price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-instrument-navigating-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## All Sufficient Steps

Meaning ▴ All Sufficient Steps denotes a design principle and operational mandate within a system where every component or process is engineered to autonomously achieve its defined objective without requiring external intervention or additional inputs beyond its initial parameters. </a><a href="https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A symmetrical, high-tech digital infrastructure depicts an institutional-grade RFQ execution hub. Luminous conduits represent aggregated liquidity for digital asset derivatives, enabling high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-system.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/mifid-i/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A chrome cross-shaped central processing unit rests on a textured surface, symbolizing a Principal's institutional grade execution engine. It integrates multi-leg options strategies and RFQ protocols, leveraging real-time order book dynamics for optimal price discovery in digital asset derivatives, minimizing slippage and maximizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/principals-high-fidelity-rfq-execution-digital-asset-derivatives-hub.jpg)

## Mifid I

Meaning ▴ MiFID I, the Markets in Financial Instruments Directive, represents a foundational European regulatory framework implemented in 2007, designed to enhance the efficiency, transparency, and integrity of financial markets across the European Union. </a><a href="https://prime.greeks.live/area/financial-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two sharp, teal, blade-like forms crossed, featuring circular inserts, resting on stacked, darker, elongated elements. This represents intersecting RFQ protocols for institutional digital asset derivatives, illustrating multi-leg spread construction and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-best-execution.jpg)

## Financial Instruments

Meaning ▴ Financial instruments represent codified contractual agreements that establish specific claims, obligations, or rights concerning the transfer of economic value or risk between parties. </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 reflective digital asset pipeline bisects a dynamic gradient, symbolizing high-fidelity RFQ execution across fragmented market microstructure. Concentric rings denote the Prime RFQ centralizing liquidity aggregation for institutional digital asset derivatives, ensuring atomic settlement and managing counterparty risk](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-execution-for-institutional-digital-asset-derivatives-2.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/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic rod, symbolizing a high-fidelity execution pipeline, traverses transparent elements representing atomic settlement nodes and real-time price discovery. It rests upon distinct institutional liquidity pools, reflecting optimized RFQ protocols for crypto derivatives trading across a complex volatility surface within Prime RFQ market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trade-execution-pipeline-optimizing-rfq-protocols-for-best-execution-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/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract system interface on a global data sphere, illustrating a sophisticated RFQ protocol for institutional digital asset derivatives. The glowing circuits represent market microstructure and high-fidelity execution within a Prime RFQ intelligence layer, facilitating price discovery and capital efficiency across liquidity pools](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-prime-os.jpg)

## Rts 28

Meaning ▴ RTS 28 refers to Regulatory Technical Standard 28 under MiFID II, which mandates investment firms and market operators to publish annual reports on the quality of execution of transactions on trading venues and for financial instruments. </a><a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precisely engineered system features layered grey and beige plates, representing distinct liquidity pools or market segments, connected by a central dark blue RFQ protocol hub. Transparent teal bars, symbolizing multi-leg options spreads or algorithmic trading pathways, intersect through this core, facilitating price discovery and high-fidelity execution of digital asset derivatives via an institutional-grade Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-multi-leg-options-spread-execution-best-price-discovery-and-latent-liquidity-access-for-prime-brokerage.jpg)

## Execution Quality

Meaning ▴ Execution Quality quantifies the efficacy of an order's fill, assessing how closely the achieved trade price aligns with the prevailing market price at submission, alongside consideration for speed, cost, and market impact. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </a><a href="https://prime.greeks.live/area/tca/?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)

## 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/order-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A stylized RFQ protocol engine, featuring a central price discovery mechanism and a high-fidelity execution blade. Translucent blue conduits symbolize atomic settlement pathways for institutional block trades within a Crypto Derivatives OS, ensuring capital efficiency and best execution](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-execution-for-digital-asset-derivatives.jpg)

## 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/sufficient-steps/?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)

## Sufficient Steps

Meaning ▴ Sufficient Steps constitute the minimum, verifiable sequence of operations required to achieve a defined, deterministic outcome within a financial protocol or system, ensuring operational closure and state transition. </a><a href="https://prime.greeks.live/area/total-cost/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise mechanical instrument with intersecting transparent and opaque hands, representing the intricate market microstructure of institutional digital asset derivatives. This visual metaphor highlights dynamic price discovery and bid-ask spread dynamics within RFQ protocols, emphasizing high-fidelity execution and latent liquidity through a robust Prime RFQ for atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineering-driving-institutional-digital-asset-derivatives-execution-across-advanced-rfq-protocols-and-prime-brokerage-frameworks.jpg)

## Total Cost

Meaning ▴ Total Cost quantifies the comprehensive expenditure incurred across the entire lifecycle of a financial transaction, encompassing both explicit and implicit components. </a><a href="https://prime.greeks.live/area/order-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, modular institutional grade system with glowing teal conduits represents advanced RFQ protocol pathways. This illustrates high-fidelity execution for digital asset derivatives, facilitating private quotation and efficient liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-ecosystem-powering-high-fidelity-rfq-execution-and-optimal-liquidity-discovery.jpg)

## Order Execution

Meaning ▴ Order Execution defines the precise operational sequence that transforms a Principal's trading intent into a definitive, completed transaction within a digital asset market. </a>

**Tags:** [Financial Regulation](https://options.greeks.live/area/financial-regulation/), [Sufficient Steps](https://options.greeks.live/area/sufficient-steps/), [Execution Quality](https://options.greeks.live/area/execution-quality/), [MiFID I](https://options.greeks.live/area/mifid-i/), [Order Execution](https://options.greeks.live/area/order-execution/), [Financial Instruments](https://options.greeks.live/area/financial-instruments/)	

## Discover More

- 
### [How Do Regulatory Requirements for Best Execution Differ between the U.S. and Europe?](https://options.greeks.live/question/how-do-regulatory-requirements-for-best-execution-differ-between-the-u-s-and-europe/)
![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)

U.S. best execution demands proof of the best price, while Europe requires proof of the best process.

- 
### [How Does the Choice of Trading Platform Affect a Firm’s Ability to Comply with MiFID II Best Execution Requirements?](https://options.greeks.live/question/how-does-the-choice-of-trading-platform-affect-a-firms-ability-to-comply-with-mifid-ii-best-execution-requirements/)
![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. This represents a Prime RFQ intelligence layer for optimal capital efficiency and reduced slippage in volatile markets.](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)

The trading platform's architecture determines a firm's capacity to evidence its adherence to MiFID II's "all sufficient steps" mandate.

- 
### [What Are the Key Differences between MiFID II and SEC Best Execution Standards?](https://options.greeks.live/question/what-are-the-key-differences-between-mifid-ii-and-sec-best-execution-standards/)
![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)

MiFID II mandates a prescriptive process to prove "all sufficient steps," while the SEC requires disclosure to ensure "most favorable terms."

- 
### [How Do the Best Execution Requirements Differ for Retail versus Professional Clients under MiFID II?](https://options.greeks.live/question/how-do-the-best-execution-requirements-differ-for-retail-versus-professional-clients-under-mifid-ii/)
![A sleek, symmetrical digital asset derivatives component. It represents an RFQ engine for high-fidelity execution of multi-leg spreads. This balanced design optimizes capital efficiency and risk profiles within market microstructure, enabling best execution and price discovery for institutional block trades.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-optimized-market-microstructure.jpg)

MiFID II tailors best execution by mandating a price-centric duty for Retail clients and a flexible, multi-factor strategic approach for Professionals.

- 
### [How Does MiFID II Specifically Regulate RFQ Best Execution for Non-Equity Instruments?](https://options.greeks.live/question/how-does-mifid-ii-specifically-regulate-rfq-best-execution-for-non-equity-instruments/)
![A precise, multi-faceted geometric structure represents institutional digital asset derivatives RFQ protocols. Its sharp angles denote high-fidelity execution and price discovery for multi-leg spread strategies, symbolizing capital efficiency and atomic settlement within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-microstructure-framework.jpg)

MiFID II mandates a data-driven "all sufficient steps" approach to RFQ best execution, proven via rigorous policy and post-trade analysis.

- 
### [How Did Mifid Ii Change the Best Execution Standard for Rfq Platforms?](https://options.greeks.live/question/how-did-mifid-ii-change-the-best-execution-standard-for-rfq-platforms/)
![Intricate metallic components signify system precision engineering. These structured elements symbolize institutional-grade infrastructure for high-fidelity execution of digital asset derivatives. Mechanics highlight RFQ protocol efficiency, atomic settlement, and robust market microstructure for optimal price discovery within a Prime RFQ.](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)

MiFID II codified best execution into a data-driven, auditable protocol, transforming RFQ platforms into critical compliance infrastructure.

- 
### [How Did MiFID II’s Best Execution Requirements Change the Way Asset Managers Select Brokers?](https://options.greeks.live/question/how-did-mifid-iis-best-execution-requirements-change-the-way-asset-managers-select-brokers/)
![A futuristic circular financial instrument with segmented teal and grey zones, centered by a precision indicator, symbolizes an advanced Crypto Derivatives OS. This system facilitates institutional-grade RFQ protocols for block trades, enabling granular price discovery and optimal multi-leg spread execution across diverse liquidity pools. It visually represents the dynamic interplay of market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-platform.jpg)

MiFID II mandated a shift from relationship-based to data-driven broker selection, requiring demonstrable proof of best execution.

- 
### [How Has MiFID II Changed Best Execution Requirements for Fixed Income?](https://options.greeks.live/question/how-has-mifid-ii-changed-best-execution-requirements-for-fixed-income/)
![A teal-blue disk, symbolizing a liquidity pool for digital asset derivatives, is intersected by a bar. This represents an RFQ protocol or block trade, detailing high-fidelity execution pathways. The interaction illustrates price discovery and market microstructure dynamics, central to a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-high-fidelity-digital-asset-execution.jpg)

MiFID II transformed fixed income best execution from a qualitative judgment into a data-driven, provable discipline.

- 
### [What Are the Key Differences between US and EU Best Execution Requirements for RFQs?](https://options.greeks.live/question/what-are-the-key-differences-between-us-and-eu-best-execution-requirements-for-rfqs/)
![A sleek, disc-shaped system, with concentric rings and a central dome, visually represents an advanced Principal's operational framework. It integrates RFQ protocols for institutional digital asset derivatives, facilitating liquidity aggregation, high-fidelity execution, and real-time risk management. A visible sensor highlights market microstructure insights and price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-digital-asset-derivatives-execution.jpg)

US and EU RFQ best execution diverges on the EU's mandate for continuous, data-intensive proof versus the US's focus on periodic, justifiable review.

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---

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