# What Are the Key Differences in SI Quoting Obligations for Equity versus Non-Equity Instruments? ▴ Question

**Published:** 2025-08-12
**Categories:** Question

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## Concept

The distinction between [Systematic Internaliser](https://prime.greeks.live/area/systematic-internaliser/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SI) quoting obligations for equity and [non-equity instruments](https://prime.greeks.live/area/non-equity-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a direct reflection of the underlying market structures and liquidity profiles of these asset classes. For equities, which are generally characterized by higher levels of standardization and more centralized price formation, the regulatory framework under MiFID II imposes stringent pre-trade transparency requirements. This is designed to create a level playing field between traditional exchanges and SIs, ensuring that the price discovery process is not fragmented or impaired. The core idea is that if an SI is going to internalize a significant volume of equity trades, it must contribute to the public view of the market by providing firm, executable quotes.

In contrast, the non-equity space ▴ encompassing a vast and heterogeneous range of instruments like bonds, derivatives, and structured products ▴ operates on a fundamentally different logic. These markets are often more bespoke, with liquidity concentrated in specific issues or tenors, and a significant portion of trading occurs via request-for-quote (RFQ) systems. Recognizing this, the regulatory approach for non-equity SIs has evolved to be less prescriptive.

Initially, MiFID II did include some [quoting obligations](https://prime.greeks.live/question/how-has-the-2024-mifir-review-changed-quoting-obligations-for-non-equity-systematic-internalisers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for non-equity SIs, but these have since been revised, acknowledging that forcing continuous, firm quoting in such diverse and often illiquid markets could be counterproductive, potentially harming liquidity rather than enhancing it. The current framework for non-equity SIs, therefore, largely removes the mandatory publication of firm quotes, shifting the emphasis to [post-trade transparency](https://prime.greeks.live/area/post-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and allowing for more flexibility in how SIs provide liquidity to their clients.

> The regulatory framework for Systematic Internalisers under MiFID II creates a clear demarcation in quoting obligations, with stringent pre-trade transparency for equities and a more flexible, post-trade focused approach for the diverse world of non-equity instruments.

![Precision instruments, resembling calibration tools, intersect over a central geared mechanism. This metaphor illustrates the intricate market microstructure and price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-engine-microstructure-analytics.jpg)

## The Rationale behind the Divergence

The differing treatment of equity and non-equity instruments under the SI regime is rooted in the concept of market appropriateness. For equities, the high volume of trading and the fungibility of shares make it feasible to mandate [pre-trade transparency](https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) without unduly burdening market participants. In fact, it is seen as essential for maintaining fair and orderly markets.

The obligations for equity SIs are designed to prevent a situation where a large portion of retail and institutional [order flow](https://prime.greeks.live/area/order-flow/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is executed in the dark, away from the public lit markets, which could degrade the quality of price formation for all participants. By requiring SIs to publish quotes, the regime ensures that they are still contributing to the overall picture of supply and demand, even if they are executing trades on a bilateral basis.

For non-equities, the picture is far more complex. A one-size-fits-all approach to quoting obligations would be impractical. Consider the difference between a highly liquid government bond and a bespoke, single-name credit default swap. Mandating [firm quotes](https://prime.greeks.live/area/firm-quotes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for the latter could expose the SI to significant risk, forcing them to widen their spreads to a point where the quote is no longer useful, or to withdraw from the market altogether.

The revised MiFIR acknowledges this reality by removing the [mandatory quoting obligation](https://prime.greeks.live/question/how-does-the-removal-of-mandatory-quoting-affect-best-execution-analysis-for-bonds-and-derivatives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for non-equity SIs, allowing them to provide quotes on a more discretionary basis, typically in response to a client request. This approach preserves the RFQ-driven nature of many [non-equity markets](https://prime.greeks.live/question/from-a-shareholders-perspective-when-are-non-equity-instruments-preferable-to-equity-based-compensation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), which is often the most efficient way to source liquidity for larger or less common trades.

![A gleaming, translucent sphere with intricate internal mechanisms, flanked by precision metallic probes, symbolizes a sophisticated Principal's RFQ engine. This represents the atomic settlement of multi-leg spread strategies, enabling high-fidelity execution and robust price discovery within institutional digital asset derivatives markets, minimizing latency and slippage for optimal alpha generation and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/inst-digital-asset-deriv-rfq-os-for-optimal-high-fidelity-trade-exec.jpg)

## A Tale of Two Market Structures

The table below illustrates the fundamental differences in the market structures that underpin the divergent SI quoting obligations:

| Characteristic | Equity Markets | Non-Equity Markets |
| --- | --- | --- |
| Standardization | High (fungible shares) | Low to High (from bespoke derivatives to government bonds) |
| Liquidity Profile | Generally continuous, with a liquid market for many stocks | Often fragmented and episodic, concentrated in specific instruments |
| Price Discovery | Centralized on lit exchanges | Decentralized, often through RFQ and bilateral negotiation |
| Trading Mechanisms | Dominated by central limit order books (CLOBs) | Dominated by RFQ, voice, and other non-CLOB systems |

This inherent structural dichotomy explains why a rigid, equity-style [quoting obligation](https://prime.greeks.live/question/how-does-the-si-quoting-obligation-vary-between-liquid-and-illiquid-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) would be ill-suited for the non-equity world. The regulatory framework, in its current form, attempts to strike a balance ▴ promoting transparency where it is feasible and beneficial (equities), while avoiding the imposition of rules that could inadvertently stifle liquidity in markets that rely on different trading protocols. The result is a nuanced system where the obligations of an SI are tailored to the specific characteristics of the asset class in which it operates.

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![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)

## Strategy

For an investment firm operating as a Systematic Internaliser, the strategic implications of the differing quoting obligations for equity and non-equity instruments are profound. They shape everything from technology build-outs and [risk management](https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) frameworks to client engagement models. The key is to move beyond a compliance-led mindset and view these obligations as a set of parameters within which a firm can design and execute a winning commercial strategy.

![A precision-engineered interface for institutional digital asset derivatives. A circular system component, perhaps an Execution Management System EMS module, connects via a multi-faceted Request for Quote RFQ protocol bridge to a distinct teal capsule, symbolizing a bespoke block trade](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-interface-for-institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-within-principal-operating-system.jpg)

## Equity SI Strategy a Focus on Efficiency and Scale

For an equity SI, the name of the game is efficiency at scale. The obligation to provide public, firm quotes for liquid instruments up to a standard market size means that the firm must have a robust and automated pricing and execution infrastructure. The core strategic challenge is to provide competitive quotes that attract order flow, while managing the risk of being picked off by high-frequency traders or other sophisticated market participants. This leads to a focus on several key areas:

- 
**[Algorithmic Pricing](https://prime.greeks.live/area/algorithmic-pricing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ The heart of an equity SI’s strategy is its pricing engine. This is not a simple feed from a lit market; it is a sophisticated algorithm that takes into account a multitude of factors, including the firm’s own inventory, its view on short-term market direction, the volatility of the instrument, and the toxicity of the incoming order flow. The goal is to set a bid-ask spread that is tight enough to be attractive to clients, but wide enough to compensate for the risks involved.

- 
**Risk Management** ▴ An equity SI is constantly exposed to market risk. A sudden market move can leave it with a large, unwanted position. Therefore, a key part of the strategy is to have a highly efficient and automated hedging capability. This typically involves co-locating servers with major exchanges to ensure low-latency access to hedging instruments, such as futures or other correlated stocks.

- 
**Client Segmentation** ▴ While the quotes themselves must be made public, an SI can still be strategic about which clients it actively seeks to trade with. The ideal client for an equity SI is one that provides “dumb” or uninformed order flow, meaning that the client is not trading on short-term informational advantages. SIs will often use sophisticated analytics to identify and cultivate relationships with such clients, while being more cautious in their dealings with clients that are deemed to have more “toxic” flow.

> The strategic imperative for an equity SI is to build a highly automated and efficient system for pricing, execution, and hedging, allowing it to profitably internalize a large volume of uninformed order flow.

![Abstract visualization of institutional RFQ protocol for digital asset derivatives. Translucent layers symbolize dark liquidity pools within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-6.jpg)

## Non-Equity SI Strategy a Relationship-Driven Approach

The strategic landscape for a non-equity SI is vastly different. With the removal of the mandatory quoting obligation, the focus shifts from automated market-making to a more relationship-driven, principal-based trading model. The key to success is not a high-volume, low-touch operation, but rather a high-touch, value-added service that leverages the firm’s expertise and balance sheet to meet the specific needs of its clients. The strategic pillars for a non-equity SI include:

- 
**Specialized Expertise** ▴ Non-equity markets are incredibly diverse. A successful SI will typically focus on a specific niche where it has deep expertise, such as corporate bonds of a particular credit quality, or interest rate swaps of a certain tenor. This allows the firm to develop a keen understanding of the market dynamics and liquidity conditions for those instruments, enabling it to provide more accurate and reliable pricing to its clients.

- 
**Balance Sheet Commitment** ▴ Unlike an equity SI, which aims to turn over its inventory as quickly as possible, a non-equity SI must be willing to commit its balance sheet to facilitate client trades. This is particularly true for larger or less liquid instruments, where the SI may need to hold a position for an extended period before it can be hedged or offloaded. This requires a sophisticated risk management framework that can accurately assess and manage the risks associated with these positions.

- 
**Client Relationships** ▴ The core of a non-equity SI’s strategy is its relationship with its clients. Because there is no public quote to rely on, clients must trust that the SI is providing them with a fair price. This trust is built over time through consistent and reliable execution, as well as by providing valuable market color and insights. The RFQ process itself is a key part of this relationship, as it allows for a dialogue between the client and the trader, enabling them to negotiate a price that works for both parties.

![Dark precision apparatus with reflective spheres, central unit, parallel rails. Visualizes institutional-grade Crypto Derivatives OS for RFQ block trade execution, driving liquidity aggregation and algorithmic price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-system.jpg)

## Comparative Strategic Framework

The following table provides a side-by-side comparison of the strategic frameworks for equity and non-equity SIs:

| Strategic Element | Equity SI | Non-Equity SI |
| --- | --- | --- |
| Core Competency | Algorithmic pricing and high-speed execution | Specialized market knowledge and risk warehousing |
| Business Model | High-volume, low-touch, automated | Low-volume, high-touch, relationship-driven |
| Risk Management Focus | Minimizing short-term inventory risk through automated hedging | Managing longer-term position risk through sophisticated modeling |
| Client Engagement | Based on competitive, public quotes and efficient execution | Based on trust, expertise, and bilateral negotiation |
| Technology Emphasis | Low-latency connectivity and algorithmic trading systems | Pricing models, risk analytics, and client relationship management tools |

Ultimately, the choice of strategy for an SI is determined by the regulatory environment in which it operates. The divergent paths of equity and non-equity quoting obligations have created two distinct models for success, one built on the principles of industrial-scale efficiency, and the other on the foundations of specialized expertise and trusted relationships.

![Abstract visualization of institutional digital asset derivatives. Intersecting planes illustrate 'RFQ protocol' pathways, enabling 'price discovery' within 'market microstructure'](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-rfq-execution-liquidity-pool-market-microstructure-protocol.jpg)

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## Execution

The execution of quoting obligations for Systematic Internalisers is where the theoretical distinctions between equity and non-equity instruments translate into concrete operational realities. The processes, technologies, and compliance frameworks required to successfully operate as an SI are fundamentally different for each asset class, demanding a tailored approach to every aspect of the trading lifecycle.

![Sleek, abstract system interface with glowing green lines symbolizing RFQ pathways and high-fidelity execution. This visualizes market microstructure for institutional digital asset derivatives, emphasizing private quotation and dark liquidity within a Prime RFQ framework, enabling best execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-for-institutional-digital-asset-derivatives.jpg)

## Executing Equity Quoting Obligations a High-Frequency Endeavor

For an equity SI, the execution of its quoting obligations is a continuous, high-stakes process that is almost entirely automated. The core of the operation is the firm’s [smart order router](https://prime.greeks.live/area/smart-order-router/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SOR) and pricing engine, which work in tandem to meet the demands of [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)’s pre-trade transparency rules. The process can be broken down into several key steps:

- 
**Ingestion of Market Data** ▴ The SI’s systems are constantly consuming vast amounts of data from multiple sources, including the lit exchanges, alternative trading systems (ATSs), and other SIs. This data includes not only the current bid and offer prices, but also information on trade sizes, execution speeds, and order book depth.

- 
**Real-Time Pricing Calculation** ▴ The pricing engine uses this data, along with the firm’s internal parameters (such as its current inventory and risk appetite), to calculate a firm, two-way quote for each liquid instrument in which it operates as an SI. This calculation is performed in real-time, with quotes being updated multiple times per second to reflect changes in market conditions.

- 
**Dissemination of Quotes** ▴ The calculated quotes are then disseminated to the public via an [Approved Publication Arrangement](https://prime.greeks.live/area/approved-publication-arrangement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (APA) or the facilities of a regulated market. This ensures that the quotes are visible to all market participants, creating a level playing field. The quotes must be clearly identified as coming from the SI.

- 
**Order Execution and Hedging** ▴ When a client sends an order to the SI, it is executed against the firm’s quote. The SI’s systems will then automatically seek to hedge the resulting position, typically by sending an order to a lit exchange. This entire process, from order receipt to hedging, is often completed in a matter of microseconds.

> The operational reality for an equity SI is a relentless cycle of data ingestion, real-time pricing, public dissemination, and automated execution, all occurring at speeds that are at the limits of modern technology.

![Abstract, layered spheres symbolize complex market microstructure and liquidity pools. A central reflective conduit represents RFQ protocols enabling block trade execution and precise price discovery for multi-leg spread strategies, ensuring high-fidelity execution within institutional trading of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-for-high-fidelity.jpg)

## Key Operational Metrics for Equity SIs

The performance of an equity SI is measured by a range of quantitative metrics, including:

- 
**Quote Uptime** ▴ The percentage of time that the SI is providing firm, two-way quotes for its designated instruments. This is a key measure of compliance with the quoting obligation.

- 
**Spread Competitiveness** ▴ The width of the SI’s bid-ask spread relative to the spreads available on lit markets. A tighter spread will attract more order flow, but also increases the risk to the SI.

- 
**Fill Rates** ▴ The percentage of client orders that are successfully executed against the SI’s quotes. A high fill rate is a sign of a reliable and efficient execution service.

- 
**Reversion** ▴ A measure of the short-term price movement after a trade. A high level of reversion can indicate that the SI is trading with informed or “toxic” flow, which can be costly.

![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)

## Executing Non-Equity Quoting Obligations a Discretionary and Nuanced Process

The execution of quoting obligations for non-equity SIs is a far more manual and discretionary process. With the removal of the mandatory quoting obligation, the focus is on responding to client requests in a timely and efficient manner. The process is typically as follows:

- 
**Client [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ)** ▴ The process begins when a client sends an RFQ to the SI for a specific non-equity instrument. This can be done via a variety of channels, including proprietary trading platforms, multi-dealer platforms, or even by phone or instant message.

- 
**Trader Analysis and Pricing** ▴ The RFQ is received by a human trader who specializes in that particular instrument. The trader will then analyze the request, taking into account the size of the order, the current market conditions, the firm’s existing positions, and the relationship with the client. Based on this analysis, the trader will formulate a price.

- 
**Quote Provision** ▴ The trader will then provide the quote to the client. This quote is typically only valid for a short period of time, and is only available to the client who made the request. Unlike in the equity space, there is no requirement to make this quote public.

- 
**Execution and Risk Management** ▴ If the client accepts the quote, the trade is executed. The trader will then decide how to manage the resulting risk. This may involve holding the position on the firm’s books, or seeking to hedge it in the inter-dealer market. This decision is based on the trader’s view of the market and the firm’s overall risk appetite.

![A translucent sphere with intricate metallic rings, an 'intelligence layer' core, is bisected by a sleek, reflective blade. This visual embodies an 'institutional grade' 'Prime RFQ' enabling 'high-fidelity execution' of 'digital asset derivatives' via 'private quotation' and 'RFQ protocols', optimizing 'capital efficiency' and 'market microstructure' for 'block trade' operations](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

## The Human Element in Non-Equity Execution

The key difference in the execution process for non-equity SIs is the central role of the human trader. While technology is still important for providing market data and risk management tools, the ultimate pricing and trading decisions are made by experienced professionals. This human element is essential for navigating the complexities of non-equity markets, where liquidity can be scarce and relationships are paramount. The success of a non-equity SI is therefore highly dependent on the skill and experience of its trading team.

![A sophisticated modular component of a Crypto Derivatives OS, featuring an intelligence layer for real-time market microstructure analysis. Its precision engineering facilitates high-fidelity execution of digital asset derivatives via RFQ protocols, ensuring optimal price discovery and capital efficiency for institutional participants](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-module.jpg)

## References

- European Securities and Markets Authority. (2020). MiFIR report on systematic internalisers in non-equity instruments (ESMA70-156-2756).

- European Securities and Markets Authority. (2020). MiFID II/MiFIR review report on the transparency regime for equity and equity-like instruments, the double volume cap mechanism and the trading obligations for shares.

- 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.

- Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive.

- Harris, L. (2003). Trading and Exchanges ▴ Market Microstructure for Practitioners. Oxford University Press.

![A sleek, bimodal digital asset derivatives execution interface, partially open, revealing a dark, secure internal structure. This symbolizes high-fidelity execution and strategic price discovery via institutional RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocols-price-discovery.jpg)

## Reflection

The dual realities of Systematic Internaliser obligations for equity and non-equity instruments offer a compelling case study in regulatory design. The system is not a monolithic structure, but rather an adaptive framework that acknowledges the fundamental truth that not all liquidity is created equal. For firms operating within this environment, the challenge is to architect an operational model that aligns with the specific market structure of their chosen asset class. This requires a deep understanding of not just the letter of the law, but the underlying principles of [market microstructure](https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that inform it.

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## Beyond Compliance a Framework for Strategic Advantage

Viewing these obligations solely through the lens of compliance is a missed opportunity. Instead, they should be seen as the foundational parameters for building a competitive advantage. In the equity space, this advantage is forged in the crucible of speed and efficiency, where sub-millisecond advantages in pricing and hedging can be the difference between profit and loss.

In the non-equity realm, the edge is found in the cultivation of expertise, the judicious application of capital, and the building of enduring client relationships. Each path demands a different set of skills, a different technological architecture, and a different corporate culture.

![Teal and dark blue intersecting planes depict RFQ protocol pathways for digital asset derivatives. A large white sphere represents a block trade, a smaller dark sphere a hedging component](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-liquidity.jpg)

## The Future of Internalisation

As markets continue to evolve, so too will the SI regime. The ongoing debate around the growth of off-exchange trading and its impact on price formation will undoubtedly lead to further refinements of the rules. For firms that have built their operations on a solid foundation of market understanding and technological excellence, these changes will not be a threat, but an opportunity. By understanding the “why” behind the rules, they will be better positioned to anticipate and adapt to the “what” of future regulatory developments, ensuring that their operational framework remains not just compliant, but a source of enduring strategic value.

![Precision mechanics illustrating institutional RFQ protocol dynamics. Metallic and blue blades symbolize principal's bids and counterparty responses, pivoting on a central matching engine](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-execution-engine-microstructure.jpg)

## Glossary

<a href="https://prime.greeks.live/area/systematic-internaliser/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision metallic pointers converge on a central blue mechanism. This symbolizes Market Microstructure of Institutional Grade Digital Asset Derivatives, depicting High-Fidelity Execution and Price Discovery via RFQ protocols, ensuring Capital Efficiency and Atomic Settlement for Multi-Leg Spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-for-precision-execution.jpg)

## Systematic Internaliser

Meaning ▴ A Systematic Internaliser (SI) is a financial institution executing client orders against its own capital on an organized, frequent, systematic basis off-exchange. </a><a href="https://prime.greeks.live/area/non-equity-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated mechanism features a segmented disc, indicating dynamic market microstructure and liquidity pool partitioning. This system visually represents an RFQ protocol's price discovery process, crucial for high-fidelity execution of institutional digital asset derivatives and managing counterparty risk within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/advanced-digital-asset-derivatives-rfq-liquidity-aggregation-system.jpg)

## Non-Equity Instruments

Meaning ▴ Non-equity instruments are financial contracts or securities that do not confer ownership interest in an issuing entity. </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">
![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)

## 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/question/how-has-the-2024-mifir-review-changed-quoting-obligations-for-non-equity-systematic-internalisers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic, circular mechanism, a precision control interface, rests on a dark circuit board. This symbolizes the core intelligence layer of a Prime RFQ, enabling low-latency, high-fidelity execution for institutional digital asset derivatives via optimized RFQ protocols, refining market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/precision-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

## Quoting Obligations

The 2024 MiFIR review eliminates pre-trade quoting obligations for non-equity SIs, re-architecting the framework for bilateral liquidity. </a><a href="https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, modular system component in beige and dark blue, featuring precise ports and a vibrant teal indicator. This embodies Prime RFQ architecture enabling high-fidelity execution of digital asset derivatives through bilateral RFQ protocols, ensuring low-latency interconnects, private quotation, institutional-grade liquidity, and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-system-interface-for-digital-asset-derivatives-execution.jpg)

## Pre-Trade Transparency

Meaning ▴ Pre-Trade Transparency refers to the real-time dissemination of bid and offer prices, along with associated sizes, prior to the execution of a trade. </a><a href="https://prime.greeks.live/area/order-flow/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract visualization of a sophisticated institutional digital asset derivatives trading system. Intersecting transparent layers depict dynamic market microstructure, high-fidelity execution pathways, and liquidity aggregation for RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution.jpg)

## Order Flow

Meaning ▴ Order Flow represents the real-time sequence of executable buy and sell instructions transmitted to a trading venue, encapsulating the continuous interaction of market participants' supply and demand. </a><a href="https://prime.greeks.live/area/firm-quotes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A detailed view of an institutional-grade Digital Asset Derivatives trading interface, featuring a central liquidity pool visualization through a clear, tinted disc. Subtle market microstructure elements are visible, suggesting real-time price discovery and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-system-microstructure-display.jpg)

## Firm Quotes

Meaning ▴ A Firm Quote represents a committed, executable price and size at which a market participant is obligated to trade for a specified duration. </a><a href="https://prime.greeks.live/question/how-does-the-removal-of-mandatory-quoting-affect-best-execution-analysis-for-bonds-and-derivatives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic circular interface, segmented by a prominent 'X' with a luminous central core, visually represents an institutional RFQ protocol. This depicts precise market microstructure, enabling high-fidelity execution for multi-leg spread digital asset derivatives, optimizing capital efficiency across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-execution-microstructure.jpg)

## Mandatory Quoting Obligation

The removal of mandatory quoting shifts best execution analysis from price validation to a defense of the liquidity discovery process itself. </a><a href="https://prime.greeks.live/question/from-a-shareholders-perspective-when-are-non-equity-instruments-preferable-to-equity-based-compensation/?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)

## Non-Equity Markets

Non-equity instruments are preferred when shareholders must align incentives while mitigating dilution, controlling cash flow, and insulating rewards from market volatility. </a><a href="https://prime.greeks.live/question/how-does-the-si-quoting-obligation-vary-between-liquid-and-illiquid-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Polished metallic surface with a central intricate mechanism, representing a high-fidelity market microstructure engine. Two sleek probes symbolize bilateral RFQ protocols for precise price discovery and atomic settlement of institutional digital asset derivatives on a Prime RFQ, ensuring best execution for Bitcoin Options](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-engine-core-market-microstructure-intelligence-layer.jpg)

## Quoting Obligation

The SI quoting obligation calibrates transparency ▴ continuous and public for liquid instruments, on-request and private for illiquid ones. </a><a href="https://prime.greeks.live/area/risk-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![This visual represents an advanced Principal's operational framework for institutional digital asset derivatives. A foundational liquidity pool seamlessly integrates dark pool capabilities for block trades](https://options.greeks.live/wp-content/uploads/2025/07/principal-crypto-derivatives-os-rfq-execution-microstructure.jpg)

## Risk Management

Meaning ▴ Risk Management is the systematic process of identifying, assessing, and mitigating potential financial exposures and operational vulnerabilities within an institutional trading framework. </a><a href="https://prime.greeks.live/area/algorithmic-pricing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic algorithmic trading component with a central circular mechanism rests on angular, multi-colored reflective surfaces, symbolizing sophisticated RFQ protocols, aggregated liquidity, and high-fidelity execution within institutional digital asset derivatives market microstructure. This represents the intelligence layer of a Prime RFQ for optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-system-architecture-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## Algorithmic Pricing

Meaning ▴ Algorithmic pricing refers to the automated determination and dynamic adjustment of asset prices, bids, or offers through the application of computational models and real-time data analysis. </a><a href="https://prime.greeks.live/area/smart-order-router/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered multi-layered architecture depicts institutional digital asset derivatives platforms, showcasing modularity for optimal liquidity aggregation and atomic settlement. This visualizes sophisticated RFQ protocols, enabling high-fidelity execution and robust pre-trade analytics](https://options.greeks.live/wp-content/uploads/2025/08/modular-digital-asset-derivative-prime-os-for-institutional-rfq-and-block-trade-execution.jpg)

## Smart Order Router

Meaning ▴ A Smart Order Router (SOR) is an algorithmic trading mechanism designed to optimize order execution by intelligently routing trade instructions across multiple liquidity venues. </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">
![Three metallic, circular mechanisms represent a calibrated system for institutional-grade digital asset derivatives trading. The central dial signifies price discovery and algorithmic precision within RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-and-execution-precision.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/approved-publication-arrangement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract composition features two intersecting, sharp-edged planes—one dark, one light—representing distinct liquidity pools or multi-leg spreads. Translucent spherical elements, symbolizing digital asset derivatives and price discovery, balance on this intersection, reflecting complex market microstructure and optimal RFQ protocol execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-digital-asset-derivatives-rfq-execution-market-microstructure.jpg)

## Approved Publication Arrangement

Meaning ▴ An Approved Publication Arrangement (APA) is a regulated entity authorized to publicly disseminate post-trade transparency data for financial instruments, as mandated by regulations such as MiFID II and MiFIR. </a><a href="https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting transparent and opaque geometric planes, symbolizing the intricate market microstructure of institutional digital asset derivatives. Visualizes high-fidelity execution and price discovery via RFQ protocols, demonstrating multi-leg spread strategies and dark liquidity for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-market-microstructure-architecture.jpg)

## Request for Quote

Meaning ▴ A Request for Quote, or RFQ, constitutes a formal communication initiated by a potential buyer or seller to solicit price quotations for a specified financial instrument or block of instruments from one or more liquidity providers. </a><a href="https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Market Microstructure

Meaning ▴ Market Microstructure refers to the study of the processes and rules by which securities are traded, focusing on the specific mechanisms of price discovery, order flow dynamics, and transaction costs within a trading venue. </a>

**Tags:** [Approved Publication Arrangement](https://options.greeks.live/area/approved-publication-arrangement/), [Non-Equity Instruments](https://options.greeks.live/area/non-equity-instruments/), [Firm Quotes](https://options.greeks.live/area/firm-quotes/), [Order Flow](https://options.greeks.live/area/order-flow/), [Risk Management](https://options.greeks.live/area/risk-management/), [Systematic Internaliser](https://options.greeks.live/area/systematic-internaliser/)	

## Discover More

- 
### [What Is the Role of Systematic Internalisers in Post-MiFID II Block Trading?](https://options.greeks.live/question/what-is-the-role-of-systematic-internalisers-in-post-mifid-ii-block-trading/)
![A sophisticated system's core component, representing an Execution Management System, drives a precise, luminous RFQ protocol beam. This beam navigates between balanced spheres symbolizing counterparties and intricate market microstructure, facilitating institutional digital asset derivatives trading, optimizing price discovery, and ensuring high-fidelity execution within a prime brokerage framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-10.jpg)

Systematic Internalisers provide a regulated, principal-based execution channel for block trades, offering reduced market impact and operational efficiency.

- 
### [How Do Regulatory Frameworks Impact Block Trade Disclosure Requirements?](https://options.greeks.live/question/how-do-regulatory-frameworks-impact-block-trade-disclosure-requirements/)
![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)

Regulatory frameworks mandate block trade disclosure, balancing market transparency with institutional execution discretion to prevent information leakage.

- 
### [What Are the Core Regulatory Mandates Impacting Block Trade Reporting?](https://options.greeks.live/question/what-are-the-core-regulatory-mandates-impacting-block-trade-reporting/)
![An advanced RFQ protocol engine core, showcasing robust Prime Brokerage infrastructure. Intricate polished components facilitate high-fidelity execution and price discovery for institutional grade digital asset derivatives. This system optimizes liquidity aggregation and supports multi-leg spread strategies for capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-for-precision-trading.jpg)

Mastering block trade reporting mandates empowers institutions to execute large orders discreetly, optimize liquidity, and maintain market integrity.

- 
### [How Does the Systematic Internaliser Regime Affect Overall Market Transparency and Price Formation?](https://options.greeks.live/question/how-does-the-systematic-internaliser-regime-affect-overall-market-transparency-and-price-formation/)
![Precision system for institutional digital asset derivatives. Translucent elements denote multi-leg spread structures and RFQ protocols. Perforated bar implies co-location for latency optimization within a Principal's operational framework, ensuring high-fidelity execution and best execution.](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-infrastructure-for-institutional-digital-asset-derivatives-request-for-quote-protocol-optimization.jpg)

The Systematic Internaliser regime re-architects market structure, creating a bilateral, quote-driven liquidity tier that offers execution advantages at the cost of increased fragmentation.

- 
### [What Are the Primary Technological Components Required to Operate a Systematic Internaliser Effectively?](https://options.greeks.live/question/what-are-the-primary-technological-components-required-to-operate-a-systematic-internaliser-effectively/)
![Stacked, multi-colored discs symbolize an institutional RFQ Protocol's layered architecture for Digital Asset Derivatives. This embodies a Prime RFQ enabling high-fidelity execution across diverse liquidity pools, optimizing multi-leg spread trading and capital efficiency within complex market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-stack-for-high-fidelity-execution.jpg)

Operating a Systematic Internaliser effectively requires an integrated, low-latency technology stack for pricing, risk, and regulatory reporting.

- 
### [What Specific Criteria Justify Limiting Quote Provision under MiFID II?](https://options.greeks.live/question/what-specific-criteria-justify-limiting-quote-provision-under-mifid-ii/)
![A central split circular mechanism, half teal with liquid droplets, intersects four reflective angular planes. This abstractly depicts an institutional RFQ protocol for digital asset options, enabling principal-led liquidity provision and block trade execution with high-fidelity price discovery within a low-latency market microstructure, ensuring capital efficiency and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-core-system-for-high-fidelity-execution-and-aggregated-liquidity.jpg)

MiFID II limits quote provision for large-in-scale trades, illiquid instruments, and specific protocols to optimize execution and manage risk.

- 
### [What Are the Primary Obligations of a Firm Registered as a Systematic Internaliser?](https://options.greeks.live/question/what-are-the-primary-obligations-of-a-firm-registered-as-a-systematic-internaliser/)
![A polished, dark spherical component anchors a sophisticated system architecture, flanked by a precise green data bus. This represents a high-fidelity execution engine, enabling institutional-grade RFQ protocols for digital asset derivatives. It embodies the precision of private quotation and efficient latent liquidity aggregation within market microstructure, crucial for optimal capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-core.jpg)

A Systematic Internaliser's core duty is to provide structured pre- and post-trade transparency for its principal trading activity.

- 
### [How Does the Systematic Internaliser Regime Impact Price Discovery in Both Asset Classes?](https://options.greeks.live/question/how-does-the-systematic-internaliser-regime-impact-price-discovery-in-both-asset-classes/)
![A central rod, symbolizing an RFQ inquiry, links distinct liquidity pools and market makers. A transparent disc, an execution venue, facilitates price discovery. A teal beam, representing an intelligence layer, depicts high-fidelity execution for digital asset derivatives, optimizing market microstructure and managing counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-optimization.jpg)

The Systematic Internaliser regime enhances price competition in equities while creating foundational price points in non-equity markets.

- 
### [How Do Regulatory Changes like MiFID II Alter SI Quoting Obligations?](https://options.greeks.live/question/how-do-regulatory-changes-like-mifid-ii-alter-si-quoting-obligations/)
![An abstract composition of intersecting light planes and translucent optical elements illustrates the precision of institutional digital asset derivatives trading. It visualizes RFQ protocol dynamics, market microstructure, and the intelligence layer within a Principal OS for optimal capital efficiency, atomic settlement, and high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-framework.jpg)

MiFID II transforms SI quoting from a private bilateral act into a public, regulated, and data-driven market function.

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        "Market Microstructure",
        "MiFID II",
        "Non-Equity Instruments",
        "Order Flow",
        "Post-Trade Transparency",
        "Pre-Trade Transparency",
        "Request for Quote",
        "Risk Management",
        "Smart Order Router",
        "Systematic Internaliser"
    ]
}
```

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**Original URL:** https://options.greeks.live/question/what-are-the-key-differences-in-si-quoting-obligations-for-equity-versus-non-equity-instruments/
