# What Are the Key Regulatory Differences between Quoting for Lis and Ssti Trades? ▴ Question

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

---

![Precision-engineered multi-vane system with opaque, reflective, and translucent teal blades. This visualizes Institutional Grade Digital Asset Derivatives Market Microstructure, driving High-Fidelity Execution via RFQ protocols, optimizing Liquidity Pool aggregation, and Multi-Leg Spread management on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-multi-vane-system-illustrating-institutional-digital-asset-derivatives-rfq-protocols-market-microstructure-optimized-liquidity-aggregation-prime-os-high-fidelity-execution.jpg)

![A metallic, modular trading interface with black and grey circular elements, signifying distinct market microstructure components and liquidity pools. A precise, blue-cored probe diagonally integrates, representing an advanced RFQ engine for granular price discovery and atomic settlement of multi-leg spread strategies in institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-system-facilitating-high-fidelity-execution-price-discovery.jpg)

## Concept

Navigating the complex European financial markets requires a profound understanding of the regulatory architecture governing trade transparency. At the heart of the Markets in Financial Instruments Directive II ([MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) and its accompanying regulation ([MiFIR](https://prime.greeks.live/area/mifir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) lies a sophisticated system designed to calibrate the flow of information. This system acknowledges a fundamental market reality ▴ the public disclosure of trading intentions and executions, while vital for price discovery, can be detrimental when orders reach a certain magnitude. Exposing large orders to the entire market prematurely can trigger adverse price movements, penalizing the very institutions seeking to provide or access liquidity.

To counteract this, the regulatory framework establishes specific, data-driven thresholds that modulate transparency requirements. The two primary mechanisms in this system are the Large in Scale ([LIS](https://prime.greeks.live/area/lis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) and the Size Specific to Instrument ([SSTI](https://prime.greeks.live/area/ssti/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) thresholds.

These designations are not arbitrary labels but quantitative triggers that grant access to specific waivers and deferrals concerning pre-trade and [post-trade transparency](https://prime.greeks.live/area/post-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The core function of LIS and SSTI is to create a tiered system of information disclosure. This system allows market participants, particularly those transacting in significant volumes, to manage their execution risk by controlling the visibility of their orders and completed trades. LIS represents the upper echelon of this system, identifying trades that are exceptionally large relative to normal market activity for a given asset class.

SSTI, conversely, serves as a lower threshold, delineating moderately sized trades from the smallest, most routine transactions. Understanding the functional difference between these two thresholds is the first step toward mastering execution strategy within the European regulatory landscape.

![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)

## The Foundational Principles of Transparency Calibration

The MiFID II framework operates on the principle that not all transparency is uniformly beneficial. While real-time pre-trade and post-trade data is the default for liquid markets, enforcing this rule universally would severely impair liquidity for block-sized orders. [Liquidity providers](https://prime.greeks.live/question/what-role-do-non-bank-liquidity-providers-play-in-offering-deep-liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), faced with the high risk of moving the market against themselves while hedging a large position, would widen their spreads prohibitively or withdraw from quoting altogether.

The LIS and SSTI mechanisms are the solution to this dilemma. They are calculated by the European Securities and Markets Authority ([ESMA](https://prime.greeks.live/area/esma/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) and national competent authorities based on detailed analyses of historical trade data for each specific class of financial instrument.

The calculations typically involve determining percentiles of the distribution of trade sizes. For instance, the [SSTI threshold](https://prime.greeks.live/area/ssti-threshold/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for a particular type of bond might be set at the 60th percentile of all trades in that bond class, while the LIS threshold could be set at the 70th or higher percentile. This data-centric approach ensures that the thresholds are dynamic and reflective of actual trading patterns, adapting over time as market behavior evolves. The result is a system where the level of transparency is inversely proportional to the potential for [market impact](https://prime.greeks.live/question/how-does-high-market-volatility-affect-the-ability-to-accurately-differentiate-market-impact-from-information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a foundational concept for any institutional participant.

> LIS and SSTI thresholds function as regulatory valves, controlling the flow of pre-trade and post-trade information to prevent market impact for large transactions.

![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)

## Distinguishing LIS and SSTI at a System Level

At its core, the distinction between Large in Scale and Size Specific to Instrument is a matter of hierarchy and impact. LIS is the designation for true block trades, orders of a magnitude that confers the most significant information disclosure relief. An order qualifying as LIS can benefit from a full waiver of [pre-trade transparency](https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) obligations, meaning quotes for that order do not need to be displayed to the market on any venue. This provides maximum protection against information leakage during the sensitive price discovery phase.

SSTI operates as an intermediate threshold. It is particularly relevant for [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ([RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) and voice-based trading systems. When an RFQ is for a size above the SSTI threshold, the quotes received in response are exempt from real-time pre-trade transparency. This allows a client to solicit prices from multiple dealers without broadcasting that interest to the wider market.

However, the relief granted by the SSTI designation is generally less extensive than that for LIS. The system, therefore, creates a graduated scale of protection, recognizing that the risk faced by a market maker on a moderately large trade is material, yet distinct from the risk of a true block transaction.

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

![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)

## Strategy

For an institutional trading desk, the LIS and SSTI thresholds are not merely regulatory minutiae; they are fundamental components of execution strategy. The decision of how, where, and when to execute a large order is deeply influenced by whether that order’s size crosses these critical regulatory lines. A strategic approach involves analyzing an order’s size relative to the prevailing LIS and SSTI thresholds to determine the optimal path for sourcing liquidity while minimizing information leakage and adverse selection. This analysis dictates the choice of execution venue, the type of counterparty to engage, and the structure of the trading process itself.

The primary strategic benefit of these thresholds is risk mitigation for liquidity providers. When a dealer provides a quote for a large order, they take on inventory risk that must be hedged. If the details of that trade are immediately made public post-execution, the dealer’s hedging activity becomes predictable, allowing other market participants to trade ahead of them, thereby increasing their costs.

The post-trade deferrals available for LIS and SSTI trades are designed to give dealers a protected window to manage their risk. Consequently, a trading desk seeking a quote for a large position can expect tighter pricing from dealers if the trade qualifies for these deferrals, as the dealer’s risk is lower.

![A teal-colored digital asset derivative contract unit, representing an atomic trade, rests precisely on a textured, angled institutional trading platform. This suggests high-fidelity execution and optimized market microstructure for private quotation block trades within a secure Prime RFQ environment, minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-optimization.jpg)

## Comparative Strategic Framework LIS Vs SSTI

The strategic considerations for LIS and SSTI trades can be systematically compared. Each threshold unlocks a different set of tools and tactical possibilities for the institutional trader. Understanding these differences is essential for developing a sophisticated execution policy that adapts to order size and instrument characteristics.

| Strategic Dimension | Size Specific to Instrument (SSTI) | Large in Scale (LIS) |
| --- | --- | --- |
| Primary Function | Separates small, routine trades from standard-sized trades, primarily impacting RFQ and voice systems. | Identifies true block trades that require maximum protection from market impact across all venue types. |
| Pre-Trade Objective | To enable discreet price discovery from multiple dealers on RFQ venues without public quote dissemination. | To completely shield the order from pre-trade transparency requirements on any trading venue, including central limit order books. |
| Post-Trade Advantage | Allows for deferred publication of trade details, giving liquidity providers a window to hedge. The deferral periods are typically shorter than for LIS. | Provides access to the longest available post-trade publication deferrals, often up to two days (T+2) or more, offering maximum risk management capacity for dealers. |
| Typical Execution Venue | Multilateral Trading Facilities (MTFs) and Organised Trading Facilities (OTFs) using RFQ protocols; Systematic Internalisers (SIs). | Regulated Markets (via block trading facilities), MTFs, OTFs, and Systematic Internalisers. The choice depends on the desired counterparty and liquidity type. |
| Impact on Quoting | Facilitates competitive quoting from a select group of dealers who know their prices will not be made public pre-trade. | Encourages dealers to quote on the largest sizes, knowing they have maximum pre-trade anonymity and post-trade hedging protection. |

![A textured spherical digital asset, resembling a lunar body with a central glowing aperture, is bisected by two intersecting, planar liquidity streams. This depicts institutional RFQ protocol, optimizing block trade execution, price discovery, and multi-leg options strategies with high-fidelity execution within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-optimized-rfq-execution-protocol-dynamic-liquidity-management.jpg)

## Liquidity Sourcing and Information Control

A key strategic element is the management of information. When an order is below the SSTI threshold, executing it electronically on a lit order book might be efficient. However, once an order crosses the SSTI threshold, the strategic calculus shifts. Using an RFQ protocol on an MTF or directly with an SI becomes a more viable path.

This allows the trader to control who sees the order, transforming a public broadcast into a series of private negotiations. The [SSTI waiver](https://prime.greeks.live/area/ssti-waiver/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the regulatory enabler of this strategic pivot.

- **Sub-SSTI Orders** These are typically handled through standard electronic protocols, where speed and direct market access are prioritized. The market impact is considered manageable. 

- **SSTI-to-LIS Orders** For this size bracket, the strategy revolves around discreet liquidity sourcing. The goal is to leverage the SSTI pre-trade waiver for RFQ systems to engage multiple liquidity providers without alerting the broader market. Post-trade deferrals provide some protection, but the timing of execution is still critical. 

- **LIS Orders** Here, the strategy is focused on minimizing footprint at all costs. The full pre-trade waiver allows for negotiation with a single dealer or a very small club of trusted counterparties. The long post-trade deferral period is a critical part of the negotiation, as it directly impacts the price a dealer is willing to offer. The execution may be broken up, but each component part is still managed with the utmost discretion. 

![Abstract visualization of an institutional-grade digital asset derivatives execution engine. Its segmented core and reflective arcs depict advanced RFQ protocols, real-time price discovery, and dynamic market microstructure, optimizing high-fidelity execution and capital efficiency for block trades within a Principal's framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-interface.jpg)

![A multi-faceted digital asset derivative, precisely calibrated on a sophisticated circular mechanism. This represents a Prime Brokerage's robust RFQ protocol for high-fidelity execution of multi-leg spreads, ensuring optimal price discovery and minimal slippage within complex market microstructure, critical for alpha generation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-2.jpg)

## Execution

The execution phase is where the theoretical distinctions between LIS and SSTI translate into concrete operational protocols. For the trader at the point of execution, the regulatory status of their order dictates the available tools, the required reporting flags, and the precise mechanics of interaction with trading venues and counterparties. A failure to correctly apply these protocols can result in a breach of MiFIR obligations or, more practically, suboptimal execution quality due to unintended information leakage.

A critical aspect of execution is the role of [Systematic Internalisers](https://prime.greeks.live/question/how-does-the-rise-of-systematic-internalisers-compare-to-the-stated-transparency-goals-of-mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SIs). An SI is an investment firm that deals on its own account by executing client orders outside of a traditional trading venue. Under MiFID II, SIs have specific pre-trade quoting obligations for liquid instruments. The LIS and SSTI waivers are therefore of paramount importance to them.

When an SI receives a request for a quote above the SSTI threshold, it can provide that quote without having to make it public. This is crucial for the SI model, as it allows them to provide tailored liquidity to clients without exposing their pricing to the entire market, which would subject them to significant risk.

![Abstract forms symbolize institutional Prime RFQ for digital asset derivatives. Core system supports liquidity pool sphere, layered RFQ protocol platform](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-for-digital-asset-derivatives-liquidity.jpg)

## Operational Mechanics of Transparency Waivers and Deferrals

The application of waivers and deferrals is a precise, rule-based process. Trading venues and investment firms must have systems in place to identify whether an order or trade qualifies for LIS or SSTI treatment and apply the corresponding transparency logic. This involves integrating ESMA’s regularly updated threshold data into their order and trade management systems.

> Correctly applying LIS and SSTI flags at the point of trade is a critical operational task that directly enables strategic execution and ensures regulatory compliance.

The table below outlines the operational application of these waivers across different venue types, demonstrating the granular nature of the regulatory framework. This is the level of detail that must be encoded into a firm’s trading technology and compliance workflows.

| Venue / Protocol | Pre-Trade Action (SSTI Order) | Pre-Trade Action (LIS Order) | Post-Trade Action (SSTI or LIS Trade) |
| --- | --- | --- | --- |
| Regulated Market (Order Book) | Full pre-trade transparency required. SSTI waiver is not applicable to central limit order books. | Pre-trade transparency waiver can be applied. The order is not displayed on the public book. | Deferred publication of trade details is permitted, subject to the competent authority’s chosen deferral regime. |
| MTF/OTF (RFQ/Voice) | Pre-trade transparency waiver applies. Quotes are not made public in real-time. | Pre-trade transparency waiver applies. Quotes are not made public. | Deferred publication is permitted. The length of deferral for LIS trades is typically longer than for SSTI trades. |
| Systematic Internaliser (SI) | The SI is exempt from its obligation to make the quote public if the client’s request is above the SSTI threshold. | The SI is exempt from its public quoting obligation. | The SI is subject to the same post-trade transparency and deferral rules as trades on a venue. |

![A precision-engineered metallic component with a central circular mechanism, secured by fasteners, embodies a Prime RFQ engine. It drives institutional liquidity and high-fidelity execution for digital asset derivatives, facilitating atomic settlement of block trades and private quotation within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-platform-rfq-engine-for-high-fidelity-execution-and-atomic-settlement-of-block-trades.jpg)

## The Evolving Regulatory Landscape the MiFIR Review

The distinction between LIS and SSTI is not static. The MiFIR review process has brought significant changes, particularly to the SSTI regime. European regulators, aiming to simplify the transparency framework, have moved to delete the SSTI waiver for pre-trade transparency.

The rationale is that the existence of multiple waiver types (illiquid, LIS, SSTI, etc.) creates undue complexity. The recent updates to MiFIR have effectively removed the SSTI pre-trade waiver, consolidating the framework around the LIS waiver for large trades and the illiquid instrument waiver.

This has profound implications for execution. For Systematic Internalisers and RFQ platforms, the removal of the SSTI waiver means that a new, single threshold (LIS) governs pre-trade transparency exemptions for large orders. This simplifies the number of thresholds to monitor but also creates a cliff-edge effect. An order that is large, but falls just below the newly calibrated LIS threshold, may now be subject to greater pre-trade transparency than it was under the old regime.

This regulatory evolution requires trading desks and technology providers to recalibrate their systems and strategies, underscoring the dynamic nature of financial regulation and its direct impact on [market microstructure](https://prime.greeks.live/area/market-microstructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and execution practice. The UK has also undertaken its own review, creating the potential for divergence between the EU and UK transparency regimes.

![Abstract layers in grey, mint green, and deep blue visualize a Principal's operational framework for institutional digital asset derivatives. The textured grey signifies market microstructure, while the mint green layer with precise slots represents RFQ protocol parameters, enabling high-fidelity execution, private quotation, capital efficiency, and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-layered-rfq-protocol-for-digital-asset-execution-system.jpg)

## References

- Clarus Financial Technology. “MIFID II Transitional Transparency.” 12 July 2017.

- Tradeweb. “MiFID II and Swaps Transparency ▴ What You Need to Know.” 14 October 2015.

- SEC.gov. “MiFID II Transparency Rules.” Presentation.

- European Securities and Markets Authority. “FAQs on MiFID II – Transitional Transparency Calculations.” 6 August 2018, ESMA70-156-423.

- International Swaps and Derivatives Association. “ISDA Commentary on EC MIFIR proposal ▴ removal of the SSTI threshold.” September 2021.

- Ashurst. “Transparency regime under UK MiFIR ▴ FCA provides further detail (PS24/14).” 28 November 2024.

- Autorité des marchés financiers. “Implementing MiFID 2 pre- and post-trade transparency requirements in France.” 21 July 2017.

- European Securities and Markets Authority. “Annual transparency calculations for non-equity instruments.”

![A central glowing blue mechanism with a precision reticle is encased by dark metallic panels. This symbolizes an institutional-grade Principal's operational framework for high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-core-enabling-institutional-digital-asset-derivatives-rfq-execution.jpg)

## Reflection

The intricate dance between LIS and SSTI within the MiFID II framework is a testament to the sophisticated nature of modern market regulation. The knowledge of these mechanisms provides more than just a compliance checklist; it offers a lens through which to view the very structure of liquidity. The regulations themselves become a map, revealing the channels through which large orders can move with minimal friction. Contemplating this system prompts a deeper inquiry into one’s own operational framework.

How is this regulatory data integrated into pre-trade decision-making? Are execution algorithms and routing logic dynamically aware of these thresholds on an instrument-by-instrument basis? The answers to these questions separate a standard execution process from a truly intelligent operational architecture, where regulatory knowledge is not just a constraint but a source of strategic advantage.

![A modular, dark-toned system with light structural components and a bright turquoise indicator, representing a sophisticated Crypto Derivatives OS for institutional-grade RFQ protocols. It signifies private quotation channels for block trades, enabling high-fidelity execution and price discovery through aggregated inquiry, minimizing slippage and information leakage within dark liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-system-for-optimal-execution-1.jpg)

## Glossary

<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 precision-engineered metallic component displays two interlocking gold modules with circular execution apertures, anchored by a central pivot. This symbolizes an institutional-grade digital asset derivatives platform, enabling high-fidelity RFQ execution, optimized multi-leg spread management, and robust prime brokerage liquidity](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-core-for-institutional-trade-flow.jpg)

## Mifid Ii

Meaning ▴ MiFID II, the Markets in Financial Instruments Directive II, constitutes a comprehensive regulatory framework enacted by the European Union to govern financial markets, investment firms, and trading venues. </a><a href="https://prime.greeks.live/area/mifir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A stylized depiction of institutional-grade digital asset derivatives RFQ execution. A central glowing liquidity pool for price discovery is precisely pierced by an algorithmic trading path, symbolizing high-fidelity execution and slippage minimization within market microstructure via a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-1.jpg)

## Mifir

Meaning ▴ MiFIR, the Markets in Financial Instruments Regulation, constitutes a foundational legislative framework within the European Union, enacted to enhance the transparency, efficiency, and integrity of financial markets. </a><a href="https://prime.greeks.live/area/ssti/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic module with a dark, reflective sphere sits atop a cylindrical base, symbolizing an institutional-grade Crypto Derivatives OS. This system processes aggregated inquiries for RFQ protocols, enabling high-fidelity execution of multi-leg spreads while managing gamma exposure and slippage within dark pools](https://options.greeks.live/wp-content/uploads/2025/07/principal-trading-crypto-derivatives-rfq-protocol-execution-system.jpg)

## Ssti

Meaning ▴ SSTI, or Systematic Strategy Transaction Interface, defines a standardized, machine-executable protocol for the automated submission and management of orders derived from quantitative trading strategies within institutional digital asset markets. </a><a href="https://prime.greeks.live/area/lis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, conical precision instrument, with a vibrant mint-green tip and a robust grey base, represents the cutting-edge of institutional digital asset derivatives trading. Its sharp point signifies price discovery and best execution within complex market microstructure, powered by RFQ protocols for dark liquidity access and capital efficiency in atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-microstructure-price-discovery-optimization-prime-os-intelligence-layer.jpg)

## Lis

Meaning ▴ LIS, or Large In Scale, designates an order size that exceeds specific regulatory thresholds, qualifying it for pre-trade transparency waivers on trading venues. </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, light interface, a Principal's Prime RFQ, overlays a dark, intricate market microstructure. This represents institutional-grade digital asset derivatives trading, showcasing high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-execution-system.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/what-role-do-non-bank-liquidity-providers-play-in-offering-deep-liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central multi-quadrant disc signifies diverse liquidity pools and portfolio margin. A dynamic diagonal band, an RFQ protocol or private quotation channel, bisects it, enabling high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-protocols-for-institutional-digital-asset-derivatives.jpg)

## Liquidity Providers

Non-bank liquidity providers function as specialized processing units in the market's architecture, offering deep, automated liquidity. </a><a href="https://prime.greeks.live/area/esma/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision metallic mechanism, with a central shaft, multi-pronged component, and blue-tipped element, embodies the market microstructure of an institutional-grade RFQ protocol. It represents high-fidelity execution, liquidity aggregation, and atomic settlement within a Prime RFQ for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-core-rfq-engine-microstructure-for-digital-asset-derivatives.jpg)

## Esma

Meaning ▴ ESMA, the European Securities and Markets Authority, functions as an independent European Union agency responsible for safeguarding the stability of the EU's financial system by ensuring the integrity, transparency, efficiency, and orderly functioning of securities markets, alongside enhancing investor protection. </a><a href="https://prime.greeks.live/area/ssti-threshold/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, domed institutional-grade interface with glowing green and blue indicators highlights active RFQ protocols and price discovery. This signifies high-fidelity execution within a Prime RFQ for digital asset derivatives, ensuring real-time liquidity and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-prime-os-execution-interface.jpg)

## Ssti Threshold

Meaning ▴ The SSTI Threshold represents a precisely defined, dynamic control parameter within automated trading systems governing institutional digital asset derivatives. </a><a href="https://prime.greeks.live/question/how-does-high-market-volatility-affect-the-ability-to-accurately-differentiate-market-impact-from-information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic structural component interlocks with two black, dome-shaped modules, each displaying a green data indicator. This signifies a dynamic RFQ protocol within an institutional Prime RFQ, enabling high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/modular-rfq-protocol-engine-for-digital-asset-derivatives-prime-os.jpg)

## Market Impact

High volatility masks causality, requiring adaptive systems to probabilistically model and differentiate impact from leakage. </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">
![A sleek pen hovers over a luminous circular structure with teal internal components, symbolizing precise RFQ initiation. This represents high-fidelity execution for institutional digital asset derivatives, optimizing market microstructure and achieving atomic settlement within a Prime RFQ liquidity pool](https://options.greeks.live/wp-content/uploads/2025/07/optimizing-digital-asset-derivatives-rfq-through-prime-os-precision.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/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract, precisely engineered construct of interlocking grey and cream panels, featuring a teal display and control. This represents an institutional-grade Crypto Derivatives OS for RFQ protocols, enabling high-fidelity execution, liquidity aggregation, and market microstructure optimization within a Principal's operational framework for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/integrated-principal-trading-system-modules-for-institutional-digital-asset-derivatives-rfq-execution-and-optimized-market-microstructure.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/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered institutional digital asset derivatives execution system cutaway. The teal Prime RFQ casing reveals intricate market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-protocol-core-engine.jpg)

## Rfq

Meaning ▴ Request for Quote (RFQ) is a structured communication protocol enabling a market participant to solicit executable price quotations for a specific instrument and quantity from a selected group of liquidity providers. </a><a href="https://prime.greeks.live/area/ssti-waiver/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Ssti Waiver

Meaning ▴ The SSTI Waiver represents a regulatory provision allowing a Systematic Internaliser (SI) to execute specific digital asset derivative trades without immediate pre-trade transparency publication. </a><a href="https://prime.greeks.live/question/how-does-the-rise-of-systematic-internalisers-compare-to-the-stated-transparency-goals-of-mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, dark, metallic system component features a central circular mechanism with a radiating arm, symbolizing precision in High-Fidelity Execution. This intricate design suggests Atomic Settlement capabilities and Liquidity Aggregation via an advanced RFQ Protocol, optimizing Price Discovery within complex Market Microstructure and Order Book Dynamics on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-high-fidelity-execution-protocol-liquidity-market-microstructure.jpg)

## Systematic Internalisers

Systematic Internalisers function as a regulatory compromise, enabling large-scale liquidity while feeding post-trade data to meet MiFID II goals. </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 smooth, light-beige spherical module features a prominent black circular aperture with a vibrant blue internal glow. This represents a dedicated institutional grade sensor or intelligence layer for high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-intelligence-layer-for-optimal-digital-asset-rfq-execution.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:** [Request for Quote](https://options.greeks.live/area/request-for-quote/), [RFQ](https://options.greeks.live/area/rfq/), [MiFID II](https://options.greeks.live/area/mifid-ii/), [MiFIR](https://options.greeks.live/area/mifir/), [Publication Deferrals](https://options.greeks.live/area/publication-deferrals/), [ESMA](https://options.greeks.live/area/esma/)	

## Discover More

- 
### [How Has the Role of Systematic Internalisers in the RFQ Process Evolved since the Introduction of MiFID II?](https://options.greeks.live/question/how-has-the-role-of-systematic-internalisers-in-the-rfq-process-evolved-since-the-introduction-of-mifid-ii/)
![Abstract geometric forms, including overlapping planes and central spherical nodes, visually represent a sophisticated institutional digital asset derivatives trading ecosystem. It depicts complex multi-leg spread execution, dynamic RFQ protocol liquidity aggregation, and high-fidelity algorithmic trading within a Prime RFQ framework, ensuring optimal price discovery and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-liquidity-aggregation-market-microstructure-high-fidelity-execution-alpha-generation-prime-os-capital-efficiency.jpg)

Since MiFID II, Systematic Internalisers have evolved into regulated, principal liquidity hubs for discreetly executing large trades via RFQ.

- 
### [What Is the Specific Role of a Systematic Internaliser in Executing Block Trades?](https://options.greeks.live/question/what-is-the-specific-role-of-a-systematic-internaliser-in-executing-block-trades/)
![Abstractly depicting an Institutional Grade Crypto Derivatives OS component. Its robust structure and metallic interface signify precise Market Microstructure for High-Fidelity Execution of RFQ Protocol and Block Trade orders. The angular teal plane represents a transparent Liquidity Pool driving Price Discovery and Atomic Settlement.](https://options.greeks.live/wp-content/uploads/2025/07/principals-integrated-crypto-derivatives-rfq-protocol-architecture.jpg)

A Systematic Internaliser is a principal-based execution venue providing discreet, certain liquidity for block trades via a bilateral RFQ protocol.

- 
### [What Are the Primary Technological Requirements for Operating a Compliant Systematic Internaliser?](https://options.greeks.live/question/what-are-the-primary-technological-requirements-for-operating-a-compliant-systematic-internaliser/)
![An abstract, multi-layered spherical system with a dark central disk and control button. This visualizes a Prime RFQ for institutional digital asset derivatives, embodying an RFQ engine optimizing market microstructure for high-fidelity execution and best execution, ensuring capital efficiency in block trades and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-prime-os-4.jpg)

A compliant Systematic Internaliser's technology merges private execution with public transparency obligations.

- 
### [What Are the Regulatory Implications for Post-Trade Transparency in RFQ versus CLOB Systems?](https://options.greeks.live/question/what-are-the-regulatory-implications-for-post-trade-transparency-in-rfq-versus-clob-systems/)
![Engineered object with layered translucent discs and a clear dome encapsulating an opaque core. Symbolizing market microstructure for institutional digital asset derivatives, it represents a Principal's operational framework for high-fidelity execution via RFQ protocols, optimizing price discovery and capital efficiency within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-intelligence-engine.jpg)

Post-trade transparency rules codify the inherent openness of CLOBs while using deferrals to preserve the strategic opacity of RFQs.

- 
### [How Do Systematic Internalisers Alter RFQ Liquidity Dynamics under MiFID II?](https://options.greeks.live/question/how-do-systematic-internalisers-alter-rfq-liquidity-dynamics-under-mifid-ii/)
![Precision metallic component, possibly a lens, integral to an institutional grade Prime RFQ. Its layered structure signifies market microstructure and order book dynamics. The blue center implies price discovery for digital asset derivatives, with markings for smart order routing and atomic settlement within RFQ protocols for high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/08/high-fidelity-institutional-digital-asset-rfq-execution-engine.jpg)

Systematic Internalisers alter RFQ dynamics by embedding bilateral liquidity sourcing within a regulated, transparent framework.

- 
### [What Is the Operational Impact of the Recent Removal of LIS and SSTI for Post-Trade Reporting?](https://options.greeks.live/question/what-is-the-operational-impact-of-the-recent-removal-of-lis-and-ssti-for-post-trade-reporting/)
![A sophisticated dark-hued institutional-grade digital asset derivatives platform interface, featuring a glowing aperture symbolizing active RFQ price discovery and high-fidelity execution. The integrated intelligence layer facilitates atomic settlement and multi-leg spread processing, optimizing market microstructure for prime brokerage operations and capital efficiency. This represents a robust crypto derivatives OS.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-intelligence-layer.jpg)

The removal of LIS/SSTI deferrals mandates a systemic shift to automated, real-time risk and execution management.

- 
### [How Do Regulatory Frameworks like MiFID II Impact the Curation of RFQ Environments and the Prevention of Adverse Selection?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-impact-the-curation-of-rfq-environments-and-the-prevention-of-adverse-selection/)
![A beige, triangular device with a dark, reflective display and dual front apertures. This specialized hardware facilitates institutional RFQ protocols for digital asset derivatives, enabling high-fidelity execution, market microstructure analysis, optimal price discovery, capital efficiency, block trades, and portfolio margin.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-terminal-for-high-fidelity-execution-and-precise-market-microstructure-analysis.jpg)

MiFID II transforms RFQ from a private negotiation into a data-driven, auditable process to mitigate adverse selection through transparency.

- 
### [How Does MiFID II Specifically Regulate RFQ for Non-Equity Instruments?](https://options.greeks.live/question/how-does-mifid-ii-specifically-regulate-rfq-for-non-equity-instruments/)
![An abstract digital interface features a dark circular screen with two luminous dots, one teal and one grey, symbolizing active and pending private quotation statuses within an RFQ protocol. Below, sharp parallel lines in black, beige, and grey delineate distinct liquidity pools and execution pathways for multi-leg spread strategies, reflecting market microstructure and high-fidelity execution for institutional grade digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-displaying-multi-leg-execution-status-and-optimal-liquidity-pathways.jpg)

MiFID II regulates non-equity RFQs by imposing a calibrated transparency regime, mandating pre- and post-trade data publication with specific waivers.

- 
### [How Does the Systematic Internaliser Regime Directly Affect RFQ Pricing and Liquidity?](https://options.greeks.live/question/how-does-the-systematic-internaliser-regime-directly-affect-rfq-pricing-and-liquidity/)
![A metallic cylindrical component, suggesting robust Prime RFQ infrastructure, interacts with a luminous teal-blue disc representing a dynamic liquidity pool for digital asset derivatives. A precise golden bar diagonally traverses, symbolizing an RFQ-driven block trade path, enabling high-fidelity execution and atomic settlement within complex market microstructure for institutional grade operations.](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-protocols-navigating-digital-asset-derivatives-market-microstructure-for-optimal-block-trade-liquidity.jpg)

The Systematic Internaliser regime injects mandated transparency into RFQs, altering pricing and liquidity by making private quotes semi-public.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "What Are the Key Regulatory Differences between Quoting for Lis and Ssti Trades?",
            "item": "https://options.greeks.live/question/what-are-the-key-regulatory-differences-between-quoting-for-lis-and-ssti-trades/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/question/what-are-the-key-regulatory-differences-between-quoting-for-lis-and-ssti-trades/"
    },
    "headline": "What Are the Key Regulatory Differences between Quoting for Lis and Ssti Trades? \u25b4 Question",
    "description": "LIS and SSTI are MiFID II thresholds that calibrate trade transparency, enabling discreet execution of large orders by granting waivers and deferrals. \u25b4 Question",
    "url": "https://options.greeks.live/question/what-are-the-key-regulatory-differences-between-quoting-for-lis-and-ssti-trades/",
    "datePublished": "2025-08-13T12:22:37+00:00",
    "dateModified": "2025-08-13T12:22:38+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/modular-rfq-protocol-engine-for-digital-asset-derivatives-prime-os.jpg",
        "caption": "A close-up abstract view reveals a sophisticated, multi-part mechanism: a central metallic bar connecting to two black, domed modules with bright green indicator strips. This visual metaphor represents a Principal's Prime RFQ facilitating bespoke liquidity for institutional digital asset derivatives. It illustrates the precision of an RFQ protocol in enabling block trade execution and price discovery across dark liquidity pools. The robust interconnection signifies low-latency execution, optimized for capital efficiency and regulatory compliance, ensuring best execution."
    },
    "keywords": [
        "ESMA",
        "Large-in-Scale",
        "LIS",
        "Market Microstructure",
        "MiFID II",
        "MiFIR",
        "Post-Trade Transparency",
        "Pre-Trade Transparency",
        "Publication Deferrals",
        "Request for Quote",
        "RFQ",
        "Size-Specific-to-Instrument",
        "SSTI",
        "SSTI Threshold",
        "SSTI Waiver",
        "Systematic Internaliser",
        "Transparency Waivers"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/question/what-are-the-key-regulatory-differences-between-quoting-for-lis-and-ssti-trades/
