# What Are the Regulatory Differences, Such as MiFID II, Affecting RFQ Protocols in Each Asset Class? ▴ Question

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

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![A transparent, blue-tinted sphere, anchored to a metallic base on a light surface, symbolizes an RFQ inquiry for digital asset derivatives. A fine line represents low-latency FIX Protocol for high-fidelity execution, optimizing price discovery in market microstructure via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-rfq-protocol-sphere-high-fidelity-execution-gateway.jpg)

![A central RFQ aggregation engine radiates segments, symbolizing distinct liquidity pools and market makers. This depicts multi-dealer RFQ protocol orchestration for high-fidelity price discovery in digital asset derivatives, highlighting diverse counterparty risk profiles and algorithmic pricing grids](https://options.greeks.live/wp-content/uploads/2025/07/centralized-digital-asset-rfq-orchestration-for-multi-venue-liquidity-aggregation-and-high-fidelity-execution-across-diverse-counterparties.jpg)

## Concept

![Intersecting abstract elements symbolize institutional digital asset derivatives. Translucent blue denotes private quotation and dark liquidity, enabling high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-digital-asset-derivatives-optimal-execution-prime-os-microstructure-system.jpg)

## The Regulatory Imprint on Liquidity Access

The architecture of modern financial markets is deeply shaped by regulatory frameworks, with the second Markets in Financial Instruments Directive (MiFID II) representing a significant force in European finance. This regulation, alongside its accompanying regulation (MiFIR), fundamentally alters how market participants interact, particularly through [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) protocols. An RFQ system, a bilateral price discovery mechanism, allows an investment firm to solicit quotes from a select group of [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for a specific financial instrument.

The design and application of these protocols, however, are not uniform across all [asset classes](https://prime.greeks.live/area/asset-classes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Regulatory mandates introduce critical distinctions that redefine the operational realities for traders in equities, [fixed income](https://prime.greeks.live/area/fixed-income/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and derivatives.

At its core, MiFID II aims to enhance transparency, investor protection, and the overall integrity of financial markets. A central tenet of this ambition is the classification of trading systems. Any system that enables the interaction of multiple third-party buying and selling interests is generally considered a multilateral system and must be authorized as a [trading venue](https://prime.greeks.live/area/trading-venue/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), such as a Regulated Market (RM), a Multilateral Trading Facility (MTF), or an [Organised Trading Facility](https://prime.greeks.live/area/organised-trading-facility/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (OTF). This classification has profound implications for RFQ protocols.

Systems that facilitate [RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) functionalities, even those directed to a single provider (RFQ-to-one), are typically brought under the umbrella of a trading venue, subjecting them to a suite of organizational and transparency requirements. This ensures that even discreet, off-book liquidity sourcing methods are captured within the regulatory perimeter, preventing the formation of opaque, unregulated markets.

> The regulatory treatment of RFQ systems under MiFID II hinges on whether they are classified as multilateral systems, which then dictates the level of transparency and oversight required.

The introduction of the OTF category was a specific innovation of MiFID II designed to capture trading in non-equity instruments like bonds, structured products, and derivatives. Unlike RMs and MTFs, which operate on a non-discretionary basis, OTFs permit the operator to use discretion in how orders are executed. This feature is particularly suited to the bespoke and often illiquid nature of many non-equity instruments, where finding a matching counterparty requires a more hands-on approach than a [central limit order book](https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) can provide. The regulatory framework, therefore, acknowledges the inherent structural [differences between asset classes](https://prime.greeks.live/question/what-are-the-key-differences-in-rfq-protocol-implementation-between-equity-options-and-other-asset-classes-like-fixed-income/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), providing a tailored environment for price discovery that aligns with the specific characteristics of the instruments being traded.

![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)

## Distinctions in Market Structure

The impact of these regulations becomes clearer when examining the intrinsic differences between asset classes. Equity markets are characterized by standardized, fungible instruments traded on highly liquid venues, predominantly through [central limit order](https://prime.greeks.live/question/what-are-the-primary-differences-between-a-quote-driven-rfq-market-and-an-order-driven-central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) books. In this environment, the primary regulatory concern is managing pre- and post-trade transparency to ensure a level playing field for all participants. While [RFQ protocols](https://prime.greeks.live/area/rfq-protocols/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) exist in equities, particularly for block trades, the regulatory framework is designed to push as much activity as possible onto transparent, lit venues.

In contrast, fixed income and derivatives markets often deal with instruments that are customized, non-fungible, and less liquid. A corporate bond, for example, has unique characteristics (issuer, maturity, coupon) that make it fundamentally different from another bond, even from the same issuer. Similarly, over-the-counter (OTC) derivatives are contracts tailored to the specific risk management needs of the counterparties. In these markets, a central order book model is often impractical.

The RFQ protocol becomes the dominant mechanism for price discovery, allowing buyers and sellers to negotiate terms for unique or illiquid instruments efficiently. The regulatory framework for these asset classes, therefore, focuses on providing transparency where possible while accommodating the need for bilateral negotiation and protecting liquidity providers from undue risk through mechanisms like [pre-trade transparency waivers](https://prime.greeks.live/area/pre-trade-transparency-waivers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for [large-in-scale](https://prime.greeks.live/area/large-in-scale/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) orders.

![A deconstructed spherical object, segmented into distinct horizontal layers, slightly offset, symbolizing the granular components of an institutional digital asset derivatives platform. Each layer represents a liquidity pool or RFQ protocol, showcasing modular execution pathways and dynamic price discovery within a Prime RFQ architecture for high-fidelity execution and systemic risk mitigation](https://options.greeks.live/wp-content/uploads/2025/08/modular-institutional-digital-asset-derivatives-execution-framework-dissected-for-optimal-rfq-performance.jpg)

![Stacked, glossy modular components depict an institutional-grade Digital Asset Derivatives platform. Layers signify RFQ protocol orchestration, high-fidelity execution, and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/layered-digital-asset-derivatives-rfq-protocol-stack-for-prime-brokerage.jpg)

## Strategy

![Abstractly depicting an institutional digital asset derivatives trading system. Intersecting beams symbolize cross-asset strategies and high-fidelity execution pathways, integrating a central, translucent disc representing deep liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-ecosystem-unifying-rfq-protocols-for-high-fidelity-execution-and-deep-liquidity-aggregation-across-multi-leg-spreads.jpg)

## Navigating the Bifurcated Regulatory Landscape

The strategic implications of MiFID II for firms utilizing RFQ protocols are substantial and diverge significantly [across asset classes](https://prime.greeks.live/question/how-does-the-aggregated-inquiry-protocol-vary-across-different-asset-classes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The directive’s emphasis on transparency and the “equitization” of market structures has forced a strategic recalibration for participants in non-equity markets. The core challenge lies in balancing the benefits of discreet liquidity sourcing through RFQs with the stringent pre- and post-trade transparency obligations imposed by the regulation. This has led to the development of sophisticated execution strategies that are tailored to the specific regulatory environment of each [asset class](https://prime.greeks.live/area/asset-class/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

For equity markets, the strategic focus is on minimizing market impact and information leakage when executing large block trades. While the bulk of [equity trading](https://prime.greeks.live/area/equity-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) occurs on lit order books, RFQs remain a vital tool for sourcing liquidity for large orders that would otherwise move the market. The strategic imperative here is to leverage the Large-in-Scale (LIS) waiver, which exempts orders above a certain size from [pre-trade transparency](https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) requirements.

This allows firms to discreetly solicit quotes from a select group of liquidity providers without revealing their trading intentions to the broader market. The strategy involves carefully segmenting orders, identifying the most appropriate liquidity providers, and utilizing RFQ platforms that offer robust controls over information dissemination.

> Effective RFQ strategy under MiFID II requires a deep understanding of the available transparency waivers and how they apply to different asset classes and trade sizes.

In the fixed income and derivatives markets, the strategic considerations are more complex. The bespoke nature of these instruments means that RFQ is the primary, not secondary, mode of execution. The introduction of the [Derivatives Trading Obligation](https://prime.greeks.live/area/derivatives-trading-obligation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ([DTO](https://prime.greeks.live/area/dto/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) for certain standardized derivatives further complicates the landscape, mandating that these instruments be traded on regulated venues. The strategic response has been a greater reliance on OTFs, which provide a compliant venue for RFQ-based trading while allowing for the necessary discretion in execution.

A key strategic element is the management of counterparty risk and the optimization of pricing, which in the derivatives space, is influenced by the counterparty’s risk profile. The ability to selectively request quotes from specific dealers on an [OTF](https://prime.greeks.live/area/otf/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) platform is a critical component of this strategy, allowing firms to manage their exposures and achieve [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

![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)

## Comparative Analysis of Regulatory Impact

The following table illustrates the key regulatory differences and their strategic implications for RFQ protocols across major asset classes:

| Asset Class | Primary Trading Protocol | Key MiFID II Regulatory Impact | Strategic Focus for RFQ Usage |
| --- | --- | --- | --- |
| Equities | Central Limit Order Book | Stringent pre- and post-trade transparency requirements. | Minimizing market impact for block trades through LIS waivers. |
| Fixed Income | Request for Quote (RFQ) | Introduction of OTFs; pre-trade transparency waivers for illiquid instruments. | Sourcing liquidity for bespoke instruments on compliant venues. |
| Derivatives (OTC) | Request for Quote (RFQ) & Voice | Derivatives Trading Obligation (DTO); creation of OTFs. | Compliance with DTO and managing counterparty risk. |

The table underscores the bifurcated nature of the regulatory environment. For equities, the regime pushes towards centralized, transparent trading, with RFQs serving as a specialized tool for managing large orders. For [non-equity instruments](https://prime.greeks.live/area/non-equity-instruments/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the regulations acknowledge the necessity of bilateral negotiation and provide a framework (the OTF) within which this can occur in a compliant manner. This regulatory divergence necessitates a multi-faceted approach to execution strategy, with firms needing to develop distinct workflows and technology solutions for each asset class.

![Reflective and circuit-patterned metallic discs symbolize the Prime RFQ powering institutional digital asset derivatives. This depicts deep market microstructure enabling high-fidelity execution through RFQ protocols, precise price discovery, and robust algorithmic trading within aggregated liquidity pools](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-architecture-driving-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-liquidity-and-best-execution.jpg)

![Two sleek, distinct colored planes, teal and blue, intersect. Dark, reflective spheres at their cross-points symbolize critical price discovery nodes](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-multi-leg-execution-liquidity.jpg)

## Execution

![Layered abstract forms depict a Principal's Prime RFQ for institutional digital asset derivatives. A textured band signifies robust RFQ protocol and market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-high-fidelity-execution-prime-os-market-microstructure.jpg)

## Operationalizing Compliance across Asset Classes

The execution of trades via RFQ protocols [under MiFID](https://prime.greeks.live/question/what-are-the-operational-consequences-of-misreporting-under-mifid-ii-versus-a-reporting-failure-under-emir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) II requires a granular understanding of the operational requirements, which differ significantly depending on the asset class and the type of trading venue. A firm’s execution policy must be meticulously designed to ensure compliance with best execution, trade reporting, and transparency rules, while still achieving the desired trading outcomes. This involves a complex interplay of technology, process, and legal interpretation.

In the equities space, the operational focus for RFQ execution is on demonstrating best execution. When a firm chooses to execute a block trade via RFQ instead of on a lit market, it must be able to justify this decision. This requires a robust pre-trade analysis that considers factors such as the size of the order relative to the average daily volume, the potential for market impact, and the likelihood of achieving a better price through a targeted quote solicitation.

The execution workflow must capture and store this data to create a detailed audit trail. Post-trade, the firm must comply with the relevant reporting requirements, which may include deferred publication for [LIS](https://prime.greeks.live/area/lis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) trades to mitigate the risk of information leakage.

> The operational burden of MiFID II compliance for RFQ trading is significant, requiring substantial investment in data capture, analytics, and reporting technology.

For fixed income and derivatives, the operational challenges are different. The introduction of OTFs as a new category of trading venue has required many firms to overhaul their execution workflows. Trading what were previously considered OTC instruments on a regulated venue introduces new operational complexities. Firms must ensure they have the necessary connectivity to these platforms and that their order management systems are capable of handling the specific protocols of each OTF.

Furthermore, the discretionary nature of OTF execution means that firms must have clear policies in place for how they interact with the venue operator and how they assess the quality of execution provided. The following list outlines some of the key operational steps for executing a derivatives trade on an OTF:

- **Pre-Trade Analysis** ▴ Determine if the derivative is subject to the DTO. If so, it must be traded on a regulated venue.

- **Venue Selection** ▴ Identify the OTFs that list the specific instrument and offer the desired execution protocol (e.g. RFQ-to-many, RFQ-to-one).

- **Counterparty Selection** ▴ Within the chosen OTF, select the liquidity providers from whom to request quotes, based on an internal assessment of credit risk and historical pricing.

- **Quote Solicitation and Execution** ▴ Submit the RFQ through the OTF’s system and execute against the best response, ensuring the entire process is conducted under the venue’s rules.

- **[Post-Trade Reporting](https://prime.greeks.live/area/post-trade-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ Ensure the trade is reported to a trade repository in a timely and accurate manner, in accordance with MiFIR’s transaction reporting requirements.

![Clear geometric prisms and flat planes interlock, symbolizing complex market microstructure and multi-leg spread strategies in institutional digital asset derivatives. A solid teal circle represents a discrete liquidity pool for private quotation via RFQ protocols, ensuring high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-price-discovery-and-high-fidelity-execution.jpg)

## A Deeper Look at Transparency Waivers

The availability of pre-trade [transparency waivers](https://prime.greeks.live/area/transparency-waivers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a critical component of the [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) framework, particularly for non-equity instruments. These waivers are designed to protect liquidity providers from the risks associated with quoting for large or illiquid instruments. The following table provides a more detailed look at the key waivers and their applicability:

| Waiver Type | Applicable Asset Classes | Description | Operational Consideration |
| --- | --- | --- | --- |
| Large-in-Scale (LIS) | All | Exempts orders above a certain size from pre-trade transparency. The size threshold is specific to each instrument. | Firms must have systems in place to accurately classify orders as LIS based on the latest ESMA data. |
| Size Specific to the Instrument (SSTI) | Non-Equity | Similar to LIS, but specifically for RFQ and voice trading systems. | Particularly relevant for OTFs, allowing for discreet execution of smaller-sized trades in less liquid instruments. |
| Illiquid Instrument | Non-Equity | Exempts instruments that are deemed to not have a liquid market from pre-trade transparency. | Firms must monitor ESMA’s liquidity assessments for each instrument to determine if this waiver can be applied. |

The effective use of these waivers is a cornerstone of any successful RFQ execution strategy under MiFID II. It requires a sophisticated understanding of the regulatory nuances and a robust technological infrastructure to manage the associated data and compliance obligations. The operational framework must be dynamic, capable of adapting to changes in instrument liquidity and regulatory interpretations. This is the reality of modern, multi-asset class trading in a post-MiFID II world.

![Polished, intersecting geometric blades converge around a central metallic hub. This abstract visual represents an institutional RFQ protocol engine, enabling high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-market-microstructure.jpg)

## References

- ISDA. “Review of MiFID II/ MIFIR Framework ‘Regulatory Equitisation’ would be detrimental to the functioning of derivatives markets.” 2020.

- Norton Rose Fulbright. “MiFID II | Trading venues and market infrastructure.” 2023.

- Emissions-EUETS.com. “Request-for-quote (RFQ) system.” 2022.

- European Securities and Markets Authority. “FAQs on MiFID II – Transitional Transparency Calculations.” 2018.

- PwC. “MiFID II – MiFIR Reform.” 2024.

![A deconstructed mechanical system with segmented components, revealing intricate gears and polished shafts, symbolizing the transparent, modular architecture of an institutional digital asset derivatives trading platform. This illustrates multi-leg spread execution, RFQ protocols, and atomic settlement processes](https://options.greeks.live/wp-content/uploads/2025/07/deconstructed-principal-trading-system-revealing-core-mechanics-of-digital-asset-derivatives-execution.jpg)

## Reflection

![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)

## Beyond Compliance a Framework for Strategic Adaptation

The intricate web of regulations governing RFQ protocols is a defining feature of the modern market structure. The knowledge of these rules, while essential, represents only the first layer of understanding. The deeper challenge lies in architecting an operational framework that not only ensures compliance but also extracts a strategic advantage from these regulatory complexities.

The divergence in rules across asset classes should be viewed as an opportunity to develop specialized execution capabilities, creating a competitive edge in each distinct market. The ultimate goal is to move beyond a reactive, compliance-driven posture to a proactive, strategic approach where regulatory understanding becomes a core component of a firm’s trading intelligence.

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

## Glossary

<a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An exploded view reveals the precision engineering of an institutional digital asset derivatives trading platform, showcasing layered components for high-fidelity execution and RFQ protocol management. This architecture facilitates aggregated liquidity, optimal price discovery, and robust portfolio margin calculations, minimizing slippage and counterparty risk](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-engine-microstructure.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers are market participants, typically institutional entities or sophisticated trading firms, that facilitate efficient market operations by continuously quoting bid and offer prices for financial instruments. </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">
![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)

## 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/asset-classes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting geometric planes symbolize complex market microstructure and aggregated liquidity. A central nexus represents an RFQ hub for high-fidelity execution of multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-market-microstructure-optimisation.jpg)

## Asset Classes

Meaning ▴ Asset Classes represent distinct categories of financial instruments characterized by similar economic attributes, risk-return profiles, and regulatory frameworks. </a><a href="https://prime.greeks.live/area/fixed-income/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, multi-segmented sphere embodies a Principal's operational framework for institutional digital asset derivatives. Its transparent 'intelligence layer' signifies high-fidelity execution and price discovery via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-digital-asset-derivatives-execution-engine.jpg)

## Fixed Income

Meaning ▴ Fixed Income refers to a class of financial instruments characterized by regular, predetermined payments to the investor over a specified period, typically culminating in the return of principal at maturity. </a><a href="https://prime.greeks.live/area/organised-trading-facility/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric forms depict a sophisticated Principal's operational framework for institutional digital asset derivatives. Sharp lines and a control sphere symbolize high-fidelity execution, algorithmic precision, and private quotation within an advanced RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-architecture-for-optimized-digital-asset-derivatives-rfq-protocols.jpg)

## Organised Trading Facility

Meaning ▴ An Organised Trading Facility (OTF) represents a specific type of multilateral system, as defined under MiFID II, designed for the trading of non-equity instruments. </a><a href="https://prime.greeks.live/area/trading-venue/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An arc of interlocking, alternating pale green and dark grey segments, with black dots on light segments. This symbolizes a modular RFQ protocol for institutional digital asset derivatives, representing discrete private quotation phases or aggregated inquiry nodes](https://options.greeks.live/wp-content/uploads/2025/07/modular-rfq-protocol-segments-for-institutional-digital-asset-derivatives.jpg)

## Trading Venue

Meaning ▴ A trading venue functions as a formalized electronic or physical system engineered to facilitate buyer-seller interaction for financial instrument exchange, establishing a mechanism for price discovery and order execution under defined operational rules. </a><a href="https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two sharp, teal, blade-like forms crossed, featuring circular inserts, resting on stacked, darker, elongated elements. This represents intersecting RFQ protocols for institutional digital asset derivatives, illustrating multi-leg spread construction and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-best-execution.jpg)

## Rfq

Meaning ▴ Request for Quote (RFQ) is a structured communication protocol enabling a market participant to solicit executable price quotations for a specific instrument and quantity from a selected group of liquidity providers. </a><a href="https://prime.greeks.live/question/what-are-the-key-differences-in-rfq-protocol-implementation-between-equity-options-and-other-asset-classes-like-fixed-income/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent glass sphere rests precisely on a metallic rod, connecting a grey structural element and a dark teal engineered module with a clear lens. This symbolizes atomic settlement of digital asset derivatives via private quotation within a Prime RFQ, showcasing high-fidelity execution and capital efficiency for RFQ protocols and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/architecting-high-fidelity-execution-for-institutional-digital-asset-derivatives-rfq-protocols-and-systemic-liquidity-aggregation.jpg)

## Differences between Asset Classes

The RFQ protocol evolves from a price improvement tool in options to a defensive price discovery mechanism in fixed income. </a><a href="https://prime.greeks.live/area/central-limit-order-book/?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)

## Central Limit Order Book

Meaning ▴ A Central Limit Order Book is a digital repository that aggregates all outstanding buy and sell orders for a specific financial instrument, organized by price level and time of entry. </a><a href="https://prime.greeks.live/question/what-are-the-primary-differences-between-a-quote-driven-rfq-market-and-an-order-driven-central-limit-order-book/?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)

## Central Limit Order

A CLOB is a transparent, all-to-all auction; an RFQ is a discreet, targeted negotiation for managing block liquidity and risk. </a><a href="https://prime.greeks.live/area/rfq-protocols/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Translucent spheres, embodying institutional counterparties, reveal complex internal algorithmic logic. Sharp lines signify high-fidelity execution and RFQ protocols, connecting these liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-optimal-execution-engine.jpg)

## Rfq Protocols

Meaning ▴ RFQ Protocols define the structured communication framework for requesting and receiving price quotations from selected liquidity providers for specific financial instruments, particularly in the context of institutional digital asset derivatives. </a><a href="https://prime.greeks.live/area/pre-trade-transparency-waivers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A modular institutional trading interface displays a precision trackball and granular controls on a teal execution module. Parallel surfaces symbolize layered market microstructure within a Principal's operational framework, enabling high-fidelity execution for digital asset derivatives via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-protocol-controls.jpg)

## Pre-Trade Transparency Waivers

Meaning ▴ Pre-Trade Transparency Waivers represent a regulatory and operational mechanism allowing market participants to execute trades without the immediate public disclosure of firm bids, offers, or quotes prior to execution. </a><a href="https://prime.greeks.live/area/large-in-scale/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A curved grey surface anchors a translucent blue disk, pierced by a sharp green financial instrument and two silver stylus elements. This visualizes a precise RFQ protocol for institutional digital asset derivatives, enabling liquidity aggregation, high-fidelity execution, price discovery, and algorithmic trading within market microstructure via a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-high-fidelity-execution-via-rfq-protocols-optimizing-market-microstructure-and-price-discovery.jpg)

## Large-In-Scale

Meaning ▴ Large-in-Scale designates an order quantity significantly exceeding typical displayed liquidity on lit exchanges, necessitating specialized execution protocols to mitigate market impact and price dislocation. </a><a href="https://prime.greeks.live/question/how-does-the-aggregated-inquiry-protocol-vary-across-different-asset-classes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A proprietary Prime RFQ platform featuring extending blue/teal components, representing a multi-leg options strategy or complex RFQ spread. The labeled band 'F331 46 1' denotes a specific strike price or option series within an aggregated inquiry for high-fidelity execution, showcasing granular market microstructure data points](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-1.jpg)

## Across Asset Classes

The aggregated inquiry protocol adapts its function from price discovery in OTC markets to discreet liquidity sourcing in transparent markets. </a><a href="https://prime.greeks.live/area/asset-class/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A vertically stacked assembly of diverse metallic and polymer components, resembling a modular lens system, visually represents the layered architecture of institutional digital asset derivatives. Each distinct ring signifies a critical market microstructure element, from RFQ protocol layers to aggregated liquidity pools, ensuring high-fidelity execution and capital efficiency within a Prime RFQ framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-execution-stack.jpg)

## Asset Class

Meaning ▴ An asset class represents a distinct grouping of financial instruments sharing similar characteristics, risk-return profiles, and regulatory frameworks. </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 beige probe precisely connects to a dark blue metallic port, symbolizing high-fidelity execution of Digital Asset Derivatives via an RFQ protocol. Alphanumeric markings denote specific multi-leg spread parameters, highlighting granular market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-execution-hub.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/equity-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting abstract geometric planes depict institutional grade RFQ protocols and market microstructure. Speckled surfaces reflect complex order book dynamics and implied volatility, while smooth planes represent high-fidelity execution channels and private quotation systems for digital asset derivatives within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocols-digital-asset-microstructure-execution.jpg)

## Equity Trading

Meaning ▴ Equity Trading involves the systematic execution of buy and sell orders for corporate shares on regulated exchanges or through over-the-counter markets. </a><a href="https://prime.greeks.live/area/derivatives-trading-obligation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished blue sphere representing a digital asset derivative rests on a metallic ring, symbolizing market microstructure and RFQ protocols, supported by a foundational beige sphere, an institutional liquidity pool. A smaller blue sphere floats above, denoting atomic settlement or a private quotation within a Principal's Prime RFQ for high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-market-microstructure-and-rfq-protocols.jpg)

## Derivatives Trading Obligation

Meaning ▴ The Derivatives Trading Obligation is a regulatory mandate compelling specific over-the-counter derivative contracts, deemed sufficiently standardized and liquid, to be executed on regulated trading venues rather than through bilateral arrangements. </a><a href="https://prime.greeks.live/area/dto/?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)

## Dto

Meaning ▴ A Data Transfer Object (DTO) is a simple, immutable data structure specifically designed for the efficient aggregation and transmission of data between distinct layers or processes within a distributed system architecture. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two high-gloss, white cylindrical execution channels with dark, circular apertures and secure bolted flanges, representing robust institutional-grade infrastructure for digital asset derivatives. These conduits facilitate precise RFQ protocols, ensuring optimal liquidity aggregation and high-fidelity execution within a proprietary Prime RFQ environment](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-execution-channels-enabling-private-quotation-and-optimal-liquidity-aggregation-for-high-fidelity-digital-asset-derivatives-rfq-protocols-on-prime-os.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/area/otf/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multi-faceted crystalline star, symbolizing the intricate Prime RFQ architecture, rests on a reflective dark surface. Its sharp angles represent precise algorithmic trading for institutional digital asset derivatives, enabling high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-market-microstructure-optimization-for-prime-os-alpha-generation.jpg)

## Otf

Meaning ▴ On-The-Fly (OTF) designates a computational methodology where data processing, calculation, or generation occurs instantaneously at the moment of demand or event trigger, without reliance on pre-computed results or persistent storage. </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 precision optical system with a reflective lens embodies the Prime RFQ intelligence layer. Gray and green planes represent divergent RFQ protocols or multi-leg spread strategies for institutional digital asset derivatives, enabling high-fidelity execution and optimal price discovery within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-intelligent-core-driving-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-across-diverse-liquidity-pools-for-optimal-price-discovery.jpg)

## 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/question/what-are-the-operational-consequences-of-misreporting-under-mifid-ii-versus-a-reporting-failure-under-emir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered, multi-layered system visually representing institutional digital asset derivatives trading. Its interlocking components symbolize robust market microstructure, RFQ protocol integration, and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-4.jpg)

## Under Mifid

A MiFID II misreport corrupts market surveillance data; an EMIR failure hides systemic risk, creating distinct operational and reputational threats. </a><a href="https://prime.greeks.live/area/lis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting structural elements form an 'X' around a central pivot, symbolizing dynamic RFQ protocols and multi-leg spread strategies. Luminous quadrants represent price discovery and latent liquidity within an institutional-grade Prime RFQ, enabling high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-enabling-high-fidelity-execution-across-disparate-liquidity-pools.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-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated mechanism depicting the high-fidelity execution of institutional digital asset derivatives. It visualizes RFQ protocol efficiency, real-time liquidity aggregation, and atomic settlement within a prime brokerage framework, optimizing market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-liquidity-aggregation-system.jpg)

## Post-Trade Reporting

Meaning ▴ Post-Trade Reporting refers to the mandatory disclosure of executed trade details to designated regulatory bodies or public dissemination venues, ensuring transparency and market surveillance. </a><a href="https://prime.greeks.live/area/transparency-waivers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intricate metallic components signify system precision engineering. These structured elements symbolize institutional-grade infrastructure for high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-engineering-for-high-fidelity-execution-and-latency-optimization.jpg)

## Transparency Waivers

Meaning ▴ Transparency Waivers represent a specific regulatory or market-specific exemption from the standard pre-trade or post-trade disclosure requirements typically mandated for financial instrument transactions. </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">
![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)

## 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>

**Tags:** [Central Limit Order Book](https://options.greeks.live/area/central-limit-order-book/), [LIS](https://options.greeks.live/area/lis/), [Best Execution](https://options.greeks.live/area/best-execution/), [Transparency Waivers](https://options.greeks.live/area/transparency-waivers/), [Pre-Trade Transparency](https://options.greeks.live/area/pre-trade-transparency/), [Derivatives Trading](https://options.greeks.live/area/derivatives-trading/)	

## Discover More

- 
### [How Does MiFID II Differentiate RFQ Transparency from a Central Order Book?](https://options.greeks.live/question/how-does-mifid-ii-differentiate-rfq-transparency-from-a-central-order-book/)
![Luminous central hub intersecting two sleek, symmetrical pathways, symbolizing a Principal's operational framework for institutional digital asset derivatives. Represents a liquidity pool facilitating atomic settlement via RFQ protocol streams for multi-leg spread execution, ensuring high-fidelity execution within a Crypto Derivatives OS.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-pathways-optimized.jpg)

MiFID II architects two distinct pathways: the CLOB's public price discovery and the RFQ's controlled, discreet liquidity sourcing.

- 
### [How Does MiFID II Impact RFQ Strategies in European Equity Markets?](https://options.greeks.live/question/how-does-mifid-ii-impact-rfq-strategies-in-european-equity-markets/)
![A precision metallic instrument with a black sphere rests on a multi-layered platform. This symbolizes institutional digital asset derivatives market microstructure, enabling high-fidelity execution and optimal price discovery across diverse liquidity pools. Essential for managing counterparty risk and multi-leg spread strategies within the Prime RFQ protocol intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-component-digital-asset-derivatives-market-microstructure.jpg)

MiFID II refactored the RFQ protocol into a transparent, data-driven component of a mandatory best execution architecture.

- 
### [From a Regulatory Standpoint How Do RFQ Transparency Requirements Differ from Those in Lit Markets?](https://options.greeks.live/question/from-a-regulatory-standpoint-how-do-rfq-transparency-requirements-differ-from-those-in-lit-markets/)
![Sharp, intersecting elements, two light, two teal, on a reflective disc, centered by a precise mechanism. This visualizes institutional liquidity convergence for multi-leg options strategies in digital asset derivatives. It embodies high-fidelity execution via RFQ protocol within a Principal's operational framework, leveraging algorithmic trading engines for capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-block-trade-execution.jpg)

RFQ transparency is discreet and pre-trade by design, while lit markets mandate full pre-trade public visibility.

- 
### [What Are the Key Differences in Reporting Requirements for a CLOB versus an RFQ Platform?](https://options.greeks.live/question/what-are-the-key-differences-in-reporting-requirements-for-a-clob-versus-an-rfq-platform/)
![A multi-faceted crystalline structure, featuring sharp angles and translucent blue and clear elements, rests on a metallic base. This embodies Institutional Digital Asset Derivatives and precise RFQ protocols, enabling High-Fidelity Execution. Light interaction depicts Price Discovery within complex Market Microstructure, leveraging a Prime RFQ Intelligence Layer for Multi-Leg Spread optimization and Capital Efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-market-microstructure.jpg)

Reporting for a CLOB details a continuous, anonymous auction; RFQ reporting documents a discrete, negotiated transaction.

- 
### [How Does the Regulatory Environment Impact the Use of RFQ Protocols for Large Options Trades?](https://options.greeks.live/question/how-does-the-regulatory-environment-impact-the-use-of-rfq-protocols-for-large-options-trades/)
![Abstract intersecting geometric forms, deep blue and light beige, represent advanced RFQ protocols for institutional digital asset derivatives. These forms signify multi-leg execution strategies, principal liquidity aggregation, and high-fidelity algorithmic pricing against a textured global market sphere, reflecting robust market microstructure and intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-execution-algorithmic-pricing-global-liquidity-principal-trading-systemic-integration-high-fidelity-execution.jpg)

The regulatory environment mandates auditable transparency, shaping RFQ protocols into compliant systems for discreet, large-scale options liquidity sourcing.

- 
### [What Are the Regulatory Implications of Executing Block Trades via Rfq versus a Clob?](https://options.greeks.live/question/what-are-the-regulatory-implications-of-executing-block-trades-via-rfq-versus-a-clob/)
![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)

Executing block trades via RFQ offers regulatory allowance for discretion and delayed reporting, while CLOB execution prioritizes pre-trade transparency.

- 
### [What Are the Best Execution Obligations When Using an RFQ with a Pre-Trade Transparency Waiver?](https://options.greeks.live/question/what-are-the-best-execution-obligations-when-using-an-rfq-with-a-pre-trade-transparency-waiver/)
![An institutional grade system component, featuring a reflective intelligence layer lens, symbolizes high-fidelity execution and market microstructure insight. This enables price discovery for digital asset derivatives. Its calibrated design supports algorithmic trading and pre-trade analytics, optimizing RFQ protocols for block trade liquidity.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-precision-rfq-execution-system-interface.jpg)

Best execution for waived RFQs demands a data-driven, auditable system that proves optimal outcomes in the absence of public price discovery.

- 
### [How Do Regulatory Frameworks like MiFID II Specifically Address the Use of Request for Quote Protocols?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-specifically-address-the-use-of-request-for-quote-protocols/)
![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. It signifies optimized liquidity aggregation, algorithmic trading, and capital efficiency for block trades and multi-leg spreads.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-execution-system.jpg)

MiFID II codifies RFQ protocols into a regulated system, mandating transparency and data reporting to enhance market integrity.

- 
### [How Does a Dealer Scoring Model Adapt to Different Asset Classes?](https://options.greeks.live/question/how-does-a-dealer-scoring-model-adapt-to-different-asset-classes/)
![Stacked, glossy modular components depict an institutional-grade Digital Asset Derivatives platform. Layers signify RFQ protocol orchestration, high-fidelity execution, and liquidity aggregation. This Prime RFQ architecture manages market microstructure, enabling price discovery and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/layered-digital-asset-derivatives-rfq-protocol-stack-for-prime-brokerage.jpg)

A dealer scoring model adapts to different asset classes by recalibrating its analytical framework to the unique liquidity and data landscape of each market.

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---

**Original URL:** https://options.greeks.live/question/what-are-the-regulatory-differences-such-as-mifid-ii-affecting-rfq-protocols-in-each-asset-class/
