# What Are the Specific Data Capture and Storage Requirements under RTS 28? ▴ Question

**Published:** 2025-08-14
**Categories:** Question

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![A dark blue, precision-engineered blade-like instrument, representing a digital asset derivative or multi-leg spread, rests on a light foundational block, symbolizing a private quotation or block trade. This structure intersects robust teal market infrastructure rails, indicating RFQ protocol execution within a Prime RFQ for high-fidelity execution and liquidity aggregation in institutional trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-multi-leg-spreads-best-execution-capital-efficiency.jpg)

![A symmetrical, high-tech digital infrastructure depicts an institutional-grade RFQ execution hub. Luminous conduits represent aggregated liquidity for digital asset derivatives, enabling high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-system.jpg)

## Concept

![Precision metallic component, possibly a lens, integral to an institutional grade Prime RFQ. Its layered structure signifies market microstructure and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/08/high-fidelity-institutional-digital-asset-rfq-execution-engine.jpg)

## The Mandate of Evidenced Precision

Regulatory frameworks within financial markets are not abstract constructs; they are the operational DNA dictating how information flows and how accountability is maintained. The stipulations for data within RTS 28 are a direct reflection of a fundamental principle ▴ a firm’s duty of [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) must be a demonstrable, evidence-based process. This is not about mere compliance. It is about codifying a firm’s [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) into a standardized, comparable format.

The core of [RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the transformation of a qualitative obligation into a quantitative disclosure, forcing a level of transparency that allows for empirical assessment of execution strategies. It compels an institution to look inward, to dissect its own [order routing decisions](https://prime.greeks.live/question/how-can-a-firm-quantitatively-demonstrate-that-its-order-routing-decisions-are-in-its-clients-best-interest/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and to present the outcome of that analysis to its clients and the market at large.

The [data capture](https://prime.greeks.live/area/data-capture/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) requirements are, therefore, a direct consequence of this need for empirical validation. Each data point serves a specific purpose in reconstructing the firm’s execution narrative for a given period. The selection of the [top five venues](https://prime.greeks.live/area/top-five-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), for instance, is a focusing mechanism, concentrating the analysis on the most significant channels of liquidity. The breakdown by client type acknowledges the differing execution needs and levels of sophistication between retail and professional investors.

The distinction between passive and [aggressive orders](https://prime.greeks.live/area/aggressive-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) provides insight into the firm’s trading strategy ▴ is it primarily capturing spread, or is it seeking immediate liquidity? Each piece of captured data is a tile in a mosaic that, when assembled, reveals the firm’s true execution philosophy in practice.

> RTS 28 mandates a granular, evidence-based disclosure of a firm’s order execution practices, transforming the qualitative duty of best execution into a quantitative, publicly scrutinized report.

The storage requirements are an extension of this principle of accountability. Data must be retained not just for the purpose of the annual report, but for subsequent analysis, for regulatory inquiry, and for internal review. The five-year retention period mandated by [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a recognition that patterns of execution quality, and any potential deficiencies, may only become apparent over longer time horizons.

It ensures that a firm’s execution history remains an open book, subject to scrutiny long after the trades themselves have settled. This long-term data accessibility is the bedrock of regulatory oversight and the ultimate guarantor of the best execution mandate.

![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)

![A polished metallic needle, crowned with a faceted blue gem, precisely inserted into the central spindle of a reflective digital storage platter. This visually represents the high-fidelity execution of institutional digital asset derivatives via RFQ protocols, enabling atomic settlement and liquidity aggregation through a sophisticated Prime RFQ intelligence layer for optimal price discovery and alpha generation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimization-for-high-fidelity-execution-and-liquidity-aggregation-via-prime-os-intelligence-layer.jpg)

## Strategy

![A polished, dark teal institutional-grade mechanism reveals an internal beige interface, precisely deploying a metallic, arrow-etched component. This signifies high-fidelity execution within an RFQ protocol, enabling atomic settlement and optimized price discovery for institutional digital asset derivatives and multi-leg spreads, ensuring minimal slippage and robust capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/quantitative-finance-driven-rfq-workflow-for-best-execution-in-digital-assets.jpg)

## A Framework for Execution Intelligence

The strategic implementation of RTS 28 extends far beyond a simple data dumping exercise. It necessitates the development of a robust internal data infrastructure capable of not only capturing the required information but also of organizing and analyzing it in a way that yields actionable intelligence. A firm’s strategy for RTS 28 compliance should be viewed as a component of its broader risk management and execution optimization framework.

The data captured for the report can and should be used to refine [order routing](https://prime.greeks.live/area/order-routing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) logic, to evaluate the performance of [execution venues](https://prime.greeks.live/question/how-does-a-best-execution-committee-quantify-and-compare-execution-quality-across-different-market-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and to identify potential conflicts of interest. This is the strategic value of the regulation ▴ it provides a non-negotiable incentive to build a more intelligent, self-aware execution system.

The classification of financial instruments is the first strategic consideration. A firm must decide on a classification methodology that is both compliant with the regulation and meaningful for its business. This may involve grouping instruments by asset class, by liquidity profile, or by other relevant characteristics.

The choice of classification will have a significant impact on the resulting report, and a well-considered strategy will ensure that the disclosures are both informative and not unduly burdensome to produce. A firm that trades a wide range of instruments may need to develop a more sophisticated classification system than a firm that specializes in a single asset class.

> Strategically, RTS 28 compliance is an opportunity to build a more sophisticated execution framework, leveraging the mandated data capture for internal performance analysis and venue optimization.

![Visualizing institutional digital asset derivatives market microstructure. A central RFQ protocol engine facilitates high-fidelity execution across diverse liquidity pools, enabling precise price discovery for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-across-multi-asset-liquidity.jpg)

## Venue and Counterparty Due Diligence

A critical element of the RTS 28 strategy is the ongoing due diligence of execution venues. The report’s focus on the top five venues requires a firm to have a deep understanding of the execution quality offered by its primary liquidity sources. This involves analyzing not just the explicit costs of execution, but also the implicit costs, such as market impact and information leakage.

A firm’s strategy should include a regular review of its execution venue relationships, with a view to optimizing its order routing for the best possible outcomes for its clients. The RTS 28 report is, in effect, the public-facing output of this internal due diligence process.

- **Quantitative Analysis** ▴ The strategy must incorporate a quantitative approach to venue analysis. This involves the use of [transaction cost analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) to measure execution performance against various benchmarks. The data captured for RTS 28 can be a valuable input into this process, allowing for a more granular analysis of execution quality by venue, instrument, and order type.

- **Qualitative Factors** ▴ The strategy should also consider qualitative factors in venue selection. These may include the venue’s market model, its technology infrastructure, and its regulatory status. A firm’s execution policy should document the factors that it considers when selecting execution venues, and the RTS 28 report should provide a summary of this policy.

- **Conflict Of Interest Management** ▴ The RTS 28 framework forces a firm to confront potential conflicts of interest in its order routing decisions. The report’s requirement to disclose payments for order flow and other benefits received from execution venues brings these arrangements into the open. A firm’s strategy must include robust procedures for identifying and managing these conflicts, ensuring that its order routing decisions are always made in the best interests of its clients.

![A segmented, teal-hued system component with a dark blue inset, symbolizing an RFQ engine within a Prime RFQ, emerges from darkness. Illuminated by an optimized data flow, its textured surface represents market microstructure intricacies, facilitating high-fidelity execution for institutional digital asset derivatives via private quotation for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-intelligence-layer-for-institutional-digital-asset-derivatives-rfq.jpg)

![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)

## Execution

![Beige module, dark data strip, teal reel, clear processing component. This illustrates an RFQ protocol's high-fidelity execution, facilitating principal-to-principal atomic settlement in market microstructure, essential for a Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-protocol-execution-engine.jpg)

## The Operationalization of Transparency

The execution of RTS 28 requirements is a multi-stage process that demands a high degree of operational precision. It begins with the systematic capture of trade data at the point of execution and culminates in the public disclosure of a detailed, multi-faceted report. The entire process must be auditable, with a clear data lineage from the original trade ticket to the final report.

This requires a close integration of a firm’s trading, compliance, and technology functions. The operational playbook for RTS 28 is, in essence, a blueprint for the industrialization of execution quality monitoring.

The initial phase of the execution process is data capture. A firm’s order management system (OMS) and execution management system (EMS) must be configured to capture all the data points required by the regulation. This includes not just the basic trade details, such as the instrument, price, and quantity, but also the more nuanced data points, such as the client classification, the order type (passive, aggressive, or directed), and the execution venue.

The data must be captured in a structured, consistent format to facilitate subsequent aggregation and analysis. This often requires significant investment in data infrastructure and a close collaboration with technology vendors.

![A precision-engineered blue mechanism, symbolizing a high-fidelity execution engine, emerges from a rounded, light-colored liquidity pool component, encased within a sleek teal institutional-grade shell. This represents a Principal's operational framework for digital asset derivatives, demonstrating algorithmic trading logic and smart order routing for block trades via RFQ protocols, ensuring atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-os-core-algorithmic-execution-engine.jpg)

## The Operational Playbook

The operational playbook for RTS 28 can be broken down into a series of distinct steps, each with its own set of challenges and considerations. The following is a high-level overview of the key stages in the process:

- **Data Aggregation** ▴ The first step is to aggregate all the relevant trade data for the reporting period. This data will typically be drawn from multiple sources, including the firm’s OMS, EMS, and back-office systems. The aggregation process must be robust and auditable, with clear procedures for handling data quality issues.

- **Data Enrichment** ▴ Once the data has been aggregated, it must be enriched with additional information, such as the classification of financial instruments and the identification of execution venues. This may require the use of external data sources, such as market data vendors and regulatory databases.

- **Calculation And Analysis** ▴ The next step is to perform the calculations required by the regulation. This includes identifying the top five execution venues for each class of financial instrument, and calculating the various metrics, such as the percentage of passive and aggressive orders. This stage of the process requires a high degree of analytical rigor, and the results must be carefully validated before they are included in the report.

- **Report Generation** ▴ The final step is to generate the RTS 28 report in the prescribed format. The report must be published on the firm’s website in a machine-readable format, such as XML. The firm must also provide a summary of its execution policy and a qualitative assessment of the execution quality obtained from its top five venues.

The entire process must be supported by a strong governance framework, with clear roles and responsibilities for all stakeholders. The firm’s compliance function will typically have overall responsibility for the RTS 28 process, but it will need to work closely with the trading desk, the technology team, and other business units to ensure that the report is accurate, complete, and timely.

![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](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-intelligence-layer.jpg)

## Quantitative Modeling and Data Analysis

The quantitative analysis required for RTS 28 is a non-trivial exercise. The following tables provide a simplified illustration of the data that must be captured and reported for a single class of financial instrument.

### Top Five Execution Venues – Retail Clients

| Class of Financial Instrument | Venue Name | Venue Identifier | Volume of Orders Executed (%) | Number of Orders Executed (%) | Passive Orders (%) | Aggressive Orders (%) | Directed Orders (%) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equities – Large Cap | London Stock Exchange | XLON | 45.2 | 51.3 | 60.1 | 39.9 | 2.5 |
| Equities – Large Cap | Cboe BXE | BXE | 22.1 | 18.9 | 45.7 | 54.3 | 1.2 |
| Equities – Large Cap | Turquoise | TRQX | 15.8 | 14.2 | 55.2 | 44.8 | 0.8 |
| Equities – Large Cap | Aquis Exchange | AQXE | 10.5 | 9.6 | 30.9 | 69.1 | 0.5 |
| Equities – Large Cap | Systematic Internaliser A | SINTA | 6.4 | 6.0 | N/A | N/A | 100.0 |

### Execution Quality Summary

| Factor | Relative Importance | Summary of Analysis |
| --- | --- | --- |
| Price | High | Continuous monitoring of execution prices against the European Best Bid and Offer (EBBO). Use of third-party TCA providers to benchmark performance. |
| Costs | High | Negotiation of competitive fee schedules with all execution venues. Regular review of clearing and settlement costs. |
| Speed of Execution | Medium | Monitoring of latency for all order types. Use of smart order routers to optimize for speed where appropriate. |
| Likelihood of Execution | High | Analysis of fill rates for all order types. Prioritization of venues with high levels of liquidity and certainty of execution. |

![Intersecting opaque and luminous teal structures symbolize converging RFQ protocols for multi-leg spread execution. Surface droplets denote market microstructure granularity and slippage](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-digital-asset-derivatives-high-fidelity-execution.jpg)

## References

- Commission Delegated Regulation (EU) 2017/576 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the annual publication by investment firms of information on the identity of execution venues and on the quality of execution.

- Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU.

- European Securities and Markets Authority. (2024, February 13). ESMA public statement on reporting requirements under RTS 28. ESMA.

- Financial Conduct Authority. (2021, December 1). Markets Conduct (FCA) Sourcebook. FCA Handbook.

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

![Robust metallic structures, one blue-tinted, one teal, intersect, covered in granular water droplets. This depicts a principal's institutional RFQ framework facilitating multi-leg spread execution, aggregating deep liquidity pools for optimal price discovery and high-fidelity atomic settlement of digital asset derivatives for enhanced capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-optimized-for-high-fidelity-execution.jpg)

## Reflection

![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)

## From Mandated Disclosure to Strategic Insight

The evolving regulatory landscape, with the prospective removal of the RTS 28 reporting obligation, prompts a deeper reflection on the ultimate purpose of such frameworks. The operational muscle memory developed to comply with these requirements should not be allowed to atrophy. The capacity to capture, analyze, and interpret execution data is a strategic asset, independent of any specific regulatory mandate. It is the foundation of a firm’s ability to understand its own performance, to optimize its trading strategies, and to demonstrate its value to its clients.

The questions that RTS 28 sought to answer remain as relevant as ever. Where are our clients’ orders being executed? What is the quality of that execution? Are we fulfilling our duty of best execution in a demonstrable way?

The firms that will thrive in the coming years are those that continue to ask these questions, not because they are compelled to by a regulator, but because they are driven by a culture of continuous improvement and a commitment to delivering the best possible outcomes for their clients. The true legacy of RTS 28 may not be the reports themselves, but the enhanced level of execution intelligence that they have fostered within the industry.

![Abstract geometric design illustrating a central RFQ aggregation hub for institutional digital asset derivatives. Radiating lines symbolize high-fidelity execution via smart order routing across dark pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-architecture.jpg)

## Glossary

<a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A stylized rendering illustrates a robust RFQ protocol within an institutional market microstructure, depicting high-fidelity execution of digital asset derivatives. A transparent mechanism channels a precise order, symbolizing efficient price discovery and atomic settlement for block trades via a prime brokerage system](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-execution-digital-asset-derivatives-options-high-fidelity-trading.jpg)

## Execution Quality

Meaning ▴ Execution Quality quantifies the efficacy of an order's fill, assessing how closely the achieved trade price aligns with the prevailing market price at submission, alongside consideration for speed, cost, and market impact. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision sphere, an Execution Management System EMS, probes a Digital Asset Liquidity Pool. This signifies High-Fidelity Execution via Smart Order Routing for institutional-grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-orchestrating-global-digital-asset-derivatives-liquidity-pool-price-discovery-and-high-fidelity-execution.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/question/how-can-a-firm-quantitatively-demonstrate-that-its-order-routing-decisions-are-in-its-clients-best-interest/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A macro view of a precision-engineered metallic component, representing the robust core of an Institutional Grade Prime RFQ. Its intricate Market Microstructure design facilitates Digital Asset Derivatives RFQ Protocols, enabling High-Fidelity Execution and Algorithmic Trading for Block Trades, ensuring Capital Efficiency and Best Execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-core-system-for-institutional-digital-asset-derivatives-rfq-protocol-execution-and-advanced-market-microstructure-optimization.jpg)

## Order Routing Decisions

A firm proves its routing decisions are optimal by implementing a rigorous Transaction Cost Analysis framework to audit every trade. </a><a href="https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract metallic circular interface with intricate patterns visualizes an institutional grade RFQ protocol for block trade execution. A central pivot holds a golden pointer with a transparent liquidity pool sphere and a blue pointer, depicting market microstructure optimization and high-fidelity execution for multi-leg spread price discovery](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-market-microstructure-optimization.jpg)

## Rts 28

Meaning ▴ RTS 28 refers to Regulatory Technical Standard 28 under MiFID II, which mandates investment firms and market operators to publish annual reports on the quality of execution of transactions on trading venues and for financial instruments. </a><a href="https://prime.greeks.live/area/top-five-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Internal hard drive mechanics, with a read/write head poised over a data platter, symbolize the precise, low-latency execution and high-fidelity data access vital for institutional digital asset derivatives. This embodies a Principal OS architecture supporting robust RFQ protocols, enabling atomic settlement and optimized liquidity aggregation within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-precision-execution-system-microstructure.jpg)

## Top Five Venues

Meaning ▴ The term "Top Five Venues" precisely designates the quantitatively identified leading execution platforms for institutional digital asset derivatives, typically ranked by metrics such as traded volume, liquidity depth, quoted spread competitiveness, or institutional participation rates over a defined period. </a><a href="https://prime.greeks.live/area/data-capture/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dynamic visual representation of an institutional trading system, featuring a central liquidity aggregation engine emitting a controlled order flow through dedicated market infrastructure. This illustrates high-fidelity execution of digital asset derivatives, optimizing price discovery within a private quotation environment for block trades, ensuring capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/principal-os-driving-high-fidelity-execution-for-digital-asset-derivatives-through-optimized-rfq-protocols-and-smart-order-routing.jpg)

## Data Capture

Meaning ▴ Data Capture refers to the precise, systematic acquisition and ingestion of raw, real-time information streams from various market sources into a structured data repository. </a><a href="https://prime.greeks.live/area/aggressive-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision instrument probes a speckled surface, visualizing market microstructure and liquidity pool dynamics within a dark pool. This depicts RFQ protocol execution, emphasizing price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-flow.jpg)

## Aggressive Orders

Meaning ▴ An aggressive order, in the context of electronic trading systems, represents an instruction to trade immediately at the best available price on the opposite side of the order book, thereby consuming existing liquidity. </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">
![An institutional-grade platform's RFQ protocol interface, with a price discovery engine and precision guides, enables high-fidelity execution for digital asset derivatives. Integrated controls optimize market microstructure and liquidity aggregation within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/proprietary-institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-granular-market-microstructure-analysis-for-prime-os.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/question/how-does-a-best-execution-committee-quantify-and-compare-execution-quality-across-different-market-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-market-microstructure.jpg)

## Execution Venues

A Best Execution Committee systematically quantifies and compares venue quality using a data-driven framework of TCA metrics and qualitative overlays. </a><a href="https://prime.greeks.live/area/order-routing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Luminous blue drops on geometric planes depict institutional Digital Asset Derivatives trading. Large spheres represent atomic settlement of block trades and aggregated inquiries, while smaller droplets signify granular market microstructure data](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocols-driving-high-fidelity-execution-and-optimal-liquidity-discovery.jpg)

## Order Routing

Meaning ▴ Order Routing is the automated process by which a trading order is directed from its origination point to a specific execution venue or liquidity source. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sharp metallic element pierces a central teal ring, symbolizing high-fidelity execution via an RFQ protocol gateway for institutional digital asset derivatives. This depicts precise price discovery and smart order routing within market microstructure, optimizing dark liquidity for block trades and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-optimizing-liquidity-discovery-and-smart-order-routing.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </a>

**Tags:** [Passive Orders](https://options.greeks.live/area/passive-orders/), [Systematic Internaliser](https://options.greeks.live/area/systematic-internaliser/), [Regulatory Reporting](https://options.greeks.live/area/regulatory-reporting/), [MiFID II](https://options.greeks.live/area/mifid-ii/), [Data Capture](https://options.greeks.live/area/data-capture/), [Best Execution](https://options.greeks.live/area/best-execution/)	

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- 
### [How Does MiFID II Differ from Regulation NMS in Defining Best Execution?](https://options.greeks.live/question/how-does-mifid-ii-differ-from-regulation-nms-in-defining-best-execution/)
![A sophisticated teal and black device with gold accents symbolizes a Principal's operational framework for institutional digital asset derivatives. It represents a high-fidelity execution engine, integrating RFQ protocols for atomic settlement. This intelligence layer optimizes price discovery, managing portfolio margin and ensuring best execution in market microstructure.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-core-engine-for-best-execution.jpg)

MiFID II mandates a qualitative, process-driven framework for best outcome, while Reg NMS prioritizes price-centric, quantitative execution.

- 
### [What Are the Specific Data Requirements for Demonstrating Best Execution to Regulators?](https://options.greeks.live/question/what-are-the-specific-data-requirements-for-demonstrating-best-execution-to-regulators/)
![A segmented rod traverses a multi-layered spherical structure, depicting a streamlined Institutional RFQ Protocol. This visual metaphor illustrates optimal Digital Asset Derivatives price discovery, high-fidelity execution, and robust liquidity pool integration, minimizing slippage and ensuring atomic settlement for multi-leg spreads within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-flow-1.jpg)

Demonstrating best execution requires a systemic data architecture to provide verifiable evidence of optimal client outcomes.

- 
### [How Might the Absence of a Consolidated Tape in the EU Affect Best Execution Analysis Compared to the US?](https://options.greeks.live/question/how-might-the-absence-of-a-consolidated-tape-in-the-eu-affect-best-execution-analysis-compared-to-the-us/)
![A transparent sphere, bisected by dark rods, symbolizes an RFQ protocol's core. This represents multi-leg spread execution within a high-fidelity market microstructure for institutional grade digital asset derivatives, ensuring optimal price discovery and capital efficiency via Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocols-high-fidelity-execution.jpg)

The absence of an EU consolidated tape transforms best execution from benchmark comparison into a complex data reconstruction challenge.

- 
### [How Does the Best Execution Obligation Apply When a Firm Acts as a Systematic Internaliser?](https://options.greeks.live/question/how-does-the-best-execution-obligation-apply-when-a-firm-acts-as-a-systematic-internaliser/)
![A cutaway reveals the intricate market microstructure of an institutional-grade platform. Internal components signify algorithmic trading logic, supporting high-fidelity execution via a streamlined RFQ protocol for aggregated inquiry and price discovery within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-execution-for-digital-asset-derivatives-via-rfq-protocols.jpg)

A Systematic Internaliser's best execution duty is met by proving its internal prices are superior to public markets through a data-driven, verifiable operational framework.

- 
### [How Do Regulatory Requirements for Documenting Best Execution Vary between U.S. and European Markets?](https://options.greeks.live/question/how-do-regulatory-requirements-for-documenting-best-execution-vary-between-u-s-and-european-markets/)
![Sharp, transparent, teal structures and a golden line intersect a dark void. This symbolizes market microstructure for institutional digital asset derivatives. Angles represent high-fidelity execution via RFQ protocols. Granular specks depict tick data informing price discovery within liquidity pools for alpha generation.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-execution-leveraging-granular-market-microstructure-intelligence.jpg)

U.S. best execution documentation proves diligent process, while European rules demand granular data transparency.

- 
### [How Do Regulations like MiFID II Specifically Define the Responsibilities of a Best Execution Committee?](https://options.greeks.live/question/how-do-regulations-like-mifid-ii-specifically-define-the-responsibilities-of-a-best-execution-committee/)
![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)

The Best Execution Committee is a firm's core governance engine for translating MiFID II's principles into a superior execution architecture.

- 
### [How Should a Best Execution Committee Be Structured to Oversee Both MiFID II and FINRA Obligations?](https://options.greeks.live/question/how-should-a-best-execution-committee-be-structured-to-oversee-both-mifid-ii-and-finra-obligations/)
![A sleek, disc-shaped system, with concentric rings and a central dome, visually represents an advanced Principal's operational framework. It integrates RFQ protocols for institutional digital asset derivatives, facilitating liquidity aggregation, high-fidelity execution, and real-time risk management. A visible sensor highlights market microstructure insights and price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-digital-asset-derivatives-execution.jpg)

A Best Execution Committee for MiFID II and FINRA unifies oversight by integrating granular data analysis with principles-based reviews.

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---

**Original URL:** https://options.greeks.live/question/what-are-the-specific-data-capture-and-storage-requirements-under-rts-28/
