# What Are the Specific Data Fields Required for a Full Trade Reconstruction by a Regulator? ▴ Question

**Published:** 2025-08-03
**Categories:** Question

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![Two reflective, disc-like structures, one tilted, one flat, symbolize the Market Microstructure of Digital Asset Derivatives. This metaphor encapsulates RFQ Protocols and High-Fidelity Execution within a Liquidity Pool for Price Discovery, vital for a Principal's Operational Framework ensuring Atomic Settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-liquidity-aggregation-optimizing-market-microstructure-principal-trading-best-execution-atomic-settlement.jpg)

![Abstract clear and teal geometric forms, including a central lens, intersect a reflective metallic surface on black. This embodies market microstructure precision, algorithmic trading for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-prime-os.jpg)

## Concept

A regulatory request for a full [trade reconstruction](https://prime.greeks.live/area/trade-reconstruction/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) represents a foundational stress test of a financial institution’s entire data architecture. It is the point at which the abstract principles of compliance become a concrete, time-sensitive demand for verifiable truth. The core of the exercise is to create a complete, time-sequenced narrative of a trade’s lifecycle, from the first moment of ideation to its final settlement.

This requires the assembly of every piece of communication, every [market data](https://prime.greeks.live/area/market-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) point, every order message, and every post-trade event into a single, coherent, and auditable record. The regulator’s objective is to gain a clear and unambiguous view into the activities and decisions that led to a specific market outcome, primarily to detect and investigate instances of market abuse, manipulation, or violations of [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) principles.

The operational reality of this demand is a direct challenge to the fragmented nature of modern financial systems. Data is inherently siloed. A trader’s intent may be formed during a voice call recorded on a turret system, articulated in an instant message, and executed through an [order management system](https://prime.greeks.live/area/order-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (OMS) that interacts with multiple trading venues. Each of these actions generates a data artifact, stored in a different format and managed by a separate system.

The task of reconstruction is to locate, retrieve, correlate, and sequence these disparate data points. The technical complexity is immense, involving the normalization of [structured data](https://prime.greeks.live/area/structured-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) from trading platforms and [unstructured data](https://prime.greeks.live/area/unstructured-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) from communication channels.

> A full trade reconstruction is the process of assembling a complete, time-sequenced audit trail of a transaction, from initial communication to final settlement, for regulatory scrutiny.

The mandate from regulators like the SEC under the [Dodd-Frank Act](https://prime.greeks.live/area/dodd-frank-act/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) or European authorities under [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is uncompromising. Firms are typically given a 72-hour window to produce a complete reconstruction. This tight deadline transforms the process from a forensic investigation into a test of a firm’s pre-existing data infrastructure and operational readiness.

A firm’s ability to respond effectively is a direct reflection of its investment in a unified data governance strategy. Without a centralized repository and the analytical tools to query it, the process becomes a manual, resource-intensive scramble that carries a high risk of failure and regulatory sanction.

Therefore, viewing trade reconstruction as a mere compliance burden is a strategic miscalculation. It is a critical driver for architectural coherence. The requirements force an institution to build a system that understands its own operations at the most granular level.

The ability to reconstruct a trade on demand is a symptom of a well-designed system, one where data is treated as a primary asset, tagged with consistent metadata, and made accessible through a unified interface. The challenge is to build an architecture where the story of a trade can be told by the data itself, without the need for heroic human intervention after the fact.

![A precision-engineered teal metallic mechanism, featuring springs and rods, connects to a light U-shaped interface. This represents a core RFQ protocol component enabling automated price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/rfq-execution-engine-component-for-institutional-digital-asset-derivatives.jpg)

![Precision-engineered modular components, with teal accents, align at a central interface. This visually embodies an RFQ protocol for institutional digital asset derivatives, facilitating principal liquidity aggregation and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-interface-for-atomic-settlement.jpg)

## Strategy

A successful strategy for trade reconstruction is built upon a foundational principle ▴ treating all trade-related data as a single, interconnected dataset. The traditional model of isolated systems for communications, trading, and settlement is a direct impediment to meeting regulatory demands. The strategic objective is to dissolve these internal [data silos](https://prime.greeks.live/area/data-silos/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and create a unified data fabric where every event, from a phone call to a confirmation, can be located, correlated, and placed onto a master timeline. This requires a shift in perspective, from managing systems to managing data lifecycles.

The primary drivers for this strategic shift are the stringent requirements imposed by global regulations. In the United States, the Dodd-Frank Act and its associated SEC and CFTC rules established the modern framework for swap data record-keeping and reporting. In Europe, MiFID II extended these principles across a wide range of asset classes, with a specific focus on transparency and investor protection under Article 16(7).

Both regimes empower regulators to demand a complete reconstruction of trading activities within a very short timeframe, often 72 hours, to investigate potential market abuse or verify best execution compliance. This compressed timeline makes a reactive, manual approach untenable.

![A Prime RFQ engine's central hub integrates diverse multi-leg spread strategies and institutional liquidity streams. Distinct blades represent Bitcoin Options and Ethereum Futures, showcasing high-fidelity execution and optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-engine-optimizing-multi-leg-spread-high-fidelity-execution-with-atomic-settlement.jpg)

## Architecting a Unified Data Repository

The core of an effective strategy is the implementation of a centralized data repository. This system acts as the single source of truth for all trade-related information. It must be capable of ingesting and indexing data from a multitude of sources and in various formats, including:

- 
**Structured Data Sources** ▴ These include Order [Management Systems](https://prime.greeks.live/question/what-is-the-relationship-between-an-order-management-system-and-an-execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (OMS), Execution Management Systems (EMS), and post-trade processing platforms. The data is typically well-defined and includes trade tickets, execution reports, and settlement records.

- 
**Unstructured and Semi-Structured Data Sources** ▴ This category is more complex and includes voice recordings from desk phones and mobile devices, emails, instant messages (IM), and chat room logs. This data often contains the critical context and intent behind a trade, which is of high interest to regulators.

Achieving this unified view requires a robust data ingestion and tagging process. As data is brought into the central repository, it must be enriched with common metadata. The most critical pieces of metadata are universal identifiers that allow for correlation across systems. These identifiers are the threads that weave the disparate data points into a coherent narrative.

![A sophisticated metallic mechanism with integrated translucent teal pathways on a dark background. This abstract visualizes the intricate market microstructure of an institutional digital asset derivatives platform, specifically the RFQ engine facilitating private quotation and block trade execution](https://options.greeks.live/wp-content/uploads/2025/07/systemic-framework-for-institutional-digital-asset-derivatives-rfq-price-discovery-and-atomic-settlement.jpg)

## The Role of Universal Identifiers

How Can Disparate Data Be Linked?

The entire strategic framework hinges on the consistent application of unique identifiers. Without them, correlating a voice recording to a specific execution is a nearly impossible forensic task. The key identifiers that form the backbone of trade reconstruction are:

- 
**[Legal Entity Identifier](https://prime.greeks.live/area/legal-entity-identifier/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (LEI)** ▴ An LEI is a global, 20-character alphanumeric code that provides a unique identity for a legal entity or structure. Regulators use the LEI to unambiguously identify the counterparties to a transaction. Consistent tagging of all communications and trade records with the relevant LEIs is a foundational requirement.

- 
**[Unique Trade Identifier](https://prime.greeks.live/area/unique-trade-identifier/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (UTI) or Unique Swap Identifier (USI)** ▴ A UTI (or USI in the context of US swap regulations) is a globally unique code assigned to a specific transaction. This identifier allows regulators to track a single trade from its inception through its entire lifecycle, even as it passes through different systems and reporting repositories. It is the primary key for linking all related records.

- 
**Universal Time Coordinated (UTC) Timestamps** ▴ All recorded events must be timestamped to a high degree of precision using the UTC standard. This allows for the precise sequencing of events, which is critical for understanding cause and effect, such as the relationship between receiving market information and placing an order.

> The strategic implementation of a centralized data repository, enriched with universal identifiers like LEI and UTI, is the only viable path to meeting the 72-hour regulatory response window.

![Geometric planes and transparent spheres represent complex market microstructure. A central luminous core signifies efficient price discovery and atomic settlement via RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-4.jpg)

## Data Categories for Reconstruction

To structure the data within the repository, it is useful to categorize it by the stage of the trade lifecycle. A strategic approach ensures that data collection and retention policies are in place for each of these critical phases.

The following table outlines the strategic data categories required for a comprehensive trade reconstruction.

| Data Category | Description | Primary Sources | Regulatory Significance |
| --- | --- | --- | --- |
| Pre-Trade Data | All communications and market information preceding the execution of an order. This data provides context and intent. | Voice Recordings, Emails, Instant Messages, CRM Notes, Market Data Feeds, Research Reports. | Crucial for investigating insider trading, front-running, and other forms of market manipulation. It helps establish the trader’s state of knowledge. |
| Trade Execution Data | The structured data that details the placement, routing, and execution of the order. | Order Management Systems (OMS), Execution Management Systems (EMS), Trading Venue Logs. | Core evidence for verifying best execution, analyzing order routing decisions, and confirming the precise terms of the transaction. |
| Post-Trade Data | All data generated after the trade is executed, including confirmation, settlement, and lifecycle events. | Confirmation Systems, Clearinghouse Records, Valuation Engines, Collateral Management Systems. | Essential for understanding the full economic reality of the trade, tracking counterparty risk, and verifying proper settlement and reporting. |

By architecting a system around these data categories and enforcing a strict policy of metadata tagging, a firm moves from a reactive posture to a state of proactive readiness. The goal is to transform a regulatory request from a crisis into a routine query that the system is designed to answer.

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

![Glowing teal conduit symbolizes high-fidelity execution pathways and real-time market microstructure data flow for digital asset derivatives. Smooth grey spheres represent aggregated liquidity pools and robust counterparty risk management within a Prime RFQ, enabling optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-market-microstructure-prime-os.jpg)

## Execution

The execution of a trade reconstruction request is a test of a firm’s data infrastructure at its most granular level. Success depends on the ability to retrieve specific data fields from across the organization and assemble them into a coherent, time-sequenced timeline. This process moves beyond strategy and into the precise technical details of data capture, storage, and retrieval. Regulators expect a complete and systematic record of all activities related to a trade, and the execution phase is where this record is built and presented.

![A sophisticated institutional-grade system's internal mechanics. A central metallic wheel, symbolizing an algorithmic trading engine, sits above glossy surfaces with luminous data pathways and execution triggers](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-core.jpg)

## The Operational Playbook for Data Collection

A firm’s ability to execute a reconstruction request within the 72-hour window is contingent on having a well-defined operational playbook. This playbook must detail the systems of record for every required data field and the processes for their retrieval and correlation. The foundation of this playbook is a comprehensive data dictionary that maps regulatory requirements to specific internal data sources.

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## Pre-Trade Data Fields the Unstructured Challenge

The pre-trade phase is often the most challenging from a data collection perspective because it involves a high volume of unstructured and semi-structured data. Regulators are intensely focused on this phase to uncover the “why” behind a trade. The specific data fields required include:

- 
**Communications Content** ▴ The complete text or audio of all relevant communications. This includes emails, recorded voice calls (desk, turret, and mobile), instant messages, SMS texts, and logs from collaboration platforms. The system must be able to search this content for keywords, counterparties, or specific products.

- 
**Communication Metadata** ▴ For each communication, the system must capture sender, receiver(s), timestamps (start and end in UTC), and the [unique identifier](https://prime.greeks.live/question/how-can-a-firms-proprietary-order-flow-data-be-used-to-create-a-unique-competitive-advantage-in-an-ml-sor-model/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of the communication record.

- 
**Meeting Records** ▴ Minutes or notes from any face-to-face or virtual meetings where the trade was discussed. This includes attendees, date, time, and a summary of the discussion.

- 
**Market Data Snapshots** ▴ The firm must be able to reproduce the state of the market as the trader saw it. This includes quotes, depths of book, and relevant news headlines from market data feeds at the time of the decision-making process.

![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)

## Trade Execution Data Fields the Structured Core

This category comprises the structured data generated by the firm’s trading systems. These fields form the factual backbone of the trade itself. Precision and completeness are paramount.

What Are The Most Critical Execution Fields?

The following table provides a detailed breakdown of the essential data fields from the execution phase. These fields are typically sourced from the firm’s OMS and EMS.

| Data Field | Description | Example | System of Record |
| --- | --- | --- | --- |
| Unique Trade Identifier (UTI/USI) | The globally unique identifier for the transaction. | ‘103958A7B389F1234567’ | OMS / Reporting System |
| Legal Entity Identifier (LEI) | The LEI of the firm and its counterparty. | ‘5493000863824D946158’ | Client/Counterparty Database |
| Trader/Decision-Maker ID | A unique identifier for the individual trader or algorithm that made the investment decision. | ‘JSMITH789’ | HR System / OMS User Profile |
| Timestamp (UTC) | High-precision timestamps for every event in the order’s lifecycle (e.g. order received, routed, executed). | ‘2025-08-03T14:30:01.123456Z’ | OMS / EMS / Venue Logs |
| Instrument Identifier | A unique identifier for the financial instrument (e.g. ISIN, CUSIP, FIGI). | ‘US0378331005’ | Security Master Database |
| Order Type | The type of order placed (e.g. Market, Limit, Stop). | ‘Limit’ | OMS / EMS |
| Price / Rate | The price of the execution or the rate for a swap. For limit orders, this includes the limit price. | ‘150.25’ | Execution Report / Venue Fill |
| Quantity / Notional | The size of the order and execution. | ‘10,000 shares’ | Execution Report / Venue Fill |
| Venue of Execution | The market center or counterparty where the trade was executed. | ‘NYSE Arca’ | Execution Report / FIX Message |
| Capacity | The capacity in which the firm acted (e.g. Principal, Agent). | ‘Agent’ | OMS / Compliance System |

![Abstract dual-cone object reflects RFQ Protocol dynamism. It signifies robust Liquidity Aggregation, High-Fidelity Execution, and Principal-to-Principal negotiation](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-rfq-execution-framework-for-digital-asset-derivatives-optimal-liquidity-aggregation-and-atomic-settlement.jpg)

## Post-Trade Data Fields the Economic Reality

Post-trade data fields are required to demonstrate that the trade was correctly confirmed, settled, and managed throughout its lifecycle. This data is critical for assessing risk and ensuring the integrity of post-trade processes.

> Executing a trade reconstruction involves the precise, auditable assembly of data fields from pre-trade communications, structured execution records, and post-trade lifecycle events.

Key post-trade fields include:

- 
**Confirmation Data** ▴ Evidence that the terms of the trade were confirmed with the counterparty, including the timestamp of the confirmation.

- 
**Settlement Data** ▴ Records showing the date and status of the settlement of funds and securities.

- 
**Valuation Data** ▴ For derivatives and other complex instruments, daily valuation marks and the methodology used to calculate them.

- 
**Collateral and Margining Data** ▴ Records of all margin calls and collateral movements associated with the trade.

- 
**Lifecycle Event Data** ▴ Information on any post-trade events such as amendments, terminations, novations, or compressions. Each event must be documented with its own set of data fields and timestamps.

Why Is A Holistic View So Important?

A regulator does not view these data categories in isolation. They use the complete dataset to build a narrative. For example, they will correlate pre-trade communications with the timing of an order to see if a trader acted on non-public information. They will compare the execution price against market data snapshots to assess best execution.

They will trace the trade from the UTI on the [execution report](https://prime.greeks.live/area/execution-report/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) through to the final settlement record to ensure no details were improperly altered. The execution of a reconstruction is the final, practical expression of a firm’s commitment to transparency and robust data governance. It is the point where architectural strategy meets regulatory reality.

![Intersecting metallic components symbolize an institutional RFQ Protocol framework. This system enables High-Fidelity Execution and Atomic Settlement for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-specialists.jpg)

## References

- Infosys Limited. “Trade Reconstruction Requirements ▴ Challenges and Solution.” Infosys, 2018.

- SteelEye Ltd. “Why efficient Trade Reconstructions are more important now than ever.” SteelEye, 25 April 2023.

- NICE Actimize. “The Complete Guide to Trade Reconstruction.” NICE Actimize, 2018.

- NICE Actimize. “Identify, Visualize and Reconstruct All Trade-Related Communications and Data to Ensure Financial Compliance.” NICE Actimize.

- SteelEye Ltd. “Trade reconstruction ▴ a growing pain point.” SteelEye.

- U.S. Commodity Futures Trading Commission. “17 CFR Part 23 – Swap Recordkeeping and Reporting Requirements.” Federal Register, Vol. 77, No. 9, 13 January 2012.

- European Parliament and Council of the European Union. “Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (MiFID II).” Official Journal of the European Union, 12 June 2014.

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

![Intersecting sleek conduits, one with precise water droplets, a reflective sphere, and a dark blade. This symbolizes institutional RFQ protocol for high-fidelity execution, navigating market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-optimizing-latent-liquidity-discovery-and-atomic-settlement-protocols.jpg)

## Reflection

The mandate for trade reconstruction compels a level of institutional self-awareness that extends far beyond a simple compliance checklist. The process forces a firm to confront the true topology of its information flow, revealing every point of friction, every data silo, and every procedural gap. Viewing this capability through the lens of a systems architect, the requirement is a powerful catalyst for operational excellence. The ability to produce a complete, accurate, and timely reconstruction is the definitive metric of a coherent and well-integrated data architecture.

Consider your own operational framework. Is it designed with the assumption that any single transaction may one day require a complete, auditable history? Is data treated as a strategic asset, with its integrity, accessibility, and lineage governed by a unified set of principles? The answers to these questions define a firm’s resilience not only to regulatory inquiry but also to internal risk.

The same system that can satisfy a regulator’s request in 72 hours is a system that can provide its own leadership with an unparalleled understanding of its market activities. The ultimate advantage lies in transforming a regulatory obligation into a source of institutional intelligence.

![The image depicts two intersecting structural beams, symbolizing a robust Prime RFQ framework for institutional digital asset derivatives. These elements represent interconnected liquidity pools and execution pathways, crucial for high-fidelity execution and atomic settlement within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-cross-market-execution-architecture-for-digital-assets.jpg)

## Glossary

<a href="https://prime.greeks.live/area/trade-reconstruction/?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)

## Trade Reconstruction

Meaning ▴ Trade Reconstruction is the rigorous, systematic process of reassembling all data points associated with a specific trading event, including order submissions, modifications, cancellations, and executions, along with corresponding market data snapshots. </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">
![Central intersecting blue light beams represent high-fidelity execution and atomic settlement. Mechanical elements signify robust market microstructure and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-visualizing-market-microstructure-for-high-fidelity-alpha-generation-via-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/market-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Polished metallic rods, spherical joints, and reflective blue components within beige casings, depict a Crypto Derivatives OS. This engine drives institutional digital asset derivatives, optimizing RFQ protocols for high-fidelity execution, robust price discovery, and capital efficiency within complex market microstructure via algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/07/optimized-rfq-protocol-engine-driving-institutional-digital-asset-derivatives-market-microstructure-execution.jpg)

## Market Data

Meaning ▴ Market Data comprises the real-time or historical pricing and trading information for financial instruments, encompassing bid and ask quotes, last trade prices, cumulative volume, and order book depth. </a><a href="https://prime.greeks.live/area/order-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A teal-blue textured sphere, signifying a unique RFQ inquiry or private quotation, precisely mounts on a metallic, institutional-grade base. Integrated into a Prime RFQ framework, it illustrates high-fidelity execution and atomic settlement for digital asset derivatives within market microstructure, ensuring capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-prime-os-execution-1.jpg)

## Order Management System

Meaning ▴ A robust Order Management System is a specialized software application engineered to oversee the complete lifecycle of financial orders, from their initial generation and routing to execution and post-trade allocation. </a><a href="https://prime.greeks.live/area/unstructured-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract forms depict institutional liquidity aggregation and smart order routing. Intersecting dark bars symbolize RFQ protocols enabling atomic settlement for multi-leg spreads, ensuring high-fidelity execution and price discovery of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-2.jpg)

## Unstructured Data

Meaning ▴ Unstructured data refers to information that does not conform to a predefined data model or schema, making its organization and analysis challenging through traditional relational database methods. </a><a href="https://prime.greeks.live/area/structured-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A luminous teal bar traverses a dark, textured metallic surface with scattered water droplets. This represents the precise, high-fidelity execution of an institutional block trade via a Prime RFQ, illustrating real-time price discovery](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-real-time-institutional-digital-asset-rfq-execution-stream-visualizing-prime-os-liquidity-flow.jpg)

## Structured Data

Meaning ▴ Structured data is information organized in a defined, schema-driven format, typically within relational databases. </a><a href="https://prime.greeks.live/area/dodd-frank-act/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Dodd-Frank Act

Meaning ▴ The Dodd-Frank Wall Street Reform and Consumer Protection Act is a comprehensive federal statute enacted in 2010. Its primary objective was to reform the financial regulatory system in response to the 2008 financial crisis. </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">
![Highly polished metallic components signify an institutional-grade RFQ engine, the heart of a Prime RFQ for digital asset derivatives. Its precise engineering enables high-fidelity execution, supporting multi-leg spreads, optimizing liquidity aggregation, and minimizing slippage within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineering-underpinning-institutional-digital-asset-derivatives-rfq.jpg)

## Mifid Ii

Meaning ▴ MiFID II, the Markets in Financial Instruments Directive II, constitutes a comprehensive regulatory framework enacted by the European Union to govern financial markets, investment firms, and trading venues. </a><a href="https://prime.greeks.live/area/data-silos/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision-engineered, multi-layered system architecture for institutional digital asset derivatives. Its modular components signify robust RFQ protocol integration, facilitating efficient price discovery and high-fidelity execution for complex multi-leg spreads, minimizing slippage and adverse selection in market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution-platform.jpg)

## Data Silos

Meaning ▴ Data silos represent isolated repositories of information within an institutional environment, typically residing in disparate systems or departments without effective interoperability or a unified schema. </a><a href="https://prime.greeks.live/question/what-is-the-relationship-between-an-order-management-system-and-an-execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Management Systems

The OMS codifies investment strategy into compliant, executable orders; the EMS translates those orders into optimized market interaction. </a><a href="https://prime.greeks.live/area/legal-entity-identifier/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Legal Entity Identifier

Meaning ▴ The Legal Entity Identifier is a 20-character alphanumeric code uniquely identifying legally distinct entities in financial transactions. </a><a href="https://prime.greeks.live/area/unique-trade-identifier/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Angularly connected segments portray distinct liquidity pools and RFQ protocols. A speckled grey section highlights granular market microstructure and aggregated inquiry complexities for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-efficiency.jpg)

## Unique Trade Identifier

Meaning ▴ The Unique Trade Identifier (UTI) represents a globally consistent alphanumeric code assigned to each reportable trade, serving as the immutable reference for a specific transaction across all involved parties and jurisdictions. </a><a href="https://prime.greeks.live/question/how-can-a-firms-proprietary-order-flow-data-be-used-to-create-a-unique-competitive-advantage-in-an-ml-sor-model/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract digital interface features a dark circular screen with two luminous dots, one teal and one grey, symbolizing active and pending private quotation statuses within an RFQ protocol. Below, sharp parallel lines in black, beige, and grey delineate distinct liquidity pools and execution pathways for multi-leg spread strategies, reflecting market microstructure and high-fidelity execution for institutional grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-displaying-multi-leg-execution-status-and-optimal-liquidity-pathways.jpg)

## Unique Identifier

A firm's proprietary order flow fuels ML models to predict market microstructure, creating a decisive competitive edge in smart order routing. </a><a href="https://prime.greeks.live/area/execution-report/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Internal, precise metallic and transparent components are illuminated by a teal glow. This visual metaphor represents the sophisticated market microstructure and high-fidelity execution of RFQ protocols for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-microstructure-prime-os-intelligence-layer-atomic-settlement-precision.jpg)

## Execution Report

Meaning ▴ An Execution Report is a standardized electronic message, typically transmitted via the FIX protocol, providing real-time status updates and detailed information regarding the fill or partial fill of a financial order submitted to a trading venue or broker. </a>

**Tags:** [Legal Entity Identifier](https://options.greeks.live/area/legal-entity-identifier/), [Best Execution](https://options.greeks.live/area/best-execution/), [Structured Data](https://options.greeks.live/area/structured-data/), [Swap Data Repository](https://options.greeks.live/area/swap-data-repository/), [Order Management](https://options.greeks.live/area/order-management/), [Data Silos](https://options.greeks.live/area/data-silos/)	

## Discover More

- 
### [What Are the Current Best Practices for Demonstrating Best Execution after RTS 28?](https://options.greeks.live/question/what-are-the-current-best-practices-for-demonstrating-best-execution-after-rts-28/)
![A complex sphere, split blue implied volatility surface and white, balances on a beam. A transparent sphere acts as fulcrum. This illustrates institutional digital asset derivative RFQ execution, enabling optimal price discovery, leveraging Prime RFQ for high-fidelity execution across fragmented market microstructure and dark liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-balancing-liquidity.jpg)

Demonstrating best execution requires a systemic, data-driven architecture to prove optimal outcomes.

- 
### [How Should a Best Execution Policy Evolve with Changes in Market Structure and Data Availability?](https://options.greeks.live/question/how-should-a-best-execution-policy-evolve-with-changes-in-market-structure-and-data-availability/)
![A sleek, illuminated control knob emerges from a robust, metallic base, representing a Prime RFQ interface for institutional digital asset derivatives. Its glowing bands signify real-time analytics and high-fidelity execution of RFQ protocols, enabling optimal price discovery and capital efficiency in dark pools for block trades.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-system-for-optimal-execution.jpg)

A best execution policy evolves from a static rulebook into an adaptive control system for navigating liquidity with optimal efficiency.

- 
### [What Are the Regulatory Reporting Requirements Associated with Electronic RFQ Trading?](https://options.greeks.live/question/what-are-the-regulatory-reporting-requirements-associated-with-electronic-rfq-trading/)
![Precision-engineered device with central lens, symbolizing Prime RFQ Intelligence Layer for institutional digital asset derivatives. Facilitates RFQ protocol optimization, driving price discovery for Bitcoin options and Ethereum futures. Robust design ensures high-fidelity execution, capital efficiency, and counterparty risk mitigation.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-rfq-protocol-engine-for-digital-asset-derivatives-options-trading.jpg)

Regulatory reporting for electronic RFQs mandates a systematic, high-fidelity capture of the entire trade lifecycle for transparency and supervision.

- 
### [How Can a Firm’s Technology Architecture Create a Defensible Audit Trail for Best Execution?](https://options.greeks.live/question/how-can-a-firms-technology-architecture-create-a-defensible-audit-trail-for-best-execution/)
![Two sleek, abstract forms, one dark, one light, are precisely stacked, symbolizing a multi-layered institutional trading system. This embodies sophisticated RFQ protocols, high-fidelity execution, and optimal liquidity aggregation for digital asset derivatives, ensuring robust market microstructure and capital efficiency within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-platform-architecture-high-fidelity-execution-protocols-and-liquidity-aggregation.jpg)

A firm's technology creates a defensible audit trail by systematically capturing and synchronizing every event in an order's lifecycle.

- 
### [What Are the Technological Prerequisites for Capturing Voice Trade Data for TCA?](https://options.greeks.live/question/what-are-the-technological-prerequisites-for-capturing-voice-trade-data-for-tca/)
![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)

Capturing voice trade data for TCA requires a technology stack that translates analog conversation into enriched, structured digital records.

- 
### [How Can a Firm Quantitatively Prove Best Execution for a Voice Brokered Otf Trade?](https://options.greeks.live/question/how-can-a-firm-quantitatively-prove-best-execution-for-a-voice-brokered-otf-trade/)
![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)

A firm proves best execution for voice trades by architecting a system that translates negotiation into verifiable data.

- 
### [What Are the Core Technological Components Required to Operate as a Systematic Internaliser under MiFIR?](https://options.greeks.live/question/what-are-the-core-technological-components-required-to-operate-as-a-systematic-internaliser-under-mifir/)
![A sophisticated institutional-grade system's internal mechanics. A central metallic wheel, symbolizing an algorithmic trading engine, sits above glossy surfaces with luminous data pathways and execution triggers. This abstract visualizes high-fidelity execution for digital asset derivatives, optimizing market microstructure and RFQ protocol efficiency within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-core.jpg)

A Systematic Internaliser's core technology is a regulated, high-performance engine for transparent principal trading and automated reporting.

- 
### [How Does Technology Help Firms Demonstrate Best Execution in RFQ Markets under MiFID II?](https://options.greeks.live/question/how-does-technology-help-firms-demonstrate-best-execution-in-rfq-markets-under-mifid-ii/)
![A sleek, reflective bi-component structure, embodying an RFQ protocol for multi-leg spread strategies, rests on a Prime RFQ base. Surrounding nodes signify price discovery points, enabling high-fidelity execution of digital asset derivatives with capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/precision-orchestration-of-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-market-microstructure.jpg)

Technology enables firms to meet MiFID II's best execution duties in RFQ markets by creating a defensible, data-driven audit trail of the entire trade lifecycle.

- 
### [What Are the Primary Technological Challenges in Complying with MiFID II’s Best Execution Requirements?](https://options.greeks.live/question/what-are-the-primary-technological-challenges-in-complying-with-mifid-iis-best-execution-requirements/)
![A sophisticated, angular digital asset derivatives execution engine with glowing circuit traces and an integrated chip rests on a textured platform. This symbolizes advanced RFQ protocols, high-fidelity execution, and the robust Principal's operational framework supporting institutional-grade market microstructure and optimized liquidity aggregation.](https://options.greeks.live/wp-content/uploads/2025/08/advanced-digital-asset-derivatives-rfq-protocol-engine-architecture.jpg)

MiFID II best execution compliance demands an integrated data architecture to prove optimal outcomes across a vector of performance factors.

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---

**Original URL:** https://options.greeks.live/question/what-are-the-specific-data-fields-required-for-a-full-trade-reconstruction-by-a-regulator/
