# What Are the Specific Data Fields Required for Post-Trade Reporting by a Systematic Internaliser? ▴ Question

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

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![Intersecting translucent planes and a central financial instrument depict RFQ protocol negotiation for block trade execution. Glowing rings emphasize price discovery and liquidity aggregation within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-orchestration-for-high-fidelity-execution-across-prime-os.jpg)

![A sharp, metallic instrument precisely engages a textured, grey object. This symbolizes High-Fidelity Execution within institutional RFQ protocols for Digital Asset Derivatives, visualizing precise Price Discovery, minimizing Slippage, and optimizing Capital Efficiency via Prime RFQ for Best Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocols-precision-execution-prime-os-liquidity.jpg)

## Concept

The operational integrity of modern financial markets hinges on a foundational principle ▴ transparency. For a [Systematic Internaliser](https://prime.greeks.live/area/systematic-internaliser/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SI), an investment firm executing client orders on its own account outside of traditional venues, this principle is manifested through a rigorous [post-trade reporting](https://prime.greeks.live/area/post-trade-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) discipline. The specific data fields required in these reports are not arbitrary administrative burdens; they are the granular components of market visibility, each serving a distinct purpose in the broader architecture of regulatory oversight and fair competition. Understanding these fields from a systems perspective reveals a detailed blueprint for how regulators monitor market activity, ensure a level playing field, and provide all participants with a coherent view of liquidity and pricing.

At its core, the mandate for an SI to report post-trade data is a mechanism to reintegrate off-venue liquidity information back into the public domain. When an SI executes a trade, it is, by definition, operating outside the continuous order books of a regulated market or multilateral trading facility (MTF). Without a reporting obligation, these transactions would be opaque, creating information asymmetry and potentially fragmenting the market. The data fields specified under regulations like [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) are the standardized language for this reintegration.

They translate a private transaction into a public data point, allowing regulators, competitors, and the public to reconstruct a comprehensive picture of market-wide activity. This data forms the bedrock of market analysis, enabling the calculation of volume-weighted average prices (VWAP), the assessment of execution quality, and the surveillance for market abuse.

Viewing this requirement through the lens of a systems architect, the data fields are akin to the API specifications for a critical market infrastructure module. Each field is a parameter that passes essential information from one part of the system (the SI’s private ledger) to another (the public tape, via an [Approved Publication Arrangement](https://prime.greeks.live/area/approved-publication-arrangement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), or APA). The structure is designed for precision and efficiency, ensuring that the reported data is unambiguous and machine-readable.

From the instrument identifier that pinpoints the exact security traded to the microsecond-level timestamp that places the transaction in a precise chronological sequence, the fields collectively build a dataset that is robust enough to support the complex functions of modern market supervision and algorithmic analysis. The very architecture of these [reporting requirements](https://prime.greeks.live/question/what-are-the-key-differences-in-reporting-requirements-between-public-post-trade-transparency-and-regulatory-transaction-reporting-for-lis-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a testament to a market design philosophy that values data-driven oversight and systemic stability.

![A precise metallic instrument, resembling an algorithmic trading probe or a multi-leg spread representation, passes through a transparent RFQ protocol gateway. This illustrates high-fidelity execution within market microstructure, facilitating price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-orchestration-of-institutional-digital-asset-rfq-execution.jpg)

![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](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-core-engine-for-best-execution.jpg)

## Strategy

![A central, bi-sected circular element, symbolizing a liquidity pool within market microstructure, is bisected by a diagonal bar. This represents high-fidelity execution for digital asset derivatives via RFQ protocols, enabling price discovery and bilateral negotiation in a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-execution-rfq-price-discovery-core.jpg)

## The Strategic Imperative of Data Coherence

For a Systematic Internaliser, the strategy for managing post-trade reporting extends far beyond mere compliance. It represents a core operational function that, if architected correctly, can reinforce the firm’s market position. The primary strategic objective is to establish a [data governance](https://prime.greeks.live/area/data-governance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) framework that ensures the accuracy, timeliness, and completeness of every reported field.

A failure in this domain introduces significant operational and reputational risk. The challenge lies in orchestrating the flow of information from various internal systems ▴ such as the Order [Management System](https://prime.greeks.live/question/how-does-an-order-management-system-differ-from-an-execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (OMS) and [Execution Management System](https://prime.greeks.live/area/execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (EMS) ▴ into a coherent, reportable message that meets the stringent requirements of regulations like MiFID II.

A robust strategy involves creating a “golden source” for each required data point. This means identifying the definitive system of record within the firm’s infrastructure for every piece of information, from the client identifier to the trade price and quantity. For instance, the [legal entity identifier](https://prime.greeks.live/area/legal-entity-identifier/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (LEI) of the client should be sourced directly from the client onboarding and lifecycle management system, ensuring it is current and validated.

The trade [execution timestamp](https://prime.greeks.live/question/what-are-the-primary-differences-in-timestamp-granularity-requirements-between-cat-and-mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) must be captured with high precision at the moment of execution, synchronized to a universal time source to guarantee its integrity. By mapping each required reporting field to a specific, authoritative internal source, the SI can build an automated and resilient reporting pipeline that minimizes the potential for manual error and data inconsistency.

> The strategic framework for post-trade reporting must prioritize the creation of an unimpeachable, automated data pipeline from internal systems to the Approved Publication Arrangement.

![A slender metallic probe extends between two curved surfaces. This abstractly illustrates high-fidelity execution for institutional digital asset derivatives, driving price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-instrument-navigating-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## Architecting the Reporting Workflow

The design of the reporting workflow is a critical strategic decision. An SI must determine the optimal point at which to enrich a trade record with the necessary reporting data. One effective approach is a staged enrichment process. Immediately following execution, the core economic details of the trade (instrument, price, quantity, timestamp) are captured.

This initial record is then passed through a series of enrichment layers. A regulatory logic layer appends the relevant flags and identifiers based on the trade’s characteristics ▴ for example, determining if the trade qualifies for deferred publication or identifying the specific reporting obligation. A static data layer adds information like the instrument’s classification or the SI’s own LEI. This modular approach allows for greater flexibility and easier maintenance; if a regulatory rule changes, only the relevant logic layer needs to be updated, without altering the core trade capture process.

The selection of an Approved Publication Arrangement (APA) is another key strategic consideration. APAs are not just conduits for data; they are partners in the compliance process. A forward-thinking SI will evaluate potential APAs based on several criteria:

- **Technological Integration** ▴ The ease and robustness of their API, including the supported messaging formats (such as FIX) and the clarity of their technical documentation.

- **Validation and Feedback Mechanisms** ▴ The quality of the pre-submission validation checks they offer. A good APA will provide clear, actionable feedback on rejected or potentially erroneous reports, enabling the SI to quickly identify and rectify issues.

- **Analytics and Monitoring Tools** ▴ The availability of dashboards and analytical tools that allow the SI to monitor its reporting activity, track publication timeliness, and identify trends in its data quality.

- **Resilience and Redundancy** ▴ The APA’s own system architecture, including its disaster recovery and business continuity plans, which are essential for ensuring the SI can meet its reporting obligations even in the event of a system outage.

![Abstract planes delineate dark liquidity and a bright price discovery zone. Concentric circles signify volatility surface and order book dynamics for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-3.jpg)

## Core Data Fields and Their Strategic Function

The data fields themselves can be grouped by their strategic function within the reporting architecture. Understanding this functional grouping helps in designing a more intelligent and context-aware reporting system. The table below outlines some of the core [fields required](https://prime.greeks.live/question/what-are-the-specific-data-fields-required-for-reporting-an-actionable-rfq-response/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) under MiFID II’s [Regulatory Technical Standards](https://prime.greeks.live/area/regulatory-technical-standards/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RTS 1 for equities and RTS 2 for non-equities) and their strategic purpose.

### Table 1 ▴ Strategic Function of Core Post-Trade Reporting Fields

| Field Category | Example Data Fields | Strategic Purpose and Systemic Role |
| --- | --- | --- |
| Instrument Identification | ISIN (International Securities Identification Number), CFI (Classification of Financial Instruments) | Unambiguously identifies the financial instrument traded. This is the primary key for aggregating data across the market and linking a trade to its reference data. Essential for market-wide analysis and surveillance. |
| Trade Economics | Price, Price Currency, Quantity, Notional Amount, Notional Currency | Defines the core financial terms of the transaction. This data is fundamental for calculating market volume, liquidity metrics, and benchmarks like VWAP. It is the substance of price transparency. |
| Execution Locus | Execution Timestamp, Venue Identification (APA’s MIC), Publication Timestamp | Pinpoints the exact moment and location of the trade and its publication. The execution timestamp is critical for sequencing events across the market and for best execution analysis. Timeliness of publication is a key compliance metric. |
| Transaction & Party Identifiers | Unique Transaction Identifier (UTI), SI’s LEI | Provides a unique fingerprint for the transaction, preventing duplication and facilitating reconciliation. The SI’s Legal Entity Identifier clearly attributes the trade to the reporting party. |
| Regulatory Context | Deferral Flags (e.g. ‘LMTF’, ‘SIZE’), Trade Condition Flags (e.g. ‘RPRI’, ‘NLIQ’) | Adds crucial context that qualifies the trade. These flags indicate why a trade might be reported on a deferred basis (e.g. it is large in scale) or under specific conditions, which is vital for interpreting the public data correctly. |

![A clear, faceted digital asset derivatives instrument, signifying a high-fidelity execution engine, precisely intersects a teal RFQ protocol bar. This illustrates multi-leg spread optimization and atomic settlement within a Prime RFQ for institutional aggregated inquiry, ensuring best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-execution.jpg)

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

## Execution

![A sophisticated mechanism features a segmented disc, indicating dynamic market microstructure and liquidity pool partitioning. This system visually represents an RFQ protocol's price discovery process, crucial for high-fidelity execution of institutional digital asset derivatives and managing counterparty risk within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/advanced-digital-asset-derivatives-rfq-liquidity-aggregation-system.jpg)

## The Operational Playbook

Executing a compliant and efficient post-trade reporting function requires a detailed operational playbook. This playbook serves as the master guide for all teams involved, from front-office trading desks to back-office operations and technology. It codifies the procedures, controls, and responsibilities that govern the reporting lifecycle. The development of this playbook is a foundational step in building a resilient reporting architecture.

![A sharp, metallic blue instrument with a precise tip rests on a light surface, suggesting pinpoint price discovery within market microstructure. This visualizes high-fidelity execution of digital asset derivatives, highlighting RFQ protocol efficiency](https://options.greeks.live/wp-content/uploads/2025/07/precision-digital-asset-derivative-rfq-execution-market-microstructure-high-fidelity-alpha-generation-prime-os-system.jpg)

## Phase 1 ▴ Data Sourcing and Validation

The initial phase of execution focuses on the integrity of the input data. This is a multi-step process that must be automated to the greatest extent possible.

- 
**Trade Capture** ▴ The process begins the moment a trade is executed. The core trade details must be captured from the execution system with high-fidelity timestamps. The system must be configured to log the execution time to the highest possible granularity (e.g. microseconds) and be synchronized with a certified time source like NIST.

- 
**[Data Enrichment](https://prime.greeks.live/area/data-enrichment/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Protocol** ▴ An automated enrichment engine should be implemented. Upon capture, the trade record is passed to this engine, which sequentially appends the required data fields.

<li>**Static Data Enrichment** ▴ The engine first queries internal databases to append static data. This includes the [ISIN](https://prime.greeks.live/area/isin/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and CFI code for the instrument, the SI’s own LEI, and the currency codes.

- **Dynamic Data Enrichment** ▴ Next, the engine applies a rules-based logic to determine and append dynamic data. This involves assessing the trade against regulatory thresholds to set the correct flags. For example, the engine will compare the trade’s size against the instrument-specific [Large-in-Scale](https://prime.greeks.live/area/large-in-scale/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (LIS) threshold to determine if the ‘SIZE’ flag should be applied.

</li>
- 
**Pre-Submission Validation** ▴ Before the report is compiled into its final format (e.g. a FIX message), it must undergo an internal validation check. This check should mirror the validation rules of the target APA. It verifies that all mandatory fields are present, that the data formats are correct (e.g. date formats, numeric precision), and that the combination of flags is logical. Any trade failing this check is routed to an exception queue for manual investigation.

![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)

## Phase 2 ▴ Reporting and Reconciliation

This phase covers the transmission of the report and the subsequent monitoring to ensure its successful publication.

- 
**APA Connectivity and Transmission** ▴ A dedicated, resilient connection to the chosen APA must be established. The [reporting engine](https://prime.greeks.live/question/what-are-the-primary-technological-challenges-in-building-a-multi-asset-rfq-reporting-engine/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) formats the validated data into the APA’s specified format and transmits it securely. The system must log the exact time of transmission.

- 
**Acknowledgement and Status Monitoring** ▴ The system must be designed to process the acknowledgement messages received from the APA. These messages will indicate whether the report was accepted (‘ACK’) or rejected (‘NACK’). The status of every report must be tracked in a central monitoring dashboard.

- 
**Rejection Handling Workflow** ▴ For any rejected report, an automated alert should be triggered, assigning the case to the operations team. The playbook must define clear procedures for investigating the cause of the rejection (using the error codes provided by the APA), correcting the data in the source system, and resubmitting the report within the required timeframe.

- 
**Daily Reconciliation** ▴ At the end of each trading day, a full reconciliation must be performed. The SI’s internal record of all executed trades should be compared against the record of all trades successfully published by the APA. This process is designed to identify any discrepancies, such as under-reporting (trades executed but not published) or over-reporting (trades published that were not executed or were duplicates).

![Intricate dark circular component with precise white patterns, central to a beige and metallic system. This symbolizes an institutional digital asset derivatives platform's core, representing high-fidelity execution, automated RFQ protocols, advanced market microstructure, the intelligence layer for price discovery, block trade efficiency, and portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-core.jpg)

## Quantitative Modeling and Data Analysis

The heart of the execution framework is the data itself. The tables below provide a granular view of the specific data fields required for post-trade reporting [under MiFID](https://prime.greeks.live/question/what-are-the-key-differences-in-best-execution-obligations-for-rfqs-under-mifid-i-vs-mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) II, separating the common fields from those specific to non-equity instruments. This level of detail is what a firm’s technology and operations teams must build their systems to handle.

> The precise and exhaustive population of every required data field is the elemental unit of compliance in the post-trade reporting system.

### Table 2 ▴ Granular Data Fields for Post-Trade Transparency (RTS 1 & RTS 2)

| Field Name (ESMA) | Field Number | Description | Example Value | System Sourcing Note |
| --- | --- | --- | --- | --- |
| Instrument identification code | 1 | The ISIN code of the financial instrument. | DE0007100000 | Sourced from a security master database. Must be validated against ESMA’s FIRDS database. |
| Price | 2 | The price per unit of the financial instrument. | 145.2350 | Captured directly from the Execution Management System (EMS) at the point of trade. |
| Price currency | 3 | The currency in which the price is expressed (ISO 4217). | EUR | Sourced from the security master or the EMS. |
| Quantity | 4 | The number of units of the financial instrument. | 5000 | Captured directly from the EMS. |
| Execution timestamp | 5 | Date and time of the execution in UTC, with microsecond precision. | 2025-08-13T14:30:15.123456Z | High-precision timestamp captured by the execution platform. Time source must be synchronized. |
| Venue of execution | 6 | The MIC code of the venue. For SI trades, this is ‘SINT’. | SINT | A fixed value for all SI trades, applied by the reporting engine. |
| Publication timestamp | 7 | Date and time when the APA publishes the information. | 2025-08-13T14:30:16.234567Z | Generated and populated by the APA upon publication. Used for timeliness monitoring. |
| Transaction identification code | 8 | A unique code for the transaction, generated by the reporting firm. | SIFIRM00001234567890 | Generated by a dedicated transaction ID service within the SI’s infrastructure. |
| Trading capacity | 9 | Indicates if the firm acted on own account (‘DEAL’) or as agent (‘AOTC’). SIs always report ‘DEAL’. | DEAL | A fixed value for all SI trades. |
| Transaction to be cleared | 10 | Flag to indicate if the transaction is subject to the clearing obligation. | false | Determined by a regulatory logic engine based on the instrument type. |

![Two abstract, segmented forms intersect, representing dynamic RFQ protocol interactions and price discovery mechanisms. The layered structures symbolize liquidity aggregation across multi-leg spreads within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-microstructure.jpg)

## Additional Fields for Non-Equity Instruments (RTS 2)

For bonds, derivatives, and other non-equity instruments, the reporting requirements are more complex, needing additional fields to describe the instrument’s characteristics.

- **Price notation** ▴ Indicates if the price is reported as a monetary value, percentage, yield, or spread.

- **Notional amount** ▴ For derivatives, this is the nominal value of the contract.

- **Notional currency** ▴ The currency of the notional amount.

- **Derivative type** ▴ Specifies the type of derivative (e.g. Swap, Future, Option).

- **Underlying instrument index** ▴ The ISIN or index name of the underlying asset.

- **Option type** ▴ For options, indicates if it is a Call or Put.

- **Strike price** ▴ The pre-determined price at which the option can be exercised.

- **Maturity date** ▴ The date on which the instrument expires or settles.

![A metallic disc, reminiscent of a sophisticated market interface, features two precise pointers radiating from a glowing central hub. This visualizes RFQ protocols driving price discovery within institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-price-discovery.jpg)

## Predictive Scenario Analysis

To illustrate the execution process in a real-world context, consider the following case study of a Systematic Internaliser, “SI-Alpha,” executing a large block trade in a DAX 40 component stock for an institutional client.

**The Scenario** ▴ An asset manager needs to sell 250,000 shares of “German Auto Corp” (GAC), ISIN DE0005551111. The trade is significantly larger than the average daily volume and qualifies as Large-in-Scale (LIS) under MiFID II thresholds, which for this stock is 150,000 shares. The client requests execution from SI-Alpha to minimize market impact.

**Step 1 ▴ Execution and Initial Capture (T=0)** ▴ At 10:45:30.500000 UTC, SI-Alpha’s trading desk agrees to buy the 250,000 shares from the client at a price of €112.50 per share. The execution is captured in SI-Alpha’s EMS. The initial raw data record contains ▴ {Instrument ID ▴ DE0005551111, Side ▴ Buy, Quantity ▴ 250000, Price ▴ 112.50, Timestamp ▴ 2025-08-13T10:45:30.500000Z, Client ID ▴ CLIENTXYZ}.

**Step 2 ▴ Automated Enrichment (T + 50ms)** ▴ The raw record is immediately sent to the “Report-Gen” enrichment engine. The engine performs the following actions in sequence:

- It queries the [security master](https://prime.greeks.live/question/how-does-a-security-master-reduce-regulatory-compliance-risk-for-a-financial-firm/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and appends the Price Currency (EUR) and CFI code (ESVUFR).

- It accesses the firm’s LEI database and appends SI-Alpha’s LEI (5493001CFL94B6F32B77).

- It generates a unique transaction ID ▴ SIALPHA20250813GAC001.

- The regulatory logic module is invoked. It retrieves the LIS threshold for ISIN DE0005551111 from its configuration, which is 150,000 shares. Since the trade quantity (250,000) exceeds this, the module determines that the ‘SIZE’ deferral flag is applicable. It also sets the Venue code to ‘SINT’ and Trading Capacity to ‘DEAL’.

**Step 3 ▴ Pre-Submission Validation and Report Generation (T + 100ms)** ▴ The fully enriched record is now passed to the internal validator. The validator confirms all mandatory fields are present and correctly formatted. It checks that the ‘SIZE’ flag is valid for an equity trade.

The record passes validation. The Report-Gen engine then constructs a FIX 5.0 SP2 message for the APA.

**Step 4 ▴ Transmission and Publication (T + 500ms to T + 60 seconds)** ▴ The FIX message is transmitted to the APA at 10:45:31.000000 UTC. Because the ‘SIZE’ flag is present, the APA’s system understands that publication can be deferred. Under MiFID II rules for LIS equity trades, the publication of the price and volume can be deferred until the end of the trading day.

At 10:45:32.000000 UTC, the APA publishes a report containing only the instrument identifier and the deferral flag, withholding the price and volume to prevent market impact. At 17:35:00 UTC (end of the trading day), the APA publishes the full, un-redacted trade details ▴ {ISIN ▴ DE0005551111, Price ▴ 112.50, Quantity ▴ 250000, etc.}.

**Step 5 ▴ Reconciliation (T + 1 day)** ▴ The next morning, SI-Alpha’s operations team runs its daily reconciliation process. The system confirms that the trade SIALPHA20250813GAC001 was successfully reported and published by the APA. The reconciliation report shows a perfect match between the firm’s execution records and the APA’s publication data, closing the loop on the operational playbook for this transaction.

![Intersecting transparent and opaque geometric planes, symbolizing the intricate market microstructure of institutional digital asset derivatives. Visualizes high-fidelity execution and price discovery via RFQ protocols, demonstrating multi-leg spread strategies and dark liquidity for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-market-microstructure-architecture.jpg)

## System Integration and Technological Architecture

The technological backbone for post-trade reporting is a complex integration of multiple systems, protocols, and data flows. A well-architected system is essential for achieving the speed, accuracy, and resilience required.

![Translucent, overlapping geometric shapes symbolize dynamic liquidity aggregation within an institutional grade RFQ protocol. Central elements represent the execution management system's focal point for precise price discovery and atomic settlement of multi-leg spread digital asset derivatives, revealing complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-driving-optimal-liquidity-aggregation-for-precise-price-discovery-and-atomic-settlement.jpg)

## Core System Components ▴ 

- **Order/Execution Management System (OMS/EMS)** ▴ This is the source of the primary trade data. The OMS/EMS must be capable of capturing trade details with microsecond-precision timestamps and exporting this data in real-time to the reporting engine.

- **Reporting Engine** ▴ This is the central processing hub. It is a purpose-built application responsible for data enrichment, validation, and formatting. It should be designed as a modular, stateful service capable of handling high volumes of trades and interfacing with various internal data sources.

- **Security Master Database** ▴ A centralized repository for all instrument reference data, including ISINs, CFIs, and regulatory thresholds like LIS. This database must be kept meticulously up-to-date.

- **Legal Entity Identifier (LEI) Database** ▴ A database containing the LEIs of the firm and its clients. This data is critical for party identification.

- **APA Gateway** ▴ This component manages the secure, persistent connection to the APA. It handles the specific messaging protocol (e.g. FIX, custom API) required by the APA and manages session-level communication, including heartbeats and sequence number handling.

![A sleek pen hovers over a luminous circular structure with teal internal components, symbolizing precise RFQ initiation. This represents high-fidelity execution for institutional digital asset derivatives, optimizing market microstructure and achieving atomic settlement within a Prime RFQ liquidity pool](https://options.greeks.live/wp-content/uploads/2025/07/optimizing-digital-asset-derivatives-rfq-through-prime-os-precision.jpg)

## Communication Protocols and Data Formats ▴ 

The Financial Information eXchange (FIX) protocol is the de facto standard for communicating trade information in financial markets. For post-trade reporting, firms typically use FIX 5.0 Service Pack 2 or a later version. The MarketDataIncrementalRefresh (tag 35=X) message is often used to submit trade reports to an APA. The message body would be populated with tags corresponding to the required data fields.

For example, the trade from the scenario analysis would be encoded in a FIX message containing fields like:

- Tag 55 (Symbol) = DE0005551111

- Tag 48 (SecurityID) = DE0005551111

- Tag 22 (SecurityIDSource) = 4 (ISIN)

- Tag 269 (MDEntryType) = 2 (Trade)

- Tag 270 (MDEntryPx) = 112.50

- Tag 271 (MDEntrySize) = 250000

- Tag 60 (TransactTime) = 20250813-10:45:30.500000

- Tag 29 (LastMkt) = SINT

The architecture must be designed for low latency and high throughput. The reporting engine should be able to process and transmit a trade report within milliseconds of execution to meet the near-real-time reporting requirements for non-deferred trades (one minute for equities, five minutes for non-equities). This necessitates an event-driven architecture, where the system reacts instantly to new trade events rather than relying on slower, batch-based processing.

![A teal sphere with gold bands, symbolizing a discrete digital asset derivative block trade, rests on a precision electronic trading platform. This illustrates granular market microstructure and high-fidelity execution within an RFQ protocol, driven by a Prime RFQ intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivative-rfq-protocol-high-fidelity-execution-platform-microstructure-intelligence-layer.jpg)

## References

- European Securities and Markets Authority. (2017). “Questions and Answers on MiFID II and MiFIR transparency topics.” ESMA70-872942901-35.

- Association for Financial Markets in Europe. (2018). “MiFID II / MiFIR post-trade reporting requirements.”

- KPMG International. (2023). “Non-financial regulatory reporting ▴ a period of change.”

- International Swaps and Derivatives Association, et al. (2017). “Outstanding uncertainties in the MiFIR post-trade transparency framework.”

- Commission Delegated Regulation (EU) 2017/587 (RTS 1). Official Journal of the European Union.

- Commission Delegated Regulation (EU) 2017/583 (RTS 2). Official Journal of the European Union.

- Commission Delegated Regulation (EU) 2017/590 (RTS 22). Official Journal of the European Union.

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

- Financial Conduct Authority. (2023). “PS23/4 ▴ Improving Equity Secondary Markets.”

![A sophisticated metallic instrument, a precision gauge, indicates a calibrated reading, essential for RFQ protocol execution. Its intricate scales symbolize price discovery and high-fidelity execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform.jpg)

## Reflection

![A precision institutional interface features a vertical display, control knobs, and a sharp element. This RFQ Protocol system ensures High-Fidelity Execution and optimal Price Discovery, facilitating Liquidity Aggregation](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-platform-interface.jpg)

## From Obligation to Asset

The intricate web of data fields required for post-trade reporting represents a significant operational undertaking. The initial perspective often frames this as a purely regulatory burden ▴ a complex set of rules to be followed to avoid sanction. This view, while understandable, is incomplete.

A more advanced perspective reframes the reporting architecture as a strategic asset. The same data that is meticulously collected, validated, and reported for compliance purposes is also a rich, structured dataset that can be turned inward for analysis.

Consider the capabilities that a high-fidelity reporting system enables. The firm now possesses a perfect digital record of every transaction, timestamped to the microsecond and enriched with a complete set of regulatory and instrument-specific context. This data can fuel more sophisticated [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA), allowing the firm to measure its execution quality against the public tape with unparalleled precision. It can be used to model and predict market impact, refining the firm’s own trading algorithms.

It provides the raw material for building advanced surveillance tools to monitor for internal compliance and risk. The operational muscle built to satisfy external regulators can be repurposed to sharpen the firm’s internal competitive edge.

The ultimate objective is to design a system where the generation of regulatory reports is a natural byproduct of a superior data infrastructure, not its sole purpose. When the data is trusted, timely, and complete for internal analysis, meeting the external reporting obligation becomes a seamless, automated extension of a well-oiled machine. The question for the systems architect then evolves from “How do we comply?” to “How do we leverage this compliance-driven data asset to create a more intelligent, efficient, and profitable trading operation?” The answer lies in viewing the entire post-trade reporting process not as an end in itself, but as a critical node in the firm’s broader information and execution nervous system.

![Precision instrument featuring a sharp, translucent teal blade from a geared base on a textured platform. This symbolizes high-fidelity execution of institutional digital asset derivatives via RFQ protocols, optimizing market microstructure for capital efficiency and algorithmic trading on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-algorithmic-execution-infrastructure-for-institutional-digital-asset-derivatives-request-for-quote-protocols-optimal-liquidity.jpg)

## Glossary

<a href="https://prime.greeks.live/area/systematic-internaliser/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sharp, multi-faceted crystal prism, embodying price discovery and high-fidelity execution, rests on a structured, fan-like base. This depicts dynamic liquidity pools and intricate market microstructure for institutional digital asset derivatives via RFQ protocols, powered by an intelligence layer for private quotation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-price-discovery-execution.jpg)

## Systematic Internaliser

Meaning ▴ A Systematic Internaliser (SI) is a financial institution executing client orders against its own capital on an organized, frequent, systematic basis off-exchange. </a><a href="https://prime.greeks.live/area/post-trade-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision execution pathway with an intelligence layer for price discovery, processing market microstructure data. A reflective block trade sphere signifies private quotation within a dark pool](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-precision-execution.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/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated digital asset derivatives trading mechanism features a central processing hub with luminous blue accents, symbolizing an intelligence layer driving high fidelity execution. Transparent circular elements represent dynamic liquidity pools and a complex volatility surface, revealing market microstructure and atomic settlement via an advanced RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-framework-optimizing-market-microstructure-price-discovery-intelligence-layer.jpg)

## Mifid Ii

Meaning ▴ MiFID II, the Markets in Financial Instruments Directive II, constitutes a comprehensive regulatory framework enacted by the European Union to govern financial markets, investment firms, and trading venues. </a><a href="https://prime.greeks.live/area/approved-publication-arrangement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dynamic composition depicts an institutional-grade RFQ pipeline connecting a vast liquidity pool to a split circular element representing price discovery and implied volatility. This visual metaphor highlights the precision of an execution management system for digital asset derivatives via private quotation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-pipeline-for-precise-price-discovery-and-volatility-surface-analysis.jpg)

## Approved Publication Arrangement

Meaning ▴ An Approved Publication Arrangement (APA) is a regulated entity authorized to publicly disseminate post-trade transparency data for financial instruments, as mandated by regulations such as MiFID II and MiFIR. </a><a href="https://prime.greeks.live/question/what-are-the-key-differences-in-reporting-requirements-between-public-post-trade-transparency-and-regulatory-transaction-reporting-for-lis-orders/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise teal instrument, symbolizing high-fidelity execution and price discovery, intersects angular market microstructure elements. These structured planes represent a Principal's operational framework for digital asset derivatives, resting upon a reflective liquidity pool for aggregated inquiry via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-trading-platform-underpinning-rfq-protocol-liquidity-aggregation-and-high-fidelity-execution.jpg)

## Reporting Requirements

The two reporting streams for LIS orders are architected for different ends ▴ public transparency for market price discovery and regulatory reporting for confidential oversight. </a><a href="https://prime.greeks.live/area/data-governance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Clear sphere, precise metallic probe, reflective platform, blue internal light. This symbolizes RFQ protocol for high-fidelity execution of digital asset derivatives, optimizing price discovery within market microstructure, leveraging dark liquidity for atomic settlement and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-precision-execution-1.jpg)

## Data Governance

Meaning ▴ Data Governance establishes a comprehensive framework of policies, processes, and standards designed to manage an organization's data assets effectively. </a><a href="https://prime.greeks.live/area/execution-management-system/?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)

## Execution Management System

Meaning ▴ An Execution Management System (EMS) is a specialized software application engineered to facilitate and optimize the electronic execution of financial trades across diverse venues and asset classes. </a><a href="https://prime.greeks.live/question/how-does-an-order-management-system-differ-from-an-execution-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Stacked concentric layers, bisected by a precise diagonal line. This abstract depicts the intricate market microstructure of institutional digital asset derivatives, embodying a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/multi-layered-digital-asset-derivatives-rfq-protocol-architecture.jpg)

## Management System

An Order Management System governs portfolio strategy and compliance; an Execution Management System masters market access and trade execution. </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 sleek, metallic platform features a sharp blade resting across its central dome. This visually represents the precision of institutional-grade digital asset derivatives RFQ execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-1.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/question/what-are-the-primary-differences-in-timestamp-granularity-requirements-between-cat-and-mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, angular device with a prominent, reflective teal lens. This Institutional Grade Private Quotation Gateway embodies High-Fidelity Execution via Optimized RFQ Protocol for Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-crypto-derivatives-rfq-high-fidelity-execution-gateway.jpg)

## Execution Timestamp

CAT mandates millisecond reporting but requires finer, as-captured granularity, while MiFID II prescribes microsecond precision for HFT. </a><a href="https://prime.greeks.live/area/regulatory-technical-standards/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A gleaming, translucent sphere with intricate internal mechanisms, flanked by precision metallic probes, symbolizes a sophisticated Principal's RFQ engine. This represents the atomic settlement of multi-leg spread strategies, enabling high-fidelity execution and robust price discovery within institutional digital asset derivatives markets, minimizing latency and slippage for optimal alpha generation and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/inst-digital-asset-deriv-rfq-os-for-optimal-high-fidelity-trade-exec.jpg)

## Regulatory Technical Standards

Meaning ▴ Regulatory Technical Standards, or RTS, are legally binding technical specifications developed by European Supervisory Authorities to elaborate on the details of legislative acts within the European Union's financial services framework. </a><a href="https://prime.greeks.live/question/what-are-the-specific-data-fields-required-for-reporting-an-actionable-rfq-response/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric planes in teal, navy, and grey intersect. A central beige object, symbolizing a precise RFQ inquiry, passes through a teal anchor, representing High-Fidelity Execution within Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-digital-asset-derivatives-high-fidelity-execution-liquidity-aggregation-price-discovery-market-microstructure.jpg)

## Fields Required

An actionable RFQ response requires a precise set of data fields encoding instrument, side, price, quantity, and validity. </a><a href="https://prime.greeks.live/area/data-enrichment/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic instrument with a translucent, teal-banded probe, symbolizing RFQ generation and high-fidelity execution of digital asset derivatives. This represents price discovery within dark liquidity pools and atomic settlement via a Prime RFQ, optimizing capital efficiency for institutional grade trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-3.jpg)

## Data Enrichment

Meaning ▴ Data Enrichment appends supplementary information to existing datasets, augmenting their informational value and analytical utility. </a><a href="https://prime.greeks.live/area/isin/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Metallic platter signifies core market infrastructure. A precise blue instrument, representing RFQ protocol for institutional digital asset derivatives, targets a green block, signifying a large block trade](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-protocol-execution-engine-market-microstructure-optimization-for-alpha-generation.jpg)

## Isin

Meaning ▴ ISIN, or International Securities Identification Number, is a unique 12-character alphanumeric code globally identifying financial instruments. </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 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](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-component-digital-asset-derivatives-market-microstructure.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/what-are-the-primary-technological-challenges-in-building-a-multi-asset-rfq-reporting-engine/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central teal-lit mechanism with radiating pathways embodies a Prime RFQ for institutional digital asset derivatives. It signifies RFQ protocol processing, liquidity aggregation, and high-fidelity execution for multi-leg spread trades, enabling atomic settlement within market microstructure via quantitative analysis](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-for-institutional-digital-asset-rfq-protocol-execution-engine.jpg)

## Reporting Engine

A multi-asset RFQ reporting engine overcomes data fragmentation and latency to provide centralized, auditable, and high-speed price discovery. </a><a href="https://prime.greeks.live/question/what-are-the-key-differences-in-best-execution-obligations-for-rfqs-under-mifid-i-vs-mifid-ii/?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)

## Under Mifid

MiFID II transformed RFQ best execution from a procedural policy into a data-driven, provable mandate for optimal outcomes. </a><a href="https://prime.greeks.live/question/how-does-a-security-master-reduce-regulatory-compliance-risk-for-a-financial-firm/?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)

## Security Master

A security master mitigates regulatory risk by creating a centralized, audited "golden source" of instrument data, ensuring firm-wide consistency. </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">
![An advanced digital asset derivatives system features a central liquidity pool aperture, integrated with a high-fidelity execution engine. This Prime RFQ architecture supports RFQ protocols, enabling block trade processing and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-system-architecture.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:** [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/), [Legal Entity Identifier](https://options.greeks.live/area/legal-entity-identifier/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [Regulatory Technical Standards](https://options.greeks.live/area/regulatory-technical-standards/), [Systematic Internaliser](https://options.greeks.live/area/systematic-internaliser/), [Data Enrichment](https://options.greeks.live/area/data-enrichment/)	

## Discover More

- 
### [How Do Deferrals for Large Trades Impact Overall Market Liquidity?](https://options.greeks.live/question/how-do-deferrals-for-large-trades-impact-overall-market-liquidity/)
![A split spherical mechanism reveals intricate internal components. This symbolizes an Institutional Digital Asset Derivatives Prime RFQ, enabling high-fidelity RFQ protocol execution, optimal price discovery, and atomic settlement for block trades and multi-leg spreads.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-revealing-rfq-execution-core-mechanics.jpg)

Trade deferrals are a structural mechanism to manage information release, preserving liquidity by shielding dealers from the adverse selection risk inherent in large-scale trades.

- 
### [How Do Systematic Internalisers Document Compliance with Best Execution Obligations?](https://options.greeks.live/question/how-do-systematic-internalisers-document-compliance-with-best-execution-obligations/)
![A transparent, precisely engineered optical array rests upon a reflective dark surface, symbolizing high-fidelity execution within a Prime RFQ. Beige conduits represent latency-optimized data pipelines facilitating RFQ protocols for digital asset derivatives. This visual metaphor encapsulates market microstructure efficiency and atomic settlement capabilities for institutional-grade trading.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-system-architecture.jpg)

Systematic Internalisers document best execution by implementing a robust data framework to generate RTS 27 and RTS 28 reports, proving compliance.

- 
### [How Does Deferred Publication in Apa Data Affect Real Time Si Monitoring?](https://options.greeks.live/question/how-does-deferred-publication-in-apa-data-affect-real-time-si-monitoring/)
![A sleek spherical device with a central teal-glowing display, embodying an Institutional Digital Asset RFQ intelligence layer. Its robust design signifies a Prime RFQ for high-fidelity execution, enabling precise price discovery and optimal liquidity aggregation across complex market microstructure.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-rfq-microstructure-price-discovery-prime-os.jpg)

Deferred APA publication creates a temporal data asymmetry, complicating real-time SI monitoring by design to protect large-scale liquidity.

- 
### [How Has the Rise of Systematic Internalisers Affected the Definition of Best Execution?](https://options.greeks.live/question/how-has-the-rise-of-systematic-internalisers-affected-the-definition-of-best-execution/)
![A conceptual image illustrates a sophisticated RFQ protocol engine, depicting the market microstructure of institutional digital asset derivatives. Two semi-spheres, one light grey and one teal, represent distinct liquidity pools or counterparties within a Prime RFQ, connected by a complex execution management system for high-fidelity execution and atomic settlement of Bitcoin options or Ethereum futures.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-market-microstructure-2.jpg)

The rise of Systematic Internalisers reframes best execution as a multi-factor optimization of price, risk, and information leakage.

- 
### [What Are the Specific Pre-Trade and Post-Trade Transparency Obligations for OTFs and SIs?](https://options.greeks.live/question/what-are-the-specific-pre-trade-and-post-trade-transparency-obligations-for-otfs-and-sis/)
![Abstract system interface on a global data sphere, illustrating a sophisticated RFQ protocol for institutional digital asset derivatives. The glowing circuits represent market microstructure and high-fidelity execution within a Prime RFQ intelligence layer, facilitating price discovery and capital efficiency across liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-prime-os.jpg)

OTF and SI transparency obligations mandate pre-trade quote and post-trade transaction disclosure, balanced by waivers to protect large orders.

- 
### [How Do Systematic Internalisers Impact the Strategic Approach to Large Scale Trade Reporting?](https://options.greeks.live/question/how-do-systematic-internalisers-impact-the-strategic-approach-to-large-scale-trade-reporting/)
![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)

Systematic Internalisers reframe large-scale trade reporting from a compliance task into a strategic decision on execution control and data delegation.

- 
### [What Is the Role of an Oms in Best Execution?](https://options.greeks.live/question/what-is-the-role-of-an-oms-in-best-execution/)
![A sleek, metallic instrument with a translucent, teal-banded probe, symbolizing RFQ generation and high-fidelity execution of digital asset derivatives. This represents price discovery within dark liquidity pools and atomic settlement via a Prime RFQ, optimizing capital efficiency for institutional grade trading.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-3.jpg)

An Order Management System provides the operational control and data integrity essential for systematically achieving and proving best execution.

- 
### [How Does MiFID II’s Best Execution Policy Specifically Alter RFQ Workflows for Equity Blocks?](https://options.greeks.live/question/how-does-mifid-iis-best-execution-policy-specifically-alter-rfq-workflows-for-equity-blocks/)
![A precision-engineered control mechanism, featuring a ribbed dial and prominent green indicator, signifies Institutional Grade Digital Asset Derivatives RFQ Protocol optimization. This represents High-Fidelity Execution, Price Discovery, and Volatility Surface calibration for Algorithmic Trading. The central indicator suggests Atomic Settlement within a Prime RFQ Market Microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/principal-operational-framework-precision-calibration-for-institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-prime-os-and-volatility-surface-optimization.jpg)

MiFID II mandates a systematic, data-driven RFQ process, transforming best execution into a provable, multi-factor optimization.

- 
### [What Are the Specific Post-Trade Reporting Requirements for RFQ Trades under MiFID II?](https://options.greeks.live/question/what-are-the-specific-post-trade-reporting-requirements-for-rfq-trades-under-mifid-ii/)
![Two abstract, segmented forms intersect, representing dynamic RFQ protocol interactions and price discovery mechanisms. The layered structures symbolize liquidity aggregation across multi-leg spreads within complex market microstructure. This visualizes institutional execution pathways, emphasizing atomic settlement and capital efficiency in digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-microstructure.jpg)

MiFID II mandates public reporting of RFQ trades via an APA to enhance market transparency, with specific rules for timing and deferrals.

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---

**Original URL:** https://options.greeks.live/question/what-are-the-specific-data-fields-required-for-post-trade-reporting-by-a-systematic-internaliser/
