# What Are the Specific Data Requirements for Proving Best Execution in an RFQ Trade under MiFID II? ▴ Question

**Published:** 2025-08-05
**Categories:** Question

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![Abstract metallic components, resembling an advanced Prime RFQ mechanism, precisely frame a teal sphere, symbolizing a liquidity pool. This depicts the market microstructure supporting RFQ protocols for high-fidelity execution of digital asset derivatives, ensuring capital efficiency in algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-prime-os-architecture-driving-rfq-protocol-execution-and-capital-efficiency-optimization.jpg)

![A beige probe precisely connects to a dark blue metallic port, symbolizing high-fidelity execution of Digital Asset Derivatives via an RFQ protocol. Alphanumeric markings denote specific multi-leg spread parameters, highlighting granular market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-execution-hub.jpg)

## Concept

The mandate to prove [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for a Request for Quote (RFQ) trade under MiFID II presents a fundamental architectural challenge. It requires reconciling a bilateral, often discreet, liquidity sourcing protocol with a regulatory framework architected for the multilateral transparency of lit order books. Your operational objective is to construct a defensible, data-rich narrative demonstrating that for a specific moment in time, for a particular financial instrument, the executed trade represented the best possible outcome for your client. This is a profound undertaking that moves far beyond a simple price comparison.

At its core, the regulatory requirement compels your firm to build a system of record that captures not just the ‘what’ of the trade ▴ the price, the size, the counterparty ▴ but the ‘why’. Why was the [RFQ protocol](https://prime.greeks.live/area/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) chosen over a central limit order book? Why were these specific counterparties solicited for a quote? Why was the [winning quote](https://prime.greeks.live/question/how-do-dealers-balance-winning-a-quote-with-the-inherent-risk-of-adverse-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) selected over others?

The [data requirements](https://prime.greeks.live/area/data-requirements/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) are therefore a blueprint for constructing this justification. They are the granular, empirical evidence that substantiates your firm’s [execution policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and the professional judgment of your traders. The challenge is amplified in the RFQ context, where the most valuable data points, such as the identity of competing bidders and their pricing, are ephemeral and exist only within the closed loop of the query.

> A firm’s data architecture must capture the full context of an RFQ trade, transforming a private negotiation into a transparently justifiable event for regulatory scrutiny.

Proving best execution is an exercise in demonstrating procedural integrity. It is the methodical collection and analysis of data points across the entire lifecycle of the order, from the initial decision to seek liquidity via RFQ to the final settlement of the trade. The European Securities and Markets Authority (ESMA) and corresponding national competent authorities demand that firms take “all sufficient steps” to achieve the best outcome. This standard requires a systematic, evidence-based approach.

Your data is your evidence. Without a robust, auditable trail of data, your firm’s claim to have achieved best execution remains an unsubstantiated assertion, vulnerable to regulatory challenge.

The data you collect serves two primary functions. Internally, it provides the feedback loop for refining your execution policies and evaluating the quality of your counterparty relationships. Externally, it forms the body of proof required for regulatory compliance reports, such as those derived from [RTS 27](https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and [RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and for responding to ad-hoc inquiries from clients and regulators.

The system you design must therefore be dual-facing, serving both internal performance optimization and external compliance validation. It is the foundational layer upon which your entire execution framework rests.

![Precision-engineered modular components display a central control, data input panel, and numerical values on cylindrical elements. This signifies an institutional Prime RFQ for digital asset derivatives, enabling RFQ protocol aggregation, high-fidelity execution, algorithmic price discovery, and volatility surface calibration for portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/firm-fx-options-rfq-trade-system-key-microstructure-data-flow-core-engine.jpg)

![Abstract geometric forms, including overlapping planes and central spherical nodes, visually represent a sophisticated institutional digital asset derivatives trading ecosystem. It depicts complex multi-leg spread execution, dynamic RFQ protocol liquidity aggregation, and high-fidelity algorithmic trading within a Prime RFQ framework, ensuring optimal price discovery and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-liquidity-aggregation-market-microstructure-high-fidelity-execution-alpha-generation-prime-os-capital-efficiency.jpg)

## Strategy

A strategic approach to MiFID II data requirements for RFQ trades involves architecting a data-centric execution policy that is both proactive and defensive. The objective is to embed data collection into the very fabric of the trading workflow, ensuring that the evidence required for justification is a natural byproduct of the execution process itself. This strategy rests on a clear understanding of the [MiFID II best execution](https://prime.greeks.live/area/mifid-ii-best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) factors and their specific application to the RFQ protocol.

![A central RFQ engine orchestrates diverse liquidity pools, represented by distinct blades, facilitating high-fidelity execution of institutional digital asset derivatives. Metallic rods signify robust FIX protocol connectivity, enabling efficient price discovery and atomic settlement for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-liquidity-orchestration.jpg)

## Deconstructing the Best Execution Factors

MiFID II, under Article 27, moves the definition of best execution beyond the singular focus on price. It mandates a holistic assessment based on a set of weighted factors. Your strategy must be to define how your firm weighs these factors for different instrument classes and client types, and then to build a [data capture](https://prime.greeks.live/area/data-capture/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) process that records the state of each factor for every [RFQ trade](https://prime.greeks.live/area/rfq-trade/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

The primary [execution factors](https://prime.greeks.live/area/execution-factors/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) include:

- **Price** This remains a dominant factor. The core data requirement is to capture the price of the winning quote. To provide context, you must also capture the prices of all losing quotes received in response to the RFQ. This comparative data is the most direct evidence of price competitiveness.

- **Costs** This encompasses all explicit and implicit costs associated with the trade. Explicit costs include any commissions or fees paid to the venue or counterparty. Implicit costs, such as information leakage or market impact, are harder to quantify but are a critical consideration, especially for large orders. Your data strategy must include a methodology for estimating and recording these costs.

- **Speed of Execution** In the RFQ context, this is measured by the time elapsed between sending the RFQ and receiving quotes, and the time between accepting a quote and receiving a fill confirmation. This data helps justify decisions made in fast-moving markets.

- **Likelihood of Execution and Settlement** This qualitative factor becomes quantifiable through data. It involves tracking the reliability of counterparties. Data points such as the frequency with which a counterparty provides a quote when solicited, and their fill rates on accepted quotes, build a historical record that justifies their inclusion in future RFQs.

- **Size and Nature of the Order** A large or complex order may justify the use of an RFQ to minimize market impact, even if a slightly better price is theoretically available on a lit market. Your data must capture the rationale for choosing the RFQ protocol, linking it to the specific characteristics of the order.

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

## Architecting the Data Capture Framework

The strategic implementation requires a two-pronged data capture framework ▴ pre-trade and post-trade. This ensures that the context for the decision and the outcome of the decision are both recorded with high fidelity.

![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](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-rfq-protocol-engine-for-digital-asset-derivatives-options-trading.jpg)

## What Is the Pre-Trade Justification File?

Before an RFQ is even initiated, a data file should be created. This is the foundational record that justifies the choice of execution methodology. It is the system’s defense of the trader’s initial decision.

> The pre-trade data file serves as the empirical justification for selecting the RFQ protocol over alternative execution methods for a specific order.

This “Justification File” should contain:

- **Order Characteristics** The instrument, desired size, side (buy/sell), and any specific client instructions.

- **Market Snapshot** A snapshot of the prevailing market conditions on relevant lit markets at the moment the decision is made. This should include the best bid and offer (BBO), displayed depth, and recent trade prices. This data provides a crucial benchmark against which the RFQ results can be compared.

- **Venue Selection Rationale** A structured data field, often a pre-defined code or a brief text entry, that documents why the RFQ protocol was chosen. Examples include ‘Large-in-Scale Order,’ ‘Illiquid Instrument,’ or ‘Minimizing Market Impact.’

- **[Counterparty Selection](https://prime.greeks.live/area/counterparty-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Logic** A record of which counterparties were selected for the RFQ and the justification for their inclusion, based on historical performance data (e.g. response rates, pricing competitiveness).

![A smooth, off-white sphere rests within a meticulously engineered digital asset derivatives RFQ platform, featuring distinct teal and dark blue metallic components. This sophisticated market microstructure enables private quotation, high-fidelity execution, and optimized price discovery for institutional block trades, ensuring capital efficiency and best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-microstructure-core.jpg)

## How Should Post-Trade Analysis Be Structured?

Once the trade is complete, the [post-trade analysis](https://prime.greeks.live/area/post-trade-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) begins. The goal is to compare the executed trade against the [pre-trade market](https://prime.greeks.live/question/how-does-a-kill-switch-integrate-with-pre-existing-pre-trade-risk-controls/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) snapshot and the other quotes received. This is where the firm proves the quality of the execution outcome.

The post-trade data set must integrate the pre-trade file with the results of the RFQ process, creating a complete, end-to-end record. This involves systematically comparing the winning quote against all other quotes received on the key execution factors. A scoring system can be developed to formalize this comparison, weighting the factors according to the firm’s execution policy. This creates a quantitative and repeatable process for evaluating [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), which is essential for both internal oversight and regulatory reporting.

![Sleek, two-tone devices precisely stacked on a stable base represent an institutional digital asset derivatives trading ecosystem. This embodies layered RFQ protocols, enabling multi-leg spread execution and liquidity aggregation within a Prime RFQ for high-fidelity execution, optimizing counterparty risk and market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-prime-os-architecture.jpg)

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

## Execution

The execution of a MiFID II compliant data strategy for RFQ trades is a matter of high-fidelity data engineering. It requires the implementation of specific data schemas, system-level logging, and analytical frameworks to transform regulatory principles into an auditable operational reality. The focus is on creating an immutable, timestamped record of every decision and data point in the RFQ lifecycle.

![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)

## The Operational Playbook for Data Capture

A robust system for proving best execution is built on a detailed operational playbook that dictates exactly what data is captured, when it is captured, and how it is stored. This process must be automated to the greatest extent possible to ensure consistency and eliminate human error. The playbook can be broken down into distinct stages, each with its own set of critical data requirements.

![An intricate, transparent cylindrical system depicts a sophisticated RFQ protocol for digital asset derivatives. Internal glowing elements signify high-fidelity execution and algorithmic trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-architecture.jpg)

## Stage 1 Pre-Trade Data Logging

This stage concerns the capture of all relevant information at the moment the trader decides to use an RFQ. The system must automatically log this data without requiring manual intervention beyond the initial order parameters.

The following table outlines the essential [pre-trade data](https://prime.greeks.live/area/pre-trade-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) points. This data forms the baseline against which the execution will be judged.

| Data Field | Description | Source System | Importance |
| --- | --- | --- | --- |
| Order ID | A unique identifier for the client order. | Order Management System (OMS) | Critical |
| Timestamp (Decision) | The precise UTC timestamp when the decision to use RFQ was made. | Execution Management System (EMS) | Critical |
| Instrument Identifier | ISIN or other standard identifier for the financial instrument. | OMS | Critical |
| Order Size & Side | The quantity and direction (buy/sell) of the order. | OMS | Critical |
| Pre-Trade Market BBO | The Best Bid and Offer available on the primary lit market. | Market Data Feed | High |
| Pre-Trade Market Depth | The cumulative size of orders available at the BBO. | Market Data Feed | Medium |
| Venue Selection Code | A code indicating the reason for choosing RFQ (e.g. LIS, ILLIQUID). | EMS | High |
| Selected Counterparties | A list of the identifiers for all counterparties solicited for a quote. | EMS | Critical |

![A reflective digital asset pipeline bisects a dynamic gradient, symbolizing high-fidelity RFQ execution across fragmented market microstructure. Concentric rings denote the Prime RFQ centralizing liquidity aggregation for institutional digital asset derivatives, ensuring atomic settlement and managing counterparty risk](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-execution-for-institutional-digital-asset-derivatives-2.jpg)

## Stage 2 In-Flight RFQ Data Logging

While the RFQ is active, the system must track all events and communications. This data is vital for demonstrating that the process was fair and efficient.

> Capturing in-flight RFQ data provides a transparent timeline of the negotiation, detailing the speed and responsiveness of all solicited counterparties.

- **RFQ Sent Timestamp** For each counterparty, the precise time the request was sent.

- **Quote Received Timestamp** For each counterparty that responds, the precise time their quote was received.

- **Quote Details** For each quote received, the full details must be logged ▴ counterparty ID, price, quantity, and any specific conditions attached to the quote.

- **No-Quote Events** For each counterparty that was solicited but did not provide a quote, this event must be logged. This is important for evaluating counterparty performance over time.

![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)

## Stage 3 Post-Trade Execution Quality Analysis

After a quote is accepted and the trade is executed, the final and most complex stage of data analysis occurs. This involves comparing the chosen execution against all available alternatives at the time of the trade. The output of this analysis is the core of the best execution proof.

![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)

## Quantitative Modeling and Data Analysis

The data collected must be fed into a quantitative framework to produce a clear, defensible report. The following table provides a simplified model for a [post-trade Execution Quality Analysis](https://prime.greeks.live/question/how-can-post-trade-data-analysis-be-used-to-systematically-improve-future-rfq-execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (EQA) report for a hypothetical RFQ trade.

![A sharp, teal-tipped component, emblematic of high-fidelity execution and alpha generation, emerges from a robust, textured base representing the Principal's operational framework. Water droplets on the dark blue surface suggest a liquidity pool within a dark pool, highlighting latent liquidity and atomic settlement via RFQ protocols for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-execution-protocol-for-institutional-digital-asset-options.jpg)

## What Does a Post-Trade EQA Report Contain?

This report synthesizes all collected data into a comparative analysis. It is the ultimate document of record for the trade.

| Metric | Winning Quote (CP-A) | Losing Quote (CP-B) | Losing Quote (CP-C) | Pre-Trade Market Mid | Analysis |
| --- | --- | --- | --- | --- | --- |
| Price | 100.02 (Buy) | 100.03 | 100.04 | 100.01 | Achieved price better than 2/3 quotes; 1bp worse than market mid. |
| Execution Cost | 0.00 | 0.00 | 0.00 | N/A | No explicit costs for any quote. |
| Response Time (ms) | 550ms | 1200ms | 800ms | N/A | Winning quote had the fastest response time. |
| Likelihood of Fill | 99.8% (Historical) | 97.5% (Historical) | 99.5% (Historical) | N/A | Winning counterparty has highest historical fill rate. |
| Price Improvement vs Mid | -0.01 | -0.02 | -0.03 | 0.00 | Negative value indicates cost relative to the lit market mid-point. |
| Overall Score | 9.5/10 | 7.0/10 | 8.0/10 | Benchmark | Winning quote scored highest on a blended factor model. |

This quantitative model provides an objective basis for the execution decision. The ‘Overall Score’ would be calculated using a firm-defined weighting of the different execution factors. This model demonstrates to a regulator that the decision was systematic and data-driven, considering all facets of the execution quality as required by MiFID II. It transforms a subjective decision into a structured, auditable process.

![Abstractly depicting an Institutional Grade Crypto Derivatives OS component. Its robust structure and metallic interface signify precise Market Microstructure for High-Fidelity Execution of RFQ Protocol and Block Trade orders](https://options.greeks.live/wp-content/uploads/2025/07/principals-integrated-crypto-derivatives-rfq-protocol-architecture.jpg)

## References

- European Securities and Markets Authority. “Consultation Paper on MiFID II best execution reporting.” 24 September 2021.

- International Capital Market Association. “MiFID II/R Fixed Income Best Execution Requirements.” 2022.

- Dechert LLP. “MiFID II ▴ Best execution.” 2017.

- Khwaja, Amir. “MiFID II and Best Execution for Derivatives.” Tradeweb, 22 October 2015.

- Finance Finland. “Guide for drafting/review of Execution Policy under MiFID II.” 2018.

![An abstract geometric composition depicting the core Prime RFQ for institutional digital asset derivatives. Diverse shapes symbolize aggregated liquidity pools and varied market microstructure, while a central glowing ring signifies precise RFQ protocol execution and atomic settlement across multi-leg spreads, ensuring capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-architecture.jpg)

## Reflection

The architecture you build to satisfy these data requirements is a direct reflection of your firm’s commitment to its clients and its respect for the regulatory framework. It is a system designed to validate every execution decision with empirical evidence. The process of constructing this system forces a deep introspection into your firm’s trading protocols and counterparty relationships.

Does your current data infrastructure merely record trades, or does it provide the context necessary to defend them? The answer to that question defines your firm’s operational readiness and its strategic position in a market where data is the ultimate arbiter of compliance.

![A dual-toned cylindrical component features a central transparent aperture revealing intricate metallic wiring. This signifies a core RFQ processing unit for Digital Asset Derivatives, enabling rapid Price Discovery and High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-best-execution-prime-os.jpg)

## Glossary

<a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision cross-section of an institutional digital asset derivatives system, revealing intricate market microstructure. Toroidal halves represent interconnected liquidity pools, centrally driven by an RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-architecture-revealing-precision-rfq-protocol-engine-for-optimal-high-fidelity-execution-and-latent-liquidity-aggregation.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/question/how-do-dealers-balance-winning-a-quote-with-the-inherent-risk-of-adverse-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated mechanism depicting the high-fidelity execution of institutional digital asset derivatives. It visualizes RFQ protocol efficiency, real-time liquidity aggregation, and atomic settlement within a prime brokerage framework, optimizing market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-liquidity-aggregation-system.jpg)

## Winning Quote

Dealers balance winning quotes and adverse selection by using dynamic pricing engines that quantify and price information asymmetry. </a><a href="https://prime.greeks.live/area/rfq-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, off-white cylindrical module with a dark blue recessed oval interface. This represents a Principal's Prime RFQ gateway for institutional digital asset derivatives, facilitating private quotation protocol for block trade execution, ensuring high-fidelity price discovery and capital efficiency through low-latency liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-portal-optimal-institutional-digital-asset-execution.jpg)

## Rfq Protocol

Meaning ▴ The Request for Quote (RFQ) Protocol defines a structured electronic communication method enabling a market participant to solicit firm, executable prices from multiple liquidity providers for a specified financial instrument and quantity. </a><a href="https://prime.greeks.live/area/data-requirements/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Data Requirements

Meaning ▴ Data Requirements define the precise specifications for all information inputs and outputs essential for the design, development, and operational integrity of a robust trading system or financial protocol within the institutional digital asset derivatives landscape. </a><a href="https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, conical precision instrument, with a vibrant mint-green tip and a robust grey base, represents the cutting-edge of institutional digital asset derivatives trading. Its sharp point signifies price discovery and best execution within complex market microstructure, powered by RFQ protocols for dark liquidity access and capital efficiency in atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-microstructure-price-discovery-optimization-prime-os-intelligence-layer.jpg)

## Execution Policy

Meaning ▴ An Execution Policy defines a structured set of rules and computational logic governing the handling and execution of financial orders within a trading system. </a><a href="https://prime.greeks.live/area/rts-27/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A teal and white sphere precariously balanced on a light grey bar, itself resting on an angular base, depicts market microstructure at a critical price discovery point. This visualizes high-fidelity execution of digital asset derivatives via RFQ protocols, emphasizing capital efficiency and risk aggregation within a Principal trading desk's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-digital-asset-derivatives-rfq-execution-strategy.jpg)

## Rts 27

Meaning ▴ RTS 27 mandates that investment firms and market operators publish detailed data on the quality of execution of transactions on their venues. </a><a href="https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precisely stacked array of modular institutional-grade digital asset trading platforms, symbolizing sophisticated RFQ protocol execution. Each layer represents distinct liquidity pools and high-fidelity execution pathways, enabling price discovery for multi-leg spreads and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-8.jpg)

## Rts 28

Meaning ▴ RTS 28 refers to Regulatory Technical Standard 28 under MiFID II, which mandates investment firms and market operators to publish annual reports on the quality of execution of transactions on trading venues and for financial instruments. </a><a href="https://prime.greeks.live/area/mifid-ii-best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Mifid Ii Best Execution

Meaning ▴ MiFID II Best Execution constitutes a core regulatory obligation for investment firms, mandating the systematic application of all sufficient steps to secure the best possible outcome for clients when executing orders. </a><a href="https://prime.greeks.live/area/data-capture/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark, glossy sphere atop a multi-layered base symbolizes a core intelligence layer for institutional RFQ protocols. This structure depicts high-fidelity execution of digital asset derivatives, including Bitcoin options, within a prime brokerage framework, enabling optimal price discovery and systemic risk mitigation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-architecture-for-digital-asset-derivatives.jpg)

## Data Capture

Meaning ▴ Data Capture refers to the precise, systematic acquisition and ingestion of raw, real-time information streams from various market sources into a structured data repository. </a><a href="https://prime.greeks.live/area/rfq-trade/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A complex, intersecting arrangement of sleek, multi-colored blades illustrates institutional-grade digital asset derivatives trading. This visual metaphor represents a sophisticated Prime RFQ facilitating RFQ protocols, aggregating dark liquidity, and enabling high-fidelity execution for multi-leg spreads, optimizing capital efficiency and mitigating counterparty risk](https://options.greeks.live/wp-content/uploads/2025/07/sophisticated-multi-asset-rfq-architecture-visualizing-institutional-digital-derivatives-execution-liquidity-aggregation-and-prime-os-orchestration-for-high-fidelity-performance.jpg)

## Rfq Trade

Meaning ▴ An RFQ Trade, or Request for Quote Trade, represents a structured, off-exchange execution protocol where a liquidity-seeking entity solicits firm price quotes for a specific financial instrument, often a block of digital asset derivatives, from a selected group of liquidity providers. </a><a href="https://prime.greeks.live/area/execution-factors/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek pen hovers over a luminous circular structure with teal internal components, symbolizing precise RFQ initiation. This represents high-fidelity execution for institutional digital asset derivatives, optimizing market microstructure and achieving atomic settlement within a Prime RFQ liquidity pool](https://options.greeks.live/wp-content/uploads/2025/07/optimizing-digital-asset-derivatives-rfq-through-prime-os-precision.jpg)

## Execution Factors

Meaning ▴ Execution Factors are the quantifiable, dynamic variables that directly influence the outcome and quality of a trade execution within institutional digital asset markets. </a><a href="https://prime.greeks.live/area/counterparty-selection/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precisely engineered system features layered grey and beige plates, representing distinct liquidity pools or market segments, connected by a central dark blue RFQ protocol hub. Transparent teal bars, symbolizing multi-leg options spreads or algorithmic trading pathways, intersect through this core, facilitating price discovery and high-fidelity execution of digital asset derivatives via an institutional-grade Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-multi-leg-options-spread-execution-best-price-discovery-and-latent-liquidity-access-for-prime-brokerage.jpg)

## Counterparty Selection

Meaning ▴ Counterparty selection refers to the systematic process of identifying, evaluating, and engaging specific entities for trade execution, risk transfer, or service provision, based on predefined criteria such as creditworthiness, liquidity provision, operational reliability, and pricing competitiveness within a digital asset derivatives ecosystem. </a><a href="https://prime.greeks.live/area/post-trade-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Three interconnected units depict a Prime RFQ for institutional digital asset derivatives. The glowing blue layer signifies real-time RFQ execution and liquidity aggregation, ensuring high-fidelity execution across market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-liquidity-aggregation-os.jpg)

## Post-Trade Analysis

Meaning ▴ Post-Trade Analysis constitutes the systematic review and evaluation of trading activity following order execution, designed to assess performance, identify deviations, and optimize future strategies. </a><a href="https://prime.greeks.live/question/how-does-a-kill-switch-integrate-with-pre-existing-pre-trade-risk-controls/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A cutaway view reveals the intricate core of an institutional-grade digital asset derivatives execution engine. The central price discovery aperture, flanked by pre-trade analytics layers, represents high-fidelity execution capabilities for multi-leg spread and private quotation via RFQ protocols for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-protocol-engine-for-high-fidelity-execution-and-price-discovery-on-volatility-surface.jpg)

## Pre-Trade Market

A kill switch integrates with pre-trade risk controls as a final, decisive override in a layered defense architecture. </a><a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A Principal's RFQ engine core unit, featuring distinct algorithmic matching probes for high-fidelity execution and liquidity aggregation. This price discovery mechanism leverages private quotation pathways, optimizing crypto derivatives OS operations for atomic settlement within its systemic architecture](https://options.greeks.live/wp-content/uploads/2025/08/principals-rfq-engine-driving-optimal-digital-asset-derivatives.jpg)

## Execution Quality

Meaning ▴ Execution Quality quantifies the efficacy of an order's fill, assessing how closely the achieved trade price aligns with the prevailing market price at submission, alongside consideration for speed, cost, and market impact. </a><a href="https://prime.greeks.live/area/pre-trade-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A proprietary Prime RFQ platform featuring extending blue/teal components, representing a multi-leg options strategy or complex RFQ spread. The labeled band 'F331 46 1' denotes a specific strike price or option series within an aggregated inquiry for high-fidelity execution, showcasing granular market microstructure data points](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-1.jpg)

## Pre-Trade Data

Meaning ▴ Pre-Trade Data encompasses the comprehensive set of information and analytical insights available to a trading entity prior to the initiation of an order, providing a critical foundation for informed decision-making and strategic execution planning. </a><a href="https://prime.greeks.live/question/how-can-post-trade-data-analysis-be-used-to-systematically-improve-future-rfq-execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An exploded view reveals the precision engineering of an institutional digital asset derivatives trading platform, showcasing layered components for high-fidelity execution and RFQ protocol management. This architecture facilitates aggregated liquidity, optimal price discovery, and robust portfolio margin calculations, minimizing slippage and counterparty risk](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-engine-microstructure.jpg)

## Post-Trade Execution Quality Analysis

Post-trade data analysis systematically improves RFQ execution by creating a feedback loop that refines future counterparty selection and protocol. </a>

**Tags:** [Data Capture](https://options.greeks.live/area/data-capture/), [RFQ Data Requirements](https://options.greeks.live/area/rfq-data-requirements/), [Execution Factors](https://options.greeks.live/area/execution-factors/), [RTS 28](https://options.greeks.live/area/rts-28/), [RFQ Trade](https://options.greeks.live/area/rfq-trade/), [Data Requirements](https://options.greeks.live/area/data-requirements/)	

## Discover More

- 
### [What Are the Key Differences between Finra Rule 5310 and Mifid Ii Best Execution?](https://options.greeks.live/question/what-are-the-key-differences-between-finra-rule-5310-and-mifid-ii-best-execution/)
![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)

FINRA 5310 requires justifiable diligence; MiFID II demands a provable, data-driven process for achieving best execution.

- 
### [How Does MiFID II Define Best Execution for Different Venue Types?](https://options.greeks.live/question/how-does-mifid-ii-define-best-execution-for-different-venue-types/)
![A luminous conical element projects from a multi-faceted transparent teal crystal, signifying RFQ protocol precision and price discovery. This embodies institutional grade digital asset derivatives high-fidelity execution, leveraging Prime RFQ for liquidity aggregation and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-rfq-protocol-orchestration-for-institutional-digital-asset-derivatives-high-fidelity-execution.jpg)

MiFID II defines best execution as a data-driven process of taking all sufficient steps to optimize outcomes across a multi-venue system.

- 
### [What Are the Primary Best Execution Obligations When Executing an RFQ with a Systematic Internaliser?](https://options.greeks.live/question/what-are-the-primary-best-execution-obligations-when-executing-an-rfq-with-a-systematic-internaliser/)
![A futuristic system component with a split design and intricate central element, embodying advanced RFQ protocols. This visualizes high-fidelity execution, precise price discovery, and granular market microstructure control for institutional digital asset derivatives, optimizing liquidity provision and minimizing slippage.](https://options.greeks.live/wp-content/uploads/2025/07/advanced-rfq-protocols-for-digital-asset-derivatives-price-discovery.jpg)

Fulfilling best execution for an SI RFQ requires a data-driven, auditable process proving the chosen bilateral quote was the optimal outcome.

- 
### [How Do Regulatory Mandates like MiFID II Shape a Firm’s Best Execution Policies?](https://options.greeks.live/question/how-do-regulatory-mandates-like-mifid-ii-shape-a-firms-best-execution-policies/)
![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)

MiFID II mandates a shift from subjective best effort to a data-driven, auditable system for proving superior execution outcomes.

- 
### [What Are the Primary Regulatory Requirements for Best Execution under MiFID II?](https://options.greeks.live/question/what-are-the-primary-regulatory-requirements-for-best-execution-under-mifid-ii/)
![A transparent sphere, representing a granular digital asset derivative or RFQ quote, precisely balances on a proprietary execution rail. This symbolizes high-fidelity execution within complex market microstructure, driven by rapid price discovery from an institutional-grade trading engine, optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-precision-1.jpg)

MiFID II mandates that firms build a verifiable system to take all sufficient steps to obtain the best possible result for clients, evidenced by data-driven policies and transparent reporting.

- 
### [How Does the MiFID II Best Execution Standard Differ for Professional versus Retail Clients in an RFQ Context?](https://options.greeks.live/question/how-does-the-mifid-ii-best-execution-standard-differ-for-professional-versus-retail-clients-in-an-rfq-context/)
![Precision-engineered metallic tracks house a textured block with a central threaded aperture. This visualizes a core RFQ execution component within an institutional market microstructure, enabling private quotation for digital asset derivatives. It represents high-fidelity execution and atomic settlement via a robust Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-framework-precision-microstructure-component.jpg)

MiFID II bifurcates best execution: for retail, it's a rigid process optimizing total cost; for professionals, it's a flexible framework for strategic risk management.

- 
### [How Does MiFID II Specifically Define Best Execution Data Requirements?](https://options.greeks.live/question/how-does-mifid-ii-specifically-define-best-execution-data-requirements/)
![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. This illustrates high-fidelity execution, market microstructure, and capital efficiency within Prime RFQ.](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)

MiFID II defines best execution data requirements as a system of proof, demanding quantifiable evidence of optimal client outcomes.

- 
### [How Do Regulatory Frameworks like MiFID II Influence the Use of RFQ for Best Execution?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-influence-the-use-of-rfq-for-best-execution/)
![A metallic, cross-shaped mechanism centrally positioned on a highly reflective, circular silicon wafer. The surrounding border reveals intricate circuit board patterns, signifying the underlying Prime RFQ and intelligence layer. This setup symbolizes high-fidelity execution within market microstructure, enabling algorithmic trading for institutional-grade digital asset derivatives and RFQ protocols with atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/08/the-core-institutional-digital-asset-derivatives-rfq-os-engine-for-high-fidelity-market-microstructure.jpg)

MiFID II transforms the RFQ into a data-driven, auditable process, mandating a systematic approach to proving best execution.

- 
### [What Are the Key Differences between Best Execution Requirements in the US and Europe?](https://options.greeks.live/question/what-are-the-key-differences-between-best-execution-requirements-in-the-us-and-europe/)
![A precision-engineered metallic component with a central circular mechanism, secured by fasteners, embodies a Prime RFQ engine. It drives institutional liquidity and high-fidelity execution for digital asset derivatives, facilitating atomic settlement of block trades and private quotation within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-platform-rfq-engine-for-high-fidelity-execution-and-atomic-settlement-of-block-trades.jpg)

US best execution prioritizes price diligence, while Europe's MiFID II mandates a broader, evidence-based process across multiple execution factors.

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```


---

**Original URL:** https://options.greeks.live/question/what-are-the-specific-data-requirements-for-proving-best-execution-in-an-rfq-trade-under-mifid-ii/
