# What Are the Specific Post-Trade Reporting Fields Required under MiFIR for RFQ Trades? ▴ Question

**Published:** 2025-08-10
**Categories:** Question

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## Concept

The Markets in Financial Instruments Regulation (MiFIR) establishes a comprehensive [transparency](https://prime.greeks.live/area/transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) regime for financial markets within the European Union. A central component of this regulation is the requirement for [post-trade reporting](https://prime.greeks.live/area/post-trade-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), which mandates the public disclosure of trade details shortly after execution. This applies to a wide range of financial instruments, including those transacted through a Request for Quote (RFQ) system.

The core purpose of this [post-trade transparency](https://prime.greeks.live/question/what-are-the-regulatory-implications-for-post-trade-transparency-in-rfq-versus-lit-markets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is to provide all market participants with access to information on trading activity, thereby enhancing market integrity and improving price discovery mechanisms. For [RFQ trades](https://prime.greeks.live/area/rfq-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), which are often larger in size or involve less liquid instruments, this public disclosure of trade data is a significant element of the regulatory framework.

![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)

## The Rationale behind Post-Trade Transparency

Post-trade transparency obligations under [MiFIR](https://prime.greeks.live/area/mifir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) are designed to address information asymmetries in the market. By making the price and volume of executed trades public, the regulation aims to create a more level playing field for all market participants. This is particularly relevant for [RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) markets, where liquidity may be concentrated among a smaller number of dealers.

The [public dissemination](https://prime.greeks.live/question/what-is-the-difference-between-a-public-and-a-private-blockchain-for-enterprise-rfp-applications/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of [trade data](https://prime.greeks.live/area/trade-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) allows investors to better assess the quality of their execution and provides a valuable reference point for future trading decisions. This enhanced transparency contributes to a more efficient and resilient financial system.

![A transparent blue sphere, symbolizing precise Price Discovery and Implied Volatility, is central to a layered Principal's Operational Framework. This structure facilitates High-Fidelity Execution and RFQ Protocol processing across diverse Aggregated Liquidity Pools, revealing the intricate Market Microstructure of Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-system-microstructure-principal-framework.jpg)

## Application to RFQ Systems

RFQ systems, a common method for executing trades in less liquid markets, fall squarely within the scope of MiFIR’s [post-trade reporting requirements](https://prime.greeks.live/question/what-are-the-regulatory-implications-of-post-trade-reporting-deferrals-for-rfq-block-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Whether a trade is executed on a Multilateral Trading Facility (MTF), an Organised Trading Facility (OTF), or by a Systematic Internaliser (SI), the fundamental obligation to report remains. The specific reporting requirements are detailed in Regulatory Technical Standards (RTS) 1 for equity and equity-like instruments and RTS 2 for non-equity instruments. These standards specify the precise data fields that must be reported to an [Approved Publication Arrangement](https://prime.greeks.live/area/approved-publication-arrangement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (APA) for public dissemination.

![A robust, multi-layered institutional Prime RFQ, depicted by the sphere, extends a precise platform for private quotation of digital asset derivatives. A reflective sphere symbolizes high-fidelity execution of a block trade, driven by algorithmic trading for optimal liquidity aggregation within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/robust-institutional-platform-for-digital-asset-derivatives-rfq-protocols-and-optimized-liquidity-aggregation.jpg)

![Intricate metallic components signify system precision engineering. These structured elements symbolize institutional-grade infrastructure for high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-engineering-for-high-fidelity-execution-and-latency-optimization.jpg)

## Strategy

A strategic approach to MiFIR post-trade reporting for RFQ trades involves a thorough understanding of the specific data fields required and the operational workflows for their timely and accurate submission. Firms must establish robust systems and processes to capture the necessary trade data, identify the party responsible for reporting, and ensure that the information is transmitted to an [APA](https://prime.greeks.live/area/apa/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in the correct format and within the prescribed timeframes. The specific fields required for post-trade reporting are outlined in [RTS](https://prime.greeks.live/area/rts/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) 1 and RTS 2 and are designed to provide a comprehensive overview of the transaction to the public.

> The core of a successful MiFIR reporting strategy lies in the accurate and timely capture of all required data fields for every RFQ transaction.

![A sleek, institutional-grade device, with a glowing indicator, represents a Prime RFQ terminal. Its angled posture signifies focused RFQ inquiry for Digital Asset Derivatives, enabling high-fidelity execution and precise price discovery within complex market microstructure, optimizing latent liquidity](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-terminal-facilitating-high-fidelity-price-discovery-and-optimal-liquidity-aggregation.jpg)

## Key Post-Trade Reporting Fields

The following table details the essential data fields that must be reported for post-trade transparency purposes. While the specific requirements may vary slightly depending on the asset class and the trading scenario, this table provides a comprehensive overview of the core information that must be made public.

### Core Post-Trade Reporting Fields under MiFIR

| Field Name | Description | Applicability |
| --- | --- | --- |
| Instrument Identification Code (ISIN) | The unique identifier for the financial instrument that was the subject of the trade. | All trades |
| Trading Venue | The identifier of the trading venue where the trade was executed. For RFQ trades not on a venue, this may be reported as ‘SI’ or ‘OTC’. | All trades |
| Price | The price at which the trade was executed. This should be reported in the currency of the instrument. | All trades |
| Quantity | The number of units of the financial instrument traded. | All trades |
| Execution Timestamp | The precise date and time when the trade was executed. | All trades |
| Publication Timestamp | The date and time when the trade report is made public. | All trades |
| Venue of Publication | The identifier of the APA that is publishing the trade report. | All trades |

![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)

## Considerations for RFQ Trades

For RFQ trades, there are several specific considerations that firms must take into account. One of the most important is the potential for [deferred publication](https://prime.greeks.live/area/deferred-publication/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). For [large-in-scale](https://prime.greeks.live/area/large-in-scale/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (LIS) or illiquid trades, MiFIR allows for the publication of trade details to be delayed. This is to prevent the immediate disclosure of large trades from having an undue market impact.

The criteria for [LIS](https://prime.greeks.live/area/lis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and illiquidity are defined by [ESMA](https://prime.greeks.live/area/esma/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and vary by asset class. When a trade qualifies for deferred publication, the report to the APA must include the relevant flags to indicate that the information should not be made public immediately.

- **Large-in-Scale (LIS) Thresholds** ▴ These are volume thresholds set by ESMA for different financial instruments. Trades exceeding these thresholds are eligible for deferred publication.

- **Size Specific to Instrument (SSTI) Thresholds** ▴ These are instrument-specific size thresholds that also allow for deferred publication.

- **Illiquid Instruments** ▴ Trades in instruments that are deemed illiquid by ESMA can also benefit from deferred publication.

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## Execution

The execution of post-trade reporting for RFQ trades requires a meticulous and automated approach to ensure compliance with MiFIR’s stringent requirements. [Investment firms](https://prime.greeks.live/question/what-is-the-role-of-a-best-execution-committee-in-investment-management-firms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) must have systems in place that can accurately capture all the necessary data fields at the point of execution, enrich the trade data with the required identifiers, and transmit the information to an APA in a timely manner. The process must be robust enough to handle a high volume of trades and to correctly apply the rules for deferred publication where applicable.

![A blue speckled marble, symbolizing a precise block trade, rests centrally on a translucent bar, representing a robust RFQ protocol. This structured geometric arrangement illustrates complex market microstructure, enabling high-fidelity execution, optimal price discovery, and efficient liquidity aggregation within a principal's operational framework for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-rfq-execution-framework-optimizing-digital-asset-derivatives-liquidity-aggregation-across-complex-market-microstructure.jpg)

## Operational Workflow for RFQ Reporting

The following table provides a step-by-step overview of the operational workflow for post-trade reporting of an RFQ trade. This workflow highlights the key stages of the process, from trade execution to public dissemination of the [trade report](https://prime.greeks.live/question/what-are-the-core-data-points-required-for-an-rts-28-report-for-rfq-based-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

### Operational Workflow for RFQ Post-Trade Reporting

| Step | Action | Responsible Party | Key Considerations |
| --- | --- | --- | --- |
| 1. Trade Execution | An RFQ trade is executed between two parties. | Investment Firm / Client | All trade details, including price, quantity, and execution time, must be accurately captured. |
| 2. Reporting Obligation Determined | The firm determines which party has the obligation to report the trade. | Investment Firm | The reporting obligation generally falls on the systematic internaliser or the selling firm in an OTC transaction. |
| 3. Data Enrichment | The trade data is enriched with the necessary identifiers, such as the ISIN and the venue of execution. | Investment Firm | The firm’s systems must have access to up-to-date reference data to ensure the accuracy of the identifiers. |
| 4. Deferral Eligibility Assessed | The trade is assessed against the LIS and SSTI thresholds to determine if it is eligible for deferred publication. | Investment Firm | The firm must have a clear understanding of the relevant thresholds for each instrument. |
| 5. Report Transmitted to APA | The trade report is transmitted to an Approved Publication Arrangement (APA). | Investment Firm | The report must be in the format specified by the APA and must include all the required data fields. |
| 6. Public Dissemination | The APA makes the trade report public in accordance with the MiFIR timeliness requirements. | APA | For non-equity trades, this is typically within 15 minutes of execution, unless a deferral applies. |

![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](https://options.greeks.live/wp-content/uploads/2025/08/the-core-institutional-digital-asset-derivatives-rfq-os-engine-for-high-fidelity-market-microstructure.jpg)

## The Role of Approved Publication Arrangements

[Approved Publication](https://prime.greeks.live/question/what-is-the-role-of-a-cross-functional-team-in-mitigating-rfp-ambiguity-before-publication/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Arrangements (APAs) play a critical role in the post-trade reporting process. These are firms that are authorized under MiFIR to publish trade reports on behalf of investment firms. APAs are responsible for ensuring that the trade data they receive is complete and accurate, and for making it available to the public in a timely and non-discriminatory manner.

Investment firms must establish a relationship with an APA to fulfill their post-trade reporting obligations. The choice of APA can be a strategic decision, as firms will want to partner with a provider that offers a reliable and efficient service.

- **Data Validation** ▴ APAs perform validation checks on the trade reports they receive to ensure that they are complete and in the correct format.

- **Public Dissemination** ▴ APAs publish the trade reports on their platforms, making the information available to the public free of charge after a certain period.

- **Data Quality** ▴ APAs are expected to maintain high standards of data quality and to have systems in place to correct any errors in the reports they publish.

![Sleek, abstract system interface with glowing green lines symbolizing RFQ pathways and high-fidelity execution. This visualizes market microstructure for institutional digital asset derivatives, emphasizing private quotation and dark liquidity within a Prime RFQ framework, enabling best execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-for-institutional-digital-asset-derivatives.jpg)

## References

- AFME. “MiFID II / MiFIR post-trade reporting requirements.” AFME, 2019.

- European Securities and Markets Authority. “ESMA70-156358493-12 Questions and Answers On MiFIR data reporting.” ESMA, 2021.

- European Securities and Markets Authority. “Final Report ▴ Draft regulatory and implementing technical standards MiFID II/MiFIR.” ESMA/2015/1464, 2015.

- Kaizen Reporting. “MiFID II Post-Trade Reporting.” Kaizen Reporting, 2023.

- International Capital Market Association. “ESMA Q&A updates on MiFID II / MiFIR transparency topics.” ICMA, 2017.

- European Union. “Manual on post-trade transparency.” ESMA74-2134169708-6870, 2023.

- International Capital Market Association. “ESMA Q&A updates on MiFID II/R transparency and market structure topics.” ICMA, 2018.

![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)

## Reflection

The intricate framework of MiFIR’s post-trade [reporting requirements](https://prime.greeks.live/question/what-are-the-regulatory-requirements-for-storing-and-reporting-rfq-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for RFQ trades presents both a compliance challenge and a strategic opportunity for investment firms. Acknowledging the complexities of the regulation is the first step; the next is to build an operational infrastructure that not only meets the reporting obligations but also extracts value from the process. The data generated through post-trade reporting can be a rich source of market intelligence, providing insights into liquidity patterns, pricing trends, and execution quality.

Firms that can effectively harness this data will be better positioned to navigate the evolving market landscape and to optimize their trading strategies. The journey towards MiFIR compliance is an investment in a more transparent and efficient market, and a catalyst for innovation in a firm’s own operational capabilities.

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## Glossary

<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">
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## Post-Trade Reporting

Meaning ▴ Post-Trade Reporting refers to the mandatory disclosure of executed trade details to designated regulatory bodies or public dissemination venues, ensuring transparency and market surveillance. </a><a href="https://prime.greeks.live/area/transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A light sphere, representing a Principal's digital asset, is integrated into an angular blue RFQ protocol framework. Sharp fins symbolize high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/principals-core-asset-rfq-protocol-framework-for-digital-derivatives.jpg)

## Transparency

Meaning ▴ Transparency refers to the observable access an institutional participant possesses regarding market data, order book dynamics, and execution outcomes within a trading system. </a><a href="https://prime.greeks.live/question/what-are-the-regulatory-implications-for-post-trade-transparency-in-rfq-versus-lit-markets/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Post-Trade Transparency

Post-trade transparency regulations differ significantly between RFQ and lit markets, with deferred reporting in RFQ systems offering strategic advantages for managing market impact. </a><a href="https://prime.greeks.live/area/rfq-trades/?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)

## Rfq Trades

Meaning ▴ RFQ Trades, or Request for Quote Trades, represents a structured, bilateral or multilateral negotiation protocol employed by institutional participants to solicit price indications for specific financial instruments, typically off-exchange. </a><a href="https://prime.greeks.live/area/mifir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise stack of multi-layered circular components visually representing a sophisticated Principal Digital Asset RFQ framework. Each distinct layer signifies a critical component within market microstructure for high-fidelity execution of institutional digital asset derivatives, embodying liquidity aggregation across dark pools, enabling private quotation and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/principal-digital-asset-rfq-protocol-layers-for-high-fidelity-execution.jpg)

## Mifir

Meaning ▴ MiFIR, the Markets in Financial Instruments Regulation, constitutes a foundational legislative framework within the European Union, enacted to enhance the transparency, efficiency, and integrity of financial markets. </a><a href="https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek Prime RFQ interface features a luminous teal display, signifying real-time RFQ Protocol data and dynamic Price Discovery within Market Microstructure. A detached sphere represents an optimized Block Trade, illustrating High-Fidelity Execution and Liquidity Aggregation for Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/08/advanced-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

## Rfq

Meaning ▴ Request for Quote (RFQ) is a structured communication protocol enabling a market participant to solicit executable price quotations for a specific instrument and quantity from a selected group of liquidity providers. </a><a href="https://prime.greeks.live/question/what-is-the-difference-between-a-public-and-a-private-blockchain-for-enterprise-rfp-applications/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central RFQ aggregation engine radiates segments, symbolizing distinct liquidity pools and market makers. This depicts multi-dealer RFQ protocol orchestration for high-fidelity price discovery in digital asset derivatives, highlighting diverse counterparty risk profiles and algorithmic pricing grids](https://options.greeks.live/wp-content/uploads/2025/07/centralized-digital-asset-rfq-orchestration-for-multi-venue-liquidity-aggregation-and-high-fidelity-execution-across-diverse-counterparties.jpg)

## Public Dissemination

A private blockchain offers controlled, confidential integrity for enterprise RFPs, whereas a public blockchain provides open, verifiable trust. </a><a href="https://prime.greeks.live/area/trade-data/?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)

## Trade Data

Meaning ▴ Trade Data constitutes the comprehensive, timestamped record of all transactional activities occurring within a financial market or across a trading platform, encompassing executed orders, cancellations, modifications, and the resulting fill details. </a><a href="https://prime.greeks.live/question/what-are-the-regulatory-implications-of-post-trade-reporting-deferrals-for-rfq-block-trades/?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)

## Post-Trade Reporting Requirements

Post-trade deferrals are a regulatory mechanism enabling temporary confidentiality for RFQ block trades to mitigate market impact and preserve liquidity. </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 teal-blue textured sphere, signifying a unique RFQ inquiry or private quotation, precisely mounts on a metallic, institutional-grade base. Integrated into a Prime RFQ framework, it illustrates high-fidelity execution and atomic settlement for digital asset derivatives within market microstructure, ensuring capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-prime-os-execution-1.jpg)

## 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/area/apa/?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)

## Apa

Meaning ▴ An Approved Publication Arrangement (APA) is a regulated entity authorized under financial directives, such as MiFID II, to publicly disseminate post-trade transparency data for financial instruments. </a><a href="https://prime.greeks.live/area/rts/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Layered abstract forms depict a Principal's Prime RFQ for institutional digital asset derivatives. A textured band signifies robust RFQ protocol and market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-high-fidelity-execution-prime-os-market-microstructure.jpg)

## Rts

Meaning ▴ Real-Time Settlement (RTS) denotes the instantaneous and atomic finality of a transaction, where the transfer of an asset and its corresponding payment occur simultaneously and irrevocably. </a><a href="https://prime.greeks.live/area/deferred-publication/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multi-faceted crystalline structure, featuring sharp angles and translucent blue and clear elements, rests on a metallic base. This embodies Institutional Digital Asset Derivatives and precise RFQ protocols, enabling High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-market-microstructure.jpg)

## Deferred Publication

Meaning ▴ Deferred Publication refers to the controlled delay in the public dissemination of trade execution details, specifically concerning price, size, and timestamp information, following the completion of a transaction within a trading system. </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">
![Translucent geometric planes, speckled with micro-droplets, converge at a central nexus, emitting precise illuminated lines. This embodies Institutional Digital Asset Derivatives Market Microstructure, detailing RFQ protocol efficiency, High-Fidelity Execution pathways, and granular Atomic Settlement within a transparent Liquidity Pool](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-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/area/esma/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Geometric panels, light and dark, interlocked by a luminous diagonal, depict an institutional RFQ protocol for digital asset derivatives. Central nodes symbolize liquidity aggregation and price discovery within a Principal's execution management system, enabling high-fidelity execution and atomic settlement in market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-1.jpg)

## Esma

Meaning ▴ ESMA, the European Securities and Markets Authority, functions as an independent European Union agency responsible for safeguarding the stability of the EU's financial system by ensuring the integrity, transparency, efficiency, and orderly functioning of securities markets, alongside enhancing investor protection. </a><a href="https://prime.greeks.live/area/lis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Lis

Meaning ▴ LIS, or Large In Scale, designates an order size that exceeds specific regulatory thresholds, qualifying it for pre-trade transparency waivers on trading venues. </a><a href="https://prime.greeks.live/question/what-is-the-role-of-a-best-execution-committee-in-investment-management-firms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Institutional-grade infrastructure supports a translucent circular interface, displaying real-time market microstructure for digital asset derivatives price discovery. Geometric forms symbolize precise RFQ protocol execution, enabling high-fidelity multi-leg spread trading, optimizing capital efficiency and mitigating systemic risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-market-microstructure-intelligence-layer.jpg)

## Investment Firms

The Best Execution Committee is the operational core of an investment firm's fiduciary duty, ensuring optimal trading outcomes for clients. </a><a href="https://prime.greeks.live/question/what-are-the-core-data-points-required-for-an-rts-28-report-for-rfq-based-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated proprietary system module featuring precision-engineered components, symbolizing an institutional-grade Prime RFQ for digital asset derivatives. Its intricate design represents market microstructure analysis, RFQ protocol integration, and high-fidelity execution capabilities, optimizing liquidity aggregation and price discovery for block trades within a multi-leg spread environment](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-proprietary-architecture-driving-high-fidelity-digital-asset-derivatives-execution-via-rfq-protocols-and-optimized-market-microstructure-dynamics.jpg)

## Trade Report

RTS 28 for RFQs requires a data-driven ledger proving best execution through systematic reporting of venues, volumes, and quote quality. </a><a href="https://prime.greeks.live/question/what-is-the-role-of-a-cross-functional-team-in-mitigating-rfp-ambiguity-before-publication/?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)

## Approved Publication

A cross-functional team systematically de-risks procurement by transforming an RFP from a list of wants into a precise, unified, and executable statement of organizational intent. </a><a href="https://prime.greeks.live/question/what-are-the-regulatory-requirements-for-storing-and-reporting-rfq-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A deconstructed mechanical system with segmented components, revealing intricate gears and polished shafts, symbolizing the transparent, modular architecture of an institutional digital asset derivatives trading platform. This illustrates multi-leg spread execution, RFQ protocols, and atomic settlement processes](https://options.greeks.live/wp-content/uploads/2025/07/deconstructed-principal-trading-system-revealing-core-mechanics-of-digital-asset-derivatives-execution.jpg)

## Reporting Requirements

Regulatory RFQ data requirements mandate the granular capture, secure storage, and timely reporting of the entire quote lifecycle to ensure market transparency and integrity. </a>

**Tags:** [MiFIR](https://options.greeks.live/area/mifir/), [RFQ Trades](https://options.greeks.live/area/rfq-trades/), [Investment Firm](https://options.greeks.live/area/investment-firm/), [Approved Publication Arrangement](https://options.greeks.live/area/approved-publication-arrangement/), [Deferred Publication](https://options.greeks.live/area/deferred-publication/), [RFQ](https://options.greeks.live/area/rfq/)	

## Discover More

- 
### [How Does the MiFIR Review Change SI Quoting Obligations for Non-Equity Instruments?](https://options.greeks.live/question/how-does-the-mifir-review-change-si-quoting-obligations-for-non-equity-instruments/)
![A smooth, light-beige spherical module features a prominent black circular aperture with a vibrant blue internal glow. This represents a dedicated institutional grade sensor or intelligence layer for high-fidelity execution. It embodies the Prime RFQ capability for price discovery within RFQ protocols, ensuring atomic settlement and mitigating counterparty risk in digital asset derivatives trading.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-intelligence-layer-for-optimal-digital-asset-rfq-execution.jpg)

The MiFIR review removes mandatory pre-trade quoting for non-equity SIs, shifting transparency from a rule-based to a commercial decision.

- 
### [How Does MiFID II’s Transparency Regime Account for Illiquid Bond Transactions?](https://options.greeks.live/question/how-does-mifid-iis-transparency-regime-account-for-illiquid-bond-transactions/)
![Intersecting metallic structures symbolize RFQ protocol pathways for institutional digital asset derivatives. They represent high-fidelity execution of multi-leg spreads across diverse liquidity pools. Spheres denote aggregated inquiry and price discovery within a robust Prime RFQ, optimizing capital efficiency and mitigating systemic risk.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-framework-optimizing-multi-leg-spreads-and-liquidity-aggregation-for-best-execution.jpg)

MiFID II's regime uses waivers and deferrals to balance transparency with liquidity protection for illiquid bonds.

- 
### [What Is the Specific Role of an Approved Publication Arrangement in the Deferral Process?](https://options.greeks.live/question/what-is-the-specific-role-of-an-approved-publication-arrangement-in-the-deferral-process/)
![Translucent and opaque geometric planes radiate from a central nexus, symbolizing layered liquidity and multi-leg spread execution via an institutional RFQ protocol. This represents high-fidelity price discovery for digital asset derivatives, showcasing optimal capital efficiency within a robust Prime RFQ framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-layer.jpg)

An Approved Publication Arrangement executes the strategic delay of trade disclosure, shielding liquidity providers from adverse market impact.

- 
### [How Does ESMA Determine the Liquidity of a Corporate Bond?](https://options.greeks.live/question/how-does-esma-determine-the-liquidity-of-a-corporate-bond/)
![Clear geometric prisms and flat planes interlock, symbolizing complex market microstructure and multi-leg spread strategies in institutional digital asset derivatives. A solid teal circle represents a discrete liquidity pool for private quotation via RFQ protocols, ensuring high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-price-discovery-and-high-fidelity-execution.jpg)

ESMA's data-driven, quarterly assessment of a bond's trading activity provides a clear, actionable definition of liquidity for the market.

- 
### [How Does MiFID II Define a Systematic Internaliser for RFQ Trading?](https://options.greeks.live/question/how-does-mifid-ii-define-a-systematic-internaliser-for-rfq-trading/)
![A metallic precision tool rests on a circuit board, its glowing traces depicting market microstructure and algorithmic trading. A reflective disc, symbolizing a liquidity pool, mirrors the tool, highlighting high-fidelity execution and price discovery for institutional digital asset derivatives via RFQ protocols and Principal's Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocols-driving-high-fidelity-execution-and-market-microstructure-optimization-via-principal-prime-os.jpg)

A Systematic Internaliser is a firm whose principal trading volume requires it to follow venue-like transparency rules for client orders.

- 
### [Can a Single Technology Platform Be Architected to Comply with Both Mifid Ii and Finra Rfq Requirements?](https://options.greeks.live/question/can-a-single-technology-platform-be-architected-to-comply-with-both-mifid-ii-and-finra-rfq-requirements/)
![Four sleek, rounded, modular components stack, symbolizing a multi-layered institutional digital asset derivatives trading system. Each unit represents a critical Prime RFQ layer, facilitating high-fidelity execution, aggregated inquiry, and sophisticated market microstructure for optimal price discovery via RFQ protocols.](https://options.greeks.live/wp-content/uploads/2025/07/modular-institutional-crypto-derivatives-trading-system-components.jpg)

A single platform can comply with both MiFID II and FINRA through a modular design using a compliance abstraction layer.

- 
### [How Do Pre-Trade Waivers for Illiquid Bonds Function under MiFID II?](https://options.greeks.live/question/how-do-pre-trade-waivers-for-illiquid-bonds-function-under-mifid-ii/)
![A precision-engineered interface for institutional digital asset derivatives. A circular system component, perhaps an Execution Management System EMS module, connects via a multi-faceted Request for Quote RFQ protocol bridge to a distinct teal capsule, symbolizing a bespoke block trade. This depicts high-fidelity execution, optimizing market microstructure within a Principal's operational framework for atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-interface-for-institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-within-principal-operating-system.jpg)

Pre-trade waivers for illiquid bonds under MiFID II systematically suspend public quote obligations to protect liquidity providers and enable RFQ-based trading.

- 
### [How Do Regulatory Frameworks like MiFID II Impact RFQ Protocol Usage for Different Asset Classes?](https://options.greeks.live/question/how-do-regulatory-frameworks-like-mifid-ii-impact-rfq-protocol-usage-for-different-asset-classes/)
![A blue speckled marble, symbolizing a precise block trade, rests centrally on a translucent bar, representing a robust RFQ protocol. This structured geometric arrangement illustrates complex market microstructure, enabling high-fidelity execution, optimal price discovery, and efficient liquidity aggregation within a principal's operational framework for institutional digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-rfq-execution-framework-optimizing-digital-asset-derivatives-liquidity-aggregation-across-complex-market-microstructure.jpg)

MiFID II transformed the RFQ protocol from a bilateral conversation into a structured, auditable electronic workflow for sourcing liquidity.

- 
### [How Do Systematic Internalisers and Venues Using Waivers Differ in Transparency Obligations?](https://options.greeks.live/question/how-do-systematic-internalisers-and-venues-using-waivers-differ-in-transparency-obligations/)
![A stylized abstract radial design depicts a central RFQ engine processing diverse digital asset derivatives flows. Distinct halves illustrate nuanced market microstructure, optimizing multi-leg spreads and high-fidelity execution, visualizing a Principal's Prime RFQ managing aggregated inquiry and latent liquidity.](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-execution-engine-optimizing-digital-asset-derivatives-market-microstructure-for-institutional-liquidity-aggregation.jpg)

Systematic Internalisers offer disclosed, principal liquidity, while waiver venues provide anonymous, multilateral interaction by design.

---

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---

**Original URL:** https://options.greeks.live/question/what-are-the-specific-post-trade-reporting-fields-required-under-mifir-for-rfq-trades/
