# What Are the Specific Reporting Differences between CLOB and RFQ Trades under RTS 28? ▴ Question

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

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![A central concentric ring structure, representing a Prime RFQ hub, processes RFQ protocols. Radiating translucent geometric shapes, symbolizing block trades and multi-leg spreads, illustrate liquidity aggregation for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-4.jpg)

![A sleek, light interface, a Principal's Prime RFQ, overlays a dark, intricate market microstructure. This represents institutional-grade digital asset derivatives trading, showcasing high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-execution-system.jpg)

## Concept

The operational mandate of MiFID II, specifically through its Regulatory Technical Standard 28 (RTS 28), imposes a structured disclosure regime on investment firms. This framework requires an annual, public account of the top five [execution venues](https://prime.greeks.live/area/execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) used for client orders, accompanied by a qualitative assessment of the [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) achieved. The core purpose is to bring transparency to the order execution process, enabling clients and regulators to scrutinize how firms fulfill their best execution obligations. This requirement, however, interacts differently with distinct market mechanisms.

The functional distinctions between a [Central Limit Order Book](https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (CLOB) and a [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) system create fundamental divergences in the data available for reporting and the narrative a firm must construct to justify its execution strategy. Understanding these reporting differences is an exercise in appreciating the deep structural variances between anonymous, continuous trading and discreet, bilateral price discovery.

![A precision internal mechanism for 'Institutional Digital Asset Derivatives' 'Prime RFQ'. White casing holds dark blue 'algorithmic trading' logic and a teal 'multi-leg spread' module](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-engine-high-fidelity-execution-liquidity-aggregation.jpg)

## The Structural DNA of Execution Venues

A [CLOB](https://prime.greeks.live/area/clob/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) represents a multilateral trading environment where orders from numerous participants are aggregated and matched based on a strict price-time priority. It is a system defined by its anonymity and continuous nature. All participants have access to the same [order book](https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) data, and trades occur automatically when buy and sell orders cross.

This structure is the foundation of most public exchanges. The data generated is inherently public and standardized, detailing price, size, and time for every execution.

Conversely, an [RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) system operates on a bilateral or “many-to-few” basis. A firm seeking to execute an order sends a request to a select group of [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). These providers respond with their respective quotes, and the initiating firm chooses the best one to complete the trade.

This process is inherently discreet, with the details of the request and the competing quotes remaining private to the participants. It is a mechanism designed for sourcing liquidity, particularly for larger or less liquid instruments, where broadcasting intent to the entire market via a CLOB could result in adverse price movements.

> The core distinction lies in the flow of information ▴ a CLOB broadcasts information to all, while an RFQ contains it among a few.

![Metallic rods and translucent, layered panels against a dark backdrop. This abstract visualizes advanced RFQ protocols, enabling high-fidelity execution and price discovery across diverse liquidity pools for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-market-microstructure-for-institutional-digital-asset-derivatives-rfq.jpg)

## RTS 28 and Its Demands

[RTS 28](https://prime.greeks.live/area/rts-28/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) compels firms to provide a detailed summary of their execution practices. This includes quantitative data on the top five venues used for each class of financial instrument, measured by both volume and number of orders. It also requires a [qualitative summary](https://prime.greeks.live/question/what-are-the-primary-challenges-in-monetizing-qualitative-benefits-in-an-rfp/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) explaining the firm’s execution strategy, including the relative importance of factors like price, cost, speed, and likelihood of execution.

The regulation forces a firm to articulate the logic behind its venue selection, creating a clear audit trail of its decision-making process. The challenge arises because the nature of the data and the strategic considerations for a CLOB trade are fundamentally different from those of an RFQ trade, necessitating distinct reporting approaches.

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

![Abstract intersecting geometric forms, deep blue and light beige, represent advanced RFQ protocols for institutional digital asset derivatives. These forms signify multi-leg execution strategies, principal liquidity aggregation, and high-fidelity algorithmic pricing against a textured global market sphere, reflecting robust market microstructure and intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-execution-algorithmic-pricing-global-liquidity-principal-trading-systemic-integration-high-fidelity-execution.jpg)

## Strategy

The strategic implications of RTS 28 reporting for CLOB and RFQ workflows extend far beyond mere compliance. The choice between these execution mechanisms is a critical component of a firm’s trading strategy, directly impacting execution quality, [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and transaction costs. The reporting requirements of RTS 28 force a firm to codify and defend this strategy, revealing the systemic logic that underpins its approach to [liquidity sourcing](https://prime.greeks.live/area/liquidity-sourcing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and order routing. The differences in the reports are a direct reflection of two divergent philosophies of market interaction.

![A central circular element, vertically split into light and dark hemispheres, frames a metallic, four-pronged hub. Two sleek, grey cylindrical structures diagonally intersect behind it](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-for-digital-asset-derivatives-execution-1.jpg)

## A Tale of Two Reports the Core Divergence

An RTS 28 report detailing CLOB-heavy execution will be characterized by its focus on publicly available, standardized metrics. The narrative will center on the firm’s [smart order routing](https://prime.greeks.live/area/smart-order-routing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (SOR) logic, demonstrating how it navigates multiple lit venues to capture the best available price. The qualitative summary will emphasize factors like speed of execution and the use of [algorithmic strategies](https://prime.greeks.live/area/algorithmic-strategies/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) designed to minimize slippage by breaking down large orders and interacting with the order book in a sophisticated manner. The data is granular, objective, and verifiable against public market data.

In contrast, a report dominated by RFQ flow tells a different story. Here, the emphasis shifts from navigating public liquidity to sourcing private liquidity. The qualitative summary will highlight the “likelihood of execution” and “price” as paramount factors, explaining how the firm selects counterparties for its RFQ panels.

The report must justify the choice of a discreet execution method, often by referencing the size of the orders or the illiquid nature of the instruments being traded. The focus is on the firm’s process for achieving competitive quotes and managing the risks of information leakage associated with large trades.

![Abstract spheres and linear conduits depict an institutional digital asset derivatives platform. The central glowing network symbolizes RFQ protocol orchestration, price discovery, and high-fidelity execution across market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-4.jpg)

## Comparative Analysis of Reporting Focus

The strategic considerations for reporting under RTS 28 can be systematically compared, highlighting the fundamental differences in what a firm must demonstrate for each execution style.

### Table 1 ▴ Strategic Focus in RTS 28 Reporting

| Reporting Dimension | CLOB (Central Limit Order Book) Focus | RFQ (Request for Quote) Focus |
| --- | --- | --- |
| Primary Justification | Efficiency of accessing public liquidity. Demonstration of sophisticated order routing and algorithmic execution to minimize market impact on lit venues. | Effectiveness in sourcing private liquidity. Justification for off-book execution, typically based on order size or instrument liquidity profile. |
| Key Execution Factor | Speed and Cost. The report will highlight low-latency connections and the minimization of explicit costs (fees) and implicit costs (slippage). | Price and Likelihood of Execution. The report will emphasize the quality of the quotes received and the certainty of execution for large blocks without adverse selection. |
| Venue Analysis | Analysis centers on the performance of different exchanges and MTFs. Metrics like fill rates and execution speed per venue are critical. | Analysis centers on the performance of the RFQ platform itself and, often, the competitiveness of the liquidity providers on that platform. |
| Data Transparency | High. Reporting is based on public, time-stamped trade data that can be independently verified. Passive/aggressive metrics are relevant here. | Low. Reporting relies on the firm’s internal records of the quoting process. The report must build trust in the firm’s internal processes for ensuring competitive pricing. |

![Intersecting translucent blue blades and a reflective sphere depict an institutional-grade algorithmic trading system. It ensures high-fidelity execution of digital asset derivatives via RFQ protocols, facilitating precise price discovery within complex market microstructure and optimal block trade routing](https://options.greeks.live/wp-content/uploads/2025/07/precision-algorithmic-execution-infrastructure-for-institutional-digital-asset-derivatives-leveraging-advanced-rfq-protocols.jpg)

## Information Leakage and Reporting Narratives

A core, albeit often unstated, element of the RTS 28 narrative is the management of information leakage. For a CLOB-based strategy, the firm must demonstrate how its execution algorithms are designed to minimize signaling risk. This might involve using iceberging strategies or participating in periodic auctions. The report implicitly argues that its technological sophistication allows it to interact with the transparent order book without revealing its full intentions.

For an RFQ-based strategy, the information management narrative is different. The firm is already operating in a less transparent environment. The report must therefore demonstrate that its process for selecting counterparties and managing the RFQ process is robust enough to prevent information from leaking beyond the selected panel of liquidity providers. It is a defense of the firm’s counterparty selection process and its operational security, assuring clients that their large orders are being handled with discretion.

> The reporting framework compels a firm to articulate its philosophy on the trade-off between the certainty of public prices and the discretion of private negotiation.

![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)

## Recent Regulatory Shifts

It is important to note the evolving regulatory landscape. As of early 2024, ESMA has signaled an intention to deprioritize supervisory actions related to the RTS 28 reporting obligation, pending a review of [MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This suggests a potential future repeal of the requirement.

However, the principles of [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and the need for a coherent, defensible execution strategy remain. The analytical frameworks developed for RTS 28 reporting continue to be valuable internal tools for monitoring and optimizing execution quality, regardless of the ultimate fate of the public disclosure requirement.

![An abstract digital interface features a dark circular screen with two luminous dots, one teal and one grey, symbolizing active and pending private quotation statuses within an RFQ protocol. Below, sharp parallel lines in black, beige, and grey delineate distinct liquidity pools and execution pathways for multi-leg spread strategies, reflecting market microstructure and high-fidelity execution for institutional grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-displaying-multi-leg-execution-status-and-optimal-liquidity-pathways.jpg)

![Interlocking transparent and opaque components on a dark base embody a Crypto Derivatives OS facilitating institutional RFQ protocols. This visual metaphor highlights atomic settlement, capital efficiency, and high-fidelity execution within a prime brokerage ecosystem, optimizing market microstructure for block trade liquidity](https://options.greeks.live/wp-content/uploads/2025/07/modular-framework-for-crypto-derivatives-os-rfq-protocol-aggregation.jpg)

## Execution

The execution of RTS 28 reporting is a data-intensive process that requires a robust technological infrastructure and a clear understanding of the specific data fields relevant to each trading methodology. The operational workflows for capturing, analyzing, and reporting data from CLOB and [RFQ trades](https://prime.greeks.live/area/rfq-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) are distinct, reflecting the different points of data generation and the unique qualitative factors that must be assessed. A granular examination of these workflows reveals the precise mechanical differences in fulfilling the regulatory mandate.

![A sleek, multi-layered institutional crypto derivatives platform interface, featuring a transparent intelligence layer for real-time market microstructure analysis. Buttons signify RFQ protocol initiation for block trades, enabling high-fidelity execution and optimal price discovery within a robust Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-os-precision-execution-rfq-protocol-intelligence-layer.jpg)

## The Data Capture and Reporting Workflow

The journey from trade execution to RTS 28 report submission involves several stages, each with different considerations for CLOB and RFQ trades.

- **Data Ingestion** ▴ 

<li>**For CLOB Trades** ▴ Data is captured directly from the [execution venue](https://prime.greeks.live/area/execution-venue/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)’s market data feed. This includes a rich set of standardized information such as the venue identifier (e.g. MIC code), precise execution timestamp, price, quantity, and often, flags indicating whether the order was passive (providing liquidity) or aggressive (taking liquidity). This data is structured and consistent across venues.

- **For RFQ Trades** ▴ [Data capture](https://prime.greeks.live/area/data-capture/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is more complex. The firm must record not only the final execution details but also the metadata of the RFQ event itself. This includes the identity of the liquidity providers invited to quote, the quotes they returned, the timestamps of each stage of the process, and the rationale for selecting the winning quote. This data is generated internally by the firm’s Order Management System (OMS) or a dedicated RFQ platform.

</li>
- **Data Enrichment and Analysis** ▴ 

<li>**For CLOB Trades** ▴ The analysis focuses on [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) ([TCA](https://prime.greeks.live/area/tca/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)). The execution price is compared against various benchmarks (e.g. Arrival Price, VWAP) to calculate slippage. The report will aggregate data to show execution quality metrics per venue, demonstrating the effectiveness of the firm’s SOR and algorithms.

- **For RFQ Trades** ▴ The analysis is more qualitative. The primary task is to demonstrate that the winning quote was competitive. This involves comparing the execution price against the other quotes received and potentially against a contemporaneous price from a lit market, if available. The report must justify the counterparty selection process.

</li>
- **Report Generation** ▴ 

<li>**For CLOB Trades** ▴ The quantitative tables in the RTS 28 report are populated with aggregated data on order volumes and trade counts for the top five exchanges and MTFs. The qualitative summary explains the algorithmic strategies used.

- **For RFQ Trades** ▴ The “venue” reported for an RFQ trade is typically the platform on which the RFQ was conducted (e.g. a specific MTF or OTF), not the end counterparty. The report must then provide a qualitative explanation of how the firm ensures best execution within that venue’s framework, detailing its counterparty management and quote evaluation process.

</li>

![Abstract layered forms visualize market microstructure, featuring overlapping circles as liquidity pools and order book dynamics. A prominent diagonal band signifies RFQ protocol pathways, enabling high-fidelity execution and price discovery for institutional digital asset derivatives, hinting at dark liquidity and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-protocol.jpg)

## Detailed Field Comparison for Reporting

A direct comparison of the critical data fields and their interpretation for RTS 28 reporting illuminates the practical differences in execution.

### Table 2 ▴ RTS 28 Data Field Interpretation

| RTS 28 Field/Concept | CLOB Interpretation | RFQ Interpretation |
| --- | --- | --- |
| Top 5 Execution Venues | Identified by the Market Identifier Code (MIC) of the exchange or MTF where the trade was matched. | Identified by the MIC of the platform/facility (MTF/OTF) where the RFQ was conducted. The report often includes a supplementary disclosure of the top counterparties dealt with on that venue. |
| Analysis of Price | Quantitative analysis based on TCA benchmarks (e.g. slippage vs. arrival price). Compares execution prices across different lit venues. | Qualitative and quantitative analysis. Compares the winning quote against other quotes received in the RFQ panel. May also be compared to a “best-efforts” price from a public source. |
| Analysis of Costs | Focuses on explicit costs ▴ exchange fees, clearing fees, and broker commissions. These are transparent and easily quantifiable. | Costs are often implicit in the spread of the quote provided by the liquidity provider. The analysis must demonstrate that the all-in price was competitive. |
| Analysis of Speed | Measured in milliseconds or microseconds. Focuses on latency from order placement to execution confirmation. A key metric for algorithmic performance. | Measured in seconds or minutes. Refers to the total time of the RFQ process, from sending the request to receiving quotes and executing. Speed is secondary to price and certainty. |
| Analysis of Likelihood of Execution | Measured by fill rates. For large orders, this involves assessing the market depth and the potential impact of the order on the book. | A primary justification for using RFQ. The analysis focuses on the high certainty of executing a large block trade at a firm price once a quote is accepted. |
| Qualitative Summary | Describes the firm’s SOR logic, algorithmic strategies, and how they are optimized for different market conditions to achieve best execution on lit markets. | Describes the firm’s counterparty selection criteria, the process for constructing RFQ panels, and how this discreet process leads to better outcomes for large or illiquid trades. |

![Crossing reflective elements on a dark surface symbolize high-fidelity execution and multi-leg spread strategies. A central sphere represents the intelligence layer for price discovery](https://options.greeks.live/wp-content/uploads/2025/07/precision-algorithmic-trading-across-intersecting-liquidity-pools-for-institutional-digital-asset-derivatives-rfq-protocols.jpg)

## Technological and Operational Architecture

The systems required to support these two reporting workflows are significantly different.

- **CLOB Reporting Architecture** ▴ This system relies on high-throughput market data capture tools, a sophisticated TCA engine, and a rules-based system for attributing executions to specific client orders and algorithmic strategies. The core challenge is managing and analyzing a high volume of structured data from multiple external sources.

- **RFQ Reporting Architecture** ▴ This system requires an OMS or EMS with a fully integrated RFQ workflow management capability. The system must log every stage of the RFQ process as an auditable event. The analytical tools are more focused on comparative analysis of a smaller set of private data points rather than statistical analysis of a large public dataset. The integrity of the internal record-keeping is paramount.

Ultimately, the execution of RTS 28 reporting is a direct reflection of a firm’s operational capabilities. For CLOB-centric firms, it demonstrates technological prowess in navigating complex, high-speed markets. For RFQ-centric firms, it demonstrates procedural rigor and strong counterparty relationships in managing discreet, high-stakes trades. While the future of the public reporting requirement is uncertain, the underlying disciplines of data capture, analysis, and strategic justification remain central to the institutional mandate of achieving and evidencing best execution.

![A beige spool feeds dark, reflective material into an advanced processing unit, illuminated by a vibrant blue light. This depicts high-fidelity execution of institutional digital asset derivatives through a Prime RFQ, enabling precise price discovery for aggregated RFQ inquiries within complex market microstructure, ensuring atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-prime-os-3.jpg)

## References

- Winterflood Securities. (2019). RTS 28 Report ▴ Top Five Execution Venues.

- European Securities and Markets Authority. (2024, February 13). ESMA clarifies certain best execution reporting requirements under MiFID II. ESMA.

- TRAction Fintech. (2024, February 14). RTS 27 and 28 ▴ The 2024 Status of These Reports in UK and EU.

- Artemis Investment Management LLP. (2020). Commentary to accompany our RTS28 reporting 2020.

- M&G plc. (2021, April 30). MiFID II Best Execution RTS28 / Article 65(6) Disclosures.

- Financial Conduct Authority. (2021). Markets in Financial Instruments (MiFID II) ▴ RTS 27 and 28.

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

- Lehalle, C. A. & Laruelle, S. (Eds.). (2013). Market Microstructure in Practice. World Scientific Publishing.

- O’Hara, M. (1995). Market Microstructure Theory. Blackwell Publishing.

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

![A central toroidal structure and intricate core are bisected by two blades: one algorithmic with circuits, the other solid. This symbolizes an institutional digital asset derivatives platform, leveraging RFQ protocols for high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-execution-hub-integrating-algorithmic-intelligence-for-high-fidelity-price-discovery-and-liquidity-aggregation.jpg)

## Reflection

![A polished, light surface interfaces with a darker, contoured form on black. This signifies the RFQ protocol for institutional digital asset derivatives, embodying price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-interface.jpg)

## From Mandated Report to Internal Codex

The procedural rigor demanded by RTS 28, while potentially evolving from a public mandate to an internal discipline, provides a non-negotiable framework for self-assessment. The act of systematically dissecting execution pathways, whether through the lens of a CLOB’s algorithmic interaction or an RFQ’s discreet negotiation, builds an institutional muscle memory for strategic justification. The true value resides not in the final document produced, but in the institutional capacity to generate it; the ability to articulate a coherent, data-driven narrative of how the firm navigates markets to fulfill its fiduciary duty.

This capability becomes a core component of the firm’s operational intelligence, a system for continuous improvement that persists independently of the external reporting climate. The ultimate question for any institution is how this codified understanding of its own execution quality can be leveraged into a durable, strategic advantage.

![Precision-engineered components of an institutional-grade system. The metallic teal housing and visible geared mechanism symbolize the core algorithmic execution engine for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution-layer.jpg)

## Glossary

<a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Multi-faceted, reflective geometric form against dark void, symbolizing complex market microstructure of institutional digital asset derivatives. Sharp angles depict high-fidelity execution, price discovery via RFQ protocols, enabling liquidity aggregation for block trades, optimizing capital efficiency through a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-liquidity-aggregation-engine.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/execution-venues/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Reflective dark, beige, and teal geometric planes converge at a precise central nexus. This embodies RFQ aggregation for institutional digital asset derivatives, driving price discovery, high-fidelity execution, capital efficiency, algorithmic liquidity, and market microstructure via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-hub-for-precise-liquidity.jpg)

## Execution Venues

Meaning ▴ Execution Venues are regulated marketplaces or bilateral platforms where financial instruments are traded and orders are matched, encompassing exchanges, multilateral trading facilities, organized trading facilities, and over-the-counter desks. </a><a href="https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark, reflective surface displays a luminous green line, symbolizing a high-fidelity RFQ protocol channel within a Crypto Derivatives OS. This signifies precise price discovery for digital asset derivatives, ensuring atomic settlement and optimizing portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-pathway-optimizing-principal-liquidity-and-capital-efficiency.jpg)

## Central Limit Order Book

Meaning ▴ A Central Limit Order Book is a digital repository that aggregates all outstanding buy and sell orders for a specific financial instrument, organized by price level and time of entry. </a><a href="https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A glowing blue module with a metallic core and extending probe is set into a pristine white surface. This symbolizes an active institutional RFQ protocol, enabling precise price discovery and high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-driving-institutional-digital-asset-derivatives-high-fidelity-execution-precise-price-discovery-for-block-trades-and-capital-efficiency.jpg)

## Request for Quote

Meaning ▴ A Request for Quote, or RFQ, constitutes a formal communication initiated by a potential buyer or seller to solicit price quotations for a specified financial instrument or block of instruments from one or more liquidity providers. </a><a href="https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A luminous teal sphere, representing a digital asset derivative private quotation, rests on an RFQ protocol channel. A metallic element signifies the algorithmic trading engine and robust portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-microstructure-optimizing-prime-os.jpg)

## Order Book

Meaning ▴ An Order Book is a real-time electronic ledger detailing all outstanding buy and sell orders for a specific financial instrument, organized by price level and sorted by time priority within each level. </a><a href="https://prime.greeks.live/area/clob/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Highly polished metallic components signify an institutional-grade RFQ engine, the heart of a Prime RFQ for digital asset derivatives. Its precise engineering enables high-fidelity execution, supporting multi-leg spreads, optimizing liquidity aggregation, and minimizing slippage within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineering-underpinning-institutional-digital-asset-derivatives-rfq.jpg)

## Clob

Meaning ▴ The Central Limit Order Book (CLOB) represents an electronic aggregation of all outstanding buy and sell limit orders for a specific financial instrument, organized by price level and time priority. </a><a href="https://prime.greeks.live/area/liquidity-providers/?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)

## Liquidity Providers

Meaning ▴ Liquidity Providers are market participants, typically institutional entities or sophisticated trading firms, that facilitate efficient market operations by continuously quoting bid and offer prices for financial instruments. </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 dark blue, precision-engineered blade-like instrument, representing a digital asset derivative or multi-leg spread, rests on a light foundational block, symbolizing a private quotation or block trade. This structure intersects robust teal market infrastructure rails, indicating RFQ protocol execution within a Prime RFQ for high-fidelity execution and liquidity aggregation in institutional trading](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-multi-leg-spreads-best-execution-capital-efficiency.jpg)

## 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-are-the-primary-challenges-in-monetizing-qualitative-benefits-in-an-rfp/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Qualitative Summary

Monetizing qualitative RFP benefits requires a systemic shift from price-based evaluation to a weighted, value-driven protocol. </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">
![Circular forms symbolize digital asset liquidity pools, precisely intersected by an RFQ execution conduit. Angular planes define algorithmic trading parameters for block trade segmentation, facilitating price discovery](https://options.greeks.live/wp-content/uploads/2025/07/optimized-digital-asset-rfq-execution-latent-liquidity-capture-protocol.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/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision instrument featuring a sharp, translucent teal blade from a geared base on a textured platform. This symbolizes high-fidelity execution of institutional digital asset derivatives via RFQ protocols, optimizing market microstructure for capital efficiency and algorithmic trading on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-algorithmic-execution-infrastructure-for-institutional-digital-asset-derivatives-request-for-quote-protocols-optimal-liquidity.jpg)

## Information Leakage

Meaning ▴ Information leakage denotes the unintended or unauthorized disclosure of sensitive trading data, often concerning an institution's pending orders, strategic positions, or execution intentions, to external market participants. </a><a href="https://prime.greeks.live/area/liquidity-sourcing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Geometric planes, light and dark, interlock around a central hexagonal core. This abstract visualization depicts an institutional-grade RFQ protocol engine, optimizing market microstructure for price discovery and high-fidelity execution of digital asset derivatives including Bitcoin options and multi-leg spreads within a Prime RFQ framework, ensuring atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-architecture.jpg)

## Liquidity Sourcing

Meaning ▴ Liquidity Sourcing refers to the systematic process of identifying, accessing, and aggregating available trading interest across diverse market venues to facilitate optimal execution of financial transactions. </a><a href="https://prime.greeks.live/area/algorithmic-strategies/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished blue sphere representing a digital asset derivative rests on a metallic ring, symbolizing market microstructure and RFQ protocols, supported by a foundational beige sphere, an institutional liquidity pool. A smaller blue sphere floats above, denoting atomic settlement or a private quotation within a Principal's Prime RFQ for high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-market-microstructure-and-rfq-protocols.jpg)

## Algorithmic Strategies

Meaning ▴ Algorithmic Strategies constitute a rigorously defined set of computational instructions and rules designed to automate the execution of trading decisions within financial markets, particularly relevant for institutional digital asset derivatives. </a><a href="https://prime.greeks.live/area/smart-order-routing/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A curved grey surface anchors a translucent blue disk, pierced by a sharp green financial instrument and two silver stylus elements. This visualizes a precise RFQ protocol for institutional digital asset derivatives, enabling liquidity aggregation, high-fidelity execution, price discovery, and algorithmic trading within market microstructure via a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-high-fidelity-execution-via-rfq-protocols-optimizing-market-microstructure-and-price-discovery.jpg)

## Smart Order Routing

Meaning ▴ Smart Order Routing is an algorithmic execution mechanism designed to identify and access optimal liquidity across disparate trading venues. </a><a href="https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric representation of an institutional RFQ protocol for digital asset derivatives. Two distinct segments symbolize cross-market liquidity pools and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-2.jpg)

## Mifid Ii

Meaning ▴ MiFID II, the Markets in Financial Instruments Directive II, constitutes a comprehensive regulatory framework enacted by the European Union to govern financial markets, investment firms, and trading venues. </a><a href="https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract forms depict interconnected institutional liquidity pools and intricate market microstructure. Sharp algorithmic execution paths traverse smooth aggregated inquiry surfaces, symbolizing high-fidelity execution within a Principal's operational framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-prime-os-1.jpg)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/area/rfq-trades/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two distinct ovular components, beige and teal, slightly separated, reveal intricate internal gears. This visualizes an Institutional Digital Asset Derivatives engine, emphasizing automated RFQ execution, complex market microstructure, and high-fidelity execution within a Principal's Prime RFQ for optimal price discovery and block trade capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-automated-rfq-execution-microstructure-revealing-principal-prime-os-intelligence-layer-for-high-fidelity-execution-and-capital-efficiency.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/execution-venue/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent sphere, bisected by dark rods, symbolizes an RFQ protocol's core. This represents multi-leg spread execution within a high-fidelity market microstructure for institutional grade digital asset derivatives, ensuring optimal price discovery and capital efficiency via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocols-high-fidelity-execution.jpg)

## Execution Venue

Meaning ▴ An Execution Venue refers to a regulated facility or system where financial instruments are traded, encompassing entities such as regulated markets, multilateral trading facilities (MTFs), organized trading facilities (OTFs), and systematic internalizers. </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 central hub with three reflective, translucent blades extending. This represents a Principal's operational framework for digital asset derivatives, processing aggregated liquidity and multi-leg spread inquiries](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-engine-for-high-fidelity-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/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central glowing teal mechanism, an RFQ engine core, integrates two distinct pipelines, representing diverse liquidity pools for institutional digital asset derivatives. This visualizes high-fidelity execution within market microstructure, enabling atomic settlement and price discovery for Bitcoin options and Ethereum futures via private quotation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-3.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </a><a href="https://prime.greeks.live/area/tca/?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)

## Tca

Meaning ▴ Transaction Cost Analysis (TCA) represents a quantitative methodology designed to evaluate the explicit and implicit costs incurred during the execution of financial trades. </a>

**Tags:** [Central Limit Order Book](https://options.greeks.live/area/central-limit-order-book/), [Order Book](https://options.greeks.live/area/order-book/), [CLOB](https://options.greeks.live/area/clob/), [Liquidity Providers](https://options.greeks.live/area/liquidity-providers/), [Information Leakage](https://options.greeks.live/area/information-leakage/), [TCA](https://options.greeks.live/area/tca/)	

## Discover More

- 
### [What Are the Key Differences in Benchmarking RFQ Trades versus CLOB Trades?](https://options.greeks.live/question/what-are-the-key-differences-in-benchmarking-rfq-trades-versus-clob-trades/)
![Stacked, glossy modular components depict an institutional-grade Digital Asset Derivatives platform. Layers signify RFQ protocol orchestration, high-fidelity execution, and liquidity aggregation. This Prime RFQ architecture manages market microstructure, enabling price discovery and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/layered-digital-asset-derivatives-rfq-protocol-stack-for-prime-brokerage.jpg)

Benchmarking RFQ versus CLOB trades requires distinct methodologies to account for their different liquidity access and price discovery mechanisms.

- 
### [How Does the Rise of Systematic Internalisers Change the Strategic Considerations for Best Execution in Europe?](https://options.greeks.live/question/how-does-the-rise-of-systematic-internalisers-change-the-strategic-considerations-for-best-execution-in-europe/)
![A central Prime RFQ core powers institutional digital asset derivatives. Translucent conduits signify high-fidelity execution and smart order routing for RFQ block trades. Peripheral modules symbolize aggregated liquidity pools, enabling precise price discovery, mitigating counterparty risk, and optimizing portfolio margin.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-liquidity-aggregation-engine.jpg)

The rise of Systematic Internalisers reframes European best execution from a public market quest to a sophisticated process of sourcing private, principal liquidity with demonstrable price improvement.

- 
### [Can an Algorithmic Strategy Systematically Choose between a Lit Book and an Rfq System Based on Order Characteristics?](https://options.greeks.live/question/can-an-algorithmic-strategy-systematically-choose-between-a-lit-book-and-an-rfq-system-based-on-order-characteristics/)
![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)

An algorithmic strategy systematically chooses between a lit book and an RFQ system based on order characteristics.

- 
### [What Specific Data Points Must Be Captured to Prove Best Execution for an Rfq under Rts 28?](https://options.greeks.live/question/what-specific-data-points-must-be-captured-to-prove-best-execution-for-an-rfq-under-rts-28/)
![Intersecting sleek conduits, one with precise water droplets, a reflective sphere, and a dark blade. This symbolizes institutional RFQ protocol for high-fidelity execution, navigating market microstructure. It represents optimal price discovery, block trade facilitation, and atomic settlement for digital asset derivatives, ensuring capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-framework-optimizing-latent-liquidity-discovery-and-atomic-settlement-protocols.jpg)

To prove best execution for an RFQ, one must capture a complete, timestamped narrative of all quotes to demonstrate the chosen price was optimal.

- 
### [How Does the Fix Rfq Workflow Differ from a Central Limit Order Book?](https://options.greeks.live/question/how-does-the-fix-rfq-workflow-differ-from-a-central-limit-order-book/)
![A symmetrical, high-tech digital infrastructure depicts an institutional-grade RFQ execution hub. Luminous conduits represent aggregated liquidity for digital asset derivatives, enabling high-fidelity execution and atomic settlement. Intricate components signify algorithmic trading ensuring best execution within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-system.jpg)

The FIX RFQ workflow facilitates discreet, negotiated block trades, while a CLOB provides continuous, anonymous, price-time priority matching.

- 
### [What Are the Fee Structures for RFQ Trades?](https://options.greeks.live/question/what-are-the-fee-structures-for-rfq-trades/)
![A polished blue sphere representing a digital asset derivative rests on a metallic ring, symbolizing market microstructure and RFQ protocols, supported by a foundational beige sphere, an institutional liquidity pool. A smaller blue sphere floats above, denoting atomic settlement or a private quotation within a Principal's Prime RFQ for high-fidelity execution.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-market-microstructure-and-rfq-protocols.jpg)

RFQ trade costs are embedded within the quoted price, representing the dealer's spread and risk premium for providing liquidity.

- 
### [How Does the Rfq Protocol Impact Best Execution Obligations under MiFID II?](https://options.greeks.live/question/how-does-the-rfq-protocol-impact-best-execution-obligations-under-mifid-ii/)
![A transparent sphere on an inclined white plane represents a Digital Asset Derivative within an RFQ framework on a Prime RFQ. A teal liquidity pool and grey dark pool illustrate market microstructure for high-fidelity execution and price discovery, mitigating slippage and latency.](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-digital-asset-derivatives-execution-protocols-optimize-microstructure.jpg)

The RFQ protocol provides a compliant pathway for sourcing discreet liquidity under MiFID II through a structured, evidence-based execution architecture.

- 
### [Can Hybrid Models Combining CLOB and RFQ Features Offer Superior Execution Quality?](https://options.greeks.live/question/can-hybrid-models-combining-clob-and-rfq-features-offer-superior-execution-quality/)
![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)

A hybrid CLOB-RFQ model offers superior execution by providing an adaptive framework to optimize for the trade-off between price discovery and market impact.

- 
### [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.

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---

**Original URL:** https://options.greeks.live/question/what-are-the-specific-reporting-differences-between-clob-and-rfq-trades-under-rts-28/
