# What Are the Specific Technological Requirements for an EMS to Be Compliant with MiFID II RFQ Rules? ▴ Question

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

---

![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)

![A translucent blue cylinder, representing a liquidity pool or private quotation core, sits on a metallic execution engine. This system processes institutional digital asset derivatives via RFQ protocols, ensuring high-fidelity execution, pre-trade analytics, and smart order routing for capital efficiency on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-core-3.jpg)

## Concept

The Markets in Financial Instruments Directive II ([MiFID II](https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) represents a foundational regulatory framework that redefines the operational parameters of European financial markets. Its reach extends deep into the technological core of trading infrastructures, particularly impacting the intricate workflows of Execution Management Systems ([EMS](https://prime.greeks.live/area/ems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) when handling Request for Quote (RFQ) protocols. An EMS, in this context, functions as a sophisticated conduit for market access, and its compliance with MiFID II is a matter of precise technological and procedural alignment. The directive’s primary objective is to enhance market transparency, efficiency, and investor protection, and it achieves this by imposing stringent requirements on how trading activities are conducted, recorded, and reported.

At the heart of MiFID II’s application to RFQ systems is the concept of the “trading venue perimeter.” This perimeter distinguishes between bilateral and multilateral trading systems. A bilateral system, where a single liquidity provider interacts with a client, operates under a different set of rules than a multilateral system, which [brings together multiple third-party buying](https://prime.greeks.live/news/us-banks-embrace-crypto-as-genius-act-brings-regulatory-clarity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and selling interests. An EMS that facilitates RFQ workflows can fall into either category, depending on its specific architecture and functionality. This distinction is paramount, as a system deemed multilateral may be required to seek authorization as a trading venue, such as an [Organized Trading Facility](https://prime.greeks.live/area/organized-trading-facility/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (OTF), subjecting it to a more rigorous regulatory regime.

> An EMS’s compliance with MiFID II hinges on its ability to navigate the fine line between providing sophisticated trading tools and becoming a de facto trading venue.

The directive’s influence on EMS technology is most pronounced in the areas of data management, transparency, and [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). For an EMS to be compliant, it must be engineered to capture, store, and report a vast amount of data with exceptional accuracy and granularity. This includes not only the details of each transaction but also the context surrounding the trade, such as the identity of the decision-makers and the algorithms used. The pre-trade and post-trade transparency requirements of MiFID II further dictate that an EMS must be capable of disseminating information in a timely and standardized manner, ensuring a level playing field for all market participants.

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

## The RFQ Protocol under MiFID II

The [RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) protocol, a cornerstone of trading in many asset classes, is explicitly recognized [under MiFID](https://prime.greeks.live/question/what-are-the-operational-consequences-of-misreporting-under-mifid-ii-versus-a-reporting-failure-under-emir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) II, but with specific operational mandates. The directive introduces the concept of a “collection window” for RFQs, a mechanism designed to prevent information leakage and ensure fair pricing. When a firm sends out an RFQ to multiple liquidity providers, the EMS must manage the collection of quotes in a way that prevents early responders from gaining an unfair advantage.

The quotes are then published simultaneously at the end of the collection window, promoting a more transparent and competitive pricing process. This requires the EMS to have sophisticated workflow management capabilities, ensuring that the RFQ process adheres to the prescribed timelines and transparency rules.

![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)

## Distinguishing System Types

The determination of whether an EMS is a bilateral or [multilateral system](https://prime.greeks.live/area/multilateral-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) has profound implications for its regulatory obligations. An EMS that simply routes orders to various venues without imposing its own set of rules for interaction is likely to be considered a bilateral system. However, if the EMS provides functionalities that allow for the interaction of [multiple third-party buying](https://prime.greeks.live/question/what-are-the-key-differences-between-tri-party-and-third-party-segregation-models/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and selling interests within the system itself, it may be classified as a multilateral system.

This could be triggered by features such as a central order book, a matching engine, or even a sophisticated chat function that facilitates negotiation between multiple parties. The technological design of the EMS is therefore a critical factor in determining its regulatory status.

- **Bilateral Systems** ▴ These systems typically involve a one-to-one interaction, such as a client requesting a quote from a single dealer. The EMS acts as a communication and execution channel, but the core of the interaction remains between the two parties. 

- **Multilateral Systems** ▴ These systems bring together multiple buyers and sellers, creating a network of potential counterparties. An EMS that provides a platform for such interactions, with its own set of rules governing the process, is likely to be considered a multilateral system. 

![A transparent, angular teal object with an embedded dark circular lens rests on a light surface. This visualizes an institutional-grade RFQ engine, enabling high-fidelity execution and precise price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-engine-high-fidelity-execution.jpg)

![Stacked, glossy modular components depict an institutional-grade Digital Asset Derivatives platform. Layers signify RFQ protocol orchestration, high-fidelity execution, and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/layered-digital-asset-derivatives-rfq-protocol-stack-for-prime-brokerage.jpg)

## Strategy

A strategic approach to MiFID II compliance for an EMS involved in [RFQ workflows](https://prime.greeks.live/area/rfq-workflows/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) extends beyond mere adherence to the rules. It involves architecting a system that not only meets the regulatory requirements but also provides a competitive advantage to its users. The core of this strategy lies in the demonstration of best execution, a principle that is central to MiFID II.

An EMS must be designed to provide its users with the tools and data necessary to prove that they have taken all sufficient steps to obtain the best possible result for their clients. This requires a holistic view of the trading process, from pre-trade analysis to post-trade reporting.

The best execution obligation under MiFID II is a multifaceted concept that encompasses not only price but also costs, speed, likelihood of execution and settlement, size, nature, and any other relevant consideration. An EMS must therefore be capable of capturing and analyzing a wide range of data points to provide a comprehensive picture of [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This data can then be used to generate detailed reports that demonstrate compliance with the firm’s best execution policy. The ability to provide this level of transparency and analysis is a key differentiator for EMS providers in the post-MiFID II landscape.

> A truly compliant EMS is one that transforms the regulatory burden of MiFID II into a strategic asset for its users.

The selection of execution venues is another critical aspect of the best execution strategy. An EMS should provide its users with access to a diverse range of liquidity pools, including regulated markets, MTFs, OTFs, and systematic internalisers. The system should also provide the tools to analyze the execution quality of these venues, allowing firms to make informed decisions about where to route their orders. This requires the EMS to have sophisticated data aggregation and analysis capabilities, as well as a flexible and configurable order routing engine.

![A central blue sphere, representing a Liquidity Pool, balances on a white dome, the Prime RFQ. Perpendicular beige and teal arms, embodying RFQ protocols and Multi-Leg Spread strategies, extend to four peripheral blue elements](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-protocol-execution-framework.jpg)

## Architecting for Best Execution

The design of an EMS for MiFID II compliance must be guided by the principle of best execution. This means that every feature and functionality of the system should be geared towards helping users achieve and demonstrate the best possible outcomes for their clients. This includes providing tools for pre-trade transaction cost analysis (TCA), real-time monitoring of execution quality, and post-trade analysis and reporting.

The EMS should also provide a complete and unalterable audit trail of every order, from its inception to its final execution. This audit trail is the primary evidence that a firm has complied with its best execution obligations.

![A modular system with beige and mint green components connected by a central blue cross-shaped element, illustrating an institutional-grade RFQ execution engine. This sophisticated architecture facilitates high-fidelity execution, enabling efficient price discovery for multi-leg spreads and optimizing capital efficiency within a Prime RFQ framework for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/principal-prime-os-rfq-engine-for-digital-asset-derivatives.jpg)

## Venue Analysis and Selection

A key component of a MiFID II-compliant EMS is its ability to support a data-driven approach to venue selection. The system should be able to consume and process a vast amount of market data, including real-time and historical data on prices, volumes, and execution quality from a wide range of venues. This data can then be used to create sophisticated models that help users identify the most appropriate venue for a particular order. The EMS should also provide tools for comparing the performance of different venues, allowing firms to continuously optimize their execution strategies.

### Execution Venue Comparison

| Venue Type | Key Characteristics | Best Execution Considerations |
| --- | --- | --- |
| Regulated Market (RM) | Transparent, rule-based trading with a central limit order book. | High level of pre-trade transparency, but may not be suitable for large or illiquid orders. |
| Multilateral Trading Facility (MTF) | Operated by an investment firm or a market operator, brings together multiple third-party buying and selling interests. | Can offer a variety of trading models, including RFQ and dark pools, providing flexibility for different order types. |
| Organised Trading Facility (OTF) | A new category of trading venue introduced by MiFID II, for non-equity instruments. | Execution is discretionary, which can be beneficial for large or complex orders, but requires careful monitoring to ensure best execution. |
| Systematic Internaliser (SI) | An investment firm that deals on its own account by executing client orders outside a regulated market, an MTF or an OTF. | Can provide a valuable source of liquidity, but firms must have a process in place to ensure that the prices offered by SIs are competitive. |

![A meticulously engineered mechanism showcases a blue and grey striped block, representing a structured digital asset derivative, precisely engaged by a metallic tool. This setup illustrates high-fidelity execution within a controlled RFQ environment, optimizing block trade settlement and managing counterparty risk through robust market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-institutional-digital-asset-derivatives-rfq-execution.jpg)

![An exposed institutional digital asset derivatives engine reveals its market microstructure. The polished disc represents a liquidity pool for price discovery](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-execution-system.jpg)

## Execution

The execution of a MiFID II-compliant EMS for RFQ workflows requires a deep understanding of the specific technological requirements laid out in the regulations and their associated [Regulatory Technical Standards](https://prime.greeks.live/area/regulatory-technical-standards/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RTS). These requirements are not merely suggestions; they are prescriptive mandates that dictate how an EMS must be built and operated. The three pillars of execution are [data capture](https://prime.greeks.live/area/data-capture/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and record-keeping, high-precision timestamping, and robust reporting mechanisms. Each of these pillars requires a significant investment in technology and infrastructure, and a failure to comply with any one of them can result in severe penalties.

The data capture requirements under MiFID II are extensive. An EMS must be able to record a vast number of data fields for each and every transaction, from the initial client order to the final execution. This includes not only the basic details of the trade, such as the instrument, price, and quantity, but also a wealth of contextual information, such as the identity of the individuals and algorithms involved in the investment and execution decisions. This data must be stored in a secure and tamper-proof manner for a minimum of five years, and it must be readily accessible to regulators upon request.

> In the world of MiFID II, data is not just a byproduct of trading; it is a critical component of the regulatory infrastructure.

The [timestamping](https://prime.greeks.live/area/timestamping/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) requirements under [RTS 25](https://prime.greeks.live/area/rts-25/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) are perhaps the most technically challenging aspect of MiFID II compliance. The regulation mandates that all reportable events must be timestamped with a high degree of accuracy, with the required precision depending on the type of trading activity. For high-frequency trading, the requirement is for timestamps to be accurate to within 100 microseconds of Coordinated Universal Time (UTC).

This level of precision requires a sophisticated [time synchronization](https://prime.greeks.live/area/time-synchronization/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) infrastructure, typically based on a combination of GPS and Precision Time Protocol (PTP). The EMS must also be able to demonstrate the traceability of its timestamps to UTC, which requires a rigorous process of monitoring and calibration.

![A sleek blue and white mechanism with a focused lens symbolizes Pre-Trade Analytics for Digital Asset Derivatives. A glowing turquoise sphere represents a Block Trade within a Liquidity Pool, demonstrating High-Fidelity Execution via RFQ protocol for Price Discovery in Dark Pool Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/advanced-institutional-digital-asset-derivatives-rfq-execution-system-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## Data Capture and Record-Keeping

The foundation of a MiFID II-compliant EMS is its ability to capture and store a complete and accurate record of all trading activity. The [transaction reporting](https://prime.greeks.live/area/transaction-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) requirements under [RTS 22](https://prime.greeks.live/area/rts-22/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) specify a total of 65 data fields that must be reported for each transaction. These fields cover a wide range of information, from the identity of the buyer and seller to the specific details of the execution venue and the trading capacity in which the firm acted.

An EMS must be designed to capture this data automatically and seamlessly, without disrupting the trading workflow. This requires a deep integration with the firm’s order management system (OMS) and other internal systems.

![Abstract depiction of an advanced institutional trading system, featuring a prominent sensor for real-time price discovery and an intelligence layer. Visible circuitry signifies algorithmic trading capabilities, low-latency execution, and robust FIX protocol integration for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-high-fidelity-rfq-protocols.jpg)

## Key Transaction Reporting Fields

The following table provides a non-exhaustive list of the key data fields that must be captured for transaction reporting under MiFID II. The EMS must have the functionality to populate these fields accurately and automatically for each transaction.

### MiFID II Transaction Reporting Fields (RTS 22)

| Field | Description | Example |
| --- | --- | --- |
| Executing Entity Identification Code | The Legal Entity Identifier (LEI) of the firm executing the transaction. | 5493001B3S7C9X6F2E47 |
| Buyer/Seller Identification Code | The LEI or national ID of the buyer and seller. | For a corporate client, their LEI. For a retail client, their national ID. |
| Investment Decision within Firm | The identifier of the person or algorithm responsible for the investment decision. | A unique code assigned to a specific portfolio manager or trading algorithm. |
| Execution within Firm | The identifier of the person or algorithm responsible for the execution of the order. | A unique code assigned to a specific trader or execution algorithm. |
| Trading Capacity | The capacity in which the firm executed the transaction (e.g. dealing on own account, matched principal, or any other capacity). | DEAL, MTCH, AOTC |
| Instrument Identification Code | The ISIN code of the financial instrument. | US0378331005 |
| Trading Date and Time | The date and time when the transaction was executed, with the required level of precision. | 2025-08-08T12:08:00.123456Z |
| Venue | The MIC code of the execution venue. | XEUR |

![A luminous digital market microstructure diagram depicts intersecting high-fidelity execution paths over a transparent liquidity pool. A central RFQ engine processes aggregated inquiries for institutional digital asset derivatives, optimizing price discovery and capital efficiency within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-principal-operational-framework-price-discovery.jpg)

## High-Precision Timestamping

The timestamping requirements of RTS 25 are a critical component of MiFID II’s efforts to enhance market surveillance and reconstruction. An EMS must be equipped with a highly accurate and reliable time synchronization system to ensure that all reportable events are timestamped in accordance with the regulation. This requires a multi-layered approach to time synchronization, starting with a master clock that is synchronized to a recognized time source, such as GPS. The time is then distributed throughout the firm’s network using a protocol such as PTP, which is designed to minimize latency and ensure a high degree of accuracy.

- **Time Source** ▴ The time synchronization system must be traceable to a recognized time source, such as the Coordinated Universal Time (UTC) signal broadcast by GPS satellites. 

- **Distribution** ▴ The time must be distributed throughout the firm’s network using a high-precision protocol, such as PTP, to ensure that all systems have a consistent and accurate view of time. 

- **Monitoring and Auditing** ▴ The firm must have a process in place to continuously monitor the accuracy of its time synchronization system and to maintain a detailed audit trail of its performance. 

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

## References

- European Securities and Markets Authority. (2017). Guidelines on transaction reporting, order record keeping and clock synchronisation. ESMA/2016/1452.

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

- European Securities and Markets Authority. (2017). Questions and Answers on MiFID II and MiFIR market structures topics. ESMA70-872942901-38.

- European Commission. (2017). Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities.

- European Commission. (2016). Commission Delegated Regulation (EU) 2017/575 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards concerning the data to be published by execution venues on the quality of execution of transactions.

- European Commission. (2016). Commission Delegated Regulation (EU) 2017/576 of 8 June 2016 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.

- Financial Conduct Authority. (2021). PS21/20 ▴ Changes to UK MiFID’s conduct and organisational requirements.

- GreySpark Partners. (2022). MiFID II ▴ Untangling the Trading Venue Perimeter.

- Electronic Debt Markets Association. (2018). The Value of RFQ.

- Safran. (2018). Time Synchronization ▴ Time is at the Heart of MIFID Regulation.

![Interlocked, precision-engineered spheres reveal complex internal gears, illustrating the intricate market microstructure and algorithmic trading of an institutional grade Crypto Derivatives OS. This visualizes high-fidelity execution for digital asset derivatives, embodying RFQ protocols and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-system.jpg)

## Reflection

The intricate web of technological requirements woven by MiFID II into the fabric of RFQ workflows is a testament to the evolving nature of financial regulation. The directive’s emphasis on data, transparency, and best execution has transformed the EMS from a simple execution tool into a sophisticated regulatory compliance engine. The journey towards full compliance is a continuous one, requiring a proactive and strategic approach to technology and infrastructure. The systems that will thrive in this new environment are those that not only meet the letter of the law but also embrace its spirit, transforming the challenges of regulation into opportunities for enhanced efficiency, transparency, and client service.

As you reflect on your own operational framework, consider the extent to which your systems are aligned with the core principles of MiFID II. Are you able to demonstrate best execution with the same level of rigor and precision that the regulations demand? Is your data management strategy robust enough to withstand the scrutiny of regulators? The answers to these questions will determine your ability to navigate the complexities of the modern financial landscape and to emerge with a decisive operational edge.

![The image displays a sleek, intersecting mechanism atop a foundational blue sphere. It represents the intricate market microstructure of institutional digital asset derivatives trading, facilitating RFQ protocols for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution.jpg)

## Glossary

<a href="https://prime.greeks.live/area/mifid-ii/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated, multi-component system propels a sleek, teal-colored digital asset derivative trade. The complex internal structure represents a proprietary RFQ protocol engine with liquidity aggregation and price discovery mechanisms](https://options.greeks.live/wp-content/uploads/2025/07/principals-high-fidelity-rfq-engine-for-digital-asset-derivatives-execution.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/ems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intricate dark circular component with precise white patterns, central to a beige and metallic system. This symbolizes an institutional digital asset derivatives platform's core, representing high-fidelity execution, automated RFQ protocols, advanced market microstructure, the intelligence layer for price discovery, block trade efficiency, and portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-core.jpg)

## Ems

Meaning ▴ An Execution Management System (EMS) is a specialized software application that provides a consolidated interface for institutional traders to manage and execute orders across multiple trading venues and asset classes. </a><a href="https://prime.greeks.live/news/us-banks-embrace-crypto-as-genius-act-brings-regulatory-clarity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision engineered system for institutional digital asset derivatives. Intricate components symbolize RFQ protocol execution, enabling high-fidelity price discovery and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-4.jpg)

## Brings Together Multiple Third-Party Buying

The GENIUS Act and new regulatory frameworks are catalyzing US banks' entry into the crypto market, establishing a robust operational foundation for digital asset integration. </a><a href="https://prime.greeks.live/area/organized-trading-facility/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, white, semi-spherical Principal's operational framework opens to precise internal FIX Protocol components. A luminous, reflective blue sphere embodies an institutional-grade digital asset derivative, symbolizing optimal price discovery and a robust liquidity pool](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-5.jpg)

## Organized Trading Facility

Meaning ▴ An Organized Trading Facility, or OTF, designates a multilateral system, distinct from a regulated market or a multilateral trading facility, which facilitates the bringing together of multiple third-party buying and selling interests in bonds, structured finance products, emission allowances, or derivatives, in a way that results in a contract. </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">
![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)

## Best Execution

Meaning ▴ Best Execution is the obligation to obtain the most favorable terms reasonably available for a client's order. </a><a href="https://prime.greeks.live/question/what-are-the-operational-consequences-of-misreporting-under-mifid-ii-versus-a-reporting-failure-under-emir/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract visual representing an advanced RFQ system for institutional digital asset derivatives. It depicts a central principal platform orchestrating algorithmic execution across diverse liquidity pools, facilitating precise market microstructure interactions for best execution and potential atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-platform-institutional-digital-asset-derivatives-ecosystem.jpg)

## Under Mifid

A MiFID II misreport corrupts market surveillance data; an EMIR failure hides systemic risk, creating distinct operational and reputational threats. </a><a href="https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central teal-lit mechanism with radiating pathways embodies a Prime RFQ for institutional digital asset derivatives. It signifies RFQ protocol processing, liquidity aggregation, and high-fidelity execution for multi-leg spread trades, enabling atomic settlement within market microstructure via quantitative analysis](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-for-institutional-digital-asset-rfq-protocol-execution-engine.jpg)

## 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-key-differences-between-tri-party-and-third-party-segregation-models/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic, X-shaped object with a central circular core floats above mountains at dusk. It signifies an institutional-grade Prime RFQ for digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing price discovery and capital efficiency across dark pools for best execution](https://options.greeks.live/wp-content/uploads/2025/07/advanced-principal-rfq-protocol-architecture-for-institutional-digital-asset-derivatives-optimal-price-discovery-and-execution.jpg)

## Multiple Third-Party Buying

Tri-party models offer automated, value-based collateral management by an agent, while third-party models require manual, asset-specific instruction by the pledgor. </a><a href="https://prime.greeks.live/area/multilateral-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A spherical Liquidity Pool is bisected by a metallic diagonal bar, symbolizing an RFQ Protocol and its Market Microstructure. Imperfections on the bar represent Slippage challenges in High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-optimization-within-principals-market-microstructure-framework.jpg)

## Multilateral System

Meaning ▴ A Multilateral System defines a structured environment where multiple market participants can interact simultaneously to discover price and execute transactions for institutional digital asset derivatives. </a><a href="https://prime.greeks.live/area/rfq-workflows/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, futuristic object with a glowing line and intricate metallic core, symbolizing a Prime RFQ for institutional digital asset derivatives. It represents a sophisticated RFQ protocol engine enabling high-fidelity execution, liquidity aggregation, atomic settlement, and capital efficiency for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/advanced-institutional-digital-asset-derivatives-rfq-protocol-execution-engine-for-optimal-liquidity-aggregation-and-atomic-settlement.jpg)

## Rfq Workflows

Meaning ▴ RFQ Workflows define structured, automated processes for soliciting executable price quotes from designated liquidity providers for digital asset derivatives. </a><a href="https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A beige, triangular device with a dark, reflective display and dual front apertures. This specialized hardware facilitates institutional RFQ protocols for digital asset derivatives, enabling high-fidelity execution, market microstructure analysis, optimal price discovery, capital efficiency, block trades, and portfolio margin](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-terminal-for-high-fidelity-execution-and-precise-market-microstructure-analysis.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/regulatory-technical-standards/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Glossy, intersecting forms in beige, blue, and teal embody RFQ protocol efficiency, atomic settlement, and aggregated liquidity for institutional digital asset derivatives. The sleek design reflects high-fidelity execution, prime brokerage capabilities, and optimized order book dynamics for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-digital-asset-derivatives-execution-via-optimized-rfq-protocols-enhancing-principal-operational-frameworks.jpg)

## Regulatory Technical Standards

Meaning ▴ Regulatory Technical Standards, or RTS, are legally binding technical specifications developed by European Supervisory Authorities to elaborate on the details of legislative acts within the European Union's financial services framework. </a><a href="https://prime.greeks.live/area/data-capture/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated, illuminated device representing an Institutional Grade Prime RFQ for Digital Asset Derivatives. Its glowing interface indicates active RFQ protocol execution, displaying high-fidelity execution status and price discovery for block trades](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-digital-asset-derivatives-best-execution-1.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/timestamping/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, metallic cross-shaped RFQ protocol engine orchestrates principal liquidity aggregation between two distinct institutional liquidity pools. Its intricate design suggests high-fidelity execution and atomic settlement within digital asset options trading, forming a core Crypto Derivatives OS for algorithmic price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-architecture-optimizing-liquidity-aggregation-and-high-fidelity-execution.jpg)

## Timestamping

Meaning ▴ Timestamping is the process of cryptographically securing the exact time an event occurred, providing an immutable record of its sequence and validity within a distributed ledger or high-throughput transactional system. </a><a href="https://prime.greeks.live/area/rts-25/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision system for institutional digital asset derivatives. Translucent elements denote multi-leg spread structures and RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-infrastructure-for-institutional-digital-asset-derivatives-request-for-quote-protocol-optimization.jpg)

## Rts 25

Meaning ▴ RTS 25 refers to Regulatory Technical Standard 25 under MiFID II, specifically detailing the information required for publication concerning waivers from pre-trade transparency obligations. </a><a href="https://prime.greeks.live/area/time-synchronization/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dynamic composition depicts an institutional-grade RFQ pipeline connecting a vast liquidity pool to a split circular element representing price discovery and implied volatility. This visual metaphor highlights the precision of an execution management system for digital asset derivatives via private quotation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-pipeline-for-precise-price-discovery-and-volatility-surface-analysis.jpg)

## Time Synchronization

Meaning ▴ Time synchronization establishes and maintains a consistent, uniform temporal reference across disparate computational nodes and network devices within a distributed system, ensuring all events are timestamped and processed with a high degree of accuracy, which is critical for sequential integrity and causality in financial transactions. </a><a href="https://prime.greeks.live/area/transaction-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, conical precision instrument, with a vibrant mint-green tip and a robust grey base, represents the cutting-edge of institutional digital asset derivatives trading. Its sharp point signifies price discovery and best execution within complex market microstructure, powered by RFQ protocols for dark liquidity access and capital efficiency in atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-microstructure-price-discovery-optimization-prime-os-intelligence-layer.jpg)

## Transaction Reporting

Meaning ▴ Transaction Reporting defines the formal process of submitting granular trade data, encompassing execution specifics and counterparty information, to designated regulatory authorities or internal oversight frameworks. </a><a href="https://prime.greeks.live/area/rts-22/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Transparent geometric forms symbolize high-fidelity execution and price discovery across market microstructure. A teal element signifies dynamic liquidity pools for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-rfq-execution-for-institutional-digital-asset-derivatives-1.jpg)

## Rts 22

Meaning ▴ RTS 22 mandates the comprehensive recording of all relevant telephone conversations and electronic communications for firms conducting MiFID activities, establishing a verifiable audit trail for regulatory oversight and market integrity. </a>

**Tags:** [Transaction Reporting](https://options.greeks.live/area/transaction-reporting/), [Data Capture](https://options.greeks.live/area/data-capture/), [EMS](https://options.greeks.live/area/ems/), [Regulatory Technical Standards](https://options.greeks.live/area/regulatory-technical-standards/), [MiFID II](https://options.greeks.live/area/mifid-ii/), [Multilateral System](https://options.greeks.live/area/multilateral-system/)	

## Discover More

- 
### [How Does MiFID II’s Best Execution Policy Specifically Alter RFQ Workflows?](https://options.greeks.live/question/how-does-mifid-iis-best-execution-policy-specifically-alter-rfq-workflows/)
![A polished, dark teal institutional-grade mechanism reveals an internal beige interface, precisely deploying a metallic, arrow-etched component. This signifies high-fidelity execution within an RFQ protocol, enabling atomic settlement and optimized price discovery for institutional digital asset derivatives and multi-leg spreads, ensuring minimal slippage and robust capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/quantitative-finance-driven-rfq-workflow-for-best-execution-in-digital-assets.jpg)

MiFID II transforms the RFQ workflow from a discretionary conversation into a systematic, data-driven, and fully auditable execution protocol.

- 
### [What Are the Specific Data Points Required for a MiFID II Compliant RFQ Audit Trail?](https://options.greeks.live/question/what-are-the-specific-data-points-required-for-a-mifid-ii-compliant-rfq-audit-trail/)
![Visualizing institutional digital asset derivatives market microstructure. A central RFQ protocol engine facilitates high-fidelity execution across diverse liquidity pools, enabling precise price discovery for multi-leg spreads. The connecting element signifies smart order routing for atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-across-multi-asset-liquidity.jpg)

A MiFID II RFQ audit trail requires a complete, timestamped record of all data points across the trade lifecycle to prove best execution.

- 
### [How Does the Choice of Trading Platform Affect a Firm’s Ability to Comply with MiFID II Best Execution Requirements?](https://options.greeks.live/question/how-does-the-choice-of-trading-platform-affect-a-firms-ability-to-comply-with-mifid-ii-best-execution-requirements/)
![Sleek, modular infrastructure for institutional digital asset derivatives trading. Its intersecting elements symbolize integrated RFQ protocols, facilitating high-fidelity execution and precise price discovery across complex multi-leg spreads. This represents a Prime RFQ intelligence layer for optimal capital efficiency and reduced slippage in volatile markets.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-optimizing-high-fidelity-block-trade-liquidity-and-multi-leg-spread-precision.jpg)

The trading platform's architecture determines a firm's capacity to evidence its adherence to MiFID II's "all sufficient steps" mandate.

- 
### [How Does an Execution Management System Help in Maintaining Compliance with Mifid Ii Best Execution Requirements?](https://options.greeks.live/question/how-does-an-execution-management-system-help-in-maintaining-compliance-with-mifid-ii-best-execution-requirements/)
![A sleek, futuristic institutional-grade instrument, representing high-fidelity execution of digital asset derivatives. Its sharp point signifies price discovery via RFQ protocols. The central Execution Management System EMS orchestrates multi-leg spread strategies, leveraging deep liquidity pools for block trade processing.](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-execution-engine-for-institutional-digital-asset-derivatives.jpg)

An EMS provides the integrated data architecture to systematically prove MiFID II best execution compliance throughout the trade lifecycle.

- 
### [How Did MiFID II Best Execution Rules Specifically Change RFQ Workflows?](https://options.greeks.live/question/how-did-mifid-ii-best-execution-rules-specifically-change-rfq-workflows/)
![A precise mechanical instrument with intersecting transparent and opaque hands, representing the intricate market microstructure of institutional digital asset derivatives. This visual metaphor highlights dynamic price discovery and bid-ask spread dynamics within RFQ protocols, emphasizing high-fidelity execution and latent liquidity through a robust Prime RFQ for atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineering-driving-institutional-digital-asset-derivatives-execution-across-advanced-rfq-protocols-and-prime-brokerage-frameworks.jpg)

MiFID II mandated a shift in RFQ workflows from opaque negotiations to transparent, data-driven processes proving best execution.

- 
### [What Are the Potential Regulatory Consequences of Failing to Link an RFQ Response to Its Resulting Execution Correctly?](https://options.greeks.live/question/what-are-the-potential-regulatory-consequences-of-failing-to-link-an-rfq-response-to-its-resulting-execution-correctly/)
![Interconnected teal and beige geometric facets form an abstract construct, embodying a sophisticated RFQ protocol for institutional digital asset derivatives. This visualizes multi-leg spread structuring, liquidity aggregation, high-fidelity execution, principal risk management, capital efficiency, and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-for-multi-leg-spread-execution-and-optimal-liquidity-aggregation.jpg)

Failure to link an RFQ to its execution is an architectural flaw that voids the auditable proof of best execution required by regulators.

- 
### [How Does the Choice of an RFQ Framework Impact Compliance Reporting Obligations?](https://options.greeks.live/question/how-does-the-choice-of-an-rfq-framework-impact-compliance-reporting-obligations/)
![A precision optical component on an institutional-grade chassis, vital for high-fidelity execution. It supports advanced RFQ protocols, optimizing multi-leg spread trading, rapid price discovery, and mitigating slippage within the Principal's digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-optical-component-prime-os.jpg)

The choice of an RFQ framework defines the architecture of a firm's compliance data, directly impacting the integrity of its reporting.

- 
### [What Are the Primary Regulatory Considerations under MiFID II When Designing an RFQ Platform for European Equities?](https://options.greeks.live/question/what-are-the-primary-regulatory-considerations-under-mifid-ii-when-designing-an-rfq-platform-for-european-equities/)
![An advanced digital asset derivatives system features a central liquidity pool aperture, integrated with a high-fidelity execution engine. This Prime RFQ architecture supports RFQ protocols, enabling block trade processing and price discovery. It manages multi-leg spreads and optimizes portfolio margin through quantitative analysis for alpha generation.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-system-architecture.jpg)

A MiFID II-compliant RFQ platform systemically integrates transparency waivers and best execution proofs into its core trade lifecycle.

- 
### [How Do Regulators Use Rts 27 and Rts 28 Reports to Oversee Best Execution?](https://options.greeks.live/question/how-do-regulators-use-rts-27-and-rts-28-reports-to-oversee-best-execution/)
![A sophisticated institutional-grade system's internal mechanics. A central metallic wheel, symbolizing an algorithmic trading engine, sits above glossy surfaces with luminous data pathways and execution triggers. This abstract visualizes high-fidelity execution for digital asset derivatives, optimizing market microstructure and RFQ protocol efficiency within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-core.jpg)

Regulators use RTS 27/28 data to benchmark execution quality, but now focus on auditing a firm's internal policies and TCA data directly.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "What Are the Specific Technological Requirements for an EMS to Be Compliant with MiFID II RFQ Rules?",
            "item": "https://options.greeks.live/question/what-are-the-specific-technological-requirements-for-an-ems-to-be-compliant-with-mifid-ii-rfq-rules/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/question/what-are-the-specific-technological-requirements-for-an-ems-to-be-compliant-with-mifid-ii-rfq-rules/"
    },
    "headline": "What Are the Specific Technological Requirements for an EMS to Be Compliant with MiFID II RFQ Rules? \u25b4 Question",
    "description": "A MiFID II-compliant EMS for RFQ workflows must be a technologically advanced system capable of demonstrating best execution through precise data capture, high-granularity timestamping, and comprehensive reporting. \u25b4 Question",
    "url": "https://options.greeks.live/question/what-are-the-specific-technological-requirements-for-an-ems-to-be-compliant-with-mifid-ii-rfq-rules/",
    "datePublished": "2025-08-08T00:09:58+00:00",
    "dateModified": "2025-08-08T00:09:59+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-engine-high-fidelity-execution.jpg",
        "caption": "A transparent, angular teal object with an embedded dark circular lens, resting on a light surface, symbolizes a sophisticated institutional trading system. This powerful RFQ engine ensures high-fidelity execution and precise price discovery for digital asset derivatives, including Bitcoin options and Ethereum futures. It optimizes capital efficiency, manages counterparty risk, and supports multi-leg spread strategies, leveraging deep market microstructure insights for best execution within a comprehensive Prime RFQ framework."
    },
    "keywords": [
        "Best Execution",
        "Data Capture",
        "EMS",
        "Execution Management System",
        "Execution Quality",
        "MiFID II",
        "Multilateral System",
        "Organized Trading Facility",
        "OTF",
        "Regulatory Technical Standards",
        "RFQ",
        "RFQ Workflows",
        "RTS 22",
        "RTS 25",
        "RTS 27",
        "RTS 28",
        "SI",
        "Systematic Internaliser",
        "Time Synchronization",
        "Timestamping",
        "Trading Venue",
        "Trading Venue Perimeter",
        "Transaction Reporting"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```


---

**Original URL:** https://options.greeks.live/question/what-are-the-specific-technological-requirements-for-an-ems-to-be-compliant-with-mifid-ii-rfq-rules/
