# What New Data Points Are Essential for Derivatives Tca after the Mifir Review? ▴ Question

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

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## Concept

The MiFIR review reshapes the foundational logic of derivatives [transaction cost analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Your existing TCA models, which have been meticulously calibrated for a certain data environment, are now operating on an incomplete map of the market. The regulatory amendments introduce a new level of granularity and expand the scope of reportable transactions, fundamentally altering the data streams available for analysis. This is an architectural shift in [market transparency](https://prime.greeks.live/area/market-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), moving from a venue-centric reporting model to a more product-centric one, especially for over-the-counter derivatives.

The core challenge for your firm is to re-engineer its data ingestion and analysis frameworks to accommodate these new, highly specific data points. The objective is to maintain and enhance the precision of your [execution quality](https://prime.greeks.live/area/execution-quality/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) assessment in a market that is becoming more transparent, yet also more complex to navigate.

The updated regulations mandate the inclusion of specific OTC derivative contracts that were previously outside the scope of transaction reporting. This includes certain standardized [interest rate swaps](https://prime.greeks.live/area/interest-rate-swaps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and credit default swaps, particularly those referencing systemic entities. The introduction of these instruments into the reporting framework means that your TCA process must now account for a wider universe of derivatives, each with its own liquidity profile and pricing dynamics.

The key to adapting is to recognize that the [MiFIR review](https://prime.greeks.live/area/mifir-review/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is not simply adding more data; it is changing the very definition of what constitutes a complete picture of the market. Your ability to source, normalize, and integrate these new data fields will directly impact the accuracy of your TCA and, by extension, your capacity to demonstrate [best execution](https://prime.greeks.live/area/best-execution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

> The MiFIR review’s expansion of reportable derivatives transactions necessitates a fundamental re-architecture of TCA systems to maintain analytical precision.

Furthermore, the establishment of a [Consolidated Tape](https://prime.greeks.live/area/consolidated-tape/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for post-trade data represents a significant change in the data landscape. While the initial focus is on bonds, the extension to other asset classes, including derivatives, is anticipated. This development will provide a centralized source of transaction data, which can be leveraged to enrich your [TCA models](https://prime.greeks.live/area/tca-models/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The availability of a consolidated feed will allow for more robust benchmarking and a more accurate assessment of execution quality against a market-wide reference point.

Your firm’s ability to integrate this new data source into its existing TCA infrastructure will be a critical determinant of its future analytical capabilities. The challenge lies in adapting your systems to process this high-volume, real-time data stream and extract meaningful insights that can inform your trading strategies and demonstrate compliance with best execution obligations.

![Abstract visualization of institutional RFQ protocol for digital asset derivatives. Translucent layers symbolize dark liquidity pools within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-6.jpg)

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## Strategy

Adapting your firm’s TCA strategy to the post-MiFIR review environment requires a multi-faceted approach that extends beyond simple data acquisition. The first step is to conduct a comprehensive [gap analysis](https://prime.greeks.live/area/gap-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of your existing [data infrastructure](https://prime.greeks.live/area/data-infrastructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This involves mapping your current data fields against the new and revised reporting requirements outlined in the updated Regulatory Technical Standards (RTS).

The goal is to identify which new data points are not currently captured by your systems and to develop a plan for their integration. This process should involve collaboration between your compliance, trading, and technology teams to ensure that the new data is not only collected but also properly understood and utilized within the context of your firm’s specific trading activities.

![Abstract architectural representation of a Prime RFQ for institutional digital asset derivatives, illustrating RFQ aggregation and high-fidelity execution. Intersecting beams signify multi-leg spread pathways and liquidity pools, while spheres represent atomic settlement points and implied volatility](https://options.greeks.live/wp-content/uploads/2025/07/architecting-institutional-digital-asset-derivatives-trading-systems-for-optimized-rfq-execution-and-advanced-price-discovery.jpg)

## Enhancing Data Sourcing and Normalization

The expansion of the scope of [reportable derivatives transactions necessitates](https://prime.greeks.live/question/what-distinguishes-a-reportable-event-from-a-non-reportable-one-in-the-cat-framework-for-rfqs/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) a more sophisticated approach to data sourcing. Your firm will need to establish new data feeds from Approved Publication Arrangements (APAs) and potentially other sources to capture the newly mandated OTC derivative transaction data. This data will likely be in various formats, requiring a robust normalization process to ensure consistency and comparability.

The development of a centralized data repository for all transaction data, both from internal systems and external sources, is a critical component of this strategy. This repository will serve as the single source of truth for your TCA, providing a comprehensive and consistent dataset for analysis.

![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)

## What Are the Implications for Best Execution Policies?

The MiFIR review places a greater emphasis on the evidence-based demonstration of best execution. Your firm’s [best execution policy](https://prime.greeks.live/area/best-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) will need to be updated to reflect the new data points available for TCA. This includes defining new benchmarks and performance metrics that incorporate the expanded universe of reportable derivatives.

For example, you might develop new benchmarks based on the consolidated tape data or create specific metrics to assess the execution quality of the newly included [OTC derivatives](https://prime.greeks.live/area/otc-derivatives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The key is to demonstrate a systematic and data-driven approach to achieving and verifying best execution for your clients.

The following table outlines a strategic framework for adapting your TCA process to the MiFIR review:

| Strategic Objective | Key Actions | Required Capabilities | Success Metrics |
| --- | --- | --- | --- |
| Data Infrastructure Enhancement | Conduct a gap analysis of existing data fields. Establish new data feeds from APAs. Develop a centralized data repository. | Data mapping and integration tools. API development and management. Data warehousing and normalization. | Completeness of data capture. Accuracy and consistency of data. |
| TCA Model Refinement | Incorporate new data points into TCA models. Develop new benchmarks and performance metrics. Back-test and validate new models. | Quantitative analysis and modeling skills. TCA software and tools. Historical market data. | Improved accuracy of TCA results. Enhanced ability to identify execution improvement opportunities. |
| Best Execution Policy Update | Revise best execution policy to reflect new data and models. Define new standards for execution quality. Train staff on updated policies and procedures. | Legal and compliance expertise. Strong governance and oversight framework. Effective communication and training programs. | Demonstrable compliance with best execution obligations. Improved client outcomes. |

![Two intersecting technical arms, one opaque metallic and one transparent blue with internal glowing patterns, pivot around a central hub. This symbolizes a Principal's RFQ protocol engine, enabling high-fidelity execution and price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/principal-grade-digital-asset-derivatives-rfq-execution-engine.jpg)

## Leveraging the Consolidated Tape

The introduction of a consolidated tape for post-trade data presents a significant opportunity to enhance your TCA capabilities. This centralized data source will provide a more comprehensive and accurate view of the market, enabling you to benchmark your executions against a wider range of transactions. To leverage this new resource effectively, your firm will need to develop the technical capabilities to ingest and process the high-volume, real-time data stream from the Consolidated Tape Provider (CTP). This may require investments in new technology and infrastructure, as well as the development of new analytical tools and techniques.

> A proactive adaptation to the MiFIR review’s data requirements will position a firm to capitalize on new opportunities for enhanced execution quality and regulatory compliance.

The integration of consolidated tape data into your TCA process will allow you to move beyond simple volume-weighted average price (VWAP) benchmarks and develop more sophisticated measures of execution quality. For example, you could compare your execution prices to the real-time prices on the consolidated tape, adjusted for size and liquidity. This would provide a more accurate assessment of the true cost of your trades and help you to identify areas for improvement. The ability to perform this type of granular analysis will be a key differentiator in the post-MiFIR review landscape.

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## Execution

The successful execution of a TCA strategy that is compliant with the MiFIR review requires a detailed and systematic approach to implementation. This section provides a practical guide to the key steps involved in adapting your firm’s [TCA framework](https://prime.greeks.live/area/tca-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), from data acquisition and processing to model development and reporting. The focus is on providing actionable insights and concrete examples that can be applied in a real-world setting. The goal is to equip your firm with the knowledge and tools necessary to navigate the complexities of the new regulatory landscape and to achieve a superior level of execution quality and compliance.

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## Operational Playbook for TCA Adaptation

The following is a step-by-step guide to adapting your firm’s TCA process to the MiFIR review. This playbook is designed to be a practical and actionable resource that can be tailored to the specific needs and circumstances of your firm.

- **Establish a Cross-Functional [Working Group](https://prime.greeks.live/question/what-is-a-one-on-one-communication-group-for-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ The first step is to assemble a team of experts from across your organization, including representatives from compliance, trading, technology, and quantitative analysis. This working group will be responsible for overseeing the entire adaptation process, from initial gap analysis to final implementation and ongoing monitoring.

- **Conduct a Comprehensive Data Gap Analysis** ▴ The [working group should](https://prime.greeks.live/question/what-is-a-one-on-one-communication-group-for-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) conduct a detailed analysis of your firm’s existing data infrastructure to identify any gaps in your ability to capture the new and revised data points required by the MiFIR review. This analysis should cover all relevant data sources, including [internal trading](https://prime.greeks.live/question/what-legal-precedents-govern-the-binding-nature-of-a-trading-platforms-internal-rulings/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) systems, market data feeds, and third-party data providers.

- **Develop a Data Acquisition and Integration Plan** ▴ Based on the results of the gap analysis, the working group should develop a detailed plan for acquiring and integrating the new data points into your firm’s TCA framework. This plan should specify the required data sources, the technical specifications for data integration, and the timeline for implementation.

- **Refine and Validate Your TCA Models** ▴ The new data points will require you to refine and validate your existing TCA models. This may involve developing new algorithms, incorporating new benchmarks, and back-testing the models against historical data. The goal is to ensure that your TCA models are accurate, robust, and fit for purpose in the new regulatory environment.

- **Update Your Best [Execution Policy](https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and Procedures** ▴ Your firm’s best execution policy and procedures will need to be updated to reflect the new data, models, and benchmarks. This should include clear guidelines on how to use the TCA results to monitor and improve execution quality, as well as procedures for reporting to clients and regulators.

- **Train Your Staff** ▴ It is essential to provide comprehensive training to all relevant staff on the new TCA framework, including the updated policies, procedures, and tools. This will ensure that everyone understands their roles and responsibilities and is equipped to use the new system effectively.

- **Implement a Continuous Monitoring and Review Process** ▴ The adaptation of your TCA framework is not a one-time project. It is an ongoing process that requires continuous monitoring and review. The working group should establish a process for regularly reviewing the effectiveness of the new framework and for making any necessary adjustments to ensure that it remains compliant with the evolving regulatory landscape.

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## Quantitative Modeling and Data Analysis

The MiFIR review’s new data points provide an opportunity to develop more sophisticated and accurate TCA models. The following table provides an example of how new data fields for [OTC interest rate swaps](https://prime.greeks.live/area/otc-interest-rate-swaps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) could be incorporated into a TCA model. This is a simplified example, but it illustrates the potential for more granular and insightful analysis.

| Data Field | Description | Source | TCA Application |
| --- | --- | --- | --- |
| Transaction Effective Date | The date on which the transaction becomes effective. | Internal Trading System / APA | Allows for more precise calculation of funding costs and carry. |
| Chain Identifier | A unique identifier for a chain of linked trades. | Internal Trading System / APA | Enables the analysis of complex trading strategies and the attribution of costs across multiple legs of a trade. |
| Digital Token Reference | A reference to a digital token associated with the transaction. | Internal Trading System / APA | Facilitates the analysis of transactions in tokenized derivatives. |
| Clearing Obligation Indicator | Indicates whether the derivative is subject to the clearing obligation. | APA / Central Counterparty | Allows for the segmentation of analysis based on clearing status, which can impact pricing and liquidity. |

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## How Can We Quantify the Impact of the New Data Points?

To quantify the impact of the new data points on your TCA, you can conduct a comparative analysis of your TCA results before and after the integration of the new data. For example, you could compare the slippage on a portfolio of OTC interest rate swaps using your old TCA model and your new, enhanced model. The difference in the results would provide a quantitative measure of the value added by the new data points.

> The integration of new data points from the MiFIR review into TCA models allows for a more granular and accurate assessment of execution quality.

Another approach is to use a regression analysis to identify the specific factors that are driving execution costs. By including the new data points as independent variables in your regression model, you can determine their statistical significance and quantify their impact on your trading costs. This type of analysis can provide valuable insights into the drivers of execution quality and help you to identify opportunities for improvement.

- **Data Completeness** ▴ Ensure that all required data fields are being captured and integrated into your TCA system.

- **Data Accuracy** ▴ Implement data quality checks to ensure the accuracy and reliability of the data being used for analysis.

- **Model Validity** ▴ Regularly back-test and validate your TCA models to ensure that they are performing as expected.

- **Reporting Clarity** ▴ Develop clear and concise reports that effectively communicate the results of your TCA to clients and regulators.

![A sleek, abstract system interface with a central spherical lens representing real-time Price Discovery and Implied Volatility analysis for institutional Digital Asset Derivatives. Its precise contours signify High-Fidelity Execution and robust RFQ protocol orchestration, managing latent liquidity and minimizing slippage for optimized Alpha Generation](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-execution-via-optimized-rfq-protocols-enhancing-market-microstructure.jpg)

## References

- “MiFIR Review ▴ Navigating the Regulatory Overhaul.” droit, 28 May 2025.

- “ISDA view on the scope of OTC Derivatives Post Trade Transparency in revised MiFIR.” ISDA, 8 October 2024.

- “MiFIR/MiFID II Review ▴ making sense of the key amendments.” PwC Legal, 4 June 2024.

- “MiFIR 3 – Upcoming Changes to MiFIR Transaction Reporting in the EU and UK.” SteelEye, 15 May 2025.

- “MiFIR 3 – Key EU & UK Resources & Documents for Upcoming Transaction Reporting Changes.” SteelEye, 24 April 2025.

![Precision metallic mechanism with a central translucent sphere, embodying institutional RFQ protocols for digital asset derivatives. This core represents high-fidelity execution within a Prime RFQ, optimizing price discovery and liquidity aggregation for block trades, ensuring capital efficiency and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-execution-hub.jpg)

## Reflection

The MiFIR review represents more than a mere compliance exercise. It is a catalyst for a fundamental re-evaluation of your firm’s approach to execution quality and market intelligence. The new data points and the consolidated tape are not just additional inputs for your existing models; they are the building blocks of a more sophisticated and predictive TCA framework.

By embracing this new data landscape, your firm has the opportunity to move beyond a reactive, backward-looking analysis of transaction costs and toward a proactive, forward-looking optimization of your trading strategies. The question is not simply how to comply with the new regulations, but how to leverage them to create a sustainable competitive advantage.

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

## What Is the Future of TCA?

The future of TCA lies in its integration with other aspects of your firm’s operations, from pre-trade risk management to post-trade settlement. The data-rich environment created by the MiFIR review will enable a more holistic and interconnected approach to managing the entire lifecycle of a trade. The firms that will thrive in this new environment are those that can break down the silos between their different functions and create a seamless flow of information and insights.

This will require a combination of technological innovation, organizational change, and a culture of continuous improvement. The journey toward a more advanced TCA framework is a challenging one, but the rewards, in terms of improved performance, enhanced client satisfaction, and a stronger competitive position, are well worth the effort.

![A dark, precision-engineered module with raised circular elements integrates with a smooth beige housing. It signifies high-fidelity execution for institutional RFQ protocols, ensuring robust price discovery and capital efficiency in digital asset derivatives market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-system-core-high-speed-price-discovery-module.jpg)

## Glossary

<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">
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## 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/market-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central dark aperture, like a precision matching engine, anchors four intersecting algorithmic pathways. Light-toned planes represent transparent liquidity pools, contrasting with dark teal sections signifying dark pool or latent liquidity](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-9.jpg)

## Market Transparency

Meaning ▴ Market Transparency refers to the degree to which real-time and historical information regarding trading interest, prices, and volumes is disseminated and accessible to all market participants. </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">
![An advanced RFQ protocol engine core, showcasing robust Prime Brokerage infrastructure. Intricate polished components facilitate high-fidelity execution and price discovery for institutional grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-for-precision-trading.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/interest-rate-swaps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A deconstructed mechanical system with segmented components, revealing intricate gears and polished shafts, symbolizing the transparent, modular architecture of an institutional digital asset derivatives trading platform. This illustrates multi-leg spread execution, RFQ protocols, and atomic settlement processes](https://options.greeks.live/wp-content/uploads/2025/07/deconstructed-principal-trading-system-revealing-core-mechanics-of-digital-asset-derivatives-execution.jpg)

## Interest Rate Swaps

Meaning ▴ Interest Rate Swaps represent a derivative contract where two counterparties agree to exchange streams of interest payments over a specified period, based on a predetermined notional principal amount. </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 modular, institutional-grade device with a central data aggregation interface and metallic spigot. This Prime RFQ represents a robust RFQ protocol engine, enabling high-fidelity execution for institutional digital asset derivatives, optimizing capital efficiency and best execution](https://options.greeks.live/wp-content/uploads/2025/08/principals-institutional-digital-asset-derivatives-prime-os-for-optimized-rfq-protocol-best-execution-system.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/mifir-review/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark, glossy sphere atop a multi-layered base symbolizes a core intelligence layer for institutional RFQ protocols. This structure depicts high-fidelity execution of digital asset derivatives, including Bitcoin options, within a prime brokerage framework, enabling optimal price discovery and systemic risk mitigation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-architecture-for-digital-asset-derivatives.jpg)

## Mifir Review

Meaning ▴ The MiFIR Review refers to the ongoing legislative process undertaken by the European Commission to assess and propose amendments to the Markets in Financial Instruments Regulation (MiFIR) and Directive (MiFID II). </a><a href="https://prime.greeks.live/area/consolidated-tape/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered multi-vane system with opaque, reflective, and translucent teal blades. This visualizes Institutional Grade Digital Asset Derivatives Market Microstructure, driving High-Fidelity Execution via RFQ protocols, optimizing Liquidity Pool aggregation, and Multi-Leg Spread management on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-multi-vane-system-illustrating-institutional-digital-asset-derivatives-rfq-protocols-market-microstructure-optimized-liquidity-aggregation-prime-os-high-fidelity-execution.jpg)

## Consolidated Tape

Meaning ▴ The Consolidated Tape refers to the real-time stream of last-sale price and volume data for exchange-listed securities across all U.S. </a><a href="https://prime.greeks.live/area/tca-models/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting sleek components of a Crypto Derivatives OS symbolize RFQ Protocol for Institutional Grade Digital Asset Derivatives. Luminous internal segments represent dynamic Liquidity Pool management and Market Microstructure insights, facilitating High-Fidelity Execution for Block Trade strategies within a Prime Brokerage framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-engine.jpg)

## Tca Models

Meaning ▴ TCA Models, or Transaction Cost Analysis Models, represent a sophisticated set of quantitative frameworks designed to measure and attribute the explicit and implicit costs incurred during the execution of financial trades. </a><a href="https://prime.greeks.live/area/data-infrastructure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, futuristic metallic components showcase a dark, reflective dome encircled by a textured ring, representing a Volatility Surface for Digital Asset Derivatives. This Prime RFQ architecture enables High-Fidelity Execution and Private Quotation via RFQ Protocols for Block Trade liquidity](https://options.greeks.live/wp-content/uploads/2025/07/advanced-institutional-digital-asset-derivatives-platform-architecture-for-high-fidelity-rfq-protocol-execution-and-price-discovery.jpg)

## Data Infrastructure

Meaning ▴ Data Infrastructure refers to the comprehensive technological ecosystem designed for the systematic collection, robust processing, secure storage, and efficient distribution of market, operational, and reference data. </a><a href="https://prime.greeks.live/area/gap-analysis/?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)

## Gap Analysis

Meaning ▴ Gap Analysis represents a structured methodology for quantitatively assessing the variance between an existing operational state and a desired future state within a system or process, particularly critical in the high-frequency environment of institutional digital asset derivatives. </a><a href="https://prime.greeks.live/question/what-distinguishes-a-reportable-event-from-a-non-reportable-one-in-the-cat-framework-for-rfqs/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision cross-section of an institutional digital asset derivatives system, revealing intricate market microstructure. Toroidal halves represent interconnected liquidity pools, centrally driven by an RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-architecture-revealing-precision-rfq-protocol-engine-for-optimal-high-fidelity-execution-and-latent-liquidity-aggregation.jpg)

## Reportable Derivatives Transactions Necessitates

The key distinction is actionability ▴ a reportable RFQ event is a firm, electronically executable response, not the initial inquiry. </a><a href="https://prime.greeks.live/area/best-execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A translucent teal triangle, an RFQ protocol interface with target price visualization, rises from radiating multi-leg spread components. This depicts Prime RFQ driven liquidity aggregation for institutional-grade Digital Asset Derivatives trading, ensuring high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-intelligence-layer-driving-rfq-protocol-enhanced-digital-asset-derivatives-liquidity-aggregation-and-best-execution.jpg)

## Best Execution Policy

Meaning ▴ The Best Execution Policy defines the obligation for a broker-dealer or trading firm to execute client orders on terms most favorable to the client. </a><a href="https://prime.greeks.live/area/otc-derivatives/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting opaque and luminous teal structures symbolize converging RFQ protocols for multi-leg spread execution. Surface droplets denote market microstructure granularity and slippage](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-digital-asset-derivatives-high-fidelity-execution.jpg)

## Otc Derivatives

Meaning ▴ OTC Derivatives are bilateral financial contracts executed directly between two counterparties, outside the regulated environment of a centralized exchange. </a><a href="https://prime.greeks.live/area/tca-framework/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting transparent and opaque geometric planes, symbolizing the intricate market microstructure of institutional digital asset derivatives. Visualizes high-fidelity execution and price discovery via RFQ protocols, demonstrating multi-leg spread strategies and dark liquidity for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-market-microstructure-architecture.jpg)

## Tca Framework

Meaning ▴ The TCA Framework constitutes a systematic methodology for the quantitative measurement, attribution, and optimization of explicit and implicit costs incurred during the execution of financial trades, specifically within institutional digital asset derivatives. </a><a href="https://prime.greeks.live/question/what-is-a-one-on-one-communication-group-for-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting concrete structures symbolize the robust Market Microstructure underpinning Institutional Grade Digital Asset Derivatives. Dynamic spheres represent Liquidity Pools and Implied Volatility](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-framework-optimizing-rfq-execution-and-liquidity-for-principal-trading.jpg)

## Working Group

A one-on-one RFQ is a secure, bilateral communication protocol for executing sensitive trades with minimal market impact. </a><a href="https://prime.greeks.live/question/what-is-a-one-on-one-communication-group-for-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central teal column embodies Prime RFQ infrastructure for institutional digital asset derivatives. Angled, concentric discs symbolize dynamic market microstructure and volatility surface data, facilitating RFQ protocols and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-alpha-generation-execution.jpg)

## Working Group Should

A one-on-one RFQ is a secure, bilateral communication protocol for executing sensitive trades with minimal market impact. </a><a href="https://prime.greeks.live/question/what-legal-precedents-govern-the-binding-nature-of-a-trading-platforms-internal-rulings/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric planes in teal, navy, and grey intersect. A central beige object, symbolizing a precise RFQ inquiry, passes through a teal anchor, representing High-Fidelity Execution within Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-digital-asset-derivatives-high-fidelity-execution-liquidity-aggregation-price-discovery-market-microstructure.jpg)

## Internal Trading

A trading platform's rulings are binding when its user agreement is structured as an enforceable contract, typically via a clickwrap protocol. </a><a href="https://prime.greeks.live/area/execution-policy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, layered surfaces represent an institutional grade Crypto Derivatives OS enabling high-fidelity execution. Circular elements symbolize price discovery via RFQ private quotation protocols, facilitating atomic settlement for multi-leg spread strategies in digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-trading-system-core.jpg)

## Execution Policy

Meaning ▴ An Execution Policy defines a structured set of rules and computational logic governing the handling and execution of financial orders within a trading system. </a><a href="https://prime.greeks.live/area/otc-interest-rate-swaps/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A smooth, off-white sphere rests within a meticulously engineered digital asset derivatives RFQ platform, featuring distinct teal and dark blue metallic components. This sophisticated market microstructure enables private quotation, high-fidelity execution, and optimized price discovery for institutional block trades, ensuring capital efficiency and best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-microstructure-core.jpg)

## Otc Interest Rate Swaps

Meaning ▴ OTC Interest Rate Swaps represent bilateral financial contracts where two parties agree to exchange streams of future interest payments over a specified period, based on a predetermined notional principal amount. </a>

**Tags:** [Transaction Cost Analysis](https://options.greeks.live/area/transaction-cost-analysis/), [Market Transparency](https://options.greeks.live/area/market-transparency/), [OTC Derivatives](https://options.greeks.live/area/otc-derivatives/), [Interest Rate Swaps](https://options.greeks.live/area/interest-rate-swaps/), [TCA Models](https://options.greeks.live/area/tca-models/), [OTC Interest Rate Swaps](https://options.greeks.live/area/otc-interest-rate-swaps/)	

## Discover More

- 
### [How Does the Suspension of RTS 27 and 28 Reports Affect a Firm’s Best Execution Obligations?](https://options.greeks.live/question/how-does-the-suspension-of-rts-27-and-28-reports-affect-a-firms-best-execution-obligations/)
![Central teal-lit mechanism with radiating pathways embodies a Prime RFQ for institutional digital asset derivatives. It signifies RFQ protocol processing, liquidity aggregation, and high-fidelity execution for multi-leg spread trades, enabling atomic settlement within market microstructure via quantitative analysis.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-for-institutional-digital-asset-rfq-protocol-execution-engine.jpg)

The suspension of RTS 27/28 shifts best execution from a reporting task to a continuous, evidence-based operational discipline.

- 
### [How Can a Firm’s Technology Architecture Prove Compliance with Global Best Execution Standards?](https://options.greeks.live/question/how-can-a-firms-technology-architecture-prove-compliance-with-global-best-execution-standards/)
![A solid object, symbolizing Principal execution via RFQ protocol, intersects a translucent counterpart representing algorithmic price discovery and institutional liquidity. This dynamic within a digital asset derivatives sphere depicts optimized market microstructure, ensuring high-fidelity execution and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-orchestration.jpg)

A firm's architecture proves compliance by creating an immutable, data-rich audit trail of every execution decision.

- 
### [How Does the MiFIR Review Impact Best Execution Requirements for Bonds?](https://options.greeks.live/question/how-does-the-mifir-review-impact-best-execution-requirements-for-bonds/)
![Intersecting multi-asset liquidity channels with an embedded intelligence layer define this precision-engineered framework. It symbolizes advanced institutional digital asset RFQ protocols, visualizing sophisticated market microstructure for high-fidelity execution, mitigating counterparty risk and enabling atomic settlement across crypto derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-system-microstructure-dynamics.jpg)

The MiFIR review refines bond market transparency, mandating a data-driven, holistic approach to evidencing best execution.

- 
### [How Does the Role of the Best Execution Committee Evolve with the Integration of Real-Time Trader Analytics and Machine Learning?](https://options.greeks.live/question/how-does-the-role-of-the-best-execution-committee-evolve-with-the-integration-of-real-time-trader-analytics-and-machine-learning/)
![Abstract spheres and a translucent flow visualize institutional digital asset derivatives market microstructure. It depicts robust RFQ protocol execution, high-fidelity data flow, and seamless liquidity aggregation. This imagery underscores capital efficiency and atomic settlement within a Prime RFQ framework.](https://options.greeks.live/wp-content/uploads/2025/07/precision-market-microstructure-for-institutional-digital-asset-derivatives-leveraging-rfq-protocols-and-atomic-settlement-across-prime-os.jpg)

The Best Execution Committee evolves from a reactive auditor to a proactive architect of execution strategy, leveraging ML for predictive oversight.

- 
### [How Do Firms Now Demonstrate Best Execution Compliance without RTS 27 Reports?](https://options.greeks.live/question/how-do-firms-now-demonstrate-best-execution-compliance-without-rts-27-reports/)
![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)

Firms demonstrate best execution compliance by building a robust internal framework of quantitative TCA and qualitative analysis.

- 
### [How Do Electronic RFQ Platforms Facilitate Best Execution Compliance under MiFID II?](https://options.greeks.live/question/how-do-electronic-rfq-platforms-facilitate-best-execution-compliance-under-mifid-ii/)
![A polished, abstract geometric form represents a dynamic RFQ Protocol for institutional-grade digital asset derivatives. A central liquidity pool is surrounded by opening market segments, revealing an emerging arm displaying high-fidelity execution data. This signifies algorithmic trading for private quotation and efficient price discovery within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-rfq-protocol-system.jpg)

Electronic RFQ platforms systematize price discovery and generate an immutable audit trail, providing the core evidence for MiFID II compliance.

- 
### [What Are the Key Technological Challenges in Implementing Mifid Ii’s Best Execution Requirements for Otc Derivatives?](https://options.greeks.live/question/what-are-the-key-technological-challenges-in-implementing-mifid-iis-best-execution-requirements-for-otc-derivatives/)
![A sophisticated control panel, featuring concentric blue and white segments with two teal oval buttons. This embodies an institutional RFQ Protocol interface, facilitating High-Fidelity Execution for Private Quotation and Aggregated Inquiry. It represents the Prime RFQ Intelligence Layer, optimizing Capital Efficiency within complex Market Microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-rfq-protocol-interface-for-digital-asset-derivatives-execution.jpg)

MiFID II's OTC rules require an engineering solution to transform fragmented data into a verifiable, systematic execution process.

- 
### [How Does the Choice of Venue Impact Best Execution Documentation for Electronic Orders?](https://options.greeks.live/question/how-does-the-choice-of-venue-impact-best-execution-documentation-for-electronic-orders/)
![An abstract, symmetrical four-pointed design embodies a Principal's advanced Crypto Derivatives OS. Its intricate core signifies the Intelligence Layer, enabling high-fidelity execution and precise price discovery across diverse liquidity pools. Radiating arms depict optimized RFQ protocols for multi-leg spread strategies, minimizing slippage.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine.jpg)

Venue choice dictates the data available to construct the best execution file, transforming a compliance duty into a strategic data asset.

- 
### [How Does the Concept of Best Execution under MiFID II Affect the Data Captured in RFQ Execution Reports?](https://options.greeks.live/question/how-does-the-concept-of-best-execution-under-mifid-ii-affect-the-data-captured-in-rfq-execution-reports/)
![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. It's a vital component of a Principal's Operational Framework for Digital Asset Derivatives, optimizing Market Microstructure for Atomic Settlement.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-platform-interface.jpg)

MiFID II's best execution principle mandates that RFQ reports evolve from simple trade logs into comprehensive evidentiary files.

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            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The future of TCA lies in its integration with other aspects of your firm's operations, from pre-trade risk management to post-trade settlement. The data-rich environment created by the MiFIR review will enable a more holistic and interconnected approach to managing the entire lifecycle of a trade. The firms that will thrive in this new environment are those that can break down the silos between their different functions and create a seamless flow of information and insights. This will require a combination of technological innovation, organizational change, and a culture of continuous improvement. The journey toward a more advanced TCA framework is a challenging one, but the rewards, in terms of improved performance, enhanced client satisfaction, and a stronger competitive position, are well worth the effort."
            }
        }
    ]
}
```


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**Original URL:** https://options.greeks.live/question/what-new-data-points-are-essential-for-derivatives-tca-after-the-mifir-review/
