RTS-28 and Five of the Biggest Changes for MiFID II Best Execution
MiFID II imposes best execution obligations on both the markets at which transactions are executed, as well as on firms who execute orders on behalf of their investors. This article will focus on the latter.
Best Execution, More than Just Best Price
Best execution rules are intended to protect investors by ensuring that investment firms seek the best possible result for their clients “taking into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order.” These rules have been a component of MiFID, and are not new. However, MiFID II prompts a few major changes, and casts a wider net across significantly more asset classes, not just equities and equity-like instruments. Four of the biggest high-level changes include...
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