We have compiled a list of the most prominent legislative and organizational resources in the field of best execution to use as eference guide. If you have any other recommendations, please share with us at firstname.lastname@example.org
Global FX Code of Conduct
Set of principles of best practices and guidelines for the foreign exchange market, which financial institutions can adopt by publicly joining the Global FX Code.
MiFID II (Level 1 text)
Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast).
Reference Recital 97, Art. 27(3), (6) and (7)
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.
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.
Delegated Acts (Art 65(6))
Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive.
Reference Art. 65 (6)
ESMA Q & A
ESMA Q & A On MiFID II and MiFIR investor protection and intermediaries topics.
Reference Best Execution topics.
COBS Handbook (Best Execution - AIFMS & CIS)
Best execution for AIFMs and residual CIS operators.
Reference 11.2.-4 G
COBS Handbook (Best Execution - UCITS)
Best execution for UCITS management companies.
Reference 11.2B.22 G, 11.2B.27 R, 11.2B.30 and 11.2B.36 R
MAR Handbook (MTF)
Functioning of an MTF
Reference MAR 5.3.1A R(5)
MAR Handbook (Systematic Internaliser)
Systematic Internalisers: Quality of Execution
Reference MAR 6.3A.1R
COBS Handbook (Best Execution - MiFID)
Best execution – MiFID provisions
Reference 11.2A.29, 11.2A.31 R(1), 11.2A.33 G, 11.2A.34, 11.2A.36 G, 11.2A.38 G, 11.2A.38(4) R
COBS Handbook (Execution Quality - Market Marker & Liquidity Providers)
Quality of execution (Market Maker and other Liquidity providers).
Reference Section 11.2.C.1 and 11.2.C.2
MAR Handbook (OTF)
Functioning of an OTF
Reference MAR 5A.4.2A R(3)
UK Statutory Instruments
Financial Services and Markets Act 2000
Regulated Markets: Quality of Execution. SI 2017 No. 701: Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001 (SI 2001/995).
Reference paragraph 4C of the Schedule to the Recognition Requirements Regulations (Schedule 3)
FIX Trading Community guidelines
Recommended Practices for Best Execution Reporting as required by MiFID II RTS 27 & 28 with reference to Delegated Act 2398 Article 65.6