Implement best execution requirements under MiFID II Article 27 + Commission Delegated Regulation 2017/565 Articles 64-66 + RTS 27 (abolished 2024 Review) + RTS 28. Article 27(1) take all sufficient steps to obtain best possible result for clients taking into account price + costs + speed + likelihood of execution and settlement + size + nature + any other consideration relevant to execution of order. For retail clients best possible result determined in terms of total consideration (price + execution costs) unless overriding qualitative factor. Order Execution Policy (Article 27(4)-(5)) + sufficient information about policy + prior express consent (Article 27(5)). Order handling Article 28 + Articles 67-70 Commission Delegated Regulation 2017/565 + prompt fair expeditious execution of comparable client orders + best interests of client + management of partially filled orders + allocation. Best execution reports Article 27(6) - top 5 execution venues per class (RTS 28) + execution quality analysis. NOTE: RTS 27 quarterly execution quality reports by venues ABOLISHED by 2024 Listing Act + RTS 28 firm-level top 5 still applies for now (consolidated tape revival pending). Retail Investor Strategy 2024-2025 proposed annual Value for Money assessment.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.