In this Equiduct-sponsored white paper, Marcus Hooper provides guidance to financial institutions relating to the practical implementation of their best execution obligations under the Markets in Financial Instruments Directive (MiFID).
In a deliberate attempt to eliminate speculation or interpretation, the paper considers the fundamental best execution requirements through direct reference to MiFID text. The relevant texts have been extracted directly from the original MiFID documents; they are then linked together to describe the fundamentals of MiFID best execution.
Later in the document some interpretation is introduced and important best execution side issues are identified for firms to consider in the context of their actual trading practices and operational environments. Some example scenarios have also been included to explain how best execution is expected to work in real-life trading situations.
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