Best execution remains Mifid’s black hole

LONDON – With less than 18 months left before the European Union’s Market in Financial Instruments Directive (Mifid) comes into force, regulatory bodies and financial institutions are still mulling over the definition of best execution. Recently, the UK’s Financial Services Authority (FSA) and the Autorité des Marchés Financiers in France (AMF), released consultation papers on the implementation of Mifid and requirements for best execution.

Mifid requires firms to take all reasonable steps to