Exchange Execs Cast Doubt on Mifid II's Best-Ex Reports

Experts warn venue reports will be unreliable and effectively bereft of value for investors.

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Under the revised Markets in Financial Instruments Directive and Regulation (Mifid II), trading venues, systematic internalizers and market-makers are required to disclose details on execution quality for trades that take place on their order books. Regulatory technical standard (RTS) 27 covers this, while RTS 28 requires firms to list their top execution venues and disclose how they achieved quality execution for clients. Collectively, these RTS represent a shift change in how best execution is

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