ΠΕΡΙΓΡΑΦΗ

Best execution is the achievement to provide clients with the best possible outcome for their transactions. Investment Firms need to take all necessary and sufficient steps to obtain the best possible result for the execution of the client orders, having due regard to the wider market in any relevant instrument. 

Best Execution as part of the Markets in Financial Instruments Directive Recast (MiFID II) aims to strengthen investor protection by making markets more efficient and transparent. To this end new requirements were introduced such as to take a ‘total consideration’ approach to best execution and a requirement for Investment Firms to publish disclosures regarding their trading flows. 

“When establishing its execution policy in accordance with Article 27(4) of Directive 2014/65/EU, an investment firm should determine the relative importance of the factors mentioned in Article 27(1) of that Directive, or at least establish the process by which it determines the relative importance of these factors, so that it can deliver the best possible result to its clients.” – Recital 99 – DR 2017/565 

The execution process must be reflected in an execution policy, which must specify the execution venues and execution factors that the Company will consider. Moreover, the process or the principles used to determine the best execution must be disclosed in a transparent way to enable customers to understand how their orders will be executed. Finally, where derivatives are concerned, the execution policy must address and distinguish between Exchange Traded products and Over-The-Counter (OTC) products and take into account a number of considerations that are applicable to the derivatives markets.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

• Understand the requirements deriving from Market in Financial Instruments Directive (MiFID II)
• Apply Best Execution as per CySEC Law 87(i)/2017
• Recognize Best Execution criteria
• Construct a value-added Compliance monitoring programme via Best Execution checks
• Update and refresh their knowledge of the regulatory developments and priorities, including the impact of RTS 27, RTS 28 and Professional Execution Policy
• Share experiences with industry peers and raise issues of most concern to their organisation

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

The programme is ideal for:

• Managers and Senior Managers in Investment Firms
• Compliance Officers and Front office professionals
• Internal Auditors
• Internal Lawyers
• External Auditors, Lawyers and Financial Consultants
• Dealing room seniors

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Training Outline

Introduction to Best Execution 

The requirements deriving from MiFID II

• Applicable Law – Analysis and Explanation
• Article 27 MiFID II on the obligation to execute orders on terms most favourable to the client
• Elements of an Order 

Best Execution as per CySEC Law 87(i)/2017

• Execution factors and their weighing
• Total Consideration
• Practical Examples
• Best Execution Criteria
• Reasonable Steps vs Sufficient Steps 

Reporting and Monitoring

• RTS28 – In Practise
• RTS27 – Updates
• Monitoring
• Analysis of Specific Cases and their treatment 

Best Execution Policy

• Content
• Customisation 

Derivatives and CFDs

• Dealing on own Account and trading OTC
• Speculative Products/CFDs
• Circular C343 – CySEC Thematic Review 

Training Style 

The training style will include the presentation of all the material using slides and handouts.  The trainer will use practical examples to elaborate various concepts and encourage class discussion. 

Participants will engage in exchange of ideas and sharing of knowledge on the subject matter.  Participants will also be able to ask questions and obtain clarifications from the trainer on all the material covered. Then a practical workshop will be conducted for the participants to understand in practice how you have to monitor Best Execution. 

There will be ample opportunity for delegates to benchmark experiences with industry peers and raise issues of most concern to their organisation, either confidentially or in open session in a Q&A Session. 

CPD Recognition 

This programme may be approved for up to 5 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.