Directive 2014/65/EU on markets in financial instruments (MiFID II) requires investment firms who execute client orders to summarize and make public on an annual basis, for each class of financial instruments, the top five execution venues and the top five brokers, in terms of trading volumes where they executed client orders in the preceding year and information on the quality of execution obtained (art. 27.6). The first reports are required to be published latest by April 30, 2018, addressing transactions executed during 2017. These reports are listed below for downloading.
More detailed information on content and format of the reports to be published is defined in the delegated regulation with regulatory technical standards for the annual publication by investment firms of information on the identity of execution venues and on the quality of execution (RTS 28).
For the publication of RTS28 for the year of 2017, SEB will not be able to fully report on some of the information since the requirements of MiFID 2 had not yet entered into force. The following delimitations have therefore been applied:
- Reports have been aggregated on asset class level instead of sub-asset class level. The only exception is for Equity Derivatives where reports will be on sub-asset class level.
- For asset class “Equities – Shares and Depositary Receipts” one common report have been generated for tick size liquidity band 1-6.
- Reports have been aggregated on an ‘all clients’ level (i.e. retail, professional and eligible) instead of being divided between retail and professional. The only exception is for reports on “Equities – Shares and Depositary Receipts”.
- Order types (passive, aggressive and directed orders) will not be applicable.
- In case a recalculation in the field “Proportion of volume” was necessary due to different currencies in transactions, then the volume was converted to Euro to be able to calculate the correct percentage.
RTS28 reports for 2017
The following reports are available for download (csv and pdf format):