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FIX Trading Community releases Recommended Practices for Best Execution Reporting

First Published 18th October 2017

FIX Trading Community announces the final release of its Recommended Practices for Best Execution Reporting as required by MiFID II RTS 27 & 28

London, New York, Hong Kong - The objective of the document is to provide guidance to entities regulated by MiFID II on how to populate the reports required under MiFID II RTS 27 and RTS 28 with the appropriate data in a compliant and consistent manner.

While the concept of Best Execution for the European Financial Markets was introduced back in 2007 under MiFID I, MiFID II has now introduced new requirements on what data must be published to the market to help firms comply with their Best Execution mandate. Over the past 2 years, FIX members have debated and discussed the European Securities and Markets Authority (ESMA) terminology and responded to updates. Additionally, members have engaged with EU National Competent Authorities (NCA) to ensure the work being is appropriate and relevant.

The resulting document that FIX Trading Community has released, explains which entities must report under these new requirements, what data they must publish and how often. It also provides clarity as to how these reports apply to different scenarios based on the entity, their role in the trading workflow and the trading model they employ.

The document can be found on the FIX website here.