Template:TOC COBS 11.2: Difference between revisions
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: | :[[COBS]] {{cobsprov|11.2}} {{cobsprov|Best Execution}} | ||
:''Note that, courtesy of {{cobsprov|1 Annex 1}} [[best execution]] obligations are not owed to an {{fcaprov|eligible counterparty}}, but only to a {{fcaprov|professional client}} or a {{fcaprov|retail client}}.'' | :''Note that, courtesy of {{cobsprov|1 Annex 1}} [[best execution]] obligations are not owed to an {{fcaprov|eligible counterparty}}, but only to a {{fcaprov|professional client}} or a {{fcaprov|retail client}}.'' | ||
:: | ::[[COBS]] {{cobsprov|11.2.1}} {{cobsprov|Obligation to execute orders on terms most favourable to the client}} <br> | ||
:: | ::[[COBS]] {{cobsprov|11.2.2}} {{cobsprov|Application of best execution obligation}} | ||
:: | ::[[COBS]] {{cobsprov|11.2.3}} <br> | ||
:: | ::[[COBS]] {{cobsprov|11.2.4}} <br> | ||
:: | ::[[COBS]] {{cobsprov|11.2.5}} <br> | ||
:: | ::[[COBS]] {{cobsprov|11.2.6}} {{cobsprov|Best execution criteria}} <br> | ||
:: | ::[[COBS]] {{cobsprov|11.2.7}} {{cobsprov|Role of price}} <br> | ||
:: | ::[[COBS]] {{cobsprov|11.2.19}} {{cobsprov|Following specific instructions from a client}} | ||
::[...] <br> | ::[...] <br> | ||
:: | ::[[COBS]] {{cobsprov|11.2.25}}: {{cobsprov|Consent to best execution policy generally}} <br> | ||
:: | ::[[COBS]] {{cobsprov|11.2.26}}: {{cobsprov|Client consent to execution policy and execution of orders outside a regulated market or MTF}} <br> | ||
Latest revision as of 13:30, 14 August 2024
- COBS 11.2 Best Execution
- Note that, courtesy of 1 Annex 1 best execution obligations are not owed to an eligible counterparty, but only to a professional client or a retail client.
- COBS 11.2.1 Obligation to execute orders on terms most favourable to the client
- COBS 11.2.2 Application of best execution obligation
- COBS 11.2.3
- COBS 11.2.4
- COBS 11.2.5
- COBS 11.2.6 Best execution criteria
- COBS 11.2.7 Role of price
- COBS 11.2.19 Following specific instructions from a client
- [...]
- COBS 11.2.25: Consent to best execution policy generally
- COBS 11.2.26: Client consent to execution policy and execution of orders outside a regulated market or MTF
- COBS 11.2.1 Obligation to execute orders on terms most favourable to the client
Best execution criteria
COBS 11.2.6R28/02/2014
When executing a client order, a firm must take into account the following criteria for determining the relative importance of the execution factors: (1) the characteristics of the client including the categorisation of the client as retail or professional;
(2) the characteristics of the client order;
(3) the characteristics of financial instruments that are the subject of that order;
(4) the characteristics of the execution venues to which that order can be directed; and
(5) for a management company, the objectives, investment policy and risks specific to the UCITS scheme or EEA UCITS scheme, as indicated in its prospectus or instrument constituting the fund.
[Note: article 44(1) of the MiFID implementing Directive and article 25(2) second sentence of the UCITS implementing Directive]