#REDIRECT [[Client consent to execution policy and execution of orders outside a regulated market or MTF - COBS Provision]]
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...the [[OTC]] price offered for a client is fair and delivers on the [[best execution]] obligation.''
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:{{tag|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 onl
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...[[broker]] uses to manage client order and trade flow between different [[execution venue]]s.
*[[Execution management system]]
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...s present article is about the more [[tedious]] business of how they are [[execution|executed]], [[Give-up|given up]] and [[Clearing|cleared]].
===Clearing and execution===
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...ee not to have to make certain numpty [[disclosure]]s relating to contract execution
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#REDIRECT [[best execution]]
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...lar payments by US clients for trade ideas, where not accompanied by trade execution, may amount to investment advice, for which the provider must be registered
...eference execution in some way (typically as [[commission]] on an equities execution, but not necessarily) are exempted from this rule.
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#REDIRECT [[Best Execution - COBS Provision]]
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#redirect[[Best Execution - COBS Provision]]
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#redirect[[Execution management system]]
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#REDIRECT [[Application of Best Execution - COBS Provision]]
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''See also more generally [[best execution]] for an overview.''
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#REDIRECT [[Consent to best execution policy generally - COBS Provision]]
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...evant Party}} to the other {{gmslaprov|Party}} in writing [[prior to]] the execution of this {{gmslaprov|Agreement}}. <br>
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*'''[[Shares]]''': The [[execution]] of transactions in [[listed]] [[share|shares]] happens on exchange; by wa
...tures]] and [[options]]. These are trades that have a tenor, and while the execution of a transaction flits ephemerally across the exchange, [[ETDs]] also need
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*The [[dealer]] owes [[best execution]]. That means, (subject to contrary instructions) it has to interrogate all
*Under [[best execution]] rules the client may instruct the [[dealer]] to exclude certain [[venue]]
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...]” also a [[MiFID II]] expression featuring a lot in the context of [[best execution]]?
...n:<ref>See: {{tag|CESR}}’s "[[Media:CESR Best Execution QA 07_320.pdf|Best Execution under MiFID]]" Questions and Answers document of May 2007 (CESR/07-320)</re
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...e {{pgmslaprov|Relevant Party}} to the other Party in writing prior to the execution of this Agreement. <br>
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...levied or imposed upon the other party or in respect of the other party’s execution or performance of this Agreement by any such Stamp Tax Jurisdiction which i
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'''{{repprov|No violation}}''': execution of and performance of your obligations under this agreement does not breach
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...ents for {{tag|MiFID}} purposes, particularly in the context of {{tag|best execution}}.
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===Formal execution requirements===
*[[Electronic execution]]
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...ading benchmark by investors who aim to be as passive as possible in their execution. Many [[pension funds]], and some [[mutual funds]], fall into this category
...and answer to the client the realized price. This is called a VWAP target execution; it incurs more dispersion in the answered price compared to the VWAP price
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...levied or imposed upon the other party or in respect of the other party’s execution or performance of this {{isdaprov|Agreement}} by any such {{isdaprov|Stamp
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...d not circumventing, a process: to paraphrase Blackadder, by the time this execution is finished you don’t so much need a spike as a toast rack.
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...levied or imposed upon the other party or in respect of the other party’s execution or performance of this {{isda92prov|Agreement}} by any such {{isda92prov|St
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COBS {{cobsprov|11}} {{cobsprov|Dealing and managing}} ''including [[best execution]]''<br>
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...sprov|1 Annex 1}} for disapplication of certain COBS rules, including best execution, to {{cobsprov|ECP}}s
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Best execution is a standard imposed by regulators on the execution of traded financial services products by [[broker-dealer]]s on behalf of th
...matic Review.pdf|Thematic Review of Best Execution]] of July 2014, "[[Best execution]] is a core component in the {{tag|regulation}} of financial services. Its
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...aprov|Relevant Party}}''''') who drafted this {{pgmslaprov|Agreement}} for execution (as indicated in paragraph {{pgmslaprov|Schedule 9}}) [[Warranty|warrant]]s
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...laprov|Relevant Party}}''''') who drafted this {{gmslaprov|Agreement}} for execution (as indicated in paragraph {{gmslaprov|Schedule 9}}) [[Warranty|warrant]]s
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...eme}}) must obtain the [[prior consent]] of its {{fcaprov|client}}s to the execution policy. <br>
...consent]] of the {{fcaprov|ICVC}} or {{fcaprov|investment company}} to the execution policy. <br>
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...s, customs and usages of any applicable self regulatory organization, Swap Execution Facility, or Clearing Organization, [[as amended from time to time]].
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...ives all [[Sovereign immunity|immunity]] from jurisdiction, attachment and execution to which it might otherwise be entitled in any proceeding relating to this
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“'''{{isdaprov|Change in Tax Law}}'''” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the ap
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“'''{{isda92prov|Change in Tax Law}}'''” means the enactment, promulgation, execution or ratification of, or any change in or [[amendment]] to, any law (or in th
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...sitions held by the customer at the FCM; (d) impair a customer’s access to execution of a trade on terms that have a reasonable relationship to the best terms a
...day after execution of the swap, or the agreement to clear, if later than execution.
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...blication/thematic-reviews/tr14-13.pdf Thematic Review TR 14/13] of [[best execution]] and [[PFOF]].
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...he banana skin of {{casenote|Mercury Tax Group Limited|HMRC}} and bish the execution up.
If you play fast and loose with the form of execution, especially for deeds, you risk your contract failing altogether.
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...|investment manager}} must not accept goods or services in addition to the execution of its customer orders if it: <br>
:::(i) is directly related to the execution of trades on behalf of the {{cobsprov|investment manager}}'s customers; or
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'''{{isdaprov|Relationship Between Parties}}''': Each party represents upon execution of each {{isdaprov|Transaction}} that ([[unless otherwise agreed]]):
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...is a labour-intensive, manual task. Technology here (particularly digital execution) offers an enormous capacity for efficiency and digital audit.
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*[[Co-ordination versus execution]]
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Simple: just don’t fiddle with Offices and Branches post execution. Why would you? (Unless to correct an error you made on the Trade Date ...
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...ettlement Disruption Event}}, would have been) open for the acceptance and execution of settlement instructions. <br>
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...on of client order services that relate to the reception, transmission and execution of client orders.
...on of client order services that relate to the reception, transmission and execution of client orders, even if those conversations or communications do not resu
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:{{isdaprov|3(a)(iii)}} '''{{isdaprov|No Violation or Conflict}}'''. Such execution, delivery and performance do not violate or conflict with any law applicabl
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:{{isda92prov|3(a)(iii)}} '''{{isda92prov|No Violation or Conflict}}'''. Such execution, delivery and performance do not violate or conflict with any law applicabl
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Simple: just don’t fiddle with Offices and Branches post execution. Why would you? (Unless to correct an error you made on the Trade Date ...
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{{gtmaprov|3.1.3}} ('''{{gtmaprov|No Violation or Conflict}}''') The execution, delivery and performance referred to in clause 3.1.2 do not violate or con
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...Fountain pen writing (literacy).jpg|450px|frameless|center]]}}[[Electronic execution]] is the process of gathering evidence of [[offer]] and [[acceptance]] of a
...other means of executing completed legal contracts.<ref>Without electronic execution, the completion-rate [[MIS]] is going to go to ''hell'', man.</ref>
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...o which it is a party and has taken all necessary action to authorise such execution, delivery and performance;
3(a)(iii) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicabl
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...rwise) from jurisdiction, attachment (both before and after judgement) and execution to which it might otherwise be entitled in any action or proceeding in the
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{{a|brokerage|}}{{g}}[[Cash equity|Cash equities]] chat. An [[execution management system]], or [[EMS]], is focused on real-time trading, market da
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...rwise) from jurisdiction, attachment (both before and after judgement) and execution to which it might otherwise be entitled in any action or proceeding in the
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...risdiction, attachment (both before and after [[judgment|judgement]]) and execution to which it might otherwise be entitled in any action or proceeding in the
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“'''{{ietaprov|Change in Tax Law}}'''” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the ap
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*Deemery: what of the ''deemed'' representations on material dates after execution? Is that a bit nonsense? Is there a sorcerer’s apprentice risk here?
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...r and against all reasonable out-of-pocket expenses, including legal fees, execution fees and {{isdaprov|Stamp Tax}}, incurred by such other party by reason of
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...m]], few subjects are less apt to exite the animal juices than that of the execution date of an agreement. But this will not stop diligent [[legal beagle]]s fro
...one of those irritating chicken-and-egg factual problems that attends the execution, across different locations and in different time zones, of modern financia
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...he trading session; or (if earlier) the submission deadline for orders for execution at the {{eqderivprov|Valuation Time}} on that {{eqderivprov|Exchange Busine
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...o which it is a party and has taken all necessary action to authorise such execution, delivery and performance; <br>
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...erwise) from jurisdiction, attachment (both before and after judgment) and execution to which it might otherwise be entitled in any action or proceeding in the
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...uch {{cddprov|Qualifying Guarantee}} (including by way of cancellation and execution of a new guarantee) on the same or substantially the same terms, in circums
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...o which it is a party and has taken all necessary action to authorise such execution, delivery and performance; <br>
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{{a|cobs|}}The vexed question of how clients consent to a {{tag|best execution}} policy in general, and provide permission for their orders to be handled
...as confirmed in [[CESR]]’s “[[Media:CESR Best Execution QA 07_320.pdf|Best Execution under MiFID]]” document:
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...}}, is what the [[broker/dealer]] reports to the exchange immediately upon execution of the trade, to provide transparency and market information of where the s
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...eement. But not impossible.</ref> What about [[email]] scans? [[electronic execution]]? [[Digital signature|Digital signatures]]?
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...o which it is a party and has taken all necessary action to authorise that execution, delivery and performance;<br>
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...uch deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the l
...levied or imposed upon the other party or in respect of the other party’s execution or performance of this Agreement by any such Stamp Tax Jurisdiction which i
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A [[swap execution facility]] is a platform for financial {{tag|swap}} trading that provides p
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...on {{isdaprov|4(e)}}''': Each party pays its own {{isdaprov|Stamp Tax}} on execution of the {{isdaprov|Agreement}} (and [[Indemnity|indemnifies]] the other part
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:(b) [[order execution]] for cients;
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...prov|11.6.8}} which gives examples of goods or services that relate to the execution of trades or the provision of research that the {{tag|FCA}} does ''not'' re
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:(b) execution of orders on behalf of clients; <br>
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...iling market conditions, take measures to facilitate the earliest possible execution of that order by making public immediately that client limit order in a man
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..., (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might
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...eunder and thereunder and has taken all necessary action to authorise such execution, delivery and performance; <br>
{{gmraprov|9(e)}} the execution, delivery and performance of this {{gmraprov|Agreement}} and the {{gmraprov
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..., (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might
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...[Sovereign]] or [[State of a Federal Sovereign]] from legal proceedings or execution against its assets. This category may include entities active entirely in t
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*[[Electronic execution]]
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...s}} were not true (other than because of regulatory action taken ''after'' execution of the {{isdaprov|Transaction}} or a {{isdaprov|Change in Tax Law}}. <br>
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...t]]” which derives from the effort you have taken to compile a database of execution prices. But you couldn’t stop another party compiling an identical databa
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...uch deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document, or the provision of such cooperatio
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...ution]]<ref>Admittedly this only holds if the [[Dealer]] ''does'' owe best execution, but if it is {{tag|MiFID}}-regulated and you are a [[professional client]]
**'''Regulatory''': There's the best execution obligation. The [[COBS]] rules require us to treat our clients fairly.
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...he {{eqderivprov|Exchange}} or {{eqderivprov|Related Exchange}} system for execution at the {{eqderivprov|Valuation Time}} on such {{eqderivprov|Exchange Busine
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...ively honoured in the regulatory breach, by the way, with things like best execution, but it remains the operating theory.</ref> and give no advice and operate
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..., (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might
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...uch deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the l
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...uch deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the l
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...uch deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the l
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...d copy, bodily, to the other parties to it. Delivery is part of the formal execution process, without which the [[deed]] is not yet a “thing”. Hence, in the
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*between [[Eligible Contract Participant]]s (judged at the time of execution)
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...d under it and all other powers shall be deemed to arise immediately after execution.''
...[[Prime brokerage]] relationship liabilities become due immediately after execution of the agreement, so there is no need for due and unpaid money to acquire t
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...the {{eqderivprov|Valuation Time}} at which any trade can be submitted for execution, the Settlement Price shall be the price per {{eqderivprov|Share}} as of th
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...tial satisfaction, the pragmatic response is to agree them and move toward execution.
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...y). [[US tax attorney]]s are greatly calmed by the suggestion that a hedge execution price is imaginary, and not real, even though it happens to be identical to
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...ade and transaction reporting — for one thing, the exact time and price of execution of a [[stock loan]] is less critical data point, seeing as either side can
**The [[reference asset]] is struck at a negotiated price – therefore [[best execution]] is important;
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{{L1}}'''Effective execution''': When you give us an order to enter into, modify or terminate a Transact
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