Template:COBS Section 11 TOC
COBS 11 Dealing and managing including best execution
- Template:TOC COBS 11.1
- 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]
- Template:TOC COBS 11.3 Use of dealing commission to purchase goods or services
- 11.4.1 Obligation to make unexecuted client limit orders public
- 11.4.2
- 11.4.3 How client limit orders may be made public
- 11.4.4
- 11.4.5 Orders that are large in scale
- 11.4.6
Unless a client expressly instructs otherwise, a firm must, in the case of a client limit order in respect of shares admitted to trading on a regulated market which is not immediately executed under prevailing market conditions, take measures to facilitate the earliest possible execution of that order by making public immediately that client limit order in a manner which is easily accessible to other market participants.
- Template:TOC COBS 11.5
- These COBS rules may have changed as a result of MiFID II
- COBS 11.6 Use of dealing commissions