Q&A · ESMA

Best Execution

Answered

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AI-generated Summary

A firm using a broker's direct electronic access to send orders to a chosen venue should list the DEA provider in its top-five report, treating the order as a specific instruction; the DEA provider includes those trades in its own RTS 28 report as directed orders, unlike a broker that keeps discretion over the venue.

Details

Reference	ESMA_QA_1057
Issuer	ESMA
Published	3 Oct 2017
Answered	3 Oct 2017
Submitted	3 Oct 2017
ESMA topics	Best Execution
Earlier Q&A document	ESMA35-43-439 MiFID II Investor protection Best execution Q&A 17

Provisions it relates to

Article 27 MiFID II · Obligation to execute orders on terms most favourable to the client
MiFID II
Inferred · 80%
MiFID II (whole act)
Explicit reference

Documents it refers to

RTSEnds 11 Aug 2028Explicit reference · 90%
Commission Delegated Regulation (EU) 2017/576 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the annual publication by investment firms of information on the identity of execution venues and on the quality of execution
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryRTS 28 requiring investment firms to publish annually, for each class of financial instruments, their top five execution venues by trading volume for client orders, with a summary of the execution quality obtained. Repealed by Delegated Regulation 2026/825; valid until 11 August 2028.