Q&A · ESMA

Best Execution

Answered

Read the official text on the ESMA website(opens in a new tab)

AI-generated Summary

Trades agreed through a venue's non-anonymous RFQ system are executed on that venue, but to make order routing transparent ESMA prefers firms' RTS 28 reports to identify the counterparty they selected and dealt with through the system.

Details

Reference	ESMA_QA_1059
Issuer	ESMA
Published	3 Oct 2018
Answered	3 Oct 2018
Submitted	3 Oct 2018
ESMA topics	Best Execution
Earlier Q&A document	ESMA35-43-439 MiFID Investor protection, best execution Q&A 19

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 Repealed by Delegated Regulation 2026/825; valid until 11 August 2028.