MiFID II RTS 28 Report

MiFID II Regulatory Technical Standard number 28 (‘RTS 28’) requires that investment firms must publish on an annual basis, information on the top five execution venues used to execute client orders in MiFID II financial instruments.

Types of venues included are: trading venues, systematic internalisers, market makers and other liquidity providers. The information shows in percentages how trade consideration, and order count was split between those ‘top five’ venues. It also shows in percentages how many orders were ‘passive’ (entered into a ‘order book’ that provided liquidity) and how many orders were ‘aggressive’ (entered into an ‘order book’ that took liquidity).

We are required to provide eight statements for each asset class and also provide a summary of the analysis and conclusions which we drew resultant from our detailed monitoring of the quality of execution obtained on the execution venues.