Best Execution

Course Overview

The obligation to provide clients with Best Execution was introduced by MiFID I in 2007, so it’s not a new concept. Given the focus on providing transparency and preventing conflicts of interest, it’s not surprising the requirements around Best Execution have been enhanced. However, a higher bar is set for compliance, moving from all “reasonable” to “sufficient” steps, and extending the requirements to a broader range of financial instruments and markets. It begins with Traders, Dealers and Fund Managers as the first line defence, understanding the requirements.

This course focuses on understanding what Best Execution means, the MiFID II enhancements, and how the FCA has applied them to firms, particularly post Brexit.

Learning Objectives

• Understand what Best Execution means within the context of the MiFID II enhancements.
• Know how the FCA has implemented the rules for MiFID business; and what the differences are in application to firms working within the UCITS and AIFMD environments.
• Review the changes that firms should have made to their Best Execution Policies and Governance Frameworks.
• Understand what is required from first line application, monitoring and reporting.
• Consider the implications of getting this wrong.

Who Should Attend

• Those involved in dealing on behalf of the firm and it’s clients (including order transmission)
• Any Managers or Team Leaders of Dealing or Trading functions
• Any SMF with responsibility for oversight of Dealing or Trading functions
• Compliance support involved in trade surveillance