Best Execution under MiFID II

MiFID II Best Execution rules require investment firms to take sufficient steps to obtain the best possible result for their clients when executing orders in financial instruments, whilst taking into account all relevant factors.

In the case of professional clients, these factors are costs, speed, likelihood of execution, settlement, size, nature and any other factor relevant to the execution of the order. However, in the case of retail clients, the relevant factor is the total consideration, representing the price of the financial instrument and the costs relating to execution.

MiFID II Best Execution rules also require:
Execution venues to provide on a quarterly basis relevant data to measure the quality of execution in relevant financial instruments. This is represented by the following tables:

Table 1 – Information on the type of execution venue
Table 2 – Information on the type of financial instrument
Table 3 - Price information - Intraday
Table 4 – Price information - Daily
Table 5 – Costs information
Table 6 – Likelihood of execution for each trading day
Table 9 – Additional information relating to request for quote execution venues.

The best execution information required for tables 7 and 8 is not provided. This information relates to continuous auction order book and continuous quote driven trading systems which we do not operate.

The reports will be available on this page for a minimum of two years.

If you have any questions regarding Best Execution please contact CB.MiFIDIIHelpdesk@lloydsbanking.com

Best Execution

Our approach to Best Execution under MiFID II