MiFID II Best Execution requirements, meant to bolster 2007’s MiFID I Best Execution requirements, will debut in less than two years, in January 2018. Changes include:
Instead of taking all reasonable steps to obtain the best results when executing client orders, firms now must take sufficient steps.
Banks will need to publish annual reports regarding their top five best execution venues, as measured by trading volume.
Financial enterprises will need to notify clients regarding material changes to order execution arrangements.