RTS 28 Art. 27 of MiFID II Art. 65(6) of the MiFID II Delegated Regulation
If a firm provides both the services of order execution and transmission of orders to other firms (i.e. to a third party for execution), will they need to produce two sets of top-five reports, or will a single, consolidated report suffice?
Answer 7
For a given class of financial instruments, there may be many instances where the firm provides both services. If the firm is not a member of all trading venues where client orders need to be routed for execution, the firm will need to transmit some orders to other firms for execution alongside its execution activity as member of trading venues. It may also elect to use a broker instead of directly executing orders on an execution venue to minimise market impact and achieve a better outcome for the client.
ESMA considers that where firms provide both the services of order execution and reception and transmission of orders, they will need to provide two separate repo
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