Best Execution

The obligation to provide clients with Best Execution was introduced by MiFID I in 2007, so it’s not a new concept; and 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 .

Key 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

09:30     Welcome and Introductions

09:40     The Best Execution Obligation

• What is best execution?
• What factors and criteria need to be considered?
• Link to your TCF and CoCON obligations – thinking about this as personal responsibility
• FCA application of the rules to different types of firms
• MiFID II enhancements

10:30     Governance

• What should your policy contain?
• Governance framework for Best Execution

11:00     Break

11:15     Monitoring

•          What analysis is required across the different FIs?
•          What data should you use?
•          How should you use your results?

11:45     Reporting

•             Annual report
•             Summary of monitoring and quality of execution achieved
•             Reflections on the April 2018 annual reporting requirement

12:20     Useful Information & Conclusions

This training course is run under the Chatham House Rule, for reference please see here

• 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

David Michael

David has over 20 years’ experience as a multi-asset broker (non-retail, institutional and professional only) ; and latterly training specialist.

Trade execution experience across Asian, US, and European markets in  multiple-asset classes. High and low touch  algorithmic trading. Experience  in multiple asset classes: equities & listed derivatives, structured notes, funds, futures, bonds, FX, and ETFs. Implemented trading responsibilities for MiFID II compliant transaction cost analysis (TCA), and “Best Execution” reporting in 2018 for mini prime broker.

Trainer at ICE (Intercontinental Exchange): commodity and interest rate derivatives. University of Bath (teach econometric master’s level students applied derivative trading). 

Academic: Series 3 derivatives trading license, MBA in Financial Risk. CISI Compliance & Risk level 4. LIBF Certificate in Mortgage and Protection. Assoc. Of Financial Professionals Certified Cash Manager. FCA CF30 while trading. 

IA Member £395.00 +VAT
Non-Member £545.00 +VAT

Pay using a credit card online, or if you wish to be invoiced please email your full details to: Training@theia.org

PLEASE NOTE: Full payment for the course must be made prior to the course commencement date.

• Any cancellation must be made in writing.
• For all cancellation received 15-30 days prior to the course start date, 50% of the course fee is still payable.
• No refund is given for a cancellation made 14 days or less prior to the commencement of a course.
• Transferring from one course to another is treated as a cancellation. You can substitute one delegate for another at no additional cost. In this instance, please give two business days’ notice.

Hybrid Training Courses:

Hybrid deliveries of our training allows participants on our courses the option to attend in-person here from our offices at Camomile Court, or you can attend virtually via MS Teams.

Please be advised a training course could change from hybrid delivery to solely virtual delivery. In such an event, we will inform delegates at least one week prior to the course delivery date.

There are a limited number of in-person spaces available on this course and this will be allocated on a first come first served basis.