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MiFID Best Execution Benchmark

Kiran Karande
The Journal of Trading Summer 2007, 2 (3) 49-57; DOI: https://doi.org/10.3905/jot.2007.688949
Kiran Karande
Senior consultant at Infosys Technologies Ltd. in Pune, India.
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Abstract

The Markets in Financial Instruments Directive (mifid), a cornerstone of the Financial Services Action Plan, was proposed in November 2002 to replace the existing Investment Services Directive of 1993. It was designed to cope with, and to further enable, the increased level of cross-border investment transactions. MiFID was adopted in April 2004 and will take effect in November 2007. Article 21 of MiFID covers Best Execution-a firm must take all reasonable steps to obtain the best possible result, taking into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order. In this article, we propose a model to benchmark best execution quality, based upon parameters suggested by the EC. It is hoped that the model will go a long way in establishing a best execution benchmark that can be applied by firms to comply with MiFID guidelines concerning best execution.

TOPICS: Developed, exchanges/markets/clearinghouses

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Vol. 2, Issue 3
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MiFID Best Execution Benchmark
Kiran Karande
The Journal of Trading Jun 2007, 2 (3) 49-57; DOI: 10.3905/jot.2007.688949

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MiFID Best Execution Benchmark
Kiran Karande
The Journal of Trading Jun 2007, 2 (3) 49-57; DOI: 10.3905/jot.2007.688949
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