Regulatory Alerts2025-04-10
Final Report on Technical Standards for Investment Firms' Order Execution Policies
The European Securities and Markets Authority (ESMA) issued this final report to submit draft regulatory technical standards specifying criteria for establishing and assessing the effectiveness of investment firms’ order execution policies. The standards mandate that firms define clear criteria for selecting execution venues, determine the frequency of policy assessments, and identify classes of financial instruments to ensure best execution for both retail and professional clients. Following a public consultation, ESMA refined the proposed instrument classifications and added specific requirements for firms using a single execution venue to demonstrate consistent best results.
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