Regulatory Alerts2018-06-28
Obligation to Execute Client Orders at the Best Market Conditions
The Commission for the Organization and Supervision of Stock Exchange Operations (COSOB) issued this joint note to Intermediaries in Stock Exchange Operations (IOBs) and public prosecutors to enforce Article 43 of Regulation COSOB No. 15-01 regarding the execution of client orders at the best market conditions. The regulation mandates that IOBs must modify their orders to execute client limit orders at better prices when acting as the sole counterparty and grants them execution priority if other orders are subsequently entered. To facilitate this process, the Stock Exchange Clearing and Settlement Company (SGBV) extends the order entry period with supervisor approval, and all parties are strictly required to comply with these provisions.
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