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Markets in Financial Instrument Directive Best Execution Report

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RTS 27 and RTS 28 Reports

As part of Standard Chartered Bank’s Best Execution obligations under MiFID II and FCA COBS, the RTS 27 regulation requires the firm to publish quarterly reports for all financial instruments for which Standard Chartered Bank is either a Systematic Internaliser or a liquidity provider, demonstrating Best Execution practice in regard to Price, Cost, Speed and Likelihood of execution.

MiFID II and FCA COBS, supplemented by the RTS 28, also requires Standard Chartered Bank to summarise and make public on an annual basis, for each class of financial instruments, the top five executive venues in terms of trading volumes where Standard Chartered Bank executed client orders in the preceding year and information on the quality of execution obtained.

RTS 27 Tables 1-5 provide information on Standard Chartered Bank as an execution venue and its executions, including details on instruments, prices and costs.

RTS 27 Tables 6 and 9 provide information on orders and quotes – product coverage is being incrementally increased as data availability increases.

The FCA advised on 19/3/21 that they are currently preparing a consultation looking at the RTS 27 reporting obligation, with a view to abolishing it, given concerns that have been expressed around the value these reports bring to the market and to consumers, and the burdens involved in producing them. They will not take action against firms who do not produce RTS 27 reports for the rest of 2021. They expect that by end of 2021 they will have concluded their policy consideration of the future of these reports. Given that statement no RTS 27 reports will be published for SCB UK in 2021.

The Directive (EU) 2021/338 of the European Parliament and of the Council of 16 February 2021 amending Directive 2014/65/EU as regards information requirements, product governance and position limits, and Directives 2013/36/EU and (EU) 2019/878 as regards their application to investment firms, to help the recovery from the COVID-19 crisis published on 16.02.2021, allows investment firms to suspend RTS27 reporting until 27.02.2023. This was reconfirmed by ESMA on 31.03.2021. ESMA currently discusses the process and outcomes will be adjusted once published.

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This report is for information purposes only. While all reasonable care has been taken in preparing this report, no responsibility or liability is accepted for any errors of fact or omission.