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The Markets in Financial Instruments Directive (MiFID),
implemented in November 2007, places a number of new obligations on investment companies and dealers in respect of the fiduciary responsibility that they owe to their customers to provide them with “Best Execution”. In particular, virtually all firms require an Execution Policy, which they must review and monitor, explaining how they may achieve the best possible trading result for their clients. Where a broker operates as a “Systematic Internaliser” for trading the most liquid European equities, there
is also an obligation on them to provide pre- and post-trade transparency.
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