A module of the Cesarz system dedicated to the fulfillment of requirements imposed by the MiFID II Directive.
Dissemination to the public of information concerning the quality of performance of orders in accordance with the RTS 27 and RTS 28, as well as verification of compliance with the “best execution” requirement on part of banks and investment firms.
The banks/ investment firms have an obligation to publish reports if they have a status of a Systematic Internalisor (“SI”) or when they are the, so-called, “Other Liquidity Provider” (“OLP”)
What do RTS 27 and 28 regulate
A reporting requirement concerning:
– the quality of order performance in terms of price range, costs, probability and places of performance in accordance with a strictly determined format ( 9 tables for RTS 27 and 3 tables for RTS 28),
– frequency of publications (quarterly for RTS 27 and yearly for RTS 28), as well as accuracy of data (e.g. average daily sums for each financial instrument).
The requirement concerns transactions and orders (as well as quote requests – “RFQs”) performed on one’s own account, irrespective of whether a given instrument is a subject of trade within the “ToTV” system. Scope of this requirement exceeds transactions reported to ARM or APA.
A bank/ investment firm has an obligation to publish reports if it has a status of a Systematic Internalisor (“SI”) or when it is a, so-called, “Other Liquidity Provider” (“OLP”).
Reports are to be published in an electronic format enabling automatic processing and ought to be publically available for download at the bank’s/investment firm’s webpage.
Best Execution requirements
In case of performance of an order or in case of entering into a transaction with a client a bank/investment firm has an obligation to verify whether parameters of performance are set in the client’s best interest. This procedure requires implementation of internal processes of constant verification of these parameters by e.g. comparison with market data.
Risco Software Sp. z o.o.
Al. Jerozolimskie 123a
02-017 Warszawa
tel. +48 22 622 58 33
fax. +48 22 622 58 34
e-mail: kontakt@riscosoftware.pl
Cesarz_SI – MiFID II 
