About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

FIX Trading Community Releases Final Guidance on Best Execution Reporting

Subscribe to our newsletter

The FIX Trading Community has issued the final release of its Recommended Practices for Best Execution Reporting as required under Markets in Financial Instruments Directive II (MiFID II) Regulatory Technical Standards (RTS) 27 and 28. The document provides guidance on how to populate reports required under RTS 27 and 28 with appropriate data in a compliant and consistent manner.

Release of the FIX Trading Community’s recommended practices for best execution reporting follows two years of discussion by FIX members on the European Securities and Markets Authority’s (ESMA) terminology, responses to updates, and engagement with EU National Competent Authorities (NCAs) to ensure work being done is relevant.

The resulting document explains which entities must report under MiFID II, what data they must publish, and how often. It also provides clarity as to how these reports apply to different scenarios based on the entity, its role in the trading workflow and the trading model it employs. Changes to the FIX protocol have been made to support FIX recommended standardised reporting.

Rebecca Healey, co-chair EMEA regulatory subcommittee, FIX Trading Community, and head of EMEA market structure and strategy, Liquidnet, notes: “With the MiFID clock ticking, it is critical for all market participants to be able to deliver accurate best execution reports to the regulator on time. The FIX working group has produced a valuable framework for firms to leverage. By providing the regulator and industry with standardised information on best execution, FIX has also made a contribution to enhanced transparency around best execution.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Unlocking Competitive Edge with Outsourcing and Managed Services in Trading Technology

Outsourcing has emerged as a strategic solution for capital markets firms as trading technology infrastructures become more complex, data volumes grow exponentially, and regulatory pressures intensify. .By leveraging third-party expertise, firms can optimise operations, reduce costs, and focus on innovation in their trading technology stack. Outsourcing potentially enables firms to scale seamlessly, meet regulatory reporting...

BLOG

Data Concern Over EU’s Streamlining of Green Regulations

Financial institutions may have to rely more heavily on their data teams and vendors to surface sustainability risks in their portfolios after the European Union watered down some of its key corporate ESG reporting regulations. The EU’s Omnibus package announced earlier this year is intended to streamline the compliance processes for regulations including the Corporate...

EVENT

TradingTech Summit London

Now in its 14th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

AI in Capital Markets: Practical Insight for a Transforming Industry – Free Handbook

AI is no longer on the horizon – it’s embedded in the infrastructure of modern capital markets. But separating real impact from inflated promises requires a grounded, practical understanding. The AI in Capital Markets Handbook 2025 provides exactly that. Designed for data-driven professionals across the trade life-cycle, compliance, infrastructure, and strategy, this handbook goes beyond...