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: Detecting and preventing market abuse

Market abuse – unlawful disclosure of inside information, insider trading, circular trading, “pump and dump” schemes, etc. – poses significant threats to the integrity of capital markets. In 2024, global trading house Trafigura agreed to pay a $55 million fine to the U.S. Commodity Futures Trading Commission (CFTC) for trading with non-public information, manipulating a...

BLOG

Are Financial Infrastructures Ready for Round-the-Clock Trading?

Sergei Samushin, Head of Exchange Solutions, Devexperts. Financial markets are increasingly moving to incorporate longer trading hours. Whether it be pre-and post-market availability extending the traditional trading day, or 24/5 overnight trading in stocks, futures, and ETFs, the trend is clear. The progressive shortening of settlement cycles across jurisdictions is further evidence of this. There’s...

EVENT

TradingTech Briefing New York

Our TradingTech Briefing in New York is aimed at senior-level decision makers in trading technology, electronic execution, trading architecture and offers a day packed with insight from practitioners and from innovative suppliers happy to share their experiences in dealing with the enterprise challenges facing our marketplace.

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...