On 3 January 2018, the Markets in Financial Instruments Directive II (Directive 2014/65/EU on markets in financial instruments or “MiFID II”) entered into force, bringing further changes in the trading landscape of the European Union. The impact is significant in the Best Execution area, introduced with the first MiFID. Changes and additional requirements are detailed in Article 27 of MiFID II (Obligation to execute orders on terms most favourable to the client) and the Commission Delegated Regulation (EU) 2017/575 (formerly RTS 27 - Best Execution) for trading venues and the ESMA Questions and Answers on MiFID II and MiFIR investor protection topics. 

To control Best Execution but also to support investment firms in acting in compliance with this obligation, MiFID II requires trading venues and systematic internalisers to publish data relating to the quality of execution of transactions (Art. 27(3), MiFID II) for financial instruments subject to the trading obligation in Art. 23 and 28 Regulation (EU) No 600/2014 (MiFIR) and for other financial instruments which are not subject to the trading obligation in Art. 23 and 28 Regulation (EU) No 600/2014 (MiFIR). Following RTS 27, execution venues should submit separate reports corresponding to segments that operate different order books or that are regulated differently or use different market identifiers.

FWB defines the market segments for its trading venues Xetra® and Börse Frankfurt including Börse Frankfurt Zertifikate (collectively referred to as: Deutsche Börse Cash Market) on the basis of the segment MIC (Market Identifier Code) and provides reports for: XETA-Xetra Regulated Market, XETB-Xetra Open Market, FRAA-Börse Frankfurt Regulated Market, FRAB-Börse Frankfurt Open Market.

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