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 (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. Starting 19^th March 2019, reports for FRAS- Börse Frankfurt Scale and XETS-Xetra Scale will be published as well.

The reports contain daily and intraday data on an ISIN basis.
 

The publication of the RTS 27 Best Execution Reports has been suspended following the entry into force of the Article 1(6) of Directive (EU) 2021/338 of the European Parliament and of the Council of 16 February 2021 amending Directive 2014/65/EU as regards information requirements, product governance and position limits.
 

For more detail, please refer to the Public Statement published by ESMA on 14 December 2022 available here: https://www.esma.europa.eu/sites/default/files/library/esma35-43-3444_public_statement_rts_27_reporting.pdf

Important:

The files containing Table 5 on costs and rebates are published on a monthly basis in a single report between January 2018 and January 2019. This means that for instance the file named BE_FRAA_TABLE5_20180131.csv contains the costs and rebates for FRAA for all trading days in January 2018. Starting February 2019, the daily reports are published at once at the beginning of the following month.