MiFID Best Execution – Ensuring Optimal Order Execution Quality
The MiFID II best execution obligation requires investment firms to take all sufficient steps to obtain the best possible result for clients when executing orders. We help you develop a robust execution policy, analyse and select appropriate execution venues, and establish transparent monitoring and reporting processes – from RTS 27/28 compliance to ongoing quality assurance.
- ✓ESMA-compliant best execution policy and execution principles
- ✓Systematic execution venue analysis and venue selection
- ✓RTS 27/28-compliant reporting and top 5 venue disclosure
- ✓Ongoing monitoring of order execution quality
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MiFID Best execution - Intelligent Execution Quality and Market Leadership
Our Best execution Compliance Expertise
- Deep expertise in European securities execution and ESMA guidelines
- Proven AI methodologies for best execution compliance and venue optimization
- Comprehensive approach from ESMA strategy to operational implementation
- Secure and compliant AI implementation with complete IP protection
Best execution Compliance Excellence in Focus
Successful best execution implementation requires more than regulatory compliance. Our AI solutions create strategic market advantages and operational superiority in the European securities execution environment.
ADVISORI in Numbers
11+
Years of Experience
120+
Employees
520+
Projects
We develop a tailored best execution strategy with you that fully meets regulatory requirements and sustainably improves your execution quality.
Our Approach:
Gap analysis of existing execution policy and venue selection against MiFID II requirements
Development or revision of best execution policy including execution principles per asset class
Building a monitoring framework for ongoing execution quality oversight
Implementation of RTS 27/28 reporting and top 5 venue reports
Training and ongoing regulatory support for ESMA changes and supervisory examinations
"Successful MiFID Best execution implementation requires more than mere implementation of European ESMA guidelines - it demands intelligent integration of execution venue analysis, transaction reporting automation and strategic investment services positioning. Our AI-supported solutions enable securities service providers not only to achieve regulatory best execution compliance, but also to develop sustainable competitive advantages through optimized ESMA communication, predictive venue performance management and intelligent execution quality harmonization. By combining deep European investment services expertise with advanced AI technologies, we create market leadership while protecting sensitive trading data."

Andreas Krekel
Head of Risk Management, Regulatory Reporting
Expertise & Experience:
10+ years of experience, SQL, R-Studio, BAIS-MSG, ABACUS, SAPBA, HPQC, JIRA, MS Office, SAS, Business Process Manager, IBM Operational Decision Management
Our Services
We offer you tailored solutions for your digital transformation
AI-Based ESMA-Compliant Best execution Compliance Analysis
We use advanced AI algorithms for optimal analysis of all ESMA guidelines and best execution requirements and develop automated systems for smooth investment services compliance harmonization.
- Machine learning ESMA guideline analysis with European case law
- AI-supported identification of best execution-specific implementation requirements
- Automated harmonization of investment services with execution quality standards
- Intelligent simulation of European best execution compliance scenarios
Intelligent Execution Venue Analysis and Performance Monitoring Systems
Our AI platforms develop highly precise venue assessment strategies with automated performance analysis and continuous execution quality optimization for investment services providers.
- Machine learning-optimized venue performance analysis and assessment frameworks
- AI-supported execution quality strategies and investment services dialogue
- Intelligent market structure analysis integration and optimization
- Adaptive venue performance monitoring with continuous quality assessment
AI-supported Transaction Reporting and Compliance Automation Management
We implement intelligent transaction reporting systems with machine learning compliance monitoring for maximum best execution efficiency.
- Automated transaction reporting best execution harmonization and management
- Machine learning compliance monitoring optimization
- AI-optimized reporting quality assessment and performance integration
- Intelligent transaction analysis forecasting with best execution compliance integration
Machine learning Best execution Policy Frameworks
We develop intelligent systems for fully automated best execution policy development with predictive execution strategies and ESMA-compliant policy quality.
- AI-supported real-time best execution policy monitoring
- Machine learning execution strategy development and optimization
- Intelligent policy framework integration with best execution requirements
- AI-optimized execution policy recommendations
Fully Automated Best execution Investment Services Monitoring
Our AI platforms automate best execution investment services monitoring with intelligent ESMA compliance development and predictive investment services planning for European securities service providers.
- Fully automated investment services monitoring according to ESMA standards
- Machine learning-powered best execution compliance development
- Intelligent integration into investment services planning
- AI-optimized best execution forecasts and ESMA action recommendations
AI-supported Best execution Compliance Management and Investment Services Transformation
We accompany you in the intelligent transformation of your best execution compliance and the development of sustainable AI investment services capabilities for the European securities execution market.
- AI-optimized best execution compliance monitoring for all investment services requirements
- Building internal best execution expertise and AI investment services competence centers
- Customized training programs for AI-supported investment services management
- Continuous AI-based best execution optimization and adaptive ESMA management
Our Competencies in MiFID
Choose the area that fits your requirements
MiFID Algorithmic Trading defines comprehensive compliance standards for automated trading systems and ensures solid risk control while maintaining market integrity. As a leading AI consultancy, we develop tailored RegTech solutions for intelligent Pre-Trade Controls, automated Risk Management systems, and strategic Algorithmic Trading optimization with complete IP protection.
MiFID ESMA Guidelines define uniform supervisory standards and ensure harmonized application of MiFID provisions across EU member states. As a leading AI consultancy, we develop customized RegTech solutions for intelligent ESMA Guidelines implementation, automated Supervisory Convergence, and strategic compliance optimization with complete IP protection.
MiFID II conduct of business rules establish the investor protection framework for investment firms across the EU. They define how firms must classify clients, provide investment advice, disclose costs and govern products — from suitability assessments through cost transparency to product governance. ADVISORI supports firms in the practical, auditable implementation of these obligations.
Data Reporting Services Providers (DRSPs) form the backbone of financial market transparency under MiFID II and MiFIR. As APAs, CTPs or ARMs, they ensure that transaction reports under Art. 26 MiFIR are submitted to competent authorities on time and accurately. ADVISORI advises financial institutions on selecting, connecting and maintaining compliance with these services – including the new requirements from the MiFIR Review 2026.
MiFID II Compliance Framework Implementation requires precise integration of ESMA Guidelines with national supervisory requirements and comprehensive Client Protection. As a leading AI consultancy, we develop customized RegTech solutions for intelligent MiFID II compliance, automated investment services monitoring and strategic market advantages in the European investment services environment with complete IP protection.
MiFID German Implementation requires precise transposition of European directives into German supervisory law with specific BaFin requirements and WpHG integration. As a leading AI consultancy, we develop tailored RegTech solutions for intelligent BaFin compliance, automated WpHG monitoring and strategic German MiFID optimization with complete IP protection.
Implementing MiFID II requires a structured gap analysis, clear project governance and the integration of compliance requirements into processes, systems and governance structures. ADVISORI guides your implementation project from initial assessment to an operational compliance framework.
MiFID II establishes binding protection standards for all investor categories. We support financial institutions in implementing client categorisation, inducement rules, PRIIPs key information documents, information duties and complaints handling – practical and regulatory-compliant.
Position limits under Article 57 MiFID II cap the maximum net position in commodity derivatives, aiming to prevent market abuse and ensure orderly price formation. ADVISORI supports financial institutions and trading firms in the compliant implementation of position limit requirements — from initial assessment through ongoing position management to regulatory reporting.
MiFID II and the upcoming MiFIR review present financial institutions with far-reaching compliance challenges. Our readiness assessment systematically identifies gaps across investor protection, transparency and market infrastructure – and develops a prioritised roadmap for your sustainable compliance.
Since 2018, MiFID II requires the separation of research costs from trade execution fees. Investment firms must pay for research through a Research Payment Account (RPA) or from their own resources. ADVISORI supports institutions in fully implementing unbundling requirements — from gap analysis through RPA setup to ongoing compliance monitoring.
MiFID III Updates & Changes require strategic adaptation to significant ESMA developments with Digital Finance integration, Crypto Assets regulation, and ESG compliance harmonization. As a leading AI consultancy, we develop tailored RegTech solutions for intelligent MiFID III transformation, automated regulatory adaptation, and strategic market advantages in the evolved European investment services environment with complete IP protection.
MiFID Market Data Costs form the foundation of transparent cost structures and ensure comprehensive cost control through precise data cost analysis and regulatory transparency. As a leading AI consultancy, we develop customized RegTech solutions for intelligent cost management automation, optimized vendor relationships, and strategic Market Data Cost excellence with complete IP protection.
MiFID Market Structure defines the architecture of modern financial markets and ensures optimal market transparency through structured Trading Venue regulation and systematic Best execution requirements. As a leading AI consultancy, we develop customized RegTech solutions for intelligent market structure automation, optimized Trading Venue compliance, and strategic Market Structure excellence with complete IP protection.
Ensure your institution's long-term compliance with complex MiFID requirements through our comprehensive ongoing compliance approach. We implement solid governance structures, automated monitoring mechanisms, and proactive adaptation processes that guarantee continuous compliance and minimize regulatory risks.
Frequently Asked Questions about MiFID Best Execution – Ensuring Optimal Order Execution Quality
What does best execution mean under MiFID II?
Best execution under Article
27 MiFID II requires investment firms to take all sufficient steps to obtain the best possible result for clients when executing orders. Assessment considers multiple factors: price, costs, speed, likelihood of execution and settlement, size, and nature of the order. For retail client orders, the total consideration (instrument price plus execution costs) takes priority. Compared to MiFID I, the standard was raised from reasonable steps to all sufficient steps.
What must a best execution policy contain?
A best execution policy (order execution policy) under MiFID II must include, for each class of financial instruments: the execution venues used, the factors affecting the choice of execution venue, the relative weighting of those factors, and a description of procedures for monitoring execution quality. The policy must be disclosed to clients before order execution and requires their consent. An annual review of execution arrangements and principles is mandatory.
What are RTS 27 and RTS 28 in the context of best execution?
RTS
27 governed execution venue transparency requirements on execution quality. RTS
28 required investment firms to annually disclose their top
5 execution venues by trading volume per class of financial instruments, along with information on the execution quality obtained. Under the MiFID II review, RTS
28 reports have been discontinued, as ESMA found they were rarely used by investors. Instead, new, more practical requirements for execution policies and their monitoring are being introduced.
What criteria determine execution venue selection?
Execution venue selection under MiFID II considers multiple factors: the price of the financial instrument, direct and indirect execution costs, speed of execution, likelihood of execution and settlement, order size, and nature of the order. The relative importance of these factors depends on client classification (retail or professional), the type of financial instrument, and the available execution venues.
How should firms monitor order execution quality on an ongoing basis?
Ongoing monitoring of order execution quality includes both ex-ante and ex-post controls. Firms must regularly verify that execution venues listed in their execution policy actually deliver the best possible result. This includes: systematic comparison of achieved execution prices against reference prices, analysis of execution speed and settlement rates, review when new execution venues emerge, and the annual comprehensive review of all execution arrangements and principles.
What changes does the MiFID II review bring for best execution?
The MiFID II review (Updated MiFID/MiFIR, effective since March 2024) introduces significant changes: the RTS
28 obligation for annual top
5 venue reporting is discontinued, as the reports were deemed of limited value. Instead, ESMA imposes higher requirements on execution policy quality – policies must be more specific and less generic. Firms must also consider new aspects in their reviews, including the emergence of new execution venues and new functionalities of existing venues.
How does ADVISORI support best execution implementation?
ADVISORI supports investment firms with the complete implementation of best execution requirements: from gap analysis of existing processes, through drafting or revising the execution policy, building a monitoring framework for ongoing quality assurance, to implementing the required reporting. Our consultants bring experience from over
520 projects in the regulatory space and support you during supervisory examinations and adaptation to new ESMA requirements.
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