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MiFID II, the revised iteration of the Markets in Financial Instruments Directive, came into force in January 2018. Although a European directive, MiFID II applies to all firms that trade in European markets, and thus has a global reach. It is meant to incorporate new market practices, many made possible by advances in technology, as well as to hold investment managers accountable to best execution standards, and to clarify trading and investing costs by separating trade execution and securities research. Buy-side firms must demonstrate that they have taken “sufficient” steps to achieve best execution, as opposed to the merely “reasonable” steps mandated previously.
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