The Training Environment For Financial Services

Best Execution - meeting FCA Expectations

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Outline & Objectives

The FCA rules, guidance and ‘standards’ for Best Execution have been in place since the introduction of MiFID seven years ago. Despite this, the FCA’s thematic review of Best Execution found only a very small proportion of the firms visited actually understood and complied with the totality of the Best Execution requirements, with the majority lacking an understanding of the full scope of the requirements, how to define and monitor Best Execution and what constitutes appropriate governance More worryingly, the regulator has pointed to a disconnect between Front Office and Compliance approaches to Best Execution, with Compliance often being kept away from Best Execution issues, due to a perceived lack of skills and understanding. Some firms have even tried to circumvent the prohibition on payment for order flow by redrafting legal documents to achieve the same effect.

Making use of CASE STUDIES and SYNDICATE EXERCISES, this practical course will help Compliance and Front Office professionals keep up to date with the evolving rules, guidance and standards in this critical area of business and regulatory risk.

Specifically, attending will help you:

  1. Review the impact of regulatory developments and priorities flowing from TR 14/13
  2. Update and refresh your knowledge of the regulatory requirements and the changing regulatory landscape
  3. Review the appropriateness of your best execution arrangements
  4. Understand the importance of an effective monitoring structure
  5. Review the appropriateness of your best execution governance
  6. Understand how meeting the requirements will affect your business and client interactions
  7. Consider how you can get Compliance and the Front Office working effectively together

Training Approach

This workshop uses a combination of trainer input, knowledge sharing with interactive syndicate work and case studies. Group size is kept to a maximum of 16 to facilitate sharing of experience amongst the delegates.

Course Agenda

Topics may include but are not limited to:

  • The scope of the rules
  • Defining Best Execution for your firm
  • Evidencing venue selection
  • Constructing a value-added monitoring programme
  • Payment for Order Flow
  • Best Execution Governance
  • Compliance oversight and internal audit
  • The future – what does MiFID 2 hold for Best Execution?
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