问题  |
答案 |
The Best Execution (execution order) rules under COBS require firms to... 开始学习
|
|
... to execute orders on the terms which are most favourable to their client.
|
|
|
COBS sourcebook for Best Execution is split into three sections: COBS 11.2 (alternative investment fund managers, AIFM), COBS11.2A) MiFID investment firms) and...? 开始学习
|
|
COBS 11.2B UCITS management companies. Undertakings for Collective Investment in Transferable Securities
|
|
|
Best Execution (execution order_. The execution factors are price, costs, speed, likelihood of execution, size or... 开始学习
|
|
nature (of execution order).
|
|
|
Best execution is not merely achieving the best price. For example, speed of execution could be less imporant than... 开始学习
|
|
... than likelihood of execution
|
|
|
Four-fold test determines whether...? 开始学习
|
|
... whether best execution applies by assessing legitimate reliance and firm discretion. Firm discretion = swoboda decyzyjna firmy. Nie każda transakcja oznacza, że firma ma obowiązek zapewnić best execution. Najpierw musi sprawdzić, czy w tej konkretnej transakcji klient rzeczywiście polega na firmie.
|
|
|
Four-fold test, first question: 开始学习
|
|
Did the investment firm initiate the transaction? 2. Does the client only ask you for a quote? |3. Will the client be unable to identify the relative levels of price transparency within a market? |4. Has the client confirmed that they place reliance with the investment firm?
|
|
|
Four-fold test, second question: 开始学习
|
|
Does the client only ask you for a quote (ie, it does not ‘shop around’ for quotes)? 1. Did the investment firm initiate the transaction? | 3. Will the client be unable to identify the relative levels of price transparency within a market? Has the client confirmed that they place reliance with the investment firm?
|
|
|
Four-fold test, a third question: 开始学习
|
|
Will the client be unable to identify the relative levels of price transparency within a market? 1. Did the investment firm initiate the transaction? | 2. Does the client only ask you for a quote? | Has the client confirmed that they place reliance with the investment firm?
|
|
|
Four-fold test, a four question: 开始学习
|
|
Has the client confirmed that they place reliance with the investment firm? 1. Did the investment firm initiate the transaction? 2. Does the client only ask you for a quote? 3. Will the client be unable to identify the relative levels of price transparency within a market?
|
|
|
Best Execution Where There are Competing Execution Venues. What is the requirement for a firm regarding a own comissions? 开始学习
|
|
A firm should not charge a different commission for execution in different venues.
|
|
|
Best Execution. Firms must ensure they review the Order Execution Policy on at least an annual basis or when... 开始学习
|
|
... when there are MATERIAL CHANGES that affect the firm’s ability to continue to obtain the best possible result for clients.
|
|
|
Order Execution Policies are for designated for MiFID investment businness and for...? 开始学习
|
|
... Non-MiFID Investment Business No major differences. annually. Firms must NOTIFY both clients of any material changes. | Apropriate information needs to be more detailed for retail clients.
|
|
|
Portfolio managers, receivers, or transmitters of orders, must maintain order execution policies (like firms), byt they do not need to... 开始学习
|
|
... do not need to obtain consent.
|
|
|
Specific Client Instructions. Firms should adhere to the client’s instructions even if... 开始学习
|
|
... even if an alternative means of executing the order would have given a better result. If instruction is partial, it override Execution Policy only in this relevant part.
|
|
|
Comparable client orders to be executed in the order in... 开始学习
|
|
in which they are received. Unless this is impracticable.
|
|
|
Firms must only aggregate their deals with those of a client, or aggregate two or more clients’ deals, this is unlikely to disadvantage any of the aggregated clients and 开始学习
|
|
... this is unlikely to disadvantage any of the aggregated clients ... the fact that aggregation may work to their disadvantage is disclosed to the clients.
|
|
|
If a firm has its own-account orders aggregated it must allocate the client orders in priority over its own, unless... 开始学习
|
|
... unless it can show that, without the inclusion of its own order, less favourable terms would have been obtained.
|
|
|
A firm which receives a client limit order for listed shares and which cannot immediately execute it under the prevailing market conditions must make the limit order... Limit order = zlecenie z limitem ceny (minimalnej, czy maksymalnej). 开始学习
|
|
... public. This should be done immediately. transmitting the order to a regulated market or MTF (Multilateral Trading Facility).
|
|
|
A firm which receives a client limit order for listed shares and which cannot immediately execut must make the limit order public. However, The firm need not do so, however, for 开始学习
|
|
... for orders over normal market size.
|
|
|
Firms must have arrangements in place to prevent their employees who are relevant persons (directors, partners, appointed representatives, other) entering into a personal transaction that is contrary to... 开始学习
|
|
which involves misuse of confidential information,
|
|
|
Firms must have arrangements in place to prevent their relevant persons from improperly advising or... 开始学习
|
|
procuring that anyone else enters into a transaction.
|
|
|
Firms must have arrangements in place to prevent their relevant persons from improperly DISCLOSING any information that as a result the other person will to take either of the following steps to... 开始学习
|
|
... enter into a transaction in designated investments or advise or procure another person to enter into such a transaction.
|
|
|
The rules on personal account dealing do not apply to |personal transactions in life policies, |and deals in units in certain classes of fund (UCITS, OEICs or unit trusts) | and to... 开始学习
|
|
... deals under a discretionary management service. deals in units in certain classes of fund (UCITS, OEICs or unit trusts), | personal transactions in life policies.
|
|
|
The rules on personal account dealing do not apply to |personal transactions in life policies, | and deals under a discretionary management service| and to... 开始学习
|
|
... deals in units in certain classes of fund (UCITS, OEICs or unit trusts). deals under a discretionary management service, | personal transactions in life policies.
|
|
|
The rules on personal account dealing do not apply to | deals under a discretionary management service, | and to deals in units in certain classes of fund (UCITS, OEICs or unit trusts) | and to... 开始学习
|
|
... personal transactions in life policies. deals under a discretionary management service, | deals in units in certain classes of fund (UCITS, OEICs or unit trusts).
|
|
|
