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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Legal and economic aspects of best execution in the context of the Markets in Financial Instruments Directive (MiFID) |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Law and Financial Markets Review |
| Publisher | Hart Publishing |
| Geographical Reach | international |
| ISSN | 1752-1440 |
| Volume | 1 |
| Number | 4 |
| Page Range | 313 - 325 |
| Date | 2007 |
| Abstract Text | This paper explores the implications for investment firms and clients that arise out of an interpretation of the Market in Financial Instruments Directive (MiFID) best execution requirements from a law and economics perspective. While best execution is often framed as a matter of investor protection, research on market microstructure suggests that there is, in fact, an efficiency rationale (and not only a distributional rationale) for having some degree of best execution regulation. In terms of the specific rules of MiFID, the analysis reveals that an investment firm’s best execution policy will play a central role. MiFID’s best execution concept is process- based, ie investment firms need to show that they took measures leading to best execution in expectation; actual best execution is not required. The paper also discusses current issues such as the form of the execution policy and the appropriate number of execution venues. |
| Free access at | Related URL |
| Official URL | https://www.uzh.ch/dam/bf/persons/employee-assets/wagner_alexander/papers/IseliWagnerWeber_MiFID_2007.pdf |
| Other Identification Number | merlin-id:587 |
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