The EU Markets in Financial Instruments Directive (MiFID) has created a range of new requirements for the entire European financial sector. It aims to create a level playing field by increasing competition between investment firms and trading locations within the European Economic Area (EEA) through the creation of a standardized legal framework. This integration of the capital markets also has the objective of increasing investor protection and enhancing the integrity and efficiency of the markets, as MiFID- results in strict pre- and post-trade transparency requirements for share trading
- introduces particular transparency requirements for systematic internalization of share trading and
- imposes a “best execution” obligation, meaning that companies are required to take all reasonable steps to obtain the best possible result for their clients.
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Deutsche Börse Group has implemented all regulations affecting the Group. In addition, it offers market participants a comprehensive range of services allowing them to explore new business areas and to meet MIFID requirements without encuring large investment costs.
MiFID – Market participant information and services Tailor-made services to be MiFID-compliant Deutsche Börse offers all market participants efficient access to the Xetra and floor trading platform: universal banks that cover the entire securities business from trading for institutional investors to arbitrage business that is generated fully electronically and the settlement of private investor orders, globally active investment banks, online brokers, savings banks and cooperative banks. These client groups will have to implement the MiFID requirements to varying degrees. The transmission of retail client orders, for example, is subject to more stringent minimum requirements with respect to the execution price and speed, costs and transparency compared with the execution of orders from professional clients. This is why Deutsche Börse offers its clients tailor-made solutions. It supports market participants by providing detailed information in reports, publications and presentations, e.g. historical and current data concerning the execution quality (price, speed, costs, volume) on Xetra and intermediary-based Frankfurt floor trading (MiFID Best Execution Reports). As far as the MiFID transparency requirements are concerned, Deutsche Börse will make all of the relevant and required pre-and post-trade data available via the established interfaces. Deutsche Börse Group offers a service which helps investment firms’to meet MIFID requirements in post-trade transparency for off-exchange equity transactions. This service also meets the requirements of the British Financial Services Authority (FSA). Deutsche Börse has therefore been awarded the status “Trade Data Monitor” by the FSA. Guaranteed best execution Deutsche Börse offers private and institutional investors best execution in around 350,000 securities on the Frankfurt trading floor and the fully electronic trading platform Xetra®. In addition, it offers a best execution report as proof of best execution quality, free of charge. Market participants have the possibility to verify the previous month’s actual execution quality for Xetra and floor trading. Besides average spread, execution time, full execution quota etc., the report will include the amount of orders per segment/index as well as average order volumes. | 
