EU ESMA

MiFID II: Best Execution

• Provides framework for formal process

• Ensures execution arrangements are monitored and reviewed on ongoing basis

• Enables updates and change notifications for material changes to execution arrangements or policy

• Monitor information to improve process and identify deficiencies

• Trade exception review and approval

• Record keeping and reporting

US SEC

Rule 606 and Best Execution

• Rule 606

  • Potential fiduciary obligation to request 606(b)(3) trade data

  • Automate periodic requests to brokers for 606 trade data

  • Access to anonymized benchmark data across all Urvin.Compliance users (opt-in only)

• Best Execution

  • Trade error tracking and reporting

  • Gifts and entertainment tracking and reporting

  • Trade outlier analysis and reporting

  • Store Best Ex Committee minutes, flag and assign follow-up items

  • Generate and distribute Best Ex Committee meeting material

HK SFC

Code of Conduct

• Provides a mechanism and framework to supervise systems and orders through electronic trading systems

• Helps to manage and supervise the design, development, testing and operations of electronic trading systems

• Ensures the adequacy of trading systems and the appropriateness of their reliability, security and contingencies

• Provides proper record keeping on design, development and deployment of electronic trading systems

• Helps ensure controls are reasonably designed and systems operate in the interest of the integrity of the market