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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

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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

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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

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