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"The Xetra Best functionality is really suited to brokers that have to meet the best execution requirements of Mifid"
Michael Krogmann, Deutsche Börse |
These two trends, which at a glance seem to be at odds with each other, highlight the different ways in which small and large brokers are responding to the best-execution requirements of the EU’s Markets in Financial Instruments Directive (Mifid).
Smaller brokers are being forced because of cost constraints to either define best execution narrowly as the Xetra price, as opposed to a price quoted on one of Germany’s seven other regional exchanges, or effectively outsource execution to larger brokers. However, the brokerage houses with the biggest wallets, the global investment banks, are investing in technology to enable them to compare and exploit the prices on numerous competing venues.
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