What is MiFID?
Prompted by changes in the way financial markets operate, the European Commission has introduced the Markets in Financial Instruments Directive (MiFID), as part of its Financial Services Action Plan (FSAP) in order to create a level playing field in Europe.
MiFID applies to investment firms regulated in the European Economic Area (EEA), which includes all European Union member states plus Norway, Iceland and Liechtenstein. The implementation date for investment firms is 1 November 2007.
Under MiFID, HSBC Bank plc acting through its Global Banking and Markets business is required to take all reasonable steps to obtain the best possible result for its clients when executing orders on their behalf.
In order to detail our approach, we have produced disclosure statements according to client classification. Your client classification should have been communicated to you previously.
Under MiFID we are required to provide clients with the prioritisation of execution factors and how we will handle specific client instructions, as well as the processes to monitor executions and the evidencing of compliance to our policy. These elements are included within our client disclosure statements.
As described in our client disclosure statements, we have provided a list of the venues upon which we place significant reliance - this list is attached. The execution venues list will be maintained in parallel with our execution procedures in order to ensure the accuracy of the venues included and in order to ensure we consistently provide a high quality of execution for our clients.
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