HSBC Group MiFID Programme

 

HSBC Bank plc

What is MiFID and MIFID II?

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 the European Economic Area (EEA) from 1 November 2007.

The MiFID II reform means that organised trading of financial instruments must shift to multilateral and regulated trading platforms or be subject to transparency requirements where traded over-the-counter (OTC). Strict transparency rules will ensure that dark trading of shares and other equity instruments which undermine efficient and fair price formation will no longer be allowed. The implementation date is 3 January 2018.

Best Execution

Under MiFID and MIFID II after 3 January 2018, HSBC Bank plc acting through its Global Banking and Markets business is required to take sufficient steps to obtain the best possible result for its clients when executing orders on their behalf.

In order to detail our approach, we include below the 2017 disclosure statement that will prevail up to the 2 of January 2018, and the 2018 disclosure statement that complies with MiFID II and will apply from the 3 January, 2018 onwards.

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.

Your client classification should have been communicated to you previously, and resent as part of the MiFID II Client Outreach programme.

MiFID II reiterates the MIFID requirements and specifies that we act in the best interests of clients when providing execution services and that we maintain monitoring arrangements that demonstrate compliance. We must also make disclosures to allow clients to make informed choices between competing dealers by publishing reports (under RTS 27) on execution quality and (under RTS 28) on execution venue selection.

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 is 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.

RTS 27 and RTS 28

The reports required under MiFID II on execution quality (RTS 27) and on execution venue selection (RTS 28) for HSBC Bank Plc will be available on this web page in accordance with the timetable prescribed by ESMA.

Reports Reporting Period Expected Date Link (when available)
RTS 28 2017 30 April, 2018 RTS 28 2017 Reports
RTS 27 2018 Q1 29 June, 2018
RTS 27 2018 Q2 28 Sept, 2018
RTS 27 2018 Q3 31 Dec, 2018
RTS 27 2018 Q4 29 Mar, 2019
RTS 28 2018 30 April, 2019


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HSBC Paris

Pour plus d'information à propos d'HSBC France et MiFID II merci de visiter http://www.business.hsbc.fr/mifid

For more information about HSBC France and MiFID II please visit http://www.business.hsbc.fr/mifid-en

RTS 28

MiFID II Best Execution Reports




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Learn about the HSBC Group MiFID Programme