RTS 28 (MiFID II)
The Markets in Financial Instruments Directive (MiFID II) requires investment firms who (instruct to) execute client orders for Individually Managed Accounts, to summarise and publish the top five execution venues in terms of trading volumes, for each class of financial instrument, where they executed client orders in the preceding year, as well as information on the quality of execution obtained.
Since 28 January 2019, the the Netherlands Authority for the Financial Markets (‘AFM’) has granted Juno Investment Partners B.V. a license to act as manager of an investment institution in financial instruments as mentioned in Section 1:1 of the Wft. Juno is therefore no longer obliged to publish a summary of orders as per that date.
For ‘Equities’, this information is required in 2018 for each tick size liquidity band, categorised based on the average daily number of trades for each equity instrument traded in the year under review. Juno Investment Partners’ RTS 28 qualitative report (in PDF) for the period 1 January to 31 December 2018 is available using this link. Tables (in CSV-Excel), identifying the top five execution venues are also available by clicking the following links:
For the year 2017, Juno is unable to provide complete information about specific areas (as detailed below), as certain required information did not have to be provided prior to the implementation of MiFID II on January 3, 2018. The main limitation is that information about the so-called tick size regime for shares was not available before MiFID II. For that reason, and in accordance with the ESMA guidelines, all shares are combined in one table. In this, Juno’s information and policy provided does not deviate from what is customary in the industry. Juno Investment Partners’ RTS 28 qualitative report (in PDF) for the period 1 January to 31 December 2017 is available using this link.