Best Execution under MiFID II

Best Execution rules require investment firms to take all sufficient steps to obtain the best possible result for their clients when executing orders in financial instruments, whilst taking into account all relevant factors. Further information can be found in ‘Our approach to Best Execution under MiFID II.’

Best Execution rules also require:

Execution venues to provide on a quarterly basis relevant data to measure the quality of execution in relevant financial instruments. This is represented by the following tables:

Table 1 – Information on the type of execution venue
Table 2 – Information on the type of financial instrument
Table 3 – Price information - Intraday
Table 4 – Price information - Daily
Table 5 – Costs information
Table 6 – Likelihood of execution for each trading day
Table 9 – Additional information relating to request for quote execution venues.

The best execution information required for tables 7 and 8 is not provided. This information relates to continuous auction order book and continuous quote driven trading systems which are not operated by Lloyds Bank.

Best Execution

Our approach to Best Execution under MiFID II

Download Lloyds Bank document (PDF, 173kb)

Our approach to Best Execution under MiFID II - Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH

Download LBCMW document (PDF, 219kb)

Download our Best Execution Reporting factsheet

Download factsheet (PDF, 241kb)

The United Kingdom (UK) formally left the European Union (EU) on 31 January 2020. Following the expiry of the transition period on 31 December 2020, EU legislation was retained (subject to certain amendments) in UK domestic law pursuant to the European Union (Withdrawal) Act 2018 (as amended from time to time, the EUWA). References on this website/in these terms] to Regulations, Directives and other EU legislation should be read, in relation to the United Kingdom, as references to such Regulations, Directives or other EU legislation as they form part of United Kingdom domestic law by virtue of the EUWA or have otherwise been implemented in United Kingdom domestic law, as appropriate. The substance of the regulatory obligations described are in most instances unchanged and we will contact you directly if there is any impact on you as a result of retention of EU legislation into UK domestic law.

The reports will be available on this page for a minimum of two years. If you have any questions regarding Best Execution please contact CB.MiFIDIIHelpdesk@lloydsbanking.com

Quarterly Reports

Lloyds Bank ("LB")

Lloyds Bank Corporate Markets ("LBCM")

Lloyds Bank Corporate Markets Wertpapierhandelsbank ("LBCMW")

Investment firms to summarise and publish on an annual basis for each class of financial instruments the top 5 execution venues in terms of trading volumes where the firm executed client orders in the preceding year and also provide information on the quality of execution that was obtained in the previous year. Note that as a result of ring fencing Commodities, Debt Instruments and SFTs are included in LB until May 2018 only. This is represented by the tables in the accordion below:

Annual Reports

The products and services outlined on this site may be offered by legal entities from across Lloyds Banking Group, including Lloyds Bank plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc, Lloyds Bank Corporate Markets plc and Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH are separate legal entities within the Lloyds Banking Group.

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This report (an RTS 27 report) has been prepared by Lloyds Bank to provide information on the quality of execution of transactions, pursuant to the provisions of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, and the supplementary Commission Delegated Regulation (EU) 2017/575 of 8 June 2016. 

This report has been prepared for information purposes only. It should not be regarded as a marketing communication, and it is not intended to be investment research. Please note that Lloyds Bank is not acting as your advisor or fiduciary in any respect whatsoever in connection with the information provided.

The material contained in this report has been prepared on the basis of Lloyds Bank’s interpretation of the regulatory obligations and whilst Lloyds Bank has exercised reasonable care in its preparation, no representation or warranty, as to the accuracy, reliability or completeness of the information, express or implied, is given.  Where information is based on assumptions or models, Lloyds Bank expressly disclaims any responsibility for the accuracy or completeness of the assumptions, models, inputs or estimates used. All such information, and any assumptions or data on which it is based is subject to change without notice.