Best Execution

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 execution factors. 

Further information can be found in ‘Our approach to Best Execution’. 

Update to Best Execution Reporting requirements in the UK

In the UK, the FCA has revoked the requirement for UK firms to publish Quarterly (RTS 27) and Annual (RTS 28) best execution reports. Therefore Lloyds Bank plc (LB) and Lloyds Bank Corporate Markets plc (LBCM) have ceased to publish new quarterly or annual best execution reports from Q1 2021. Reports will remain on our website for 2 years from the date of publication.

The reports remaining on the website were prepared in accordance with Best Execution rules in force at the date of that report. In that regard, the relevant data is provided by the execution venues 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 was not provided. This information relates to continuous auction order book and continuous quote driven trading systems which are not operated by Lloyds Bank (which is a trading name of Lloyds Bank plc, Bank of Scotland plc and Lloyds Bank Corporate Markets plc). 

Best Execution Reporting requirements in the EU

In the European Union, the requirement to produce Quarterly reports has been suspended for two years until 28 February 2023. Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH (LBCMW) ceased to publish new quarterly best execution reports from Q1 2021. Reports will remain on our website for 2 years from the date of publication. However the requirement for the Annual best execution reports remain for LBCMW and will continue to be published on our website in the section below.

Quarterly reports remaining on the website were prepared in accordance with Best Execution rules in force at the date of that report. In that regard, the relevant data is provided by the execution venues to measure the quality of execution in relevant financial instruments.  Annual reports are however prepared in accordance with current rules in force at the date of publication. Reports are 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 (which is a trading name of Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH).

Best Execution

Our approach to Best Execution

Download Lloyds Bank document (PDF, 237kb)

Download LBCMW document (PDF, 219kb)

Download our Best Execution Reporting factsheet

Download factsheet (PDF, 202kb)

For LB/LBCM – From 1st January 2021, MiFID II means UK Markets in Financial Instruments Directive II  as it forms part of “retained EU law” pursuant to the European Union (Withdrawal) Act 2018 (as amended from time to time).

For LBCMW – MiFID II means EU Markets in Financial Instruments Directive II. 

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

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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.