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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, while taking into account all relevant execution factors.
Further information can be found in ‘Our approach to Best Execution’.
Best Execution reporting requirements in the UK
In the UK, the FCA revoked this requirement to publish Quarterly (RTS 27) and Annual (RTS 28) best execution reports on 1st December 2021. Lloyds Bank plc (LB) and Lloyds Bank Corporate Markets plc (LBCM) no longer publish these reports.
Best Execution Reporting requirements in the EU
In the European Union, the requirement to produce Quarterly and Annual reports was removed by ESMA as of 28 February 2024. Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH (LBCMW) has now ceased to publish new annual best execution reports. Reports will remain on our website for 5 years from the date of publication.
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.
Annual Reports
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. This is represented by the tables in the accordion below:
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Professional
LloydsBankCorporateMarketsWGMBH_RTS28_SFT_Professional_2021 (CSV)
LloydsBankCorporateMarketsWGMBH_RTS28_DebtInstruments_Professional_2021 (CSV)
LloydsBankCorporateMarketsWGMBH_RTS28_DebtInstruments_Professional_2022 (CSV)
LloydsBankCorporateMarketsWGMBH_RTS28_DebtInstruments_Professional_2023 (CSV)
Qualitative Reports
Qualitative Report 2021 (PDF, 337KB)
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These reports have been prepared for information purposes only. They 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 these reports has been prepared on the basis of Lloyds Bank’s interpretation of the regulatory obligations and, while 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.