The European Securities and Markets Authority issued a peer review that found significant fault with the implementation by individual national regulators in Europe of a pan-European best execution regime related to equities and bonds as contemplated by the Markets in Financial Instruments Directive. In general, said ESMA, national authorities tend to use local markets as the proxy to assess best execution; analyze best execution only in terms of the best price as opposed to other execution factors (even where several execution markets are available); and contemplate best execution only in terms of shares, not bonds. Under MiFID, best execution involves obtaining “the best possible result for … clients, taking into account, price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to order execution.” (Click here for further information in “Best Execution under MiFID,” by The Committee of European Securities Regulators (May 2007).)