On 19 November 2010, CESR published a report summarising the responses from investment firms and execution venues to its 2009 best execution questionnaire, in the context of the EU Commission's review of the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). The questionnaire was issued to investment firms, regulated markets and multilateral trading facilities (MTFs) in December 2009 and deals with information to clients about best execution policies, choice of execution venues, monitoring and review, and execution quality data.
CESR received responses to the questionnaire in January 2010. The report summarises these responses and provides information about the type of execution policies firms have in place and how information is disclosed to clients. The report also sets out the number of execution venues firms have and how these are selected. There are comments about the evaluation of execution performance after transactions, including details as to how performance is monitored and reviewed and what data firms rely on to carry out this task. The responses will contribute to CESR's work on the MiFID review, which is also relevant in the context of the AIFMD.