Stoneware Capital LLP
RTS 28 Report
The Markets in Financial Instruments Directive 2014/65/EU ("MiFID II") requires investment firms who execute client orders to summarise and make public on an annual basis, for each class of financial instruments the top five execution venues in terms of trading volumes where they executed client orders in the preceding year and information on the quality of execution obtained. In addition, MiFID II established that investment firms placing orders with other entities for execution (ie: indirect execution) are required to summarise and make public, on an annual basis, for each class of financial instruments, the top five investment firms in terms of trading volumes where it transmitted or placed client orders for execution in the preceding year and information on the quality of execution obtained. Furthermore, investment firms are required to publish the top five execution venues in terms of trading volumes for all executed client orders in securities financial transactions ("SFTs"). MiFID II requires that the information by investment firms in this regard is published on their websites in a machine-readable electronic format and available for downloading by the public.
On 30 November 2021, the FCA announced the permanent removal of the RTS 28 reporting requirements which took effect on 1 December 2021 in a Policy Statement. This was one of the first major divergences from ESMA requirements.
The FCA had noted concerns that the reports fail to provide any significant value to the market and to consumers in addition to the burden involved in producing these reports.
Stoneware Capital LLP ("Stoneware" or the "Firm") previously satisfied its reporting requirements by publishing an annual RTS28 report to this website and those reports are available from the Firm on request.