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RTS 27 & 28 Best Execution Reporting with Cappitech

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RTS 27 & 28 Best Execution Reporting with Cappitech

Cappitech simplifies and automates your firm’s complicated reporting related to RTS 27 and 28 reports. Pre and post trade data is collected, calculated and enriched to produce quarterly and yearly reports.

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How Cappitech Solves Your RTS 27 and 28 Reporting Issues

Calculate the Top 5 venue calculations per product type of RTS 28
Calculate and fill transaction records for RTS 27 Tables 2,3,4,6 & 8
Collect Bid/Ask and average spread information for RTS 27
Create your RTS 27/28 reports in an ESMA compliant machine-readable format
Little to no integration required for clients already reporting under EMIR or MiFIR

How it Works

1
Seamless
No additional integrations needed for reporting clients
2
Calculate
Cappitech calculates pre/post-trade data
3
Validate
Data is validated and populated to correct tables
4
Review
Reports are made available in machine-readable format to make public

What is RTS 27 Reporting?

RTS 27 is a quarterly report that venues and some brokers need to create Part of Article 27 of the MiFID II framework that governs Best Execution requirements, RTS 27 defines a set of 9  standardized quarterly reports required to be created by Execution Venues. According to ESMA, included within Execution Venues are Trading Venues, Systematic Internalizers, Market Makers and other Liquidity Providers. The 9 tables and includes information relevant to a firm’s costs, products they offer and execution prices and quotes at specific times of the day.

Who and what needs to reported for RTS 27?

Typically obligated to create a RTS 27 report are brokers that are ‘Dealing on their own account’. Once created, a firms is required to make the RTS 27 public on their website. THERE IS NO REQUIREMENT for the RTS 27 report to be submitted to a regulator or anyone else, just posting on the website.

What is RTS 28 under MiFID II?

RTS 28 is a yearly report that investment firms need to create. It includes the top 5 venues where they fill their client executions at. For example, if a broker has a connection to 7 exchanges where client orders are filled, they create a table showing the 5 exchanges where they had the most executions. The tables are based on %’s and don’t provide any information about the amount of trades or dollar amount of trades executed.

The top 5 report is split into different product types. Therefore a firm will have a table for stocks another one for bonds, options, etc. This is an example of how an Asset Manager is showing their RTS 28 https://www.artemisfunds.com/en/gbr/investor/resources/rts-28-execution-venues . Like RTS 27, the report isn’t sent to anyone but simply made public on the company’s website.

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