Best Execution Review

Aiding a Global Asset Manager to review their best execution operating model to identify ‘gaps’ to current regulations, forthcoming MiFID II requirements, and industry best practice

Client Challenges

The client’s portfolio management and trading operating model varied significantly within and between locations and asset classes, which created a complex model for achieving and demonstrating best execution. The client was undergoing significant technology change across the Front and Middle Office which needed to be considered and planned for alongside the MiFID II preparation activities.

Alpha Approach

  • Alpha undertook a review of the client’s best execution operating model across all regions and asset classes, and systematically assessed the existing processes against current and future regulatory requirements
  • Alpha’s assessment identified a number of gaps, predominantly relating to data availability, trading procedures, policies and arrangements, TCA systems and reporting, and compliance monitoring of best execution
  • Alpha made a series of detailed and prioritised recommendations to address these gaps – and helped the client to understand how this work could be addressed within or alongside its existing portfolio of change

Client Benefits

The project provided the client with a clear assessment of its best execution operating model against regulatory requirements and industry best practice. The prioritised recommendations provided a clear view of must-do changes, items that needed to be addressed ahead of MiFID II, and longer-term considerations to more closely align with industry best practice.

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Client Types

Global Asset Manager

Sponsor

Chief Operating Officer

Functions

Portfolio Management, Trading, Compliance

Geographical Scope

Europe, Asia and North America

Fund Types

Retail, Institutional and Wealth. c£300bn AuM. Fixed Income, Equity, FX, Multi-Asset