MIFID II - Commission delegated regulation (EU) 2017/576
Top five execution venues for financial instruments
RBA provides access to a document with information of top five execution venues for financial instruments in terms of trading volumes where RBA executed client orders.
In order to make meaningful comparisons and analyse the choice of the top five execution venues, RBA is publishing information in respect of each class of financial instruments.
Given the breadth of the equity class of financial instruments, it is appropriate to divide classes into subclasses based on liquidity. As liquidity is an essential factor governing execution behaviors and as execution venues are often competing to attract flows of the most frequently traded stocks, equity instruments are classified according to their liquidity.
To prevent potentially market sensitive disclosures on the volume of business being conducted by the RBA, the volume of execution and the number of executed orders are expressed as a percentage of the RBA's total execution volumes and total number of executed orders in that class of financial instrument.