Reality of stock execution in 2014

Understand the full impact of MiDIF1, prepare MiDIF2

Course objectives

  • Understand the impact of MiFID on stock execution
  • Master the possible pathways of orders based on the implemented execution policy
  • Apprehend the arrival of MiFID 2
Course content

The path of the order

  • Process: execution - clearing - Settlement / Delivery
  • Roles of :
    • broker
    • clearer
    • depositary
    • TCC

Case Study: What possible routes for a cash equity order today?

MiFID - essential concepts

  • MiFID 1, main objectives of its implementation
  • The main measures
    • Customer relations: categorization and impact by category: information and adequacy
    • Execution venues: fraction of creation of SMN and systematic internalization
    • Pre-post trade information
    • Obligation of best execution / selection

Case Study: The possible paths for a cash equity order according to an execution on a MR / SMN or via internalization

  • What are the differences for the client in terms of:
    • Communication
    • Profitability
    • Risk

The observed results

  • Evolution of the industry since 2007
    • New players: SMN
    • Emergence of alternative crossing networks and dark pools
    • Concentration of execution venues
  • Impacts measured in the execution of orders
    • Liquidity
    • Executions costs,
    • Size of orders
    • Execution policy
  • A new customer relationship

Case Study: The possible paths for an order via Dark Pools and Crossing network

MiFID 2 Background of the new regulation

  • Why MiFID2?
  • Main identified changes:
    • New venues
    • Enhanced transparency
    • Expansion to other markets
      • Possible agenda of implementation.
      • What landscape for execution tomorrow ?
      • What impacts on the customer relationship ?

Case Study: Possible future paths for a cash equity / derivatives / bonds order

End session quiz : return on different points studied during the day




Pablo Garmon

Pablo Garmon

Responsible for measuring the quality of execution for TAG, Pablo is a former Deputy CEO of GL Trade for Continental Europe. Pablo is an expert in execution, on which he regularly intervenes in conferences and trainings and has published several articles (Agefi, Les Echos).

Pablo Garmon also teaches :



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