Online Trading

The Regulatory Technology Standards (RTS)

Directive 2014/65/EU on Markets in financial instruments (‘MiFID II’) requires investment firms who execute clients’ 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 those clients’ orders in the preceding year along with information on the quality of execution obtained.

RTS 28


Certain Regulatory Technology Standards (RTS) were further developed by ESMA in order to offer guidelines regarding specification of best execution, namely concerning the information on the top five execution venues in terms of trading volumes where investment firms executed client orders in the preceding year and on the quality of the execution. The publication of this data is intended to enable the public and investors to evaluate the quality which results from a firm’s execution practices.
RTS 28 disclosures must be published on or before April 30th and should include a summary of venues. This should include an analysis on the top five execution venues for each class of financial instrument and the quality of execution obtained.
In the links below you will find the HMS top five execution trading venues for Online Trading Department and Investment Desk in terms of trading volumes for all executed client orders in Securities Financing Transactions (‘SFTs’), for each class of financial instruments referred to in Annex I of the RTS 28 and in accordance with the format set out in Annex II of the RTS 28.

RTS 28 - 2017


Online Trading




Investment Desk




RTS 28 - 2018


Online Trading




Investment Desk




For more information concerning the final version of the RTS 28 and its Annexes, please consult the following links: