MIFID II best execution: challenges and solutions

When the European Commission (EC) looked to redraft MiFID, they looked at ways to make sure that there would be no excuses not to implement Best Execution effectively. The subtle change in paragraph 1 from ‘reasonable steps’ to ‘sufficient steps’ ensures that everyone is measured against the same higher standard regardless of size: reasonable for a two-man band could have been very different for a bulge bracket firm.