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March 2007


Response to CESR's consultation on Best Execution under MiFID

The Exchange has responded to CESR's consultation on Best Execution under MiFID. In general, we are in agreement with CESR's views. We have commented in particular on the importance of firms obtaining the prior express consent of their clients before proceeding to execute their orders outside a regulated market or multilateral trading facility (MTF), as required by MiFID in Article 21 of Level 1. We believe that prior express consent should be documented, preferably by obtaining a written signature. It will also be important to ensure that clients clearly understand what is being consented to.

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