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MiFID II

Technological development, increasing complexity of both products and services, and the financial crisis, led to the decision by the EU to improve the functioning of the financial markets and to strengthen investor protection through the introduction of MiFID II. MiFID II came into effect on 3 January 2018 and governs both the manner in which firms offer services within the EU as well as determining the rules, systems and controls surrounding the operation of trading venues.

Outlined below is a short overview of Liberum’s current approach to MiFID II as well as the relevant contact details should you have any further enquiries.

MiFID II

Best Execution

In relation to MiFID II’s best execution requirement, Liberum makes the relevant RTS disclosures on its website. RTS disclosures can be found here.

Our Execution Policy can be found here.

For further information regarding our approach to best execution please email dominic.lowres@liberum.com

Trade Reporting and Transaction Reporting

Where possible Liberum reports all trading on venue.

Liberum transaction reports at the client order level using the DEAL capacity.

For further information regarding our approach to trade and transaction reporting please email mike.curnock@liberum.com

Legal & Regulatory Arrangements

If you require a copy of our Terms of Business please email compliance@liberum.com

A summary of our Conflicts of Interest policy can be found here.

A copy of our Complaints Procedure can be found here.

Arrangements for the payment for research

MiFID II’s unbundled research requirement has inspired two primary models across the small and mid-cap broking market: the first being a corporate sponsored research approach and the second being a choice between, or a combination of, payment through an institutional client’s own P&L or by way of a Research Payment Account (RPA). We have taken the view that our research, being highly regarded and valued across our client-base, could potentially be undermined if the corporate sponsored route was implemented. Accordingly, we have chosen to charge our institutional clients for our research. If you would like to receive our research, please contact the MiFID II team at mifid@liberum.com for further information regarding our research offering, costs and what new documentation will be required.

Liberum is not an RPA administrator, but will be able to support collection via transactional and accounting methods.

Systematic Internaliser?

Liberum is not a systematic internaliser.

 

Quick Facts

LONDON OFFICE
Legal Entity: Liberum Capital Limited
LEI: 213800U6KUF87S1KCC03
FCA FRN: 465050


NEW YORK OFFICE
Legal Entity: Liberum Capital Inc
LEI: 213800X45JWXKN298O39
FINRA: CRD# 148135
SEC: SEC# 8-67976


Contact Us

mifid@liberum.com