Commission publishes clarification Mifid best execution

The European Commission has published its answers, given last month to the Committee of European Securities Regulators (CESR), in response to its request for clarification on three issues related to the scope of best execution under the Markets in Financial Instruments Directive (Mifid).

The questions from CESR were: In what circumstances does the best execution requirement apply to firms which operate by providing quotes and then dealing? What scope may "specific instructions" from a client