Course Aim

The aim of this course is to provide financial services professionals with a deep, practical, and comprehensive understanding of the principles and operational requirements of Best Execution. Moving beyond theoretical knowledge, this module is designed to equip learners with the skills to design, implement, monitor, and defend a robust best execution framework that is compliant with MiFID II, aligned with global regulatory standards, and specifically tailored to withstand the rigorous supervisory scrutiny of the Cyprus Securities and Exchange Commission (CySEC).

Target Audience

This course is designed for professionals within Cyprus Investment Firms (CIFs) and other financial institutions who have a direct or indirect responsibility for ensuring client orders are handled fairly and in line with regulatory obligations. This includes:
• Compliance Officers responsible for policy creation, monitoring, and regulatory reporting.
• Dealing Room personnel who are directly responsible for the order handling process
• Professionals holding or seeking CySEC certifications (e.g., Basic or Advanced Examination) who need to demonstrate a thorough understanding of this core topic.
• Customer support/Account Managers whom most time are the first point of contact with clients.
• Portfolio Managers responsible for placing orders on behalf of a client for purchase or sale of financial instruments
• IT Staff involved in the configuration and maintenance of trading platforms, bridges, plugins and reporting systems.
• Risk Managers assessing operational and regulatory risks associated with order handling.
• Internal Auditors responsible for reviewing and testing the firm's best execution arrangements.
• Directors, Senior Managers, and Board Members of CIFs who hold ultimate responsibility for the firm's compliance and governance framework.

Learning Outcomes
Upon successful completion of this course, you will be able to:
• Define the core regulatory principle of "all sufficient steps," which requires firms to take all necessary measures to consistently achieve the best possible result for clients when executing orders. This standard is more demanding than the previous "all reasonable steps" obligation under MiFID I.
• Analyze the key execution factors (Price, Costs, Speed, Likelihood, Size) and evaluate their relative importance for different client types and financial instruments.
• Apply the concept of "Total Consideration" to practical scenarios involving retail clients.
• Compare the MiFID II framework with the best execution principles in other key jurisdictions, including the UK (FCA), the USA (FINRA), and the APAC region.
• Justify execution decisions by applying a detailed understanding of CySEC's specific supervisory expectations regarding price fairness, slippage symmetry, and conflicts of interest.
• Construct the key components of a compliant and effective Order Execution Policy.
• Implement a robust, data-driven framework for the ongoing monitoring of execution quality, including the analysis of latency, fill ratios, and costs.
• Demonstrate compliance to regulators by establishing effective execution arrangements while maintaining at all times necessary records from internal checks.