Regulatory Technical Standard 28 requires investment firms to annually publish information on the identity and quality of execution venues.
Investment firms that execute client orders are required by RTS 28 to summarise and publish the top five execution venues in terms of trading volumes where they executed the client orders in the preceding year, as well as information on the quality of execution obtained.
The report is made up of two parts; a quantitative disclosure (provided in a machine readable format) and a qualitative disclosure.