--- title: "ESMA Q&A 1038 — Q&A — Best Execution [Answer Published]" shortTitle: "ESMA Q&A 1038 — Q&A — Best Execution [Answer Published]" answer_id: ESMA_QA_1038 topic: "Best Execution" status: "Answer Published" type: qa instrument_type: qa authority: ESMA binding: false binding_character: non_binding legal_status: in_force regulation: "MiFID II" mifid_level3: true mica_level2: false legal_basis: "MiFID II" date: 3 October 2019 source_link: https://www.esma.europa.eu/publications-data/questions-answers/1038 lifecycle: "Answer Published" text_version: "ESMA Q&A register, 3 October 2019" source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1038" check_status: matched verified: true last_checked: 2026-10-26 checked_against: "the ESMA publication" source: prepared_by: "ESMA" published_by: "ESMA" published_in: "ESMA Q&A tool" evidence: prepared_by: "ESMA Answer" locator: "ESMA Q&A entry ESMA_QA_1038: field 'ESMA Answer', no 'Answer provided by' line" document_type: "qa_answer" legal_nature: "not_legislation" addressees: "not stated in the document" dates: published_on: "2019-10-03" question_submitted_on: "2019-10-03" locators: published_on: "ESMA Q&A Excel export ESMA_QA_1038, column 'Esma responses', date line" question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1038, column 'Date of submission'" lifecycle_label: "Answer Published" --- **Answer by ESMA, published in its Q&A tool · not legislation · published 3 Oct 2019 [Answer Published]** *Answer Published · ESMA Q&A register, 3 October 2019 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1038)* | | | |---|---| | **Full title** | ESMA Q&A 1038 — Q&A — Best Execution \[Answer Published\] | | **Prepared by** | ESMA | | **Published by** | ESMA, in the ESMA Q&A tool | | **Reference** | ESMA_QA_1038 | | **Document type** | Q&A | | **Legal nature** | Not legislation | | **Addressees** | Not stated in the document | | **Dates** | Published 3 October 2019; question submitted 3 October 2019 | | **Legal basis** | MiFID II | | **Related instruments** | None recorded | | **Text on this page** | Word for word — the full text of the ESMA publication | **Best Execution** ### Question How should the RTS 27 and RTS 28 reports be made available to the public? *** ### Answer \[ESMA35-43-349 MiFIDII Investor protection Q&A Best execution 8\] Execution venues and firms are required to make the RTS 27 and 28 reports available to the public, without any charges, in a machine-readable electronic format. In order to ensure that such reports are in the public domain and freely accessible, firms can publish these reports on their respective websites in an easily identifiable location on a page without any access limitations. ESMA notes that these reports should not be placed behind a firewall, registration page or be subject to password encryption or other restrictions. Venues and firms should also ensure the readability and comprehensibility of these reports to provide the public with relevant data on execution quality. Therefore, venues and firms should provide the RTS 27 and 28 reports in an electronic format that allows for computerised calculations and mass processing that is compatible with standard and easily accessible machine-reading processes, to fulfil the requirements of (i) being ‘machine-readable’\[1\] and (ii) enabling the public to search, sort and analyse all the provided data.\[2\] Standard formats, such as CSV or XML may be used for this purpose. Since RTS 28 reports should allow end investors, including retail clients, to better scrutinise execution quality and order routing practices, firms should ensure that the format they use is clear and easily readable for retail clients or offer alternative ways to visualise the data of the report. \[1\] Article 10 of RTS 27 and Article 4 of RTS 28 \[2\] Recital 15 of RTS 27 *** **Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1038)