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---
title: "ESMA Q&A 1046 — Q&A — Best Execution [Answer Published]"
shortTitle: "ESMA Q&A 1046 — Q&A — Best Execution [Answer Published]"
answer_id: ESMA_QA_1046
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: 4 April 2017
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1046
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 4 April 2017"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1046"
check_status: matched
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last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
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  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
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    locator: "ESMA Q&A entry ESMA_QA_1046: field 'ESMA Answer', no 'Answer provided by' line"
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lifecycle_label: "Answer Published"
---

**Answer by ESMA, published in its Q&A tool · not legislation · published 4 Apr 2017 [Answer Published]**

*Answer Published · ESMA Q&A register, 4 April 2017 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1046)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1046 — Q&A — Best Execution \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1046 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 4 April 2017; question submitted 4 April 2017 |
| **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

Are eligible counterparty transactions to be included in the data required to be published by execution venues under RTS 27?

***

### Answer

\[ESMA35-43-349 MiFID II Investor protection Best execution 12\]

In accordance with Article 27(3) of MiFID II, execution venues must publish quarterly reports on execution quality containing information on transactions executed on that venue, irrespective of the category of clients to which those transactions relate. Where an investment firm is also acting as an execution venue, Article 27(3) explicitly requires investment firms to publish its RTS 27 report in its capacity as an execution venue (rather than as an investment firm), This means that the client category is not relevant in this respect and that all transactions need to be included for the purposes of complying with RTS 27.

In this respect, the RTS 27 reporting obligation differs from the requirement concerning data to be published by investment firms under Article 27(6) of MiFID II or RTS 28 which requires reports on orders relating to retail and professional clients, but not eligible counterparties.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1046)