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---
title: "ESMA Q&A 1064 — Q&A — Best Execution [Answer Published]"
shortTitle: "ESMA Q&A 1064 — Q&A — Best Execution [Answer Published]"
answer_id: ESMA_QA_1064
topic: "Best Execution"
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**Answer by ESMA, published in its Q&A tool · not legislation · published 29 May 2019 [Answer Published]**

*Answer Published · ESMA Q&A register, 29 May 2019 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1064)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1064 — Q&A — Best Execution \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1064 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 29 May 2019; question submitted 29 May 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

In accordance with the Annex (Table 3, ‘trading mode’ column) of RTS 27: The definition of trading mode as set out in Article 2 of RTS 27 does not provide for any continuous trading mode. How should the information on the ‘trading mode’ be inserted by an execution venue, which conducts continuous trading?

***

### Answer

\[ESMA35-43-349 ESMA Investor protection Best execution Q&A 21\]

If an execution venue uses the trading system of a ‘continuous order book’ or a ‘continuous quote driven system’ to conduct continuous trading, it has to provide information on the trading system (as requested in the column of Table 3 entitled ‘trading system’ and based on the typology and descriptions set out in Annex I of RTS 2). In order to fulfil this reporting obligation, it is sufficient to indicate in the respective RTS 27 reports that ‘continuous trading’ was conducted on the execution venue. In this case, execution venues should insert a ‘N/A’ (i.e. ‘not applicable’) reference in the ‘trading mode’ column of Table 3 of the Annex of RTS 27.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1064)