MiFID II
The EU Markets in Financial Instruments Directive (MiFID) and the accompanying Markets in Financial Instruments Regulation (MiFIR) provide the regulatory framework governing the trading of securities within Europe. It governs and harmonises securities trading across Europe and sets high standards for investor protection. The German act implementing MiFID I largely came into effect in November 2007.
The European Commission started a consultation process for the purpose of reforming MiFID at the end of 2010 in light of the consequences of the financial crisis. The purpose of MiFID II and MIFIR is to increase market transparency and improve the efficiency and integrity of financial markets.
European requirements contain an extensive set of rules designed to provide enhance protection for investors by making changes to how investment firms are obliged to behave and organise themselves.
In fulfilling its obligation to take all sufficient steps to consistently obtain, when executing client orders, the best possible result for its clients, DZ BANK executes client orders according to the order execution policy it established.
This execution policy contains a list of the execution venues where DZ BANK executes Client orders as well as a list of the investment firms to which it transmits Client orders for execution selected by the DZ BANK.
Your contact at DZ BANK will be pleased to answer any questions you may have.
As a systematic internaliser according to Article 4 (20) of the Directive 2014/65/EU (MiFID II) DZ BANK AG provides its customer with important information within the framework of its guideline for systematic internalisation.
In particular, this guideline lists the classes of financial instruments for which DZ BANK AG takes on the status of a systematic internaliser.
Your contact at DZ BANK will be pleased to answer any questions you may have and to provide you with further information.
Within the framework of the directive 2014/65/EU (MiFID II) the DZ BANK AG provides its clients with a summary of the Top five most widely used execution venues where it executed client orders in the preceding year and also the Top five investment firms to which it transmitted client orders for execution on an annual basis.
The Top five Reports are separated in the client categories "retail client", "professional client" and classes of financial instruments.
Your contact at DZ BANK will be pleased to answer any questions you may have and to provide you with further information.
This policy describes the process that DZ BANK AG follows when DZ BANK AG is a book runner on a new issue and allocates securities. The policy applies to primary transactions, in which DZ BANK AG takes an active role in pricing and allocation as a book runner.
In transactions where DZ BANK AG participates without an active role, DZ BANK AG does not have any obligations in terms of allocation recommendation to the issuer.
