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.

Execution policy

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.

Execution policy for retail clients

Execution policy for professional clients

Guideline for systematic internalization

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.

Guideline for systematic internalization

Quality Report

The DZ BANK Quality Report on the monitoring of the quality of execution obtained at execution venues and investment firms refers to the 2017 calendar year.
DZ BANK analyses and monitors the quality of execution at all execution venues where it executes client orders, and all investment firms to which it transmits client orders for execution.
Your contact at DZ BANK will be pleased to answer any questions you may have.

Quality Report

Top five reporting

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.

Top five reporting for retail clients (pdf)

Top five reporting for retail clients (xls)

Top five reporting for professional clients (pdf)

Top five reporting for professional clients (xls)

Quality of Execution Reports

Under the Directive 2014/65 / EU (MiFID II), DZ BANK AG, as a Systematic Internaliser, provides its clients with data about the quality of its trade executions. The so-called "Quality of Execution Reports" (QoE-Reports) are published on a quarterly basis.
Your contact at DZ BANK will be pleased to answer any questions you may have.

To the Quality of Execution Report Search