All capital market intermediaries (CMIs) in Singapore must now execute their clients’ orders on the best possible terms following the introduction of new trading requirements.
The Monetary Authority of Singapore (MAS) introduced the best execution mandate back in September 2020, giving firms 18 months to prepare for the changes.
The move, Notice SFA 04-N16, puts the Singapore market in line with Europe and the UK which introduced best execution as part of MiFID II in 2018.
There are some exemptions to the rules. For example, if a CMI’s clients are institutional investors, an exemption can be granted.
The CMIs will also have the flexibility to determine the means used to achieve the requirement and to devise a best execution policy.
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