Legal information and policies applicable to Mizuho Bank, Ltd. products and services.
Markets in Financial instruments Directive II (MiFID II)
The Markets in Financial Instruments Directive II (MiFID II) is the EU legislation that regulates firms who provide services to clients linked to "financial instruments" (shares, bonds, units in collective investment schemes and derivatives), and the venues where those instruments are traded. The original MiFID legislation was applied in the UK from November 2007 and was chiefly designed to increase transparency and investor protection. MiFID II came into force in January 2018 to improve the functioning of financial markets in light of the financial crisis and to strengthen investor protection. By extending the transparency requirements, MiFID II has an even more pronounced impact across the landscape. It not only covers virtually all aspects of financial investment and trading, it also includes all financial professionals, business, operating models, systems and data, people and processes within the EU.
The high level goals of MiFID II are:
- Increased transparency of markets;
- A shift in trading towards more structured marketplaces;
- Lower cost market data;
- Improved best execution;
- Orderly trading behaviour within markets; and
- More explicit costs of trading and investing.
Terms of Business
This describes the terms on which business will be conducted between Mizuho Bank, Ltd. and its clients. This, however is subject to any bilaterally agreed terms of business, which may be entered into with clients as and when appropriate.
Order Execution Policy
This describes how Mizuho Bank, Ltd. would execute trades with or on behalf of its clients. This takes into consideration the Best Execution provisions as espoused by MiFID.
RTS27 MiFID II Execution Quality Report
Article 27 (3) of MiFID II requires investment firms to make public data relating to the quality of execution of transactions. This information has to be provided free of charge. RTS 27 sets out the specific content and format requirements for this data, and the Excel files below contain the required data in what we understand to be the required format. The RTS 27 report contains data relating to in scope products, foreign exchange derivatives and interest rate derivatives.
This RTS 27 report has been prepared on a best efforts basis in relation to both content and format given the data we have been able to collate during the period it covers. Accordingly, this RTS 27 report is provided without any warranty as to its accuracy or completeness. It is provided for information only. Neither Mizuho Bank Ltd. nor any of its group companies nor any relevant officers thereof accept any liability whatsoever for any losses howsoever occurring as a result of firms placing reliance on this RTS 27 report.
This report analyses Best Execution provided to professional and retail clients in accordance to Mizuho Bank, Ltd London's (MHBK) Order Execution Policy.