Best Execution and Execution Quality Reports

This page shows Deutsche Bank AG’s response to Delegated Regulation (EU) 2017/575; (RTS 27 reports) and Delegated Regulation (EU) 2017/576 (RTS 28 Reports).

Deutsche Bank has prepared these reports in order to meet its regulatory obligations under Commission Delegated Regulation (EU) 2017/575 of 8 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards concerning the data to be published by execution venues on the quality of execution of transactions (“RTS 27 Reports”).

Deutsche Bank’s RTS 27 Reports are based on the accuracy and completeness of internal data used to compile such RTS 27 Reports and the functionality of internal systems from which such data is acquired. No guarantee or warranty is made as to the accuracy and completeness of the internal data or systems used to compile the RTS 27 Reports, and the RTS 27 Reports should not be relied upon as such.

Deutsche Bank reserves the right to update, amend, supplement, restate and/or republish RTS 27 Reports at any time.

To the extent permitted by law, Deutsche Bank does not accept any responsibility for or have any liability for any loss or damage arising from the use of the information in the RTS 27 Reports, whether caused by errors, inaccuracies or omissions in the data in any of the RTS 27 Reports or otherwise. The RTS 27 Reports neither represent an indicative or firm quote to transact further transactions nor the actual terms at which existing transactions could be liquidated or unwound, and may differ positively or negatively from the most recent valuation previously provided for any position(s) they reference or are derived from.

The RTS 27 Reports may vary significantly from similar information that may be provided by another dealer or credit institution, are not necessarily indicative of values carried on Deutsche Bank’s books and records and should not be relied upon by you for the valuation of your positions. You should make your own independent evaluation as to the appropriateness or otherwise of use of such information, whether in making investment decisions or otherwise.

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For an explanation of the relative importance the firm gave to the execution factors of price, costs, speed, likelihood of execution or any other consideration including qualitative factors when assessing the quality of execution, please refer to: Deutsche Bank AG’s CIB Umbrella Order Execution Policy and related product specific annexes for professional and retail clients here https://www.db.com/company/en/order-execution-policy.htm, Deutsche Bank AG’s Order Execution Policy for the Private, Wealth & Commercial Clients (PWCC) Germany here https://www.deutsche-bank.de/pfb/data/docs/1017-ausfuehrungsgrundsaetze-pgk.pdf, Deutsche Bank AG’s Order Execution Policy for Private & Commercial Clients (PCC) Belgium here https://www.deutschebank.be/fr/tarifs.html#documents and here https://www.deutschebank.be/nl/tarieven.html#documenten, Deutsche Bank AG’s Order Execution Policy for Private & Commercial Clients (PCC) Portugal here http://www.deutsche-bank.pt/db_pt/content/5116.htm. The bank did not weight the relative importance in another way than described.

DB AG has no close link, conflict of interest or common ownerships with any execution venue which is used for order execution.

DBAG has no arrangements with any execution venues specific to itself regarding payments made or received, discounts, rebates or non-monetary benefits received.

The list of execution venues for Private, Wealth & Commercial Clients (PWCC) Germany has been added with a list of intermediate brokers due to regulatory reasons. Due to technical reasons the London Stock Exchange STMM Equities has been added to the list of execution venues for Private, Wealth & Commercial Clients (PWCC) Germany, Warsaw Stock Exchange, Euronext Lisbon and Korea Stock Exchange has been deleted. The list of derivatives exchanges has been updated and a number of execution venues has been removed, because Private, Wealth & Commercial Clients (PWCC) Germany does not offer an execution at these venues any longer.

For an explanation of how order execution differs according to client categorisation, where the firm treats categories of clients differently and where it may affect the order execution arrangements, please refer to: Deutsche Bank AG’s CIB Umbrella Order Execution Policy and related product specific annexes for professional and retail clients here https://www.db.com/company/en/order-execution-policy.htm, Deutsche Bank AG’s Order Execution Policy for the Private, Wealth & Commercial Clients (PWCC) Germany here https://www.deutsche-bank.de/pfb/data/docs/1017-ausfuehrungsgrundsaetze-pgk.pdf, Deutsche Bank AG’s Order Execution Policy for Private & Commercial Clients (PCC) Belgium here https://www.deutschebank.be/fr/tarifs.html#documents and here https://www.deutschebank.be/nl/tarieven.html#documenten, Deutsche Bank AG’s Order Execution Policy for Private & Commercial Clients (PCC) Portugal here http://www.deutsche-bank.pt/db_pt/content/5116.htm.

For an explanation of whether other criteria were given precedence over immediate price and cost when executing retail client orders and how these other criteria were instrumental in delivering the best possible result in terms of the total consideration to the client, please refer to: Deutsche Bank AG’s CIB Umbrella Order Execution Policy and related annex for retail clients here https://www.db.com/company/en/order-execution-policy.htm, Deutsche Bank AG’s Order Execution Policy for the Private, Wealth & Commercial Clients (PWCC) Germany here https://www.deutsche-bank.de/pfb/data/docs/1017-ausfuehrungsgrundsaetze-pgk.pdf, Deutsche Bank AG’s Order Execution Policy for Private & Commercial Clients (PCC) Belgium here https://www.deutschebank.be/fr/tarifs.html#documents and here https://www.deutschebank.be/nl/tarieven.html#documenten, Deutsche Bank AG’s Order Execution Policy for Private & Commercial Clients (PCC) Portugal here http://www.deutsche-bank.pt/db_pt/content/5116.htm. The bank did not treat orders in another way than described in the regarding policies.

DBAG takes into consideration a number of different factors and sources of data when assessing the quality of execution provided by any of the venues used. Note, data published under Delegated Regulation (EU) 2017/575; (RTS 27 reports) and the output of consolidated tape providers as per Article 65 of Directive 2014/65/EU was not available during 2017.

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