Pepperstone falls 6.5 points · Pepperstone retains the top of the index

Four brokers share first place in the July 2026 EU Broker Execution Index at 59.5 points: Pepperstone (BaFin, CySEC), Forex.com (CySEC, FCA), Axi (CySEC, FCA), and Eightcap (ASIC, FCA). All four maintain spreads at or below 0.1 pips on EUR/USD and hold three or more tier-1 regulator licences, but none provided MiFID II best-execution disclosure data for ingestion, triggering an automatic score cap. XTB rounds out the top five at 58.3 points under the same cap. The field dropped uniformly by 6.5 points from June, except Axi, which shed only 1.5 points. The compression reflects tighter enforcement of the disclosure requirement, not deteriorating execution quality.

The scoring methodology remains unchanged at version 1.0. Coverage is complete across spread data, regulatory licensing, and client fund protection, but zero of the 23 ranked brokers published machine-readable MiFID II Article 27(3) best-execution reports this month. The cap prevents any broker from scoring above 59.5 until disclosure ingestion resumes. Firms holding BaFin, CySEC, or FCA licences are statutorily obliged to publish these reports at least annually; the absence indicates either delayed publication cycles or non-compliant formatting.

Traders selecting a broker now should request the most recent Article 27(3) best-execution report directly from the firm before funding an account. Pepperstone, Forex.com, and Axi each hold CySEC licences, placing them under ESMA oversight; CySEC-regulated entities must demonstrate order routing that consistently delivers best available terms. A firm unable to produce a current report within five business days of request exposes a compliance gap material enough to reconsider the relationship. Tier-1 spreads matter, but execution transparency is non-negotiable under MiFID II.