Scope
Our MiFID order execution policy applies only to retail clients and to financial instruments.
Order Execution – obtaining the best result
Subject to any specific instructions that may be given by you, when executing orders on your behalf, we will take all reasonable steps to obtain the best possible result, taking into account the following execution factors:
• Your client classification
• The order, and its size and nature
• The characteristics of the financial instrument to be dealt
• The execution venues to which the order can be directed
• Price, cost, speed and likelihood of execution and settlement
• Any other factors relevant to the execution of the order.
We will determine the relative importance of these factors by using our commercial judgement and experience in the light of market information available and by taking into account any other execution factors. Prices will ordinarily merit a higher relative importance in obtaining the best possible result, but in some circumstances, for some clients, orders, financial instruments or markets, we may decide that other execution factors are more important than price in obtaining the best possible execution.
Execution Venues
A list of the execution venues used by us in respect of each class of financial instrument can be found here. This list of execution venues is not exhaustive but comprises those execution venues on which we place significant reliance. We reserve the right to use other execution venues when we consider is appropriate and, at our discretion, to add venues and to remove venues from the list. You should be aware that it may be necessary to execute some of your orders outside a regulated market, for instance "over the counter" with a market participant, or as "an agency cross" whereby your order would be crossed with an order of another client.
Methods of Execution
We will determine the relative importance of each execution factor and any specific instruction provided by you, and we will select the most appropriate execution venue from those available and execute your order accordingly.
Specific Client Instruction
Where you give us specific instructions as to the execution of an order we will execute your order in accordance with your instructions, though this may prevent us from adhering to our order execution policy.
Monitoring and Review
We will actively monitor compliance with and the effectiveness of our order execution policy to identify and where appropriate correct any deficiencies and the policy will be reviewed annually. We will also regularly assess whether our execution venues provide the best possible arrangement as required, notifying you of any changes that are made.
Consent
We are required to obtain your prior consent to your MiFID order execution policy and by giving us an order on or after 1 November 2007 you will be deemed to have implicitly provided the required consent.
Orders Outside a Regulated Market
We are also required to obtain your prior express consent before we execute an order outside of a regulated market.
Publishing Limit Orders
If you give us an investment instruction at a specific price limit "or better" and for a specified size, known as a "limit order", then it may not always be possible to execute that order under the prevailing market conditions. In such circumstances we would be required to make your order public.
Any Questions?
If there is anything you would like to know more about, or that you think you may not fully understand, please call us on 020 7397 2580 and speak to one of our dealing team, or email This email address is being protected from spambots. You need JavaScript enabled to view it. .
