To enable investors to evaluate the quality of our order execution practices, and to identify where orders are executed, we are required to publish an annual report. As we execute orders directly and transmit orders to other entities for execution, we are required to publish separate reports covering each activity. The reports contain information on the top five execution venues or entities we have passed orders to and a summary of the quality of execution achieved.
Where we identify where orders are executed this is done by trading volumes per class of financial instrument. We include information on the execution venue or entity name and identifier, the information on the total volume and number in percentage terms of all client orders executed via that execution venue or entity by class of financial instrument. We also confirm whether the investment has executed an average of less than one trade per business day in the previous year in the class of financial instruments.
For execution quality achieved we cover:
- how the price, costs, speed and likelihood of execution are factored in the overall assessment of execution quality achieved
- whether close connections to venues, conflicts of interest or shared ownership of venues has influenced execution quality
- whether (non-) monetary benefits have been received
- whether any changes occurred regarding the execution venues listed in the best execution policy, and
- whether execution quality differs if confronted with retail or professional clients.