Equities: 2019 |
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Notification if <1 average trade per business day in the previous year |
No | ||||
Top five execution venues ranked in terms of trading volumes (descending order) | Proportion of volume traded as a percentage of total in that class | Proportion of orders executed as a percentage of total in that class | Percentage of passive orders | Percentage of aggressive orders | Percentage of directed orders |
Berenberg, LEI: 529900UC2OD7II24Z667 |
49,7% |
59,2% |
50,4% |
49,6% |
0% |
UBS, LEI: REYPIEJN7XZHSUI0N355 |
30,4% |
16,6% |
53,0% |
47,0% |
0% |
Morgan Stanley, LEI: 4PQUHN3JPFGFNF3BB653 |
4,4% |
2,8% |
54,6% |
45,4% |
0% |
Numis, LEI: 213800P3F4RT97WDSX47 |
4,0% |
6,1% |
50,2% |
49,8% |
0% |
Winterflood, LEI: 8BRUP6V1DX3PIG2R0745 |
2,2% |
4,1% |
67,6% |
32,4% |
0% |
Futures: 2019 |
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Notification if<1 average trade per business day in the previous year |
No | ||||
Top five execution venues ranked in terms of trading volumes (descending order) |
Proportion of volume traded as a percentage of total in that class |
Proportion of orders executed as a percentage of total in that class |
Percentage of passive orders |
Percentage of aggressive orders |
Percentage of directed orders |
Morgan Stanley, LEI: 4PQUHN3JPFGFNF3BB653 |
100,00% |
100,00% |
53,8% |
46,2% |
0% |
Indices: 2019 |
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Notification if<1 average trade per business day in the previous year |
No | ||||
Top five execution venues ranked in terms of trading volumes (descending order) |
Proportion of volume traded as a percentage of total in that class |
Proportion of orders executed as a percentage of total in that class |
Percentage of passive orders |
Percentage of aggressive orders |
Percentage of directed orders |
Morgan Stanley, LEI: 4PQUHN3JPFGFNF3BB653 |
99,6% |
93,5% |
9,1% |
90,9% |
0% |
UBS, LEI: REYPIEJN7XZHSUI0N355 |
0,4% |
6,5% |
0,00% |
100,00% |
0% |
ETFs: 2019 |
|||||
Notification if<1 average trade per business day in the previous year |
No | ||||
Top five execution venues ranked in terms of trading volumes (descending order) |
Proportion of volume traded as a percentage of total in that class |
Proportion of orders executed as a percentage of total in that class |
Percentage of passive orders |
Percentage of aggressive orders |
Percentage of directed orders |
UBS, LEI: REYPIEJN7XZHSUI0N355 |
100,00% | 100,00% |
100,00% |
0% |
0% |
Requirement |
|
(a) 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; |
The relative importance of each of these factors within our dealing process will vary 1. the investment intent of the investment manager who created the order at the Firm; Each order is unique in its characteristics and market conditions are never constant. |
(b) a description of any close links, conflicts of interests, and common ownerships with respect to any execution venues used to execute orders; |
The Firm does not trade with any affiliates. |
(c) a description of any specific arrangements with any execution venues regarding payments made or received, discounts, rebates or non-monetary benefits received; |
The Firm does not receive payments, discounts, rebates or non-monetary benefits in its trading arrangements. |
(d) an explanation of the factors that led to a change in the list of execution venues listed in the firm’s execution policy, if such a change occurred; |
Brokerage firms remain on our list of execution venues subject to an authorisation and ongoing monitoring process, which includes, but is not limited to, a review of the performance of execution services provided by the broker, and the broker’s ability to trade effectively on our clients’ behalf. |
(e) 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; |
All clients are treated the same. |
(f) 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; |
This is not applicable, as the Firm does not trade retail client orders. |
(g) an explanation of how the investment firm has used any data or tools relating to the quality of execution, including any data published under Delegated Regulation (EU) 2017/575 [RTS 27]; |
We have carried out a transaction cost analysis to help us understand the quality of execution on the execution venues where we execute/place orders. |
(h) where applicable, an explanation of how the investment firm has used output of a consolidated tape provider |
This is not applicable |