Order Execution Policy
How we handle your orders, which factors we weigh, and how we monitor whether we are getting you the best result.
Our obligation
We are required to take all sufficient steps to obtain the best possible result for you when executing your orders, considered across the relevant factors rather than price alone.
Execution factors and their weight
| Factor | Typical weighting for retail clients |
|---|---|
| Price | Highest |
| Costs (spread and commission) | Highest |
| Speed of execution | High |
| Likelihood of execution and settlement | High |
| Size of the order | Medium |
| Nature of the order | Medium |
| Any other relevant consideration | Lower |
For retail clients the overriding consideration is total consideration — price together with all costs of execution. Where an instruction from you specifies how an order must be handled, that instruction takes precedence and may prevent us from following this policy.
Execution venues
We execute orders as the counterparty to your trade, pricing from a panel of liquidity providers whose quotes are aggregated to form the price you see. We review the composition and performance of that panel regularly and add or remove providers where doing so improves the results we obtain for clients.
Order handling
- Prompt and fairComparable orders are executed sequentially and promptly unless characteristics of the order or prevailing conditions make that impracticable.
- No preferential orderingWe do not prioritise one client’s orders over another’s, and automated orders receive the same treatment as manual ones.
- Slippage in both directionsWhere the market moves between receipt and execution, the fill reflects that movement whichever way it went. Positive slippage is passed to you.
- Partial fillsWhere insufficient liquidity exists at a price level, an order may be filled partially, with the remainder executed at the next available level.
Monitoring and review
We monitor execution quality on an ongoing basis and formally review this policy at least annually, and whenever a material change occurs that affects our ability to obtain the best possible result. Material changes are notified to clients.