Deutsche Bank Order Execution and Placement Policy Disclosure Statement
|
|
- Shauna Atkins
- 7 years ago
- Views:
Transcription
1 Deutsche Bank Order Execution and Placement Policy Disclosure Statement
2
3 1. Scope of This Statement This Statement contains information concerning the Order Execution Policy (the Policy ) of Deutsche Bank AG, Amsterdam Branch (the Bank ) and is addressed to the Bank s clients (both professional and retail). 1.1 When Best Execution will and will not apply The Policy applies to order execution services provided by the Bank. When the Bank executes a transaction with you, it may either be acting on your behalf, or dealing with you as an arm s length counterparty. If the Bank executes a transaction on your behalf, and has not categorised you as an eligible counterparty ( ECP ), it will provide you with a best execution service ( best execution ) in accordance with the Bank s Policy. This Disclosure Statement is intended to give you appropriate information concerning the Policy. It is a summary, and is not intended to be comprehensive. If you have any queries as to particular aspects of the Policy you should address them in the first instance to your normal contact person at the Bank. The Bank will be happy to respond to any reasonable enquiries of this nature. 1.2 What is meant by acting on your behalf The Bank will be acting on your behalf in the event that: You have placed an order that the Bank has explicitly agreed to execute as your agent, or The Bank deals with you as a principal and not as an agent, but assumes similar duties to those of an agent. This may happen where the Bank enters into a contract with you as a principal but does not assume any price risk because it has simultaneously executed a matching back-to-back trade in the market (known as riskless principal execution), or explicitly accepts a duty to provide best execution but chooses to fill the order off its own book ( own account best execution ); or You have given the Bank authority to exercise discretion to deal on your behalf and the Bank explicitly agrees to this authorization. 1.3 What is meant by dealing or dealing as counterparty The Bank will be dealing with you on an arm s length counterparty basis if the Bank is dealing with you as a principal for its own account and risk and without any undertaking to provide best execution. This will typically happen where the Bank: routinely provides two way quotes in financial instruments; and /or in response to specific client requests provides quotes upon which a client can deal; and you elect to deal with the Bank at one or more of those quoted prices. 1.4 Eligible counterparties If either: (a) you have been categorised as a professional client falling within the definition of a per se eligible counterparty and the Bank has not agreed to contract you back into best execution, or (b) you are a professional client which has been categorised as an elective eligible counterparty; then the Bank will owe you no duty of best execution as defined in this Policy. If you do not know your client categorisation you should ask your normal contact person at the Bank to confirm this to you. 1.5 Specific instructions If the Bank accepts specific instructions from you as to how your order should be executed, we will follow these instructions. This may result in your order not being executed with the best result. 1.6 Asset / Product Classes The Bank classifies its client order execution capabilities within divisions by asset / product class. For some classes, the Bank will only act as a dealer, for others it may also act on behalf of clients. More information is available in Annex Order Execution and Placement Policy Disclosure Statement 03
4 2. How The Policy Will Operate 2.1 General Where the Bank provides best execution it will take reasonable care to do so in accordance with both this Policy and with relevant rules and regulations. This does not mean that the Bank assumes or accepts any fiduciary, contractual or other duty to provide best execution except in accordance with those rules and regulations. For these purposes, reasonable care means that the Bank will satisfy itself that it has processes and procedures in place that can reasonably be expected to lead to the delivery of the best result when providing a best execution service, and will take reasonable steps to follow those processes and procedures based on the resources available to it. The Bank does not guarantee that it will always be able to provide best execution on each and every relevant occasion. 2.2 Execution, reception and transmission of orders Generally where the Bank is acting on your behalf it will either handle your orders itself as detailed in this Policy, or we may, at our discretion pass your orders to another firm(s) to execute. Other such firm(s) may be associated or affiliated with the Bank. In these circumstances we will satisfy ourselves that the other firm has arrangements in place to enable us to comply with the Policy. In the event that the other firm is located outside the EEA, we will require orders to be executed according to local rules and regulations. 3. Best Result 3.1 General The Bank s Policy for executing orders on your behalf is based on: (a) a selection of suitable venues for execution; (b) an evaluation of the factors to be taken into account when choosing the venues; (c) an assessment of your particular client characteristics both in terms of your particular requirements, and the nature of the service that the Bank can offer to meet them; and (d) a judgment as to how the first three factors can be best addressed and utilised in the context of your particular client order. 3.2 Execution venues When the Bank executes orders on your behalf it will reasonably attempt to achieve the best result by selecting execution venues that consistently allow the best result to be achieved. Venues can be: EEA-regulated markets (usually exchanges where companies have their primary listing or where their securities are admitted to trading and also those exchanges where derivatives are listed and traded), Multi-lateral Trading Facilities ( MTF s ), Systematic Internalisers ( SI s), which are investment firms, like Deutsche Bank AG, which on an organised frequent and systematic basis, deal on their own account by executing client orders outside a regulated market or MTF, and other liquidity providers that have similar functions to any of the above (which include non- EEA-regulated markets and exchanges). The execution of orders on a client s behalf other than on an EEA-regulated market or MTF after 1 February 2008 will be considered as OTC executions (i.e. over-the-counter) Venues upon which the Bank places significant reliance The venues substantially relied upon by the Bank, and which we believe will consistently provide for the best result when executing your orders, are listed in Annex 2 of this Policy Single venue financial instruments Some instruments only have a single execution venue in the EEA for example listed non fungible futures and options. The Bank will route orders in such instruments to the relevant (single) venue and this will be regarded as achieving the best result when acting on your behalf. 04 Order Execution and Placement Policy Disclosure Statement
5 4. Handling Orders 4.1 General When in receipt of an order to which this Policy applies, the Bank will normally send or route it directly to an execution venue, which may be to ourselves, or to a combination of venues, chosen in accordance with the Policy. The decision-making process concerning the routing of an order that achieves the best result will be assessed by taking various factors into account. In particular, the Bank will give weight to the factors of price, cost, attributes of financial instrument, speed, size, and probability of execution when assessing the best result for professional orders. The weights to be given are dynamic and may depend upon several variables and characteristics including the financial instrument, order type, and market / execution venue conditions. Orders may, at the Bank s discretion, be reviewed during their execution life cycle and amended, for example by changing the venue choice or by the amounts of order sent to any particular venue or combination of venues, where this is considered appropriate or desirable for best execution purposes. The Bank will take certain characteristics of yours into account, such as your understanding and experience of the market in question, your dealing profile, the nature of the execution service you require and the specific and general instructions you give which may prioritise how orders are sent, routed or executed. The Bank will normally execute your orders and other comparable client orders sequentially and promptly. 4.2 Orders from professional clients In the absence of specific instructions from a professional client, the Bank will exercise its own discretion in determining the factors that it needs to take into account for the purpose of complying with its Policy. 4.3 Orders from other investment firms or credit institutions acting on behalf of their own clients If you are an investment firm acting on behalf of your own clients, the Bank will (unless agreed otherwise) treat you as its client for the purposes of the Policy to the exclusion of your underlying clients. 4.4 Orders from retail clients or from other firms identified as retail orders Notwithstanding Paragraph 4.2, you may request that some or all of your orders be treated as retail client orders. Where the Bank agrees to such an arrangement you should distinguish between retail and professional orders when transmitting them to us. When assessing the best result for orders from clients categorized as retail clients or identified as retail orders, the Bank will only normally attach importance to the factors of price and cost. This means that our execution criteria will focus on the total consideration paid or received for your retail order, including venue fees, clearing and settlement fees, plus any fee paid to a third party. The Bank may however, on occasion, also consider other factors such as speed, size, and likelihood of execution and /or settlement where it considers this appropriate or necessary. 5. Policy Review 5.1 Regular monitoring and review The Bank will monitor, review, and assess the Policy s effectiveness on at least an annual basis, and additionally whenever a material change occurs which in the Bank s view may affect the Bank s ability to consistently achieve best result using a chosen venue. Changes to the execution arrangements following such monitoring will be made as the Bank considers appropriate. 5.2 Policy updates (via internet and durable medium) This Policy will be kept up to date and accessible on the internet at the following address: For those clients that do not wish to receive the Policy via the internet and any updates, it will also be available in durable medium upon request Order Execution and Placement Policy Disclosure Statement 05
6 6. Other 6.1 Matters beyond the Bank s reasonable control Due to systems failures or other reasons which are unavoidable or beyond the Bank s reasonable control, we may from time to time execute orders in a manner that differs from the normal process as intended by the Policy. In the event of such an occurrence, we will still endeavour to execute orders on the best terms under the relevant circumstances. 6.2 Consent This Policy is an attachment to, and inseparable part of, the Bank s Terms of Business related to Investment Services and Ancillary Services. By entering into orders for execution, the client gives its consent to this policy. 6.3 Express consent As already mentioned in this policy, orders which are executed after 1 February 2008 other than through the order books of an EEA-regulated market or MTF are considered as OTC executions. The Bank s Policy provides for the possibility of executing orders other than through the order books of an EEA-regulated market or MTF, including the possibility that orders may be routed to ourselves as an execution venue. Express consent will normally be required from you before the Bank may proceed to execute your orders in such a fashion, and where appropriate the Bank will seek such consent by way of general agreement, i.e. within the Bank s terms of business, stand-alone consent letter, or individually in relation to specific transactions. Express consent will not be required for an OTC execution in situations where the relevant financial instrument is not listed on or admitted to trading on an EEA-regulated market or MTF. 6.4 Order execution enquiries If you wish to query an order execution, you may ask the Bank to demonstrate that it has executed your order in compliance with the Policy. 06 Order Execution and Placement Policy Disclosure Statement
7 e
8
Nordea Execution Policy
Nordea Execution Policy November 2015 The President of Nordea Bank AB (publ) and Chief Executive Officer (CEO) of the Nordea Group in Group Executive Management have approved this execution policy ( Execution
More informationEXANE GROUP EXECUTION POLICY
EXANE GROUP EXECUTION POLICY DISCLAIMER Exane 2015. All rights reserved. No part of this document may be reproduced in any form or by any means - electronic, mechanical, photocopying, recording or otherwise
More informationIntroduction. Scope and Services
Introduction Trading Point of Financial Instruments Ltd operating under the trading name XM.com is a Cypriot Investment Firm ("CIF") registered with the Registrar of Companies in Nicosia under number:
More informationPVM Execution Policy. A tullett prebon company. PVM Oil Associates Ltd. PVM Oil Futures Ltd. London
PVM Execution Policy This document details how we handle orders for our customers and strive to obtain the best possible outcome each time we deal on their behalf., NJ and PVM Oil Associates Ltd & PVM
More informationBEST EXECUTION POLICY FOR PROFESSIONAL AND RETAIL CLIENTS
BEST EXECUTION POLICY FOR PROFESSIONAL AND RETAIL CLIENTS Applicable to Société Générale Group entities in the European Economic Area (Head office, Branches and Subsidiaries) October 2015 Société Générale
More informationORDER TRANSMISSION AND EXECUTION POLICY FOR PROFESSIONAL CLIENTS
ORDER TRANSMISSION AND EXECUTION POLICY FOR PROFESSIONAL CLIENTS 1. DEFINITIONS Execution Policy or simply the Policy or the Strategy: measures, mechanisms and procedures adopted by MPS CAPITAL SERVICES
More informationFX & MIFID ECB FX Contact Group
FX & MIFID ECB FX Contact Group Richard Haynes Fixed Income Sales & Trading Compliance Department Citigroup 21 November 2007 FX & MIFID Introduction MiFID Overview What FX instruments are within scope
More informationBest execution under MIFID
THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS Ref: CESR/07-050b Best execution under MIFID Public consultation February 2007 11-13 avenue de Friedland - 75008 PARIS - FRANCE - Tel.: 33.(0).1.58.36.43.21
More informationSummary of Scotiabank London Best Execution Policy
1. Introduction Summary of Scotiabank London Best Execution Policy 1.1 The Bank of va Scotia ( BNS ) is authorised and regulated by the Office of the Superintendent of Financial Institutions in Canada.
More informationCREDITEX BROKERAGE LLP BEST EXECUTION POLICY
CREDITEX BROKERAGE LLP BEST EXECUTION POLICY Version 1.1 The Execution Policy is applicable to broker services provided by Creditex Brokerage LLP ( CBL ). Introduction When providing brokerage services
More informationPictet Asset Management: Summary of Best Execution Policy
Pictet Asset Management: Summary of Best Execution Policy January 2015 1. Introduction The Markets in Financial Instruments Directive ( MiFID ) requires all investment firms when executing orders on behalf
More informationICAP Execution Policy
ICAP Execution Policy August 2013 This Execution Policy is applicable to broker services provided to you by ICAP Group and/or any of its relevant group companies, as notified to you from time to time (
More information(i) ASX TradeMatch primary central limit
MOELIS AUSTRALIA SECURITIES PTY LTD ACN 122 781 560 AFSL 308241 BEST EXECUTION POLICY and PROCEDURES 1. BEST EXECUTION OBLIGATION 1.1 Overview (a) This policy is issued pursuant and in compliance with
More informationOrder Execution Policy. Version: 4.0 Last approved: August 2013 Last updated: August 2013 Policy owner: Compliance
Version: 4.0 Last approved: August 2013 Last updated: August 2013 Policy owner: Compliance 1. Policy Statement In accordance with regulatory obligations in the Financial Conduct Authority (FCA) Conduct
More informationCitibank Europe plc Hungarian Branch Office BEST EXECUTION POLICY
Citibank Europe plc Hungarian Branch Office BEST EXECUTION POLICY 20 May, 2016 1 BEST EXECUTION POLICY This best execution policy (hereinafter: Best Execution Policy ) contains the general rules based
More informationInteractive Brokers LLC. Australian BEST EXECUTION POLICY Retail Clients. Page 1 of 6
Interactive Brokers LLC Australian BEST EXECUTION POLICY Retail Clients Page 1 of 6 Version Control Document Date Author Key changes version 1.0 Sept 2011 J Kelly Policy to comply with ASIC Market Integrity
More informationNew Conduct of Business Sourcebook. Chapter 11. Dealing and managing
New Conduct of Business Sourcebook Chapter Dealing and managing COBS : Dealing and managing Section.1 : Application.1 Application.1.1 eneral application This chapter applies to a firm. (1) [deleted] (2)
More informationClient Order Execution Policy
Client Order Execution Policy Client Order Execution Policy Application The EU Markets in Financial Instruments Directive ( MiFID ) and corresponding rules of the Financial Conduct Authority ( FCA ) requires
More informationBEST EXECUTION POLICY - FINANCIAL INSTRUMENTS
BEST EXECUTION POLICY - FINANCIAL INSTRUMENTS BEST EXECUTION POLICY - FINANCIAL INSTRUMENTS This Best Execution Policy (the Policy ) sets out the overall principles that Danske Bank International S.A.
More informationSUMMARY BEST INTEREST AND ORDER EXECUTION POLICY
SUMMARY BEST INTEREST AND ORDER EXECUTION POLICY 1. Introduction 1.1. This Summary Best Interest and Order Execution Policy ( the Policy ) is provided to you (our Client or prospective Client) in accordance
More informationBest Execution Policy
Black Pearl Securities Limited "the Firm" Best Execution Policy This Best Execution Policy is applicable to Matched Principle Broker (MPB) services provided to you by the Firm and it should be read in
More informationBEST INTEREST AND ORDER EXECUTION POLICY
Page 1 of 8 Leverate Financial Services Ltd. (Regulated by the Cyprus Securities & Exchange Commission) BEST INTEREST AND ORDER EXECUTION POLICY 2015 Page 2 of 8 SUMMARY BEST INTEREST AND ORDER EXECUTION
More informationCredit Suisse Asset Management Limited UK Order Execution Policy December 2013
Credit Suisse Asset Management Limited UK Order Execution Policy December 2013 Table of Contents 1. General information about this Policy 1 2. CSAML s Core Best Execution Obligations 2 3. Placing Orders
More informationBEST EXECUTION AND ORDER HANDLING POLICY
BEST EXECUTION AND ORDER HANDLING POLICY 1. Introduction 1.1. This Summary Best Execution and Order Handling Policy ( the Policy ) is provided to you (our Client or prospective Client) in accordance with
More informationInvestment Services Directive (ISD Markets in Financial Instruments Directive (MiFID) & 2007
Investment Services Directive (ISD) Markets in Financial Instruments Directive (MiFID), & ) 2007 : «ISD MiFID» A.... 4 1.... 4 2. (FSAP)... 4 3. LAMFALUSSY... 4 4.... 4 B. MiFID... 5 1. /:... 5 2.... 5
More informationI. INTRODUCTION II. SCOPE OF POLICY
BEST EXECUTION I. INTRODUCTION ORBEX Limited (the Company) is an investment firm regulated by the Cyprus Securities and Exchange Commission (CySEC) license number 124/10, following the implementation of
More informationBEST INTEREST AND ORDER EXECUTION POLICY
Page 1 of 7 Leverate Financial Services Ltd. (Regulated by the Cyprus Securities & Exchange Commission) BEST INTEREST AND ORDER EXECUTION POLICY 2015 Page 2 of 7 BEST INTEREST AND ORDER EXECUTION POLICY
More informationOrder Execution Policy
Order Execution Policy Introduction Colmex Pro Ltd (hereinafter called the Company ) is an Investment Firm regulated by the Cyprus Securities and Exchange Commission (license number 123/10). Following
More informationORDER EXECUTION POLICY
ORDER EXECUTION POLICY Saxo Capital Markets UK Limited is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary
More informationORDER EXECUTION POLICY
ORDER EXECUTION POLICY Table&of&Contents& 1.#INTRODUCTION# 2! 2.! SCOPE#AND#SERVICES# 2! 3.#BEST#EXECUTION# 2! PRICE! 3! COSTS! 3! CURRENCY!!CONVERSION! 3! SPEED!!OF!!EXECUTION! 4! LIKELIHOOD!!OF!!EXECUTION!
More informationGUIDELINE ON THE APPLICATION OF THE SUITABILITY AND APPROPRIATENESS REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID IN THE UK
GUIDELINE ON THE APPLICATION OF THE SUITABILITY AND APPROPRIATENESS REQUIREMENTS UNDER THE FSA RULES IMPLEMENTING MIFID IN THE UK This Guideline does not purport to be a definitive guide, but is instead
More informationBEST EXECUTION POLICY
BEST EXECUTION POLICY TeleTrade - DJ International Consulting Ltd January 2015 2011-2015 TeleTrade-DJ International Consulting Ltd. 1 Introduction TeleTrade-DJ International Consulting Ltd (hereinafter
More informationTerms of Business. 03 March 2014. Authorised and regulated by the Financial Conduct Authority
Terms of Business 03 March 2014 Authorised and regulated by the Financial Conduct Authority Our Particulars The full name of our firm is Winterflood Securities Limited ( Wins ) The address of our registered
More informationBEST INTEREST POLICY
BEST INTEREST POLICY Indication Investments Limited CYSEC License number 164/12 13, Acropolis & 2, Thoukydides Str, CY-2006 Nicosia, Cyprus Telephone: +357 22 025 100 Fax: +357 22 025 222 Email: info@fxclub-global.com
More informationClient Assets. Chapter 9. Information to clients
Client Assets Chapter Information to clients Section.1 : Application.1 Application.1.1 This chapter applies as follows: (1) CASS.2 and CASS.3 apply to a prime brokerage firm to which CASS 6 (Custody rules)
More informationJ.P. Morgan Asset Management Institutional Order Execution Policy Disclosure
J.P. Morgan Asset Management Institutional Order Execution Policy Disclosure 1 Introduction and scope The rules of the Financial Services Authority ( FSA ), in implementing the Markets in Financial Instruments
More informationSECTION I. GENERAL EXECUTION
EXECUTION POLICY for spread betting SECTION I. GENERAL EXECUTION Introduction 1 The Applicable Regulations and our regulators, Financial Conduct Authority, require us to take all reasonable steps to obtain
More informationSUMMARY BEST INTEREST AND ORDER EXECUTION POLICY
SUMMARY BEST INTEREST AND ORDER EXECUTION POLICY 1. Introduction This Summary Best Interest and Order Execution Policy ( the Policy ) is provided to you (our Client or prospective Client) in accordance
More informationCLIENT CATEGORIZATION POLICY
CLIENT CATEGORIZATION POLICY According to the Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(I)/2007), icfd Limited, formerly known as iforex Cyprus Limited, operating under
More informationWGM Services Ltd Authorisation No: 203/13
[Type text] WGM Services Ltd Authorisation No: 203/13 February 2015 Order Execution Policy Table of Contents 1.0 INTRODUCTION... 2 2.0 SCOPE AND SERVICES... 2 3.0 ORDER TYPE DEFINITIONS... 3 Buy Stop...
More informationPlus500CY Ltd. Conflict of Interest Policy Statement
Plus500CY Ltd. Conflict of Interest Policy Statement Summary of Conflict of Interest Policy Statement 1. Introduction 1.1. This Conflict of Interest Policy Statement outlines how Plus500CY Ltd. ("Plus500"
More informationOrder Execution Policy
Order Execution Policy 1 Overview The purpose of this document is to provide clients of Stocktrade ( Stocktrade or we or us ) with information about our Order Execution Policy and to seek your consent
More informationInvestment services terms and conditions
wealth management - savings - investments Investment services terms and conditions Investment Services - Terms and Conditions 2012 3 TERMS AND CONDITIONS FOR INVESTMENT SERVICES Part A - General 1. INTRODUCTION
More informationCLSA GLOBAL PORTFOLIO TRADING SERVICES ANNEX. In this Annex, the following capitalised terms have the following meanings:
CLSA GLOBAL PORTFOLIO TRADING SERVICES ANNEX 1. Definitions and Interpretation In this Annex, the following capitalised terms have the following meanings: "Affiliates" shall mean members of the CLSA Group;
More informationAncillary Services affected by MiFID II - impact on AIFMs and UCITS management companies
Ancillary Services affected by MiFID II - impact on AIFMs and UCITS management companies Summary of how MiFID II will apply to EU managers regulated under AIFMD and the UCITS Directive In the context of
More informationBest Execution Policy
Best Execution Policy 1. General provisions 1.1. Aktsiaselts LHV Varahaldus (hereinafter Management Company) manages portfolios of investments for pension funds, LHV World Equities Fund and offers portfolio
More informationA Guide to MiFID Investment Services in Ireland
A Guide to MiFID Investment Services in Ireland Contents A Guide to MiFID Investment Services in Ireland MiFID Background Page 3 Application of MiFID in Ireland Page 5 Does your Business come within the
More informationMarkets in Financial Instruments Directive (MiFID): Broad Reforms to EU Financial Services Regulation
1 Markets in Financial Instruments Directive (MiFID): Broad Reforms to EU Financial Services Regulation James Hamilton, J.D., LL.M. CCH Principal Analyst 2 About the Author James Hamilton is a Principal
More informationTransaction reporting
MEMORANDUM Date: 13 October 2006 Updated: 16 May 2011 Transaction reporting Finansinspektionen Box 7821 SE-103 97 Stockholm, Sweden [Brunnsgatan 3] Tel +46 8 787 80 00 Fax +46 8 24 13 35 finansinspektionen@fi.se
More informationMarkets in Financial Instruments Directive (MiFID) Feedback on Discussions of Conduct of Business Industry Working Group
Markets in Financial Instruments Directive (MiFID) Feedback on Discussions of Conduct of Business Industry Working Group October 2007 TABLE OF CONTENTS Introduction 2 1. Client Categorisation 6 2. Suitability
More informationBEST EXECUTION AND ORDER HANDLING POLICY
BEST EXECUTION AND ORDER HANDLING POLICY 1. INTRODUCTION 1.1 etoro (Europe) Ltd (the Company ) is an Investment Firm regulated by the Cyprus Securities and Exchange Commission ( CySEC ) with license number
More informationQ1. What is a systematic internaliser?
MiFID II/R: Systematic Internalisers A Q&A for bond markets July 2015 Q1. What is a systematic internaliser? A. A systematic internaliser (SI), under the EU MiFID regime, is an investment firm that deals
More informationFREQUENTLY ASKED QUESTIONS ABOUT BLOCK TRADE REPORTING REQUIREMENTS
FREQUENTLY ASKED QUESTIONS ABOUT BLOCK TRADE REPORTING REQUIREMENTS Block Trades and Distributions What is a block trade? Many people use the term block trade colloquially. Technically, a block trade is
More informationHSBC Global Investment Centre
HSBC Global Investment Centre Terms and Conditions These terms are effective for all Global Investment Centre Account customers on and from 6 April 2016. 2 Global Investment Centre Terms and Conditions
More informationGENERAL TERMS AND CONDITIONS OF BUSINESS. (The CLIENTS )
February 2014 GENERAL TERMS AND CONDITIONS OF BUSINESS BETWEEN THE KEPLER GROUP AFFILIATES (AS SET OUT IN APPENDIX I) AND THEIR RESPECTIVE CLIENTS (The CLIENTS ) KEPLER CAPITAL MARKETS S.A. KEPLER Group
More informationAtlas Capital Financial Services Limited. MT4 Order Execution Policy
Atlas Capital Financial Services Limited (Regulated by the Cyprus Securities & Exchange Commission) MT4 Order Execution Policy 11th of February 2015 1 P a g e Contents 1. Introduction:...3 2. Scope:...3
More informationTransparency in the context of Secondary Markets Bond Trading
MiFID II Transparency in the context of Secondary Markets Bond Trading February 2015 Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware
More informationGoldman Sachs s Standard Spot Foreign Exchange Terms of Dealing
Goldman Sachs s Standard Spot Foreign Exchange Terms of Dealing Although Goldman Sachs ( GS or the Firm ) believes its spot FX practices are well-known to its counterparties, the purpose of this letter
More information(X) FX PROCEDURES INDEX 2. ADDITIONAL MEMBERSHIP REQUIREMENTS FOR FX CLEARING MEMBERS... 4 3. OTHER PROCEDURES... 5
(X) FX PROCEDURES INDEX Page 1. ADDITIONAL DEFINITIONS... 2 2. ADDITIONAL MEMBERSHIP REQUIREMENTS FOR FX CLEARING MEMBERS... 4 3. OTHER PROCEDURES... 5 4. SUBMISSION AND ACCEPTANCE OF FX CONTRACTS... 5
More informationClient classification, disclosure requirement and obligation to obtain information
Client classification, disclosure requirement and obligation to obtain information According to the Finnish Securities Markets Act, securities dealers are required to inform their clients about the clients
More informationOn Execution of Orders of Broker-Dealer Department of Komercijalna Banka AD Beograd (Authorised Bank)
R U L E S On Execution of Orders of Broker-Dealer Department of Komercijalna Banka AD Beograd (Authorised Bank) KOMERCIJALNA BANKA AD BEOGRAD Executive Board No. 19259 Date: 10.09.2012 Pursuant to Article
More informationORDER EXECUTION AND BROKER SELECTION POLICY - PROFESSIONAL - ING INVESTMENT MANAGEMENT
ORDER EXECUTION AND BROKER SELECTION POLICY - PROFESSIONAL - ING INVESTMENT MANAGEMENT 17 December 2013 INFORMATION SHEET Target audience: Employees of ING IM International (legally represented by ING
More informationPACIFIC PRIVATE BANK LIMITED S BEST EXECUTION POLICY (ONLINE TRADING)
PACIFIC PRIVATE BANK LIMITED S BEST EXECUTION POLICY (ONLINE TRADING) 1 INTRODUCTION 1.1 This policy is not intended to create third party rights or duties that would not already exist if the policy had
More informationDBA response to CESR s Consultation Paper MiFID 2 nd Set of Mandates
DANISH BANKERS ASSOCIATION CESR DBA response to CESR s Consultation Paper MiFID 2 nd Set of Mandates Introduction The Danish Bankers Association appreciates this opportunity to provide comments on CESR
More informationRevision of the Markets in Financial Instruments Directive (MiFID II) Fact Sheet
Revision of the Markets in Financial Instruments Directive (MiFID II) Fact Sheet Background to MiFID II and its purpose The Markets in Financial Instruments Directive ( MiFID ) came into force 1 November
More informationMiFID/MiFIR: The OTF and SI regime for OTC derivatives
MiFID/MiFIR: The OTF and SI regime for OTC derivatives The International Swaps and Derivatives Association (ISDA) would like to take this opportunity to set out its views on the elements of European Commission
More informationMiFID/MiFIR REPORTING FIELD COMPARISON
MiFID/MiFIR REPORTING FIELD COMPARISON MiFIR (PER ESMA CP 2014/1570) 1 Repting entity identification code Type of code used to identify the entity executing the transaction Legal entity : the wd LEI +
More informationClient Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007
Client Asset Requirements Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Instructions Paper November 2007 1 Contents 1 Contents 2 Introduction 1 2.1 Scope
More informationis held and maintained at GAIN Capital who serves as the clearing agent and counterparty to your trades. GAIN Capital is a
Last updated July 2, 2015 FOREX RISK DISCLOSURE STATEMENT Forex trading involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Before deciding to trade
More informationThe Investment Services Directive a New Basis for Securities Trading in Europe
77 The Investment Services Directive a New Basis for Securities Trading in Europe Birgitte Bundgaard and Anne Reinhold Pedersen, Financial Markets INTRODUCTION On 7 October 2003 the Council of Ministers
More information3.1 Saxo Capital Markets identifies and seeks to obtain the most favorable terms reasonably available when executing an order on behalf of a client.
SAXO LEGAL SINGAPORE Saxo CAPITAL MARKETs Best Execution Policy 1 1. introduction 3. SAXO CAPITAL MARKETS APPROACH TO BEST 1. INTRODUKTION EXECUTION 1.1 1.2 1.3 1.4 1.5 2.1 This policy is not intended
More informationNATIONAL INSTRUMENT 23-102 USE OF CLIENT BROKERAGE COMMISSIONS
Unofficial Consolidation June 1, 2015 This document is an unofficial consolidation of all amendments to National Instrument 23-102 Use of Client Brokerage Commissions and its Companion Policy current to
More informationInternational Financial Reporting Standard 7 Financial Instruments: Disclosures
EC staff consolidated version as of 21 June 2012, EN EU IFRS 7 FOR INFORMATION PURPOSES ONLY International Financial Reporting Standard 7 Financial Instruments: Disclosures Objective 1 The objective of
More informationWrap ISA and Wrap Personal Portfolio 1/26
Wrap ISA and Wrap Personal Portfolio 1/26 Terms and conditions These terms govern your relationship with Standard Life Savings, a company authorised and regulated by the FCA which is part of the Standard
More informationOPERATING RULES AND STANDARDS
GOLDMAN SACHS DO BRASIL CORRETORA DE TÍTULOS E VALORES MOBILIÁRIOS S.A. OPERATING RULES AND STANDARDS Goldman Sachs do Brasil Corretora de Títulos e Valores Mobiliários S.A. (the Broker-Dealer ), in due
More informationOrder Execution Policy
Order Execution Policy March 2015 Table of Contents 1. INTRODUCTION... 2 2. SCOPE AND SERVICES... 2 3. BEST EXECUTION... 7 4. EXECUTION VENUES... 10 5. MONITOR AND REVIEW... 11 6. CLIENT CONSENT... 11
More informationDIVIDEND REINVESTMENT PLAN RIO TINTO PLC
DIVIDEND REINVESTMENT PLAN RIO TINTO PLC TERMS & CONDITIONS Computershare Investor Services PLC has arranged to provide a Dividend Reinvestment Plan to Rio Tinto plc and a number of other clients that
More informationIFRS 13 Fair Value Measurement
May 2011 International Financial Reporting Standard IFRS 13 Fair Value Measurement International Financial Reporting Standard 13 Fair Value Measurement IFRS 13 Fair Value Measurement is issued by the International
More informationCredit Reporting Privacy Policy of Baybrick Pty Ltd
Credit Reporting Privacy Policy of Baybrick Pty Ltd Introduction 1. This Credit Reporting Privacy Policy is the official privacy policy of Baybrick Pty Ltd and its subsidiaries which includes JBS Australia
More informationSummary Order Execution Policy Terms of Use
Summary Order Execution Policy Terms of Use 0 Summary Order Execution Policy 1. Introduction 1.1 In accordance with MiFID guidelines and the Financial Conduct Authority (FCA) rules concerning its implementation
More informationLENDERS INSURANCE POLICY ENDORSEMENT
NDS LENDERS INSURANCE POLICY ENDORSEMENT It is hereby noted and agreed by Insurers that all wordings incorporated in this Policy and all subsequent endorsements are accepted by Insurers as their own Notwithstanding
More informationThe Markets in Financial Instruments Directive and the Single European Market in Investment Services (Third Edition) slaughter and may.
The Markets in Financial Instruments Directive and the Single European Market in Investment Services (Third Edition) slaughter and may August 2007 contents 1 Key Consequences 1 2 Background 2 3 Investment
More informationFor determining the best possible manner of execution of orders of a customer, the Bank shall take into account the following criteria:
Confirmed by the resolution of the management board of Versobank AS on 02.02.2015 Rules of Best Execution of Customers' Orders Versobank AS (hereinafter: Bank) shall execute an order related to the financial
More informationTrade and Order Execution Policy for Retail and Professional Clients
Trade and Order Execution Policy for Retail and Professional Clients Spread Betting and CFDs are high risk investments. Your capital is at risk. Spread Betting and CFDs are not suitable for all investors
More informationUnited States of America Takeover Guide
United States of America Takeover Guide Contact Richard Hall Cravath, Swaine & Moore LLP rhall@cravath.com Contents Page INTRODUCTION 1 TENDER OFFERS VERSUS MERGERS 1 IN THE BEGINNING 2 REGULATION OF TENDER
More informationMiFID II Key aspects. I. Introduction
MiFID II Key aspects I. Introduction Yesterday the final texts of the revised Markets in Financial Instruments Directive were published in the Official Journal of the European Union. The texts consist
More informationCESR Level 3 Guidelines on MiFID Transaction reporting
THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS Ref: CESR/07-301 CESR Level 3 Guidelines on MiFID Transaction reporting May 2007 11-13 avenue de Friedland - 75008 PARIS - FRANCE - Tel.: 33.(0).1.58.36.43.21
More informationDIVIDEND REINVESTMENT PLAN THE SCOTTISH INVESTMENT TRUST PLC
DIVIDEND REINVESTMENT PLAN THE SCOTTISH INVESTMENT TRUST PLC TERMS & CONDITIONS The Scottish Investment Trust PLC has arranged a dividend reinvestment plan that gives shareholders the opportunity to use
More informationRISK DISCLOSURE STATEMENT FOR FOREX TRADING AND IB MULTI- CURRENCY ACCOUNTS
RISK DISCLOSURE STATEMENT FOR FOREX TRADING AND IB MULTI- CURRENCY ACCOUNTS Rules of the U.S. National Futures Association ("NFA") require Interactive Brokers ("IB") to provide you with the following Risk
More informationA Guide to MiFID Investment Services in Ireland
A Guide to MiFID Investment Services in Ireland Contents Heading Contents Heading Page x MiFID Background Page 2 Application of MiFID in Ireland Page 4 Does your business come within the scope of the MiFID
More informationAtlas Capital Financial Services Limited. Conflicts of Interest
Atlas Capital Financial Services Limited (Regulated by the Cyprus Securities & Exchange Commission) Conflicts of Interest 10th of February 2015 1 P a g e Contents 1. Introduction... 3 2. Scope of the policy...
More informationGuidance Note Glossary. Financial Services (Markets in Financial Instruments) Act
Guidance Note Glossary Financial Services (Markets in Financial Instruments) Act Issued : 1 November 2007 Published by: Financial Services Commission PO Box 940, Suite 943, Europort, Gibraltar Tel (+350)
More informationBROKERAGE RULES AND PARAMETERS ADOPTED BY J.P. MORGAN CORRETORA DE CÂMBIO E VALORES MOBILIÁRIOS S.A.
BROKERAGE RULES AND PARAMETERS ADOPTED BY J.P. MORGAN CORRETORA DE CÂMBIO E VALORES MOBILIÁRIOS S.A. According to the provisions of article 3 of Instruction No. 505, issued by the Brazilian Securities
More informationmeans the Eligibility Criteria set forth in clause 4 of these Rules.
LIQUIDNET EUROPE LIMITED ( LIQUIDNET ) LIQUIDNET EUROPE FIXED INCOME MTF PARTICIPATION RULES 1 Glossary Term Competent Authority EEA Eligibility Criteria Erroneous Order Erroneous Trade FCA FCA Rules FSMA
More informationSection 1 1 Purpose of the Act The purpose of this Act is to lay the basis for secure, orderly and efficient trading in financial instruments.
Finanstilsynet Norway Translation update January 2015 This translation is for information purposes only. Legal authenticity remains with the official Norwegian version as published in Norsk Lovtidend.
More informationCOMPLAINT HANDLING POLICY
COMPLAINT HANDLING POLICY September 2012 Page 1 of 11 VERSION HISTORY RECORD OF CHANGES 15/05/02 Document Created 23/07/03 Updated on establishment of business 12/12/05 Review of Policy 04/06/09 Review
More informationScope of Financial Instruments under MiFID
Scope of Financial Instruments under MiFID Treatment of Transferable securities, Money market instruments, Derivatives, Forex transactions, Financial contracts for differences Agenda I. Financial instruments
More informationOrder Best Execution Policy
Order Best Execution Policy Metropol (Cyprus) Limited uses all reasonable effts to ensure that its clients achieve the best execution of their ders to buy sell securities that are quoted traded on different
More informationAberdeen City Council
Aberdeen City Council Internal Audit Report Final Contract management arrangements within Social Care & Wellbeing 2013/2014 for Aberdeen City Council January 2014 Internal Audit KPI Targets Target Dates
More information