Instrument and order features, market conditions 4. Quality, speed and probability of execution 5. Market access 6.
Best Execution Definition & Example | InvestingAnswers
Processing quality Fixed income securities bonds, debt securities, money market instruments 1. Processing quality Non-securitised standardised derivatives options, futures, and OTC derivatives , securities lending 1. Ability of counterparty to appropriately manage the products over their term 7. Existing settlement agreements Foreign exchange transactions 1. Quality, speed and probability of execution 4. Processing quality The purchase or sale of investment units will be carried out via the individual asset management companies or depositary. In exceptional cases, such purchases or sales may be executed via the stock exchange.
Exchange traded funds ETFs are normally traded on a stock exchange.
This may result in a scenario where an order is executed via a broker which does not charge the most favourable execution fee. The significance of the factors above may vary based on the type of order, the financial instrument or the execution venue. If several brokers meet our best execution criteria to an equal degree, we will narrow the field at our due discretion before issuing a recommendation.
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For individual trades, the selection of brokers or counterparties may be limited to a single provider; similarly, the transparency of liquidity and prices may be limited. The brokers available for selection are standard elements of the contractually agreed upon terms and conditions of each mandate. Our selection is limited to these terms and conditions in particular cases. The execution rules shall apply mutatis mutandis if orders are issued for execution via counterparties over-the-counter OTC. Unlike the case for equity markets, the selection of counterparties for fixed income products may be limited to a single provider; similarly, the transparency of liquidity and prices may be limited.
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In the case of OTC derivatives non-securitised and non-standardised derivatives , the long-term ability of the counterparty to appropriately service the relevant products is a key criteria in addition to price. Therefore, when selecting counterparties, we consider as a key factor whether the relevant counterparty is subject to comparable best execution principles and the obligation to comply with standards.
We hereby note that bundling may place individual orders at a disadvantage. However, we will only bundle orders if it is generally unlikely that individual investment funds or investors are placed at a disadvantage. Executed block orders are allocated to the individual investment funds on a pro rata basis.
Gather Information About Relationships Between Traders and Counterparties — Firms have a responsibility to monitor the relationships their traders develop. The Best Ex Report can help firms identify activity between traders and counterparties that may warrant further analysis by providing an independent, objective analysis of trades.
Report to Best Execution or Trade Surveillance Committees — Many firms have a Trade Surveillance group that meets periodically to evaluate trading activity at the firm. In many cases, the Best Execution report can serve as a focal point of those meetings. Aid in Investor Communications — Some firms share the Best Execution report with investors to highlight their efforts in measuring execution quality across internal employees and the dealers they do business with as firms seek to raise more capital from investors.
Prepare for Audits — Having Best Execution reports that can be quickly referenced for internal and external audits can help save time and money by reducing the man-hours required to compile this information on an ad hoc basis when responding to an audit. Featured Global Oil Benchmarks. Increasing efficiency, transparency and access across the trading cycle.
Services for interest rate, equity index, ag and global energy derivatives. Capital-efficient clearing services for European equity derivatives products.
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Market Pulse Equities. View More. Search Close. Improving the Execution Measurement Process The ICE Data Services Best Execution process was developed to meet the growing demand for tools that can be used to enhance execution quality analysis work streams and focus on meeting regulatory obligations around execution quality , improving trade strategies, reporting to board and trade surveillance committees, evaluating trader and counterparty activity, and being audit-ready.