ORDER PLACING – PROFESSIONAL CLIENTS - DISCLOSURE OF TOP FIVE EXECUTION VENUES AND QUALITY OF EXECUTION OBTAINED - 2019
A.1 INFORMATION ON THE TOP FIVE EXECUTION VENUES
A.2 ANNUAL ANNUAL SUMMARY: QUALITY OF THE EXECUTION OBTAINED ON TOP FIVE EXECUTION VENUES
When executing orders, the Firm will take all sufficient steps to achieve Best Execution, subject to and taking into account, any specific instructions from the client, the nature of such orders, the priorities its clients’ place upon it in filling those orders and the nature of the markets and products in question.
In order to deliver Best Execution, the Firm uses its knowledge, experience and judgement to execute trades on behalf of its clients taking into consideration a number of execution factors including:
- The price that the order can be executed at;
- The costs of execution of the transaction to the client;
- The speed of execution of the transaction;
- The likelihood of achieving execution and settlement;
- The size and nature of the order; and
- Any other consideration relevant to the execution of the specific order (the “Execution Factors”).
Typically for equity transactions including equity derivatives and currency derivatives price will be the main determining factor.
Best Execution is monitored by using a pre-trade price check followed by a post-trade VWAP analysis of all executed trades to ensure the trade has been executed in line with the market. All trades were in line with the market trading expectations. Monterone is satisfied it has adhered to its best execution policy during 2019 .
Monterone Partners LLP senior management is responsible for ensuring that robust business practices are operating in all its trading activities to deliver Best Execution on a consistent basis and for promoting a culture that proactively identifies and manages conflicts of interest. There is a defined conflicts of interest policy and register maintained by Monterone Partners LLP. There are no close links, conflicts of interest or common ownerships with respect to any execution venues to disclose.
The Firm does not receive any remuneration, discount or non-monetary benefit for routing client orders to a particular trading venue or execution venue which would cause a conflict with the best interests of its clients.
There were no changes in the list of execution venues listed in the firm’s execution policy.
This is not applicable - there are currently no different categories of client.
This is not applicable - there were no retail client orders in the period.
The Firm has reviewed Bloomberg VWAP data for all trades to check quality of execution post trade. The Firm has also reviewed the RTS 27 data published by the execution venues as part of its analysis.
This is not applicable.