As a receiver and transmitter, we do not transact directly on an execution venue, but pass customers' orders to counterparties with which we have an established contractual relationship to provide us with execution services. These entities will usually be member firms of the relevant exchange, Retail Service Providers and/or Market Makers. We refer to these entities throughout this policy as "Brokers".
The Brokers that we regularly use for executions are:
- Winterflood Securities Limited*
- HSBC Global Markets*
- Morgan Stanley Wealth Management Australia Pty Limited*
- Peel Hunt LLP*
- Stifel Nicolaus Europe Limited
- J.P. Morgan Group*
- Merrill Lynch International
- J & E Davy
- Canaccord Genuity Limited*
- Investec Bank PLC
*denotes those Brokers with whom we are able to trade in "Real Time" via an electronic connection. Refer to Trading Methods for more detail.
We also have the ability to transmit orders to:
- Panmure Gordon (UK) Limited
- Stockdale Securities Limited
- Numis Securities Limited
- Citigroup Global Markets Limited
The above Brokers enable us to consistently obtain the best possible results for the execution of our customers' orders. The Broker we use to execute your instructions is chosen in accordance with our Broker Selection Policy.
The Trading Venues used by the Brokers to execute trades transmitted to them by us, will be determined in their own best execution and order handling arrangements. The Trading Venues chosen may be Regulated Markets, Multilateral Trading Facilities (MTFs) or Organised Trading Facilities (OTFs) (collectively, "Trading Venues"). Dependent on the nature of the trade the Broker may use one or a combination of Trading Venues.
The Broker may decide at their discretion to execute an instruction outside a Trading Venue. This would happen if the Broker takes a Principal position in relation to execution, executes the client instruction with a Market Maker or matches the order against another client instruction received.
In order for the Broker to be able to act outside of a Trading Venue a customer is required to provide express prior consent. Where relevant, further details are provided in your terms and conditions, and consent is obtained, prior to the submission of a trade order. Where a trade is executed outside of a Trading Venue, our obligation to provide best execution will be unaffected.