General principle: Best Execution refers to our obligation as a firm to execute orders on behalf of customers to ensure that the prices those orders receive reflect the optimal mix of price improvement, speed and likelihood of execution. This policy describes Investors Europe (Mauritius) Limited’s (IELM’s) approach to best execution and describes the main factors that Investors Europe evaluates to determine the best way to execute an order on behalf of the client. It applies both to retail and professional clients as defined in IELM’s general terms and conditions.
Best Execution In Practice
We will take all care to obtain the best possible result for our customer with reference to price, costs born by the customer, size, nature of the transactions, time of reception of order, speed and likelihood of execution and trading venue taking into account the state of the relevant market(s).
The relevant market(s) shall be deemed to be the market(s) offering the most favourable trading conditions also in terms of transparency, liquidity and clearing and settlement arrangements in connection with the envisaged transaction. If IELM executes in another trading venue, we will demonstrate that this has been done in accordance with the customer’s best interest.
IELM will act with due skill, care and diligence and will pay due regard to its customer’s interests – selecting the most opportune time to execute the customer order. We will endeavour to take reasonable care to ascertain the price which is the best available for the customer order in the relevant market at the time for transactions of the kind and size concerned
We shall pass on to the customer the details of the price at which the trade was executed to meet the customer order.
Where a customer order is subject to a special condition we will disclose any additional cost involved in satisfying the special condition or in respect of the non-standard element.
An example of when IELM will take particular care to assess the timing of execution of all or part of a current customer order includes when:
- We receive a customer order outside the normal trading hours of the relevant market or trading platform with a view to executing that customer order on that market or other trading platform;
- A foreseeable improvement in the level of liquidity in the relevant designated investment is likely to enhance the terms on which the firm executes the customer order;
- Executing the customer order as a series of partial executions over a period of time is likely to improve the terms on which the customer order as a whole is executed.
We may have reasonable grounds for postponing execution of a current customer order in the best interests of the customer. An example would be if the deal is part of an aggregated transaction.
IELM will occasionally execute orders in emerging markets (i.e. markets in countries with one or more of the following characteristics: political instability, uncertainty regarding financial markets and economic growth, developing financial markets and weak economies). It will only do so on behalf of clients who have a thorough understanding of such investments and the risks involved, and who have sufficient funds to assume these risks.
We have included the list below of the Execution Venues which we believe best meet customer interests for the Best Execution of their orders on a consistent basis.
When selecting a venue we have not only taken into account the fees and commissions when under taking a transaction but in addition we have also focused on the quality of execution available on the venue.
The list of venues is not exhaustive and execution may occur in alternative venues from time to time provided those venues are consistent with this policy.
American Stock Exchanges
Australian Stock Exchange
Austrian Stock Exchange
Bolsa de Madrid
Brazil Stock Exchange
Bulgaria Stock Exchange
Canada Stock Exchange
China Stock Exchange
Czech Republic Stock Exchange
Danish Stock Exchange
Estonian Stock Exchange
Greek Stock Exchange
Hong Kong Stock Exchange
Hungary Stock Exchange
India Stock Exchange
Indonesia Stock Exchange
Ireland Stock Exchange
Italy Stock Exchange
Japan Stock Exchange
Latvian Stock Exchange
Lithuanian Stock Exchange
London Stock Exchanges
Malaysia Stock Exchange
New Zealand Stock Exchange
Norway Stock Exchange
NYSE New York Stock Exchange
Polish Stock Exchange
Portugal Stock Exchange
Rumania Stock Exchange
Russian Stock Exchange
Singapore Stock Exchange
South Africa Stock Exchange
South Korea Stock Exchange
Spain Stock Exchange
Switzerland Stock Exchange
Taiwan Stock Exchange
Thailand Stock Exchange
Toronto Stock Exchange
Turkey Stock Exchange
Xetra Exchange Electronic Trading
Chicago Board Options Exchange (CBOE)
Chicago Board of Trade (CBOT)
Chicago Mercantile Exchange (CME)
Chicago Climate Exchange
Chicago Mercantile Exchange (CME)
Intercontinental Exchange (ICE)
International Monetary Market (IMM)
New York Board of Trade (NYBOT)
New York Mercantile Exchange (NYMEX)
Moscow Interbank Currency Exchange (MICEX)
Mercado Oficial Español de Futuros y Opciones (MEFF)
SOFFEX (Swiss Options & Financial Futures Exchange)
Intercontinental Exchange (ICE Futures)
London Metal Exchange (LME)
Hong Kong Exchanges and Clearing
Hong Kong Exchanges and Clearing (HKEx)
Osaka Securities Exchange (OSE)
Osaka Mercantile Exchange (OME)
Tokyo Commodity Exchange (TOCOM)
Tokyo Stock Exchange (TSE)
Tokyo Grain Exchange (TGE)
Tokyo Finance Exchange (TFX)