Best Execution
Class of Instrument |
Commodity Derivatives |
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Notification if <1 average trade per business day in the previous year |
N |
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Top five execution venues ranked in terms of trading volumes (descending order) |
Proportion of volume traded as a percentage of total in that class |
Proportion of orders executed as percentage of total in that class |
Percentage of passive orders |
Percentage of aggressive orders |
Percentage of directed orders |
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Goldman Sachs International |
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Schneiders Trading Associates Ltd |
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OTC Europe |
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SCS Commodities Corp |
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ED&F Man Capital Markets Ltd |
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Class of Instrument |
Currency Derivatives |
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Notification if <1 average trade per business day in the previous year |
Y |
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Top five execution venues ranked in terms of trading volumes (descending order) |
Proportion of volume traded as a percentage of total in that class |
Proportion of orders executed as percentage of total in that class |
Percentage of passive orders |
Percentage of aggressive orders |
Percentage of directed orders |
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Goldman Sachs International |
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Class of Instrument |
Equity Derivatives |
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Notification if <1 average trade per business day in the previous year |
Y |
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Top five execution venues ranked in terms of trading volumes (descending order) |
Proportion of volume traded as a percentage of total in that class |
Proportion of orders executed as percentage of total in that class |
Percentage of passive orders |
Percentage of aggressive orders |
Percentage of directed orders |
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Goldman Sachs International |
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Class of Instrument |
Interest Rate Derivatives |
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Notification if <1 average trade per business day in the previous year |
Y |
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Top five execution venues ranked in terms of trading volumes (descending order) |
Proportion of volume traded as a percentage of total in that class |
Proportion of orders executed as percentage of total in that class |
Percentage of passive orders |
Percentage of aggressive orders |
Percentage of directed orders |
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Goldman Sachs International |
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During the period January 2019 - January 2020, we confirm that there are no material close links, common ownership or conflicts of interest between us and the execution venues / brokers used by the Firm. Execution venues / brokers are paid on a pre-agreed cost per transaction. We do not receive a discount on these services. We may on occasion receive short term market colour from our execution providers. All our clients are categorised as professional clients under Article 4 (1)(11) of Directive 2004/39/EC. The Firm may use broker Transaction Cost Analysis (TCA) reports and internal analysis to monitor the quality of execution against our best execution criteria. We conduct regular reviews of our chosen execution venues / brokers against our best execution policy, and may at our discretion, remove those which we believe are no longer offering us best execution.