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Northern Trust Emea Order Execution Policy

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Northern Trust Emea Order Execution Policy NORTHERN TRUST EMEA ORDER EXECUTION POLICY For Professional Clients of the following Northern Trust entities: • Northern Trust Global Services SE, and its branches • Northern Trust Securities LLP, and its branches • The Northern Trust Company, London branch Publication date: 1 January 2021 Contents INTRODUCTION .................................................................................................................................................................... 3 A. Purpose of this policy .................................................................................................................................................................................... 3 B. What is Best Execution? ............................................................................................................................................................................... 3 POLICY SCOPE ..................................................................................................................................................................... 4 A. Northern Trust entities subject to this Policy ................................................................................................................................................. 4 B. Types of Clients ............................................................................................................................................................................................. 4 C. Activities ........................................................................................................................................................................................................ 4 D. Product Scope ............................................................................................................................................................................................... 4 E. Geographical/ Entity Scope ........................................................................................................................................................................... 5 EXECUTION FACTORS ......................................................................................................................................................... 6 A. The Main Execution Factors ......................................................................................................................................................................... 6 B. Relative Importance of the Main Execution Factors ..................................................................................................................................... 6 HOW WE DETERMINE WHEN BEST EXECUTION IS OWED AND HOW DO WE PROVIDE IT?......................................... 8 A. Professional Clients ....................................................................................................................................................................................... 8 B. Four fold test - Reliance ................................................................................................................................................................................ 8 ORDER TYPES AND SCENARIO ANALYSIS ....................................................................................................................... 9 A. Reception and Transmission of Orders ........................................................................................................................................................ 9 B. Acting as an Agent or Matched Principal ...................................................................................................................................................... 9 C. Execution of Orders on Behalf of Clients where NT has Discretion on the Execution or Worked Orders ................................................... 9 D. Publication of limit orders ............................................................................................................................................................................ 10 E. Execution of orders on behalf of clients with specific instructions where NT does not have discretion over the order ............................. 10 F. Dealing on own account or acting as principal ........................................................................................................................................... 11 G. Volatile Markets and Extreme Situations .................................................................................................................................................... 12 CLIENT ORDER HANDLING, AGGREGATION AND ALLOCATION PROCESS ................................................................ 13 A. General application ..................................................................................................................................................................................... 13 B. Carrying out client orders ............................................................................................................................................................................ 13 C. Client accounts ............................................................................................................................................................................................ 13 D. Misuse of information .................................................................................................................................................................................. 13 E. Aggregation and Allocation of Client Orders ............................................................................................................................................... 13 EXECUTION VENUES ......................................................................................................................................................... 15 A. Venue Selection .......................................................................................................................................................................................... 15 B. Counterparty Selection ................................................................................................................................................................................ 16 C. Execution of client orders outside of trading venues .................................................................................................................................. 16 D. Top five execution venues and order transmission destinations reporting ................................................................................................ 16 PROCEDURAL ARRANGEMENTS ..................................................................................................................................... 17 A. Demonstration of best execution to clients ................................................................................................................................................. 17 B. Ongoing monitoring and review of order execution arrangements ............................................................................................................. 17 C. Policy review and approval ......................................................................................................................................................................... 17 D. Notification and publication of changes ...................................................................................................................................................... 17 E. Client consent .............................................................................................................................................................................................. 17 F. Fiduciary responsibility ................................................................................................................................................................................ 17 APPENDIX 1: INSTITUTIONAL BROKERAGE SCHEDULE ................................................................................................... 17 APPENDIX 2: GLOBAL FOREIGN EXCHANGE SCHEDULE ................................................................................................. 30 APPENDIX 3: SECURITIES LENDING SCHEDULE ................................................................................................................ 33 APPENDIX 4: TRANSITION MANAGEMENT SCHEDULE ...................................................................................................... 36 APPENDIX 5: FUND ORDER PROCESSING SCHEDULE ..................................................................................................... 38 APPENDIX 6: MONEY MARKET FUND INVESTMENT SERVICE & CLIENT DRIVEN MONEY MARKET FUND INVESTING SCHEDULE ........................................................................................................................................................ 40 APPENDIX 7: NORTHERN TRUST LIQUIDITY SOLUTIONS PORTAL SCHEDULE ....................................................... 42 IMPORTANT INFORMATION AND DISCLOSURES ........................................................................................................... 44 The Northern Trust Company – EMEA Order Execution Policy | Page 2 of 44 1 January 2021 INTRODUCTION A. Purpose of this policy Northern Trust’s (herein ‘NT’) execution and trading policies are integral
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