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Blackrock International Limited Annual Best Execution Disclosure

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Blackrock International Limited Annual Best Execution Disclosure BlackRock International Limited Annual Best Execution Disclosure 2019 June 2020 Contents Introduction Quantitative Analysis Top five entity reports for the transmission of orders Top five entity report for the execution of orders Securities Finance Transactions o Top five entity reports for the execution of orders Qualitative Analysis Equities Shares & Depository Receipts Equity derivatives: Futures & Options admitted to trading on a trading venue Interest rate derivatives: Futures & Options admitted to trading on a trading venue Currency derivatives: Futures & Options admitted to trading on a trading venue Commodities derivatives: Futures & Options admitted to trading on a trading venue Credit derivatives: Futures & Options admitted to trading on a trading venue Securitized derivatives: Warrants and certificate derivatives Equity derivatives: Swaps & other equity derivatives Contracts For Difference Debt instruments: Bonds Debt instruments: Money Market Instruments Interest rate derivatives: Swaps, forwards & other interest rates derivatives Credit derivatives: Other credit derivatives Currency derivatives: Swaps, forwards & other currency derivatives Commodities derivatives: Swaps and other commodities derivatives Structured Finance Instruments Exchange Traded Products Other Instruments Securities Finance Transactions BLACKROCK Annual Best Execution Disclosure 2019 | 2 Introduction The publication of this report is required under the Markets in Financial Instruments Directive 2014/65/EU (“MIFID II”) and it is designed to provide information on the top five execution venues* utilised by BlackRock to execute its clients’ orders, as well as the top five entities to which BlackRock transmitted its clients’ orders for execution. It also includes information on how BlackRock monitors the quality of its clients’ trades’ execution, on BlackRock’s conflicts of interest and other matters, as they relate to the execution by BlackRock of its clients’ trades. The information in this report is in relation to trades executed, and orders transmitted, for professional clients only, during calendar year 2019. This document comprises two separate sections: a quantitative section, with information about the proportion of orders (and, where applicable, certain attributes of these orders) that were directed by BlackRock to its top five execution venues and top five entities for each class of financial instruments, as specified in the report; and a qualitative section, with information about monitoring, conflicts, inducements and other relevant matters. The quantitative section is presented first, and the qualitative section follows. Where BlackRock has not executed or transmitted orders for execution in a given class of financial instrument, the relevant quantitative section shows that BlackRock executed or transmitted fewer than 1 trade per business day on average during calendar year 2019, and it shows no other information. * ‘execution venue’ includes a regulated market, a multilateral trading facility, an organised trading facility, a systematic internaliser (each as defined under MIFID II), or a market maker or other liquidity provider or an entity that performs a similar function in a third country to the functions performed by any of the foregoing. BLACKROCK Annual Best Execution Disclosure 2019 | 3 Quantitative Analysis Top five entity reports for the transmission of orders BLACKROCK Annual Best Execution Disclosure 2019 | 4 Equities – Shares & Depository Receipts Class of Instrument Tick Size Liquidity Bands 1 and 2 (from 0 to 79 trades per day) Notification if <1 average trade per business N day in the previous year Proportion of Proportion of Percentage Percentage of Percentage Top 5 Venues ranked in terms of volume volume traded as orders executed as of Passive Aggressive of Directed (descending order) a percentage of a percentage of Orders Orders Orders total in that class total in that class GOLDMAN SACHS INTERNATIONAL - 20.61% 29.26% N/A N/A N/A W22LROWP2IHZNBB6K528 JP MORGAN SECURITIES PLC - 19.14% 29.81% N/A N/A N/A K6Q0W1PS1L1O4IQL9C32 CREDIT SUISSE SECURITIES (EUROPE) 8.47% 5.17% N/A N/A N/A LTD - DL6FFRRLF74S01HE2M14 VIRTU ITG EUROPE LIMITED - 8.34% 8.07% N/A N/A N/A 213800EEC95PRUCEUP63 MORGAN STANLEY & CO INTERNATIONAL 7.66% 5.70% N/A N/A N/A PLC - 4PQUHN3JPFGFNF3BB653 Equities – Shares & Depository Receipts Class of Instrument Tick Size Liquidity Bands 3 and 4 (from 80 to 1999 trades per day) Notification if <1 average trade per business N day in the previous year Proportion of Proportion of Percentage Percentage of Percentage Top 5 Venues ranked in terms of volume volume traded as orders executed as of Passive Aggressive of Directed (descending order) a percentage of a percentage of Orders Orders Orders total in that class total in that class JP MORGAN SECURITIES PLC - 10.40% 14.37% N/A N/A N/A K6Q0W1PS1L1O4IQL9C32 CITIGROUP GLOBAL MARKETS LIMITED - 8.29% 6.25% N/A N/A N/A XKZZ2JZF41MRHTR1V493 GOLDMAN SACHS INTERNATIONAL - 8.03% 12.03% N/A N/A N/A W22LROWP2IHZNBB6K528 UBS AG - BFM8T61CT2L1QCEMIK50 8.01% 9.21% N/A N/A N/A MERRILL LYNCH INTERNATIONAL - 7.78% 5.27% N/A N/A N/A GGDZP1UYGU9STUHRDP48 Equities – Shares & Depository Receipts Class of Instrument Tick Size Liquidity Bands 5 and 6 (from 2000 trades per day) Notification if <1 average trade per business N day in the previous year Proportion of Proportion of Percentage Percentage of Percentage Top 5 Venues ranked in terms of volume volume traded as orders executed as of Passive Aggressive of Directed (descending order) a percentage of a percentage of Orders Orders Orders total in that class total in that class GOLDMAN SACHS INTERNATIONAL - 12.33% 17.98% N/A N/A N/A W22LROWP2IHZNBB6K528 JP MORGAN SECURITIES PLC - 10.93% 17.50% N/A N/A N/A K6Q0W1PS1L1O4IQL9C32 MORGAN STANLEY & CO INTERNATIONAL 8.94% 8.00% N/A N/A N/A PLC - 4PQUHN3JPFGFNF3BB653 CITIGROUP GLOBAL MARKETS LIMITED - 8.43% 5.00% N/A N/A N/A XKZZ2JZF41MRHTR1V493 MERRILL LYNCH INTERNATIONAL - 8.16% 4.88% N/A N/A N/A GGDZP1UYGU9STUHRDP48 BLACKROCK Annual Best Execution Disclosure 2019 | 5 Class of Instrument Equity Derivatives: Futures & Options admitted to trading on a trading venue Notification if <1 average trade per business N day in the previous year Proportion of Proportion of Percentage Percentage of Percentage Top 5 Venues ranked in terms of volume volume traded as orders executed as of Passive Aggressive of Directed (descending order) a percentage of a percentage of Orders Orders Orders total in that class total in that class MORGAN STANLEY & CO INTERNATIONAL 14.51% 10.83% N/A N/A N/A PLC - 4PQUHN3JPFGFNF3BB653 MERRILL LYNCH INTERNATIONAL - 14.09% 6.70% N/A N/A N/A GGDZP1UYGU9STUHRDP48 HSBC BANK PLC - 8.83% 5.85% N/A N/A N/A MP6I5ZYZBEU3UXPYFY54 GOLDMAN SACHS INTERNATIONAL - 8.43% 8.17% N/A N/A N/A W22LROWP2IHZNBB6K528 CREDIT SUISSE SECURITIES (EUROPE) 8.10% 24.45% N/A N/A N/A LTD - DL6FFRRLF74S01HE2M14 Class of Instrument Interest Rate Derivatives: Futures & Options admitted to trading on a trading venue Notification if <1 average trade per business N day in the previous year Proportion of Proportion of Percentage Percentage of Percentage Top 5 Venues ranked in terms of volume volume traded as orders executed as of Passive Aggressive of Directed (descending order) a percentage of a percentage of Orders Orders Orders total in that class total in that class GOLDMAN SACHS INTERNATIONAL - 52.75% 36.90% N/A N/A N/A W22LROWP2IHZNBB6K528 MORGAN STANLEY & CO INTERNATIONAL 11.06% 7.30% N/A N/A N/A PLC - 4PQUHN3JPFGFNF3BB653 SOCIETE GENERALE INTERNATIONAL LTD 10.51% 4.81% N/A N/A N/A - 0IKLU6X1B10WK7X42C15 DEUTSCHE BANK AG - 7.00% 5.46% N/A N/A N/A 7LTWFZYICNSX8D621K86 MERRILL LYNCH INTERNATIONAL - 4.20% 14.35% N/A N/A N/A GGDZP1UYGU9STUHRDP48 Class of Instrument Currency Derivatives: Futures & Options admitted to trading on a trading venue Notification if <1 average trade per business N day in the previous year Proportion of Proportion of Percentage Percentage of Percentage Top 5 Venues ranked in terms of volume volume traded as orders executed as of Passive Aggressive of Directed (descending order) a percentage of a percentage of Orders Orders Orders total in that class total in that class MERRILL LYNCH INTERNATIONAL - 66.70% 81.19% N/A N/A N/A GGDZP1UYGU9STUHRDP48 GOLDMAN SACHS INTERNATIONAL - 16.83% 12.23% N/A N/A N/A W22LROWP2IHZNBB6K528 MORGAN STANLEY & CO INTERNATIONAL 15.71% 2.19% N/A N/A N/A PLC - 4PQUHN3JPFGFNF3BB653 HSBC BANK PLC - 0.60% 1.25% N/A N/A N/A MP6I5ZYZBEU3UXPYFY54 DEUTSCHE BANK AG - 0.16% 3.13% N/A N/A N/A 7LTWFZYICNSX8D621K86 BLACKROCK Annual Best Execution Disclosure 2019 | 6 Class of Instrument Commodities Derivatives: Futures & Options admitted to trading on a trading venue Notification if <1 average trade per business N day in the previous year Proportion of Proportion of Percentage Percentage of Percentage Top 5 Venues ranked in terms of volume volume traded as orders executed as of Passive Aggressive of Directed (descending order) a percentage of a percentage of Orders Orders Orders total in that class total in that class MAREX FINANCIAL - 39.89% 40.01% N/A N/A N/A 5493003EETVWYSIJ5A20 CITIGROUP GLOBAL MARKETS LIMITED - 28.22% 30.72% N/A N/A N/A XKZZ2JZF41MRHTR1V493 JP MORGAN SECURITIES PLC - 19.27% 17.15% N/A N/A N/A K6Q0W1PS1L1O4IQL9C32 GOLDMAN SACHS INTERNATIONAL - 4.34% 5.30% N/A N/A N/A W22LROWP2IHZNBB6K528 JP MORGAN SECURITIES LLC - 3.93% 4.09% N/A N/A N/A ZBUT11V806EZRVTWT807 Class of Instrument Credit Derivatives: Futures & Options admitted to
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