Top Five Execution Venues
The following provides information on Investec Wealth and Investment’s top five execution venues for client orders executed in 2019 for the classes of financial instruments, as set out under the Markets in Financial Instruments Directive 2014/65EU.
Top Five Execution Venues
Quality of Execution The Markets in Financial Instruments Directive II (“MiFID II”) was implemented in the UK on 3 January 2018. MiFID II requires investment firms to publish annually the execution venues where the highest volume of client orders were executed for each class of financial instrument over the previous year. To ensure the best possible result is being achieved on a consistent basis for all clients across all asset classes, Investec Wealth & Investment (“IW&I”) has a three tier monitoring process. Price will always be the priority and primary factor when deciding to execute a trade. Other factors will come into consideration with varying importance depending on the nature of the instruction. IW&I does not differentiate how orders are dealt based on client classification. IW&I does not make or receive payments, discounts, rebates or non-monetary benefits with regards to execution, aside from trading commissions and charges levied at client level. IW&I may choose to trade with Investec Plc, which is the parent company of IW&I. IW&I do not prioritise trading with Investec Plc unless best execution is being achieved and it can be ensured this is in the best interest of the client. IW&I undertakes business with all principal counterparties and also monitors prices achieved on venues not subscribed to, in order to assess if further coverage would be beneficial. A number of new counterparties were added to the list of execution venues during 2019. A list of counterparties is available via our website. These additions were in order to increase the amount of liquidity available in Equities, Exchange Traded Products and Fixed Income markets. IW&I utilises multiple sources of data to monitor execution quality. Prices are compared daily against a number of benchmarks to assess whether the best possible price has been achieved. Throughout 2019, the emphasis on achieving the best outcome has resulted in 99.99% of all trades achieving best execution as per IW&I’s Order Execution Policy. In the unlikely event that best execution is not achieved, a trade will be amended to ensure there is no detriment to any of our clients.
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Top Five Execution Venues
Information on the Top Five Execution Venues
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Debt instruments, Retail Execution 01/01/2019 31/12/2019 N Bonds
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
Winterflood Securities Limited 85.54 32.87 0 0 0 8BRUP6V1DX3PIG2R0745
J.P. Morgan Securities PLC 1.46 3.71 0 0 0 K6Q0W1PS1L1O4IQL9C32
Goldman Sachs International 1.34 1.77 0 0 0 W22LROWP2IHZNBB6K528
Citigroup Global Markets Limited 0.91 4.55 0 0 0 XKZZ2JZF41MRHTR1V493
HSBC Bank PLC 0.85 3.72 0 0 0 MP6I5ZYZBEU3UXPYFY54
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Debt instruments, Retail Execution Money markets 01/01/2019 31/12/2019 Y instruments
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
J.P. Morgan Securities PLC 18.42 5.51 0 0 0 K6Q0W1PS1L1O4IQL9C32
Citigroup Global Markets Limited 15.23 4.24 0 0 0 XKZZ2JZF41MRHTR1V493
UBS AG 13.43 2.54 0 0 0 BFM8T61CT2L1QCEMIK50
Goldman Sachs International 10.9 21.19 0 0 0 W22LROWP2IHZNBB6K528
Deutsche Bank Aktiengesellschaft 9.07 2.97 0 0 0 7LTWFZYICNSX8D621K86
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Top Five Execution Venues
Information on the Top Five Execution Venues
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Equities - Shares & Retail Execution Depositary Receipts 01/01/2019 31/12/2019 N (T12)
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
Winterflood Securities Limited 18.41 23.62 0 0 0 8BRUP6V1DX3PIG2R0745
Numis Securities Limited 12.12 7.85 0 0 0 213800P3F4RT97WDSX47
Peel Hunt LLP 8.39 16.27 0 0 0 5493007DWN0R4YBM4C84
Investec Bank PLC 8.22 6.04 0 0 0 84S0VF8TSMH0T6D4K848
Canaccord Genuity Limited 6.69 5.03 0 0 0 ZBU7VFV5NIMN4ILRFC23
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Equities - Shares & Retail Execution Depositary Receipts 01/01/2019 31/12/2019 N (T34)
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
Winterflood Securities Limited 15.6 22.87 0 0 0 8BRUP6V1DX3PIG2R0745
Numis Securities Limited 15.17 10.76 0 0 0 213800P3F4RT97WDSX47
Peel Hunt LLP 14.24 27.97 0 0 0 5493007DWN0R4YBM4
Investec Bank PLC 13.21 6.77 0 0 0 84S0VF8TSMH0T6D4K848
London Stock Exchange 8.81 3.88 0 0 0 XLON
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Top Five Execution Venues
Information on the Top Five Execution Venues
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Equities - Shares & Retail Execution Depositary Receipts 01/01/2019 31/12/2019 N (T56)
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
Canaccord Genuity Limited 87.9 3.8 0 0 0 ZBU7VFV5NIMN4ILRFC23
Winterflood Securities Limited 3.32 45.35 0 0 0 8BRUP6V1DX3PIG2R0745
London Stock Exchange 2.09 3.73 0 0 0 XLON
KCG Europe Limited 1.6 10.4 0 0 0 549300346EFUPFCXJT79
Peel Hunt LLP 1.22 16.52 0 0 0 5493007DWN0R4YBM4C84
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Exchange traded products (Exchange traded funds, Retail Execution 01/01/2019 31/12/2019 N exchange traded notes and exchange traded commodities)
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
Commerzbank Finance Limited 24.92 35.17 0 0 0 213800BWHAS44J2C1B28
Flow Traders B.V. 23.16 21.74 0 0 0 549300CLJI9XDH12XV51
Jane Street Financial Limited 13.73 0.76 0 0 0 549300ZHEHX8M31RP142
Winterflood Securities Limited 10.55 18.54 0 0 0 8BRUP6V1DX3PIG2R0745
Peel Hunt LLP 6.75 9.17 0 0 0 5493007DWN0R4YBM4C84
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Top Five Execution Venues
Information on the Top Five Execution Venues
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year
Retail Execution Other instruments 01/01/2019 31/12/2019 N
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
Investec Bank PLC 40.76 1.63 0 0 0 84S0VF8TSMH0T6D4K848
J.P. Morgan Securities PLC 37.75 3.95 0 0 0 K6Q0W1PS1L1O4IQL9C32
Citigroup Global Markets Limited 10.03 5.12 0 0 0 XKZZ2JZF41MRHTR1V493
Canadian Imperial Bank of Commerce 4.2 1.63 0 0 0 2IGI19DL77OX0HC3ZE78
UBS AG 2.81 0.7 0 0 0 BFM8T61CT2L1QCEMIK50
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Securitized Derivatives, Warrants Retail Execution 01/01/2019 31/12/2019 Y and Certificate Derivatives
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
Winterflood Securities Limited 60.95 26.67 0 0 0 8BRUP6V1DX3PIG2R0745
Nplus1 Singer Capital Markets Limited 30.35 53.33 0 0 0 213800ITO7QMNQ9SFG53
Canaccord Genuity Limited 6.04 6.67 0 0 0 ZBU7VFV5NIMN4ILRFC23
HSBC Bank PLC 2.66 13.33 0 0 0 MP6I5ZYZBEU3UXPYFY54
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Top Five Execution Venues
Information on the Top Five Execution Venues
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Securitized Retail Execution Derivatives, Other 01/01/2019 31/12/2019 Y securitized derivatives
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
Maybank Kim Eng Securities (London) Ltd 100 100 0 0 0 213800F8OW4UN1JOIP51
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Structured finance Retail Execution 01/01/2019 31/12/2019 Y instruments
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
Winterflood Securities Limited 52.77 77.27 0 0 0 8BRUP6V1DX3PIG2R0745
Flow Traders B.V. 41.74 9.09 0 0 0 549300CLJI9XDH12XV51
Commerzbank Finance Limited 3.5 4.55 0 0 0 213800BWHAS44J2C1B28
NatWest Markets PLC 1.99 4.55 0 0 0 RR3QWICWWIPCS8A4S074
Deutsche Bank Aktiengesellschaft 0 4.54 0 0 0 7LTWFZYICNSX8D621K86
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Top Five Execution Venues
Information on the Top Five Execution Venues
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Debt instruments, Professional Execution 01/01/19 31/12/19 Y Bonds
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
Citigroup Global Markets Limited 22.21 11.67 0 0 0 XKZZ2JZF41MRHTR1V493
BNP Paribas 15.3 8.33 0 0 0 R0MUWSFPU8MPRO8K5P83
UBS AG 9.63 5 0 0 0 BFM8T61CT2L1QCEMIK50
J.P. Morgan Securities PLC 9.15 3.33 0 0 0 K6Q0W1PS1L1O4IQL9C32
HSBC Bank PLC 8.69 8.33 0 0 0 MP6I5ZYZBEU3UXPYFY54
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Debt instruments, Professional Execution Money markets 01/01/2019 31/12/2019 Y instruments
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
Deutsche Bank Aktiengesellschaft 65.13 33.34 0 0 0 7LTWFZYICNSX8D621K86
Citigroup Global Markets Limited 17.4 4 33.33 0 0 0 XKZZ2JZF41MRHTR1V493
Morgan Stanley & Co. International PLC 17.4 3 33.33 0 0 0 4PQUHN3JPFGFNF3BB653
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Top Five Execution Venues
Information on the Top Five Execution Venues
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Equities - Shares & Professional Execution Depositary Receipts 01/01/2019 31/12/2019 N (T12)
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
Winterflood Securities Limited 51.13 11.11 0 0 0 8BRUP6V1DX3PIG2R0745
Canaccord Genuity Limited 14.39 10.86 0 0 0 ZBU7VFV5NIMN4ILRFC23
Maybank Kim Eng Securities (London) Ltd 7.97 46.72 0 0 0 213800F8OW4UN1JOIP51
Peel Hunt LLP 5.92 6.57 0 0 0 5493007DWN0R4YBM4C84
London Stock Exchange 3.54 2.53 0 0 0 XLON
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Equities - Shares & Professional Execution Depositary Receipts 01/01/2019 31/12/2019 Y (T34)
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
Investec Bank PLC 18.95 19.28 0 0 0 84S0VF8TSMH0T6D4K848
J.P. Morgan Securities PLC 18.36 2.41 0 0 0 K6Q0W1PS1L1O4IQL9C32
London Stock Exchange 15.29 14.46 0 0 0 XLON
Winterflood Securities Limited 12.74 17.47 0 0 0 8BRUP6V1DX3PIG2R0745
Peel Hunt LLP 9.08 21.68 0 0 0 5493007DWN0R4YBM4C84
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Top Five Execution Venues
Information on the Top Five Execution Venues
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Equities - Shares & Professional Execution Depositary Receipts 01/01/19 31/12/19 Y (T56)
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
Winterflood Securities Limited 23.94 30.39 0 0 0 8BRUP6V1DX3PIG2R0745
Investec Bank PLC 21.82 6.92 0 0 0 84S0VF8TSMH0T6D4K848
KCG Europe Limited 14.94 17.31 0 0 0 549300346EFUPFCXJT79
London Stock Exchange 12.28 9.62 0 0 0 XLON
Peel Hunt LLP 8.14 17.31 0 0 0 5493007DWN0R4YBM4C84
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year Exchange traded products (Exchange traded funds, Professional Execution 01/01/2019 31/12/2019 Y exchange traded notes and exchange traded commodities)
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
Winterflood Securities Limited 40.78 26.19 0 0 0 8BRUP6V1DX3PIG2R0745
Flow Traders B.V. 19.29 14.29 0 0 0 549300CLJI9XDH12XV51
Jane Street Financial Limited 11.3 2.38 0 0 0 549300ZHEHX8M31RP142
Stifel Nicolaus Europe Limited 10.62 9.53 0 0 0 213800BVEFNZ8UYPKL03
Susquehanna International Securities Limited 10.39 2.38 0 0 0 635400IAV22ZOU1NFS89
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Top Five Execution Venues
Information on the Top Five Execution Venues
Notification if <1 average trade per Client type Interaction Class of Instrument Period start Period end business day in the previous year
Professional Execution Other instruments 01/01/2019 31/12/2019 Y
Top five execution venues ranked in terms of Proportion of Proportion of Percentage Percentage Percentage of trading volumes (descending order) volume traded as a orders executed as of passive of aggressive directed orders percentage of total percentage of total orders orders in that class in that class
Stifel Nicolaus Europe Limited 66.64 14.29 0 0 0 213800BVEFNZ8UYPKL03
Liberum Capital Limited 33.32 14.29 0 0 0 213800U6KUF87S1KCC03
Canaccord Genuity Limited 0.03 28.57 0 0 0 ZBU7VFV5NIMN4ILRFC23
KCG Europe Limited 0.01 28.57 0 0 0 549300346EFUPFCXJT79
Winterflood Securities Limited 0 14.28 0 0 0 8BRUP6V1DX3PIG2R0745
11 investecwin.co.uk
Member firm of the London Stock Exchange. Authorised and regulated by the Financial Conduct Authority. Investec Wealth & Investment Limited is registered in England. Registered No. 2122340. Registered Office: 30 Gresham Street, London, EC2V 7QN.
IWI1418 v1 05/20