Annual Report on Top 5 Execution Venues & Quality of Execution 2019

 

Quality of Execution

 

In accordance with regulatory obligations introduced on 3 January 2018 under MiFID II, investment firms who execute client orders are required to summarise and make public on an annual basis, for each class of financial instruments, the top five execution venues in terms of trading volumes where they execute client orders in the preceding year and information on the quality of execution obtained. The purpose of the report is to enable the public and investors to evaluate the quality of an investment firm’s execution practices. Separate reports are published for clients categorised as retail or professional.

Detailed guidance under the regulations (RTS 28) specifies a wide range of asset classes to be included in this report. This report covers the following classes of financial instruments that Black Pearl Securities Ltd may deal in:

 

Class of Financial InstrumentCFD
MiFID II Client ClassificationPROFESSIONAL
Notification if < 1 average trade per business day in the previous yearNO
Top five execution venues ranked in terms of trading volumesProportion of Volume traded as a percentage of total in that classProportion of orders executed as percentage of total in that classPercentage of passive ordersPercentage of aggressive ordersPercentage of directed orders
Tradetech Alpha Limited
2138003C3AQBXS54WM47
51.3697418.018272.869597.13050
CFH CLEARING LIMITED
549300FSY1BKNGVUOR59
31.7394673.3904701000
Gain Capital UK Limited
549300NKG8WR6UWSZS80
16.890678.5700133.2231466.776860
GC Exchange Limited
254900KIPYSCNT8NKF40
0.000130.0212501000
Class of Financial InstrumentCFD
MiFID II Client ClassificationRETAIL
Notification if < 1 average trade per business day in the previous yearNO
Top five execution venues ranked in terms of trading volumesProportion of Volume traded as a percentage of total in that classProportion of orders executed as percentage of total in that classPercentage of passive ordersPercentage of aggressive ordersPercentage of directed orders
CFH CLEARING LIMITED
549300FSY1BKNGVUOR59
95.7890593.1454201000
Tradetech Alpha Limited
2138003C3AQBXS54WM47
3.095511.482570.6172899.382720
Gain Capital UK Limited
549300NKG8WR6UWSZS80
1.079422.5624601000
GC Exchange Limited
254900KIPYSCNT8NKF40
0.036012.8095501000

 

At BP PRIME we consider the execution factors of price, costs, speed and likelihood of execution when assessing the quality of execution. Dependant on the client’s trading style, the products the client trades and the method of their trading, we may consider using specific liquidity providers which are most suited to the client’s profile. For example, one liquidity provider may not offer a product a client wishes to trade, and therefore we use an alternative provider when offering the client pricing.

BP PRIME have no specific arrangement with any execution venues regarding payments made or received, discounts, rebates or non-monetary benefits received. Regardless of how a client is classified with BP PRIME, should it be retail or professional, the order execution quality see no differential between the classifications. As the statistics show, the quality of execution in terms of speed, cost, price and likelihood of execution is in line with our high expectations.

In line with our Best Execution Policy, we apply price, cost, speed and likelihood of execution, and quantity as the criteria to which we give precedence above all others when we assess quality of execution. Should a client wish to trade a particular product that requires us to use an alternative provider, we will continue to act in line with our quality of execution assessment.