Common use of Execution Policy Clause in Contracts

Execution Policy. a) We act as a ‘portfolio manager’ when we provide you with the Service of discretionary portfolio management and otherwise as a ‘receiver and transmitter’ of orders. In both cases we will usually pass instructions for trades to a third party to execute, as opposed to executing trades ourselves. b) We must ensure that we achieve best execution when executing trades on your behalf which means that we or any third party we instruct obtains the ‘best possible result’. c) The requirements of best execution apply to equities and bonds. All transactions will be effected in accordance with the rules and regulations of the relevant market or exchange. We may take all such steps as may be required or permitted by such rules and regulations and/or by appropriate market practice on such terms as we see fit. d) Execution Factors For retail clients, the following factors take priority: total consideration of the deal, taking into account: i. the price offered; and ii. costs, commissions or other charges to be charged by brokers of the regulated market. The following execution factors will also be taken into consideration, the: speed and likelihood of successful execution; size and nature of the order; current liquidity for the relevant instrument; ability of the venues or brokers to manage execution in relation to the size and nature of the order; speed and efficiency of the settlement process post execution; impact on the relevant market; and choice of available venues for the particular order. The success of obtaining the ‘best possible result’ will be assessed at the time of execution and is dependent upon: review of the order execution policy regularly; and variability of execution factors. e) Monitoring order execution We or any third party we use will monitor the execution of their trades using a number of third party transaction cost analysis systems and will monitor the order execution on a consistent basis over a series of trades. f) Material difficulty We or any third party we use may experience material difficulty in executing certain transactions from time to time. These difficulties will be managed so as to seek to obtain the best possible result for our clients under the circumstances. In these circumstances, we shall where practicable contact you personally to explain that such a difficulty has arisen. We may also publish this information on our website. g) Limit orders Limit orders will not be accepted. h) Venues We may deal through the following venues: regulated markets (which may include the London Stock Exchange and ISDX); multilateral trading facilities; market makers and broker dealers who are FCA-regulated and/or LSE member firms; and systematic internalisers, which may result in orders being executed outside a regulated market.

Execution Policy. a) We act as a ‘portfolio manager’ when we provide you with the Service of discretionary portfolio management and otherwise as a ‘receiver and transmitter’ of orders. In both cases we will usually pass instructions for trades to a third party to execute, as opposed to executing trades ourselves. b) We must ensure that we achieve best execution when executing trades on your behalf which means that we or any third party we instruct obtains the ‘best possible result’. c) The requirements of best execution apply to equities and bonds. All transactions will be effected in accordance with the rules and regulations of the relevant market or exchange. We may take all such steps as may be required or permitted by such rules and regulations and/or by appropriate market practice on such terms as we see fit. d) Execution Factors For retail clients, the following factors take priority: total consideration of the deal, taking into account: i. the price offered; and ii. costs, commissions or other charges to be charged by brokers of the regulated market. The following execution factors will also be taken into consideration, the: speed and likelihood of successful execution; size and nature of the order; current liquidity for the relevant instrument; ability of the venues or brokers to manage execution in relation to the size and nature of the order; speed and efficiency of the settlement process post execution; impact on the relevant market; and choice of available venues for the particular order. The success of obtaining the ‘best possible result’ will be assessed at the time of execution and is dependent upon: review of the order execution policy regularly; and variability of execution factors. e) Monitoring order execution We or any third party we use will monitor the execution of their trades using a number of third party transaction cost analysis systems and will monitor the order execution on a consistent basis over a series of trades. f) Material difficulty We or any third party we use may experience material difficulty in executing certain transactions from time to time. These difficulties will be managed so as to seek to obtain the best possible result for our clients under the circumstances. In these circumstances, we shall where practicable contact you personally to explain that such a difficulty has arisen. We may also publish this information on our website. g) Limit orders Limit orders will not be accepted. h) Venues We may deal through the following venues: regulated markets (which may include the London Stock Exchange and ISDX); multilateral trading facilities; market makers and broker dealers who are FCA-regulated and/or LSE member firms; and systematic internalisers, which may result in orders being executed outside a regulated market.