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Introduction
YTM Stockbrokers (UK) Ltd is an Appointed Representative of XXXXX who is authorised and regulated by the Financial Services Authority. YTM Stockbrokers has a duty to treat its customers fairly. The Execution Policy should be read in conjunction with our Terms of Buriness and as relevant to your account under our Terms & Conditions covering Equities, CFD's, FOREX and Commodities trading.
By creating this Best Execution Policy document pursuant to FSA rules, YTM Stockbrokers do not infer or create any contract between a prospective and existing customer and YTM Stockbrokers or any of our associated companies as this document is not intended to create any form of third party rights.
If there are questions to the matters in which this document refers to, please feel free to address these to our Compliance Department.
Execution Policy
When executing orders on your behalf in relation to financial instruments, we will take all reasonable steps to achieve what is called ‘best execution’ of your orders. This means that we have procedures which are designed to obtain the best possible execution result, subject to and taking into account the nature of your orders.
Before executing orders, we will take into consideration a range of different factors. The possible execution venues available (whether it is executed on a regulated market or Over The Counter (OTC)) will be dedicated by liquidity and the nature of the financial transaction involved. Further factors such as price, order size, settlement date will also be considered when achieving best execution.
Our commitment to provide you with ‘best execution’ does not mean that we owe you any fiduciary responsibilities over and above the specific regulatory obligations placed upon us or as may be otherwise contracted between us.
Factors
YTM Stockbrokers will take certain factors (Price, Size Speed & Likelihood of Execution, Venue of Execution) into account when executing orders on your behalf.
- Price
We have a regulatory obligation to achieve the best available price for the client at the time of execution.
- Size
Whilst attempting to achieve the best available price, we must also take into account the size of order entering into the market. A large amount stock could affect our ability to execute your order achieving ‘best execution’. The Level 2 order book will determine the relevant prices achievable with relevant order sizes.
- Speed & Likelihood of Execution
The size of an order will again determine the speed and likelihood of execution. At all times we will Endeavour to enter or exit the market as speedily as possible. Similarly, we will do our best to achieve a client’s execution request.
- Venue of Execution
The market on which a security is traded will also influence the speed of execution. Similarly, it will dictate the best price available for execution. Dealing of the main market, via the SETS order book, is far swifter than dealing on less liquid exchanges like the Plus Quoted Market for example.
Specific Instructions
If YTM Stockbrokers is given specific trade instructions from a client, those instructions will take priority over other determinants as set out in this Best Execution Policy. In the absence of express instructions or where such instructions are not comprehensive, then for those parts not covered, the firm will follow the Policy as required for executing the trade. We will exercise our own discretion in determining the factors that we need to take into account for the purpose of providing you with ‘best execution’. In general, the firm will exercise its judgement in balancing the various execution factors in order to obtain the most advantageous outcome for the client on a consistent basis.
Consent
We are required to make details of our execution policy available to you. By giving us an order to execute a transaction on your behalf you will be deemed to have given your consent to this policy.
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