Top Five Execution Venues – Annual Report 2017

The Markets in Financial Instruments Directive 2014/65/EU (“MiFID II”) requires investment firms who execute client orders 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 executed client orders in the preceding year and information on the quality of execution obtained.

We are required to publish a separate report for each legal entity involved in transmission, or execution of client orders. Please see below reports for Smith & Williamson Investment Services Limited (“SWIS”) and NCL Investments Limited (“NCL”) for the year 2017.
 
Separate reports were not produced for Smith & Williamson Investment Management LLP (“SWIM”), as SWIM did not execute any client orders over the period, having transmitted all of them to SWIS for execution, or further transmission.
 
The following reports have been published in accordance with technical standards as described in Commission Delegated Regulation EU/2017/576 (“RTS 28”) for all relevant financial instruments traded by SWIS and NCL.

Equities – Shares & Depositary Receipts

Smith & Williamson Investment Services Limited

SWIS 2017 - Top 5 Execution Venues

SWIS 2017 - RTS 28 Qualitative Report

NCL Investments Limited

NCL 2017 - Top 5 Execution Venues

NCL 2017 - RTS 28 Qualitative Report

Debt Instruments – Bonds & Money Markets Instruments 

In 2017, Smith & Williamson Investment Services Limited (“SWIS”) executed all client orders in “Debt Instruments – Bonds & Money Markets Instruments” via NCL Investments Limited (“NCL”), a Smith & Williamson Group company, hence a separate execution venue report for this instrument type was not produced for SWIS.
 
NCL Investment Limited

NCL 2017 - Top 5 Execution Venues

NCL 2017 - RTS 28 Qualitative Report

Structured Finance Instruments 

In 2017, Smith & Williamson Investment Services Limited (“SWIS”) executed all client orders in “Structured Finance Instruments” via NCL Investments Limited (“NCL”), a Smith & Williamson Group company, hence a separate execution venue report for this instrument type was not produced for SWIS.

NCL Investments Limited

NCL 2017 - Top 5 Execution Venues

NCL 2017 - RTS 28 Qualitative Report

Equity/Securitized/Commodities Derivatives

Smith & Williamson Investment Services Limited

SWIS 2017 - Top 5 Execution Venues - Equity Derivatives

SWIS 2017 - Top 5 Execution Venues - Securitized Derivatives

SWIS 2017 - Top 5 Execution Venues - Commodities Derivatives

SWIS 2017 - RTS 28 Qualitative Report – Derivatives

Contracts for difference

Smith & Williamson Investment Services Limited

SWIS 2017 - Top 5 Execution Venues

SWIS 2017 - RTS 28 Qualitative Report

Exchange Traded Products

Smith & Williamson Investment Services Limited

SWIS 2017 - Top 5 Execution Venues

SWIS 2017 - RTS 28 Qualitative Report

NCL Investments Limited

NCL 2017 - Top 5 Execution Venues

NCL 2017 - RTS 28 Qualitative Report


Important Information

 

  • RTS 28 requires firms to differentiate between Professional and Retail client orders. For the year 2017, we were unable to segregate orders for Professional and Retail clients and as such they were combined in our reports. Separate reports for Professional and Retail client orders will be included in our next annual disclosure, for the year 2018.
  • We were unable to include information on the proportions of passive, aggressive and directed orders executed on execution venues, as we were not previously required to collect and maintain this information in the year 2017. This information will be included in our next annual disclosure, for the year 2018.
  • We have not provided information on the top five execution venues in terms of trading volumes and information on the quality of execution obtained for orders in Currency Derivatives for the year 2017 as these instruments were not in scope of MiFID best execution requirements. This information will be included in our next annual disclosure, for the year 2018.
     
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