Top Five Execution Venues - Annual Report 2019

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 Management LLP (“SWIM”), Smith & Williamson Investment Services Limited (“SWIS”), Smith & Williamson Investment Management (Europe) Ltd ("SWE") and NCL Investments Limited (“NCL”) for the year 2019.

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 SWIM, SWIS, SWE and NCL.


Equities - Shares & Depository Receipts

Smith & Williamson Investment Management LLP

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
Tick size bands 1 and 2 Retail Placement  Download Download Report
Professional Placement  Download
Tick size bands 3 and 4 Retail Placement Download
Professional Placement  Download
Tick size bands 5 and 6 Retail Placement  Download
Professional Placement  Download

Smith & Williamson Investment Services Limited

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
Tick size bands 1 and 2 Retail Placement  Download   Download Report
Professional Placement  Download
Tick size bands 3 and 4 Retail Placement  Download
Professional Placement  Download
Tick size bands 5 and 6 Retail Placement  Download
Professional Placement  Download

Smith & Williamson Investment Management (Europe) Ltd

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
Tick size bands 1 and 2 Retail Placement  Download   Download Report
Professional Placement  Download
Tick size bands 3 and 4 Retail Placement  Download
Professional Placement  Download
Tick size bands 5 and 6 Retail Placement  Download
Professional Placement  Download

NCL Investments Limited

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
Tick size bands 1 and 2 Professional Execution  Download Download Report
Tick size bands 3 and 4 Professional Execution  Download
Tick size bands 5 and 6 Professional Execution  Download

Debt Instruments – Bonds & Money Markets Instruments

Smith & Williamson Investment Management LLP

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
Bonds Retail Placement  Download Download Report
Professional Placement  Download
Money Market Instruments Retail Placement  Download
Professional Placement  Download

Smith & Williamson Investment Services Limited

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
Bonds

Retail Placement  Download Download Report
Professional Placement  Download
Money Market Instruments

Retail Placement  Download
Professional Placement  Download

Smith & Williamson Investment Management (Europe) Ltd

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
Bonds Retail Placement  Download Download Report
Professional Placement  Download
Money Market Instruments Retail Placement  Download
Professional Placement  Download

NCL Investment Limited

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
Bonds Professional Execution  Download Download Report
Professional Placement  Download
Money Market Instruments Professional Execution  Download
Professional Placement  Download

Interest Rate Derivatives

Smith & Williamson Investment Management LLP

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Professional Placement  Download Download Report

Smith & Williamson Investment Services Limited

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Professional Placement  Download Download Report

Currency Derivatives

Smith & Williamson Investment Management LLP

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
Options and Futures admitted to trading on a trading venue Retail Placement  Download Download Report
Professional Placement  Download
Swaps, Forwards and other Currency Derivatives Retail Placement  Download
Professional Placement  Download

Smith & Williamson Investment Services Limited

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
Options and Futures admitted to trading on a trading venue Retail Placement  Download Download Report
Professional Placement  Download
Swaps, Forwards and other Currency Derivatives
Retail Placement  Download
Retail Execution  Download
Professional Placement  Download
Professional Execution  Download

Smith & Williamson Investment Management (Europe) Ltd

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
Options and Futures admitted to trading on a trading venue Retail Placement  Download Download Report
Professional Placement  Download
Swaps, Forwards and other Currency Derivatives Retail Placement  Download
Professional Placement  Download

Structured Finance Instruments

Smith & Williamson Investment Management LLP

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Retail Placement  Download Download Report
Professional Placement  Download

Smith & Williamson Investment Services Limited

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Retail Placement  Download Download Report
Professional Placement  Download

NCL Investments Limited

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Professional Execution  Download Download Report

Equity Derivatives

Smith & Williamson Investment Management LLP

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Retail Placement  Download Download Report
Professional Placement  Download

Smith & Williamson Investment Services Limited

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Retail Placement  Download Download Report
Professional Placement  Download

Commodities Derivatives

Smith & Williamson Investment Management LLP

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Retail Placement  Download Download Report
Professional Placement  Download

Smith & Williamson Investment Services Limited

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Retail Placement  Download Download Report
Professional Placement  Download

Contracts for difference

Smith & Williamson Investment Management LLP

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Professional Placement  Download Download Report

Smith & Williamson Investment Services Limited

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Professional Placement  Download Download Report

Exchange Traded Products

Smith & Williamson Investment Management LLP

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Retail Placement  Download Download Report
Professional Placement  Download

Smith & Williamson Investment Services Limited

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Retail Placement  Download Download Report
Professional Placement  Download

Smith & Williamson Investment Management (Europe) Ltd

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Retail Placement  Download Download Report
Professional Placement  Download

NCL Investments Limited

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Professional Execution  Download Download Report

Other Instruments

Smith & Williamson Investment Management LLP

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Retail Placement  Download Download Report
Professional Placement  Download

Smith & Williamson Investment Services Limited

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Retail Placement  Download Download Report
Professional Placement  Download

Smith & Williamson Investment Management (Europe) Ltd

Instrument Sub-type Client Type Interaction Quantitative Report Qualitative Report
  Retail Placement  Download Download Report
Professional Placement  Download

  

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