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 |
