Common use of Best Execution Clause in Contracts

Best Execution. In relation to its MiFID business, a company must take all sufficient steps to obtain the best possible results for its clients when executing orders. The application and the relative importance of the relevant execution factors will vary depending on whether the client is a retail or professional client. a. Retail clients: where orders are executed on behalf of a retail client, the total consideration must be the overriding factor in determining best execution. i. The company must determine the best possible result in terms of the total consideration, representing the price of the financial instrument and the costs related to the execution, which must include all expenses incurred by the retail client which are directly related to the execution of the order, including execution venue fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the order. ii. A company should take into consideration all factors that will allow it to deliver the best possible result in terms of the total consideration, representing the price of the financial instrument and the costs related to execution. iii. Speed, likelihood of execution and settlement, the size and nature of the order, market impact and any other implicit transaction costs may be given precedence over the immediate price and cost con- sideration only insofar as they are instrumental in delivering the best possible result in terms of the total consideration to the retail client.

Best Execution. In relation to its MiFID business, a company must take all sufficient sufficient steps to obtain the best possible results for its clients when executing orders. The application and the relative importance of the relevant execution factors will vary depending on whether the client is a retail or professional client. a. Retail clients: where orders are executed on behalf of a retail client, the total consideration must be the overriding factor in determining best execution. i. The company must determine the best possible result in terms of the total consideration, representing the price of the financial financial instrument and the costs related to the execution, which must include all expenses incurred by the retail client which are directly related to the execution of the order, including execution venue fees, clearing and settlement fees and any other fees paid to third parties involved in the execution of the order. ii. A company should take into consideration all factors that will allow it to deliver the best possible result in terms of the total consideration, representing the price of the financial financial instrument and the costs related to execution. iii. Speed, likelihood of execution and settlement, the size and nature of the order, market impact and any other implicit transaction costs may be given precedence over the immediate price and cost con- sideration only insofar as they are instrumental in delivering the best possible result in terms of the total consideration to the retail client.