Common use of Best Execution Clause in Contracts

Best Execution. The NAMUK trading team is a multi asset class trading function and the vast majority of these assets are classed as financial instruments under Markets in Financial Instruments Directive (“MiFID”), over which this policy presides. It is important to note that NAMUK traders will strive to achieve best execution such as this for all asset types and classes regardless of the definition under MiFID. Given the diversity in markets and types of orders that are executed, different factors have to be considered when assessing the nature of best execution. One aspect of this is that prevailing market conditions can affect theses factors. For example, in times of high price volatility timeliness of execution becomes a more important factor whereas in low liquidity markets sometimes the fact that an execution takes place at all could be considered best execution. The best execution requirements will not apply where we have specific instructions from a client as to how an order should be executed, to the extent that such instructions directly contradict those requirements.