Client Orders & Specific Instructions. Xxxxxx considers itself to be in receipt of a Client Order when a Client gives us a trading instruction that requires Cantor to act on the Client’s behalf in relation to the pricing or other aspects of the transaction that may be affected by how Xxxxxx executes the order, for example where: • an agency obligation exists, or • we ‘work’ a trading instruction on a Client’s behalf either on a principal or riskless principal basis, or • we place orders with entities for execution that result from decisions by us to deal in financial instruments on a Client’s behalf when providing portfolio management services to said Client. In situations outlined above where Xxxxxx executes Client Orders and owes a duty of Best Execution, all reasonable steps will be taken to obtain the best possible execution result on a consistent basis taking into account the following Execution Factors: • price, • cost, • speed of execution, • likelihood of execution and settlement reliability, • order size, • nature of Client Order or any other consideration relevant to the execution of the Client Order. While the weighting and relevance of these factors may vary, price will ordinarily merit a high relative importance in obtaining the best possible result (‘BPR’) for a Client. Xxxxxx will give precedence to factors affording the best possible result in terms of total consideration to the client ie. price of the financial instrument and the costs related to execution, including all expense incurred by the client which are directly related to the execution of the order and execution venue fees, clearing and settlement fees paid to third parties involved in the execution of the order, will determine best execution. However, markets, instruments and transaction types vary greatly in terms of liquidity, depth, transparency, certainty, ease and speed of execution etc. Xxxxxx may therefore take into consideration other Execution Criteria that alter the relative importance of execution elements (execution criteria other than price may assume equal or greater importance) and thereby permit Cantor the required flexibility to cater for Clients differing priorities and execute orders based on other factors that will result in Xxxxxx acting in the best interest of the client. Such criteria may include, but are not limited to: • The clients status as a retail client or a professional client; • Prevailing market conditions • Characteristics of the Client, • Characteristics and size of the Client Order,...
Client Orders & Specific Instructions. Xxxxxx considers itself to be in receipt of a Client Order when a Client gives us a trading instruction that requires Cantor to act on the Client’s behalf in relation to the pricing or other aspects of the transaction that may be affected by how Xxxxxx executes the order, for example where: • an agency obligation exists, or • we ‘work’ a trading instruction on a Client’s behalf either on a principal or riskless principal basis, or • we place orders with entities for execution that result from decisions by us to deal in financial instruments on a Client’s behalf when providing portfolio management services to said Client. Xxxxxx will not be acting on the Client’s behalf and Best Execution will not apply when we deal with the Client as counterparty and we negotiate with the Client the terms of a transaction in which we agree to deal with the Client as principal for our own account. Xxxxxx is not under an obligation to provide a client with Best Execution if in relation to a particular order or business the client is an eligible counterparty. Specific Client Instructions WARNING: If a Client provides Cantor with a specific instruction to deal it may prevent us from following our Order Execution Policy which is designed to obtain the best possible result for the Client on a consistent basis, taking into account the factors outlined below. Where the Client’s instructions relate only to a part of the order, then we may follow the Order Execution Policy for those parts of the order not covered by such instructions.
