Common use of Client’s Orders/Instructions & Execution of Orders Clause in Contracts

Client’s Orders/Instructions & Execution of Orders. 8.1 Execution of Orders: It is the Company’s approach to take all sufficient steps to obtain the best possible result on behalf of its Clients when executing Client orders on Financial Instruments offered by the Company or receiving and transmitting orders for execution. The Client understands and acknowledges that the Company will enter into transactions with the Client either as principal (counterparty) or an agent. The Company will be the contractual counterparty to the Client. 8.2 The Company, when executing orders, will obtain the best possible result for Clients, taking into account factors like price, costs, speed, likelihood of execution and settlement, size, market impact or any other consideration relevant to the execution of the order. Where the Company executes an order on behalf of a Client, the best possible result shall be determined in terms of the total consideration, representing the price of the financial instrument and the costs relating to execution, which shall include all expenses incurred by the Client which directly relate to the execution of the order. 8.3 For determining the importance of the execution factors indicated above, the following criteria are also taken into account: • The characteristics of the Client • The characteristics of the Client order; • The characteristics of Financial Instruments that are the subject of that order; • The characteristics of the execution venues to which that order can be directed. 8.4 The Client understands and confirms that all orders received by the Company from the Client are orders for execution outside a Regulated Market or MTF.

Client’s Orders/Instructions & Execution of Orders. 8.1 Execution of Orders: It is the Company’s approach to take all sufficient steps to obtain the best possible result on behalf of its Clients when executing Client orders on Financial Instruments offered by the Company or receiving and transmitting orders for execution. The Client understands and acknowledges that the Company will enter into transactions with the Client either as principal (counterparty) or an agent. The Company will be the contractual counterparty to the Client. 8.2 The Company, when executing orders, will obtain the best possible result for Clients, taking into account factors like price, costs, speed, likelihood of execution and settlement, size, market impact or any other consideration relevant to the execution of the order. Where the Company executes an order on behalf of a Client, the best possible result shall be determined in terms of the total consideration, representing the price of the financial instrument and the costs relating to execution, which shall include all expenses incurred by the Client which directly relate to the execution of the order. 8.3 For determining the importance of the execution factors indicated above, the following criteria are also taken into account: •  The characteristics of the Client •  The characteristics of the Client order; •  The characteristics of Financial Instruments that are the subject of that order; •  The characteristics of the execution venues to which that order can be directed. 8.4 The Client understands and confirms that all orders received by the Company from the Client are orders for execution outside a Regulated Market or MTF.

Client’s Orders/Instructions & Execution of Orders. 8.1 Execution of Orders: It is the Company’s approach to take all sufficient steps to obtain the best possible result on behalf of its Clients when executing Client orders on Financial Instruments offered by the Company or receiving and transmitting orders for execution. The Client understands and acknowledges that the Company will enter into transactions with the Client either as principal (counterparty) or an agent. The Company will be the contractual counterparty to the Client. 8.2 The Company, when executing orders, will obtain the best possible result for Clients, taking into account factors like price, costs, speed, likelihood of execution and settlement, size, market impact or any other consideration relevant to the execution of the order. Where the Company executes an order on behalf of a Client, the best possible result shall be determined in terms of the total consideration, representing the price of the financial instrument and the costs relating to execution, which shall include all expenses incurred by the Client which directly relate to the execution of the order. 8.3 For determining the importance of the execution factors indicated above, the following criteria are also taken into account: • ● The characteristics of the Client • ● The characteristics of the Client order; • ● The characteristics of Financial Instruments that are the subject of that order; • ● The characteristics of the execution venues to which that order can be directed. 8.4 The Client understands and confirms that all orders received by the Company from the Client are orders for execution outside a Regulated Market or MTF.

Client’s Orders/Instructions & Execution of Orders. 8.1 10.1. Execution of Orders: It is the Company’s approach to take all sufficient steps to obtain the best possible result on behalf of its Clients when executing Client orders on Financial Instruments offered by the Company or receiving and transmitting orders for execution. The Client understands and acknowledges that the Company will enter into transactions with the Client either as principal (counterparty) or an agent. The Company will be the contractual counterparty to the Client. 8.2 10.2. The Company, when executing orders, will obtain the best possible result for Clients, taking into account factors like price, costs, speed, likelihood of execution and settlement, size, market impact or any other consideration relevant to the execution of the order. Where the Company executes an order on behalf of a Client, the best possible result shall be determined in terms of the total consideration, representing the price of the financial instrument and the costs relating to execution, which shall include all expenses incurred by the Client which directly relate to the execution of the order. 8.3 10.3. For determining the importance of the execution factors indicated above, the following criteria are also taken into account: • The characteristics of the Client Client; • The characteristics of the Client order; • The characteristics of Financial Instruments that are the subject of that order; • The characteristics of the execution venues to which that order can be directed. 8.4 10.4. The Client understands and confirms that all orders received by the Company from the Client are orders for execution outside a Regulated Market or MTF.

Client’s Orders/Instructions & Execution of Orders. 8.1 Execution of Orders: It is the Company’s approach to take all sufficient steps to obtain the best possible result on behalf of its Clients when executing Client orders on Financial Instruments offered by the Company or receiving and transmitting orders for execution. The Client understands and acknowledges that the Company will enter into transactions with the Client either as principal (counterparty) or an agent. The Company will be the contractual counterparty to the Client. 8.2 The Company, when executing orders, will obtain the best possible result for Clients, taking into account factors like price, costs, speed, likelihood of execution and settlement, size, market impact or any other consideration relevant to the execution of the order. Where the Company executes an order on behalf of a Client, the best possible result shall be determined in terms of the total consideration, representing the price of the financial instrument and the costs relating to execution, which shall include all expenses incurred by the Client which directly relate to the execution of the order. 8.3 For determining the importance of the execution factors indicated above, the following criteria are also taken into account: • The characteristics of the Client Client; • The characteristics of the Client order; • The characteristics of Financial Instruments that are the subject of that order; • The characteristics of the execution venues to which that order can be directed. 8.4 The Client understands and confirms that all orders received by the Company from the Client are orders for execution outside a Regulated Market or MTF.

Client’s Orders/Instructions & Execution of Orders. 8.1 Execution of Orders: It is the Company’s approach to take all sufficient steps to obtain the best possible result on behalf of its Clients when executing Client orders on Financial Instruments offered by the Company or receiving and transmitting orders for execution. The Client understands and acknowledges that the Company will enter into transactions with the Client either as principal (counterparty) or an agent. The Company will be the contractual counterparty to the Client. 8.2 The Company, when executing orders, will obtain the best possible result for Clients, taking into account factors like price, costs, speed, likelihood of execution and settlement, size, market impact or any other consideration relevant to the execution of the order. Where the Company executes an order on behalf of a Client, the best possible result shall be determined in terms of the total consideration, representing the price of the financial instrument and the costs relating to execution, which shall include all expenses incurred by the Client which directly relate to the execution of the order. 8.3 For determining the importance of the execution factors indicated above, the following criteria are also taken into account: • The characteristics of the Client • The characteristics of the Client order; • The characteristics of Financial Instruments that are the subject of that order; • The characteristics of the execution venues to which that order can be directed. 8.4 The Client understands and confirms that all orders received by the Company from the Client are orders for execution outside a Regulated Market or MTF.

Client’s Orders/Instructions & Execution of Orders. 8.1 Execution of Orders: It is the Company’s approach to take all sufficient steps to obtain the best possible result on behalf of its Clients when executing Client orders on Financial Instruments offered by the Company or receiving and transmitting orders for execution. The Client understands and acknowledges that the Company will enter into transactions with the Client either as principal (counterparty) or an agent. The Company will be the contractual counterparty to the Client. 8.2 The Company, when executing orders, will obtain the best possible result for Clients, taking into account factors like price, costs, speed, likelihood of execution and settlement, size, market impact or any other consideration relevant to the execution of the order. Where the Company executes an order on behalf of a Client, the best possible result shall be determined in terms of the total consideration, representing the price of the financial instrument and the costs relating to execution, which shall include all expenses incurred by the Client which directly relate to the execution of the order. 8.3 For determining the importance of the execution factors indicated above, the following criteria are also taken into account: • x The characteristics of the Client • x The characteristics of the Client order; • x The characteristics of Financial Instruments that are the subject of that order; • x The characteristics of the execution venues to which that order can be directed. 8.4 The Client understands and confirms that all orders received by the Company from the Client are orders for execution outside a Regulated Market or MTF.