best Execution Policy
INVESTMENT ONE STOCKBROKERS INT'L LIMITED BEST EXECUTION POLICY
The purpose of this document is to provide clients of Investment One Stockbrokers Int’l Limited (“IOSIL” or “we”or “us”) with information in relation to our Best Execution Policy. The Best Execution Policy outlines the reasonable steps taken by us to ensure that we obtain the best possible results, for you, when executing your orders.
Specific Client Instructions
If you provide us with a specific instruction to deal for you it may prevent us from following some or all of the steps outlined in our Best Execution Policy, which are designed to obtain the best possible results in respect of your order.
Where you have given us a specific instruction we will take all reasonable steps to obtain the best possible results for you in respect of the order or aspect of the order covered by your specific instruction/s.
When dealing for you we will consider the following:
(1) Your characteristics, including your regulatory client classification;
(2) The characteristics of the financial instrument concerned and of your order; and
(3) Where such orders can be effected (i.e. the execution venues).
In assessing the most appropriate route to carry out your order we will consider the following criteria:
- Certainty of execution;
- Client type;
- Order Size;
- Speed of execution; and
- Any other criteria relevant to the execution of the order.
The weighting/relevance of these factors may differ between Retail and Professional clients.
Professional clients should also refer to section below dedicated to them.
When dealing in a financial instrument on your behalf we will exercise our discretion in assessing the criteria that we need to take into account to provide you with the best possible result (“best execution”). The relative importance of these criteria will be judged on an order-by-order basis, in line with our commercial experience and with reference to market conditions. In executing orders for Retail clients, in the absence of any specific instructions, we generally give precedence to the factors that allow us to deliver the best possible result in terms of value (total cost) to the client.
Execution Venues (Competing Markets)
We would execute your trade mandates on the Securities and Exchange Commission registered securities exchange and self-regulatory organisation platforms such as the Nigerian Stock Exchange (NSE), FMDQ OTC Plc and the NASD platforms for the various asset classes we have competencies to broker trades.
Having assessed the relevant criteria and any specific instructions provided by you, we will select the most appropriate venue(s) from those available and execute your order accordingly.
If you give us an investment instruction at a specified price limit or better and for a specified size (a ‘‘limit order’’), then it may not always be possible to execute that order under the prevailing market conditions. We would be required to make your order public (i.e. show the order to the market) in such a case unless you agree that we need not do so. We think it is in your best interests if we exercise our discretion as to whether or not we make your order public. By agreeing to this you agree to us not making your orders public, save where we consider it is in your best interests to do so.
We will execute Professional client orders in accordance with this Best Execution Policy. Retail client execution venues may be unavailable to certain classes of Professional client. If you have any questions regarding such venues, please contact IOSIL.
Monitoring and Review
We will actively monitor compliance with its Best Execution Policy. We will notify you of any material changes to our Best Execution Policy as outlined in our terms and conditions with you. All clients may request a hard copy of our Best Execution Policy at any time by contacting IOSIL. As this Best Execution Policy is required by our Regulator, we cannot accept any amendments to this policy.
By signing the declaration in the account opening form, you (or your authorised intermediary) consent to our Best Execution Policy. Please note that if you do not provide your consent to our Best Execution Policy you may be limiting our ability to execute your orders on the most advantageous terms for you.
Accordingly, if you do not consent to this Best Execution Policy we will be unable to open an account for you.
Should you require further information or assistance in relation to the Best Execution Policy please contact Investment One Stockbrokers Int’l Limited.