Maunby best execution top five
venue report – 2019
As part of the Markets in Financial Instruments Directive (MiFID II), which came into effect in January 2018, we are required to publish a list of the top five venues where client orders were executed over the preceding calendar year. The purpose of this report is to provide such details.
Definitions
Class of instrument – the financial instrument categorisation by the European Securities and Markets Authority (ESMA).
Client category – for the purposes of best execution, Maunby treats all clients as retail and therefore treated the same.
Percentage of passive and aggressive orders – the type of order placed in the market by:
- Passive – when liquidity is provided to the market by Maunby. This is achieved by entering a bid below the offer price for a buy order, or an offer above the bid price for a sell order.
- Aggressive – when liquidity is removed from the market by Maunby. This is achieved by entering a bid above the offer price for a buy order, or an offer below the id price for a sell order.
Percentage of directed orders – the percentage split of orders that were directed to a specific venue or broker.
Best Execution Summary
As part of our service to clients we strive to ensure we obtain the best possible outcome when carrying out a transaction or order. This is known as “best execution”. For more information on our best execution policy please see our Best Execution Policy on the website.
The majority of our orders will be placed through Redmayne Bentley, who provide us with a CREST sponsored account, international and bond custody, and order execution service. All the brokers we use, including Redmayne Bentley, are required to provide best execution for all orders placed with them, and details on their policies can be found on their websites.
Price is usually our first priority, but this may not always be the case. When it is, usually when an order is within or close to the normal market size, we would place this with Redmayne Bentley. When orders are of an unusual size or may influence the price in the market, we would place these with another broker more suited to the trade. Experience, access to liquidity, and execution record are some of the aspects we consider when placing an order with a firm other than Redmayne Bentley, and these are instrumental to providing the best possible outcome for clients.
| Class of Instrument | Equities – Liquidity Band 1 & 2 (from 0 to 79 trades per day) | ||||
|---|---|---|---|---|---|
| Notification if <1 average trade per business day in the previous year | N | ||||
| Top five execution venues ranked in terms of trading volumes (descending order) | Proportion of volume traded as a percentage of total in that class | Proportion of orders executed as percentage of total in that class | Percentage of passive orders | Percentage of aggressive orders | Percentage of directed orders |
| Redmayne Bentley (LEI: 213800S3IRIPK1R3JQ58) | 53.45 | 86.24 | 0.00 | 100.00 | 2.17 |
| Peel Hunt (LEI 5493007DWN0R4YBM4C84) | 11.00 | 4.74 | 100.00 | 0.00 | 22.00 |
| Numis (LEI 213800P3F4RT97WDSX47) | 4.45 | 1.61 | 100.00 | 0.00 | 7.14 |
| Cenkos (LEI 213800ALVRC52VN3I821) | 3.66 | 1.33 | 100.00 | 0.00 | 0.00 |
| Shore Capital (LEI 2138009KZO3MK7TV6372 ) | 1.86 | 0.85 | 100.00 | 0.00 | 11.11 |
| Class of Instrument | Debit Instruments | ||||
|---|---|---|---|---|---|
| Notification if <1 average trade per business day in the previous year | Y | ||||
| Top five execution venues ranked in terms of trading volumes (descending order) | Proportion of volume traded as a percentage of total in that class | Proportion of orders executed as percentage of total in that class | Percentage of passive orders | Percentage of aggressive orders | Percentage of directed orders |
| Redmayne Bentley (LEI: 213800S3IRIPK1R3JQ58) | 100% | 100% | 0% | 100% | 0% |
The above information can be downloaded here