This document is provided to you to outline our order execution policy for the benefit of Ascot Prime clients and therefore to seek your consent in this regard.
The Markets in Financial Instruments Directive (MiFID) states that we must have in place an order execution policy and that we take all reasonable steps to give the client the best possible result (Best Execution). We are also obliged to provide you with any such information requested concerning our execution on behalf of our clients.
If we are instructed by you do deal on your behalf this may prevent us from following our execution policy which has been designed to give you the best possible result on a constant basis. Taking in to account all the factors listed below it may mean that you as the client receive a worse trade outcome than if you dealt in line with our best execution policy, this is entered at your own risk. If your instructions solely relate to a part order, we will continue to work towards achieving our best execution obligation to those parts of the order not covered by your instruction.
You should also be aware to the fact that by providing us with specific instructions relating to a particular orders execution may prevent us from taking the necessary steps as set out in our order execution policy in respect to the elements covered by those instructions.
If our order execution policy is designed that on a consistent basis we ensure that we deliver the best possible outcome to you throughout our relationship. This does not necessarily mean that the best price or outcome can be obtained in all circumstances.
We are committed to providing you with the best possible outcome, this does not mean that we have any fiduciary responsibilities to you over and above our regulatory responsibility as may be otherwise contracted between us.
The details within this policy only apply to retail and professionally classified clients. We are obliged to provide clients with a best execution policy however this does not apply to clients classified as eligible counterparties. This execution policy should be read in conjunction with the company's terms and conditions. By agreeing to our terms of business you are also agreeing to the details contained in this execution policy.
The factors taken into account by us when executing an order are: price, speed, cost, likelihood of execution size of order and settlement along with any consideration which may also be relevant to the execution of your order. These factors will all be taken into account unless expressly instructed by you prior to the event.
Of extremely high importance when dealing with best execution will be price however, in some circumstances we may assess that other determining factors may be of greater importance when assessing best execution.
These factors and their weighting may also changes dependent on your client classification and will therefore be judged on an order-by-order basis. For the benefit of retail clients and in the absence of any firm instruction given we tend to take all factors in to the equation attributing towards the total cost incurred to the retail client in question.
When dealing on your behalf we will take in to the equation your client classification and the characteristics of the instrument you wish to deal along with the characteristics of the order that you are placing.
Ascot Prime deals with you as principal on all orders and transactions placed. All transactions take place on an over-the-counter basis (OTC), none of these transactions take place on a regulated exchange. Over-the-counter transactions may expose you to greater risks than on-exchange transactions.
Specific client instructions
Should Axis receive specific instructions from a client relating to an order the company will use its best efforts to execute this order in accordance with instructions received. This instruction may not be in accordance with this policy and therefore may impact the client receiving the best execution for the order with which specific instruction was received. If this instruction is incomplete we will follow procedures of our best execution policy for the parts of the order not specifically instructed on.
Providing there is sufficient margin within your account all trades placed through our platforms will be automatically executed. It is Ascot Prime aim to ensure this execution is as fast as possible however in volatile market conditions and times of economic data release these execution speeds may experience delays.
All of our dealing platforms have a minimum size order for each instrument available to trade. These minimum order sizes can be viewed on our website at https://ascotprime.com/We deal with execution venues and liquidity providers that allow us to provide execution of such orders.
It is important for clients to understand that there are inherent risks associated with trading in volatile markets. Times of increased volatility are expected prior to economic data being released, prolonged economic uncertainty, beginning and end of specific trading sessions.
These risks include but are not limited to:
Overall Costs and Price Improvements
Ascot Prime will charge their clients by way of commissions per trade, spread increases per trade or by financing charges. Spreads and commission levels can be seen by visiting our website at https://ascotprime.com/. Financing charges can be defined as the interest payment due for holding a position for a prolonged period of time. These financing costs are charged upon the costs past to us by our liquidity providers and execution venues.
Orders that are sent by you are executed as market orders, this means you trigger a trade on your account, this order is passed through our platform to the execution venue as a buy or sell order, this order has no price attached and you are therefore filled at the next price available. This execution route may mean that your order could be filled at a different price to the one shown on screen and it may have a positive or negative impact on your trade. The same applies for holiday and weekend execution.
At the discretion of Ascot Prime we may aggregate client orders with our own or other associated client orders. Aggregation will only take place if it is unlikely to detrimentally impact the client whose order is to be aggregated. On certain occasions the impact of aggregation may have a negative impact on your positions.
We commit to ensuring compliance with this execution policy by monitoring our liquidity providers and execution venues from time to time. We will notify all clients of any change to this execution policy if our findings deem it necessary to materially change this document.
Ascot Prime will review the effectiveness of its execution at least annually. During this time we will monitor compliance with this execution policy and if deemed necessary we will add or remove execution venues and liquidity providers to ensure we are working in accordance with this document. Full disclosure of liquidity arrangements and execution venues can be requested at any time.
We will notify clients of any material change to this execution document via our website https://ascotprime.com/. Clients are advised to monitor this site on a regular basis for changes to this policy. A hard copy of this document can be requested at any time.