01
Best execution obligation
JB Management is required to take all sufficient steps to obtain the best possible result for the client when executing orders. This is a requirement of MiFID II.
02
Execution factors and their priority
The factors the company takes into account when executing retail client orders are listed below, together with their relative priority.
| Factor | Priority for retail clients |
|---|---|
| Price | Highest priority |
| Costs | Highest priority |
| Speed of execution | High priority |
| Likelihood of execution and settlement | High priority |
| Size and nature of the order | Medium priority |
For retail clients, the total consideration — that is, price plus costs — is the determining factor.
03
Execution venue
Orders are executed with JB Management as the sole execution venue; the company passes them on to a pool of liquidity providers. The list of providers and the criteria for their selection are disclosed on request and reviewed at least once a year.
04
Execution type
Market execution: the order is filled at the best available price at the moment it reaches the server. Requotes are not used.
05
Slippage
Slippage may be either positive or negative. It is most likely around macroeconomic data releases, at market open and in periods of low liquidity.
06
Execution of stop orders
Once triggered, a stop order becomes a market order and is filled at the best available price, which may differ from the specified level, including in the event of price gaps.
07
Execution quality monitoring
The company regularly monitors execution quality and publishes statistics: average execution time, the proportion of orders with positive and negative slippage, and the average size of slippage.
