Execution Venues and Quality of Execution
We are required to take all sufficient steps to achieve the best possible result on a consistent basis when we execute orders on our client's behalf. This is referred to as 'best execution'.
Our regulatory obligations under the Markets in Financial Instruments Directive (MiFID II) require us to publish information about the quality of our order execution and the execution venues we use.
TimeToTrade provides Spread Bets, including leveraged FX, on an 'over the counter' (OTC) basis. This means that when you trade with TimeToTrade, you are entering into a bilateral transaction with us and we always act as the sole execution venue. In the context of our regulatory obligations to publish information about the quality of our order execution and the execution venues we use, TimeToTrade meets the definition of 'other liquidity provider'.
Where the requirement is relevant to the way our business operates, MiFID II requires us to publish the data in a prescribed format. You can access this data via the tables below.
|Name||Q1 2019||Q2 2019||Q3 2019||Q4 2019||Q1 2020|
|Type of Execution Venue (Article 3 (1))||Save Table 1 - Q1 2019||Save Table 1 - Q2 2019||Save Table 1 - Q3 2019||Save Table 1 - Q4 2019||Save Table 1 - Q1 2020|
|Type of Financial Instrument (Article 3 (2))||Save Table 2 - Q1 2019||Save Table 2 - Q2 2019||Save Table 2 - Q3 2019||Save Table 2 - Q4 2019||Save Table 2 - Q1 2020|
|Price Information (Article 4 (a))||Save Table 3 - Q1 2019||Save Table 3 - Q2 2019||Save Table 3 - Q3 2019||Save Table 3 - Q4 2019||Save Table 3 - Q1 2020|
|Daily Price Information (Article 4 (b))||Save Table 4 - Q1 2019||Save Table 4 - Q2 2019||Save Table 4 - Q3 2019||Save Table 4 - Q4 2019||Save Table 4 - Q1 2020|
|Information on Costs (Article 5)||Save Table 5 - Q1 2019||Save Table 5 - Q2 2019||Save Table 5 - Q3 2019||Save Table 5 - Q4 2019||Save Table 5 - Q1 2020|
|Likelihood of Execution (Article 6)||Save Table 6 - Q1 2019||Save Table 6 - Q2 2019||Save Table 6 - Q3 2019||Save Table 6 - Q4 2019||Save Table 6 - Q1 2020|
MiFID II requires us to publish on an annual basis information relating to the top five execution venues that we relied on when you traded Spread Bets and Equities with us. It is important to note that when you trade Spread Bets with TimeToTrade, you are contracting with us and we act as the sole execution venue.
TimeToTrade does not operate an order book. As a result, references to passive and aggressive orders do not apply.
Top 5 Execution Venues
|Equities||Save 2018 Equities||Save 2019 Equities|
|Spreadbets||Save 2018 Spreadbets||Save 2019 Spreadbets|
TimeToTrade Annual Execution Summaries