Last updated: September 2025
Execution objectives
- Obtain the best possible result for clients, considering price, cost, speed, likelihood of execution and settlement, and market impact.
- Apply consistent execution quality controls across all supported asset types and order flows.
Order handling standards
- Process client orders promptly, fairly, and in sequence unless otherwise justified.
- Avoid improper aggregation or allocation of orders that could disadvantage clients.
- Ensure accurate capture, routing, and settlement of executed trades.
Liquidity venues and routing
- Select liquidity venues based on reliability, transparency, depth, and historical execution quality.
- Design routing logic to reduce slippage and optimise execution efficiency.
- Periodically review venue performance and adjust routing where required.
Monitoring and oversight
- Monitor execution quality using quantitative metrics such as slippage, fill rates, and latency.
- Maintain internal audit trails, exception logging, and escalation procedures for sub-optimal execution.
- Report material issues to senior management and, where required, to VARA.
Client disclosures
- Provide clients with clear information on the execution approach, order types, and any material limitations.
- Notify clients of material changes to this Best Execution Policy.