BEST EXECUTION AND ORDER HANDLING POLICY
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Introduction
This Order Execution Policy (the “Policy”) is intended to provide clients with information relating to the order execution arrangements that MAVEN ASSET MANAGEMENT LIMITED (“MAVEN”, or the “Firm”) have in place to comply with the requirements for order handling and best execution of transactions on behalf of clients. This includes the prohibition of preference to customer’s account over any other customer which affects the priority in which the executions were made.
The Firm aims at obtaining a combination of price in a transaction that is most favourable to the client under prevailing market conditions.
By giving MAVEN orders for execution after receiving this Policy, you will be deemed to have consented to having your orders handled by MAVEN in accordance with this Policy, except for situations where MAVEN has received specific instructions.
The purpose of this Standard is to meet the firm’s regulatory obligation under the Rule book for regulation as a Dealing Member of the Nigerian Exchange (NGX) and other capital trading points. MAVEN is required to take all reasonable steps to seek to obtain, when executing orders on behalf of clients or decision to deal, the best possible results for its clients considering the criteria and factors set out in this policy.
The Best Execution and Order Handling Principles Standard sets out MAVEN’s approach in respect of client order execution. The standard is in line with the Rules on Order Handling and Best Execution of the NGX Rulebook. The primary objectives of the Policy document are to:
Provide the principles applicable to ensure best customer experience in the execution of transactions and to support a consistent approach;
- Provide the requirements applicable to the delivery of best execution;
Highlight the Monitoring and Demonstration requirements for the delivery of best execution;
- Provide governance requirements applicable to best execution; and
- Provide order handling principles.
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Scope
This policy applies to orders executed by the Firm on behalf of clients on securities executed on the NGX, NASD, FMDQ or any other capital market trade point recognised and authorised by the Securities and Exchange Commission in Nigeria.
On request, when MAVEN provides quotes (“Request for Quote” or “RFQ”) or negotiates a price with you, MAVEN will take into consideration the nature of the instruction with respect to the four-fold cumulative test as set out by the European Commission1 to determine whether the client is relying on MAVEN to obtain the best possible result.
In determining whether MAVEN is able to deal on an RFQ basis, MAVEN will consider the nature of the instruction with respect to the four-fold cumulative test. The distinction between your reliance on MAVEN to achieve best execution and an RFQ is between…… Read More