SAXO BANK A/S ORDER EXECUTION POLICY · Saxo Bank executing that order in accordance with this...

SAXO BANK A/S ORDER EXECUTION POLICY


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1. INTRODUCTION

1.1. This Order Execution Policy (the “Policy”) is issued pursuant to, and in compliance with, Directive 2014/65/EU of the European Parliament and of the Council of 15May2014onmarketsinfinancialinstruments(MiFIDII)andtheDanishlegislation implementingMiFIDII(the“Rules”)thatappliestoSaxoBankA/S(“SaxoBank”).

1.2. This order execution policy (the “Policy”) provides an overview of how Saxo Bank executesordersonbehalfofclients,thefactorsthatcanaffectthetimingofexecution andthewayinwhichmarketvolatilityplaysapartinhandlingorderswhenbuyingor sellingafinancialinstrument.

1.3. This Policy applies to Saxo Bank’s execution of orders on behalf of retail clients and professionalclientsaccordingtotheRules,asdefinedabove.

2. SCOPE

2.1. Our Commitment 2.1.1. Whendealingwithclients,SaxoBankhasageneraldutytoacthonestly,fairly, professionally and in the best interest of the client. In relation to order execution, SaxoBankisrequiredtotakeallsufficientstepstoobtainthebestpossibleresultwhen executingclientordersorwhenplacingorderswith,ortransmittingordersto,other entities to execute.

2.2. Your Agreement to this policy 2.2.1. This Policy has been provided to help clients understand how Saxo Bank executes client orders so that they can make an informed choice on whether to use Saxo Bank’s services. You should ensure that you have read and understand its contents.

2.2.2. Uponacceptanceofaclientorderandwhenthereisnospecificclientinstruction regardingtheexecutionmethod,SaxoBankwillexecuteanorderinaccordance with this Policy.


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2.3. If you proceed to place an order with us, we will take that as your consent to SaxoBankexecutingthatorderinaccordancewiththisPolicy.

2.4 Best Execution is the process by which Saxo Bank seeks to obtain the best possibleresultwhenexecutingclientorders.Thedefinitionofbestpossible resultwillvaryasSaxoBankmusttakeintoaccountarangeofexecution factors and determine their relative importance based on the characteristics of its clients, the orders that it receives and the markets in which it operates. These factors are further described in this Policy.

3. BEST EXECUTION OBLIGATION

3.1. Execution Factors 3.1.1. SaxoBankhasconsideredanumberofcriteriathatmightbeimportanttoclients. ThesearecalledtheExecutionFactors: a. Price - the market price at which the order is executed. b. Costs-anyadditionalchargesthatmaybeincurredinexecuting the order in a particular way over and above Saxo Bank’s normalcharges. c. Speed of Execution – this can be particularly important in fast movingmarkets. d. Likelihood of Execution and Settlement – the best price is of little use if Saxo Bank cannot execute at it or if the transaction fails to complete. e. Size, nature and any other considerations of the transaction – the way that SaxoBankexecutesanunusualorder(forexample,onethatislargerthan the normal market size or has unusual features such as an extended or shortenedsettlementperiod)maydifferfromthewayitexecutesa standard order. f. MarketImpact–theeffectthatexecutingaclient’sorder,orshowingitto othermarketparticipants,mighthaveuponthemarket. g. Otherfactorsrelevanttoparticularordertypes–asapplicable.


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3.2. Total Consideration 3.2.1. When Saxo Bank executes orders on behalf of clients, Best Execution is determined on the basis of the total consideration paid to or by the client, unless the objective of execution of the order dictates otherwise. Total Consideration is thepriceofthefinancialinstrumentandthecostsrelatedtoexecution,including all expenses incurred by the client which are directly related to the execution of theordersuchasvenueexecutionfees,clearingandsettlementfeesand any other fees paid to third parties involved in the execution of the order. When assessingwhetherBestExecutionhasbeenachieved,SaxoBankdoesnottake accountofitsstandardchargesthatwillbepaidbytheclientirrespectiveofhow the order is executed.

3.3. Execution Criteria 3.3.1. TherelativeimportancethatSaxoBankattachestotheExecutionFactorsin anyparticularcasemaybeaffectedbythecircumstancesoftheorder.Theseare calledtheExecutionCriteria,theyconsistof: a. ClientCharacteristics–professionalcustomersmayhavedifferentneeds to retail customers. b. Transaction Characteristics – such as the potential for it to have an impact on the market. c. FinancialInstrumentCharacteristics–suchasliquidityandwhetherthere isarecognisedcentralisedmarket. d. Venue Characteristics – particular features of the liquidity sources available to Saxo Bank. e. Other relevant circumstances – as applicable.

3.4. Execution Venues 3.4.1. BasedonitsassessmentoftheExecutionFactorsandtheExecutionCriteria, Saxo Bank will select one or more venue(s) for the execution of the clients order. Venuesusedmightinclude: a. RegulatedMarkets(RM) b. MultilateralTradingFacilities(MTF) c. Systematic Internalisers (SI) d. LiquidityprovidedfromSaxoBank’sowninternalflowaggregationbook and other Liquidity Providers.


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3.4.2. Saxo Bank will take reasonable care not to discriminate between execution venuesotherthanonthebasisoftheExecutionFactorsrelevanttotheorder concerned.

3.4.3. Forcertainassetclasses,whereSaxoBankexecutesordersagainstliquidity providedbyitsowninternalflowaggregationbook,SaxoBankwillaggregate theriskfromclienttransactionswithrisksarisingonotherclientsordersand willundertakehedgingactivitiesatotherdealingvenuesinthemannerthatit considerstobemostefficient.ThepricesthatSaxoBankmakesavailableto clients under this model will be based upon the prices available to it from its selectedhedgingvenues.

3.4.4. SaxoBankisamemberofNASDAQCopenhagenA/SandChicagoMercantile Exchange(“CME“)andadditionallyusesanumberofexternalfinancialinstitutions andbrokersintheprocessofreceivingandrelayingordersortodirectlyexecute listedfinancialinstrumentswhicharenotlistedonNASDAQCopenhagenA/S and CME.

3.4.5. SaxoBankhasaccesstoanumberofexchangesandotherexecutionvenues throughitsorderroutingBrokers.Alistofthemainexecutionvenuesincluding brokers used by Saxo Bank is available on www.home.saxo and as an Appendix to this Policy.

4. TRANSACTIONS WHERE BEST EXECUTION HAS LIMITED SCOPE

4.1. SpecificInstructions 4.1.1. ClientsmayaskSaxoBanktoexecutetheirordersinaccordancewithspecific instructions–eithergenerallyoronacasebycasebasis.TotheextentthatSaxoBankis abletoaccommodatesuchrequests,itwilldoso.However: a. Wherethespecificinstructionswillresultinhighercosts,SaxoBankmay reflectthoseadditionalcostsinitschargestotheclient.Inthiscase, SaxoBankwillnotifytheclientofitsrevisedchargesbeforeaccepting the order(s).


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b. Wherethespecificinstructionsconflictwithitsnormalprocesses, SaxoBankwillgivethespecificinstructionsprecedence.Thismayresult inadifferentoutcomeforthetransaction. c. Wherethereisnoconflict,SaxoBankwillcontinuetofollowthis execution Policy.

4.2. Event of Client Default or other liquidation event 4.2.1. InanEventofClientDefault,(e.g.insufficientmargin),orotherliquidationevent (e.g.AccountValueShieldTrigger),SaxoBankshallseektoimmediately terminate,cancelandclose-outallorpartofanyoutstandingpositions. SaxoBankretainsdiscretionastohowtohandletheclose-out,includingwith respecttoorderexecution,fillquantity,aggregation,priorityandpricing.

4.3. Funds 4.3.1 FundsarepricedbasedonthevalueoftheirunderlyingAssets.Mostfundswill calculateandpublishapriceeveryworkingdayreferredtoastheNAV(NetAsset value).Thereisnocontinuouspricingoffundunitsthroughoutthetradingday but trades are executed at the next available NAV. This means that you will not know the exact number of units your investment will result in but you will per definitiongetthebestpossibleprice.

5.RISKOFDEALINGINVOLATILEMARKETS

5.1. Clients should be aware of the following risks associated with volatile markets, especially at or near the open or close of the standard trading session: 5.1.1. Executionatasubstantiallydifferentpricefromthequotedbidorofferorthelast reported price at the time of order entry, as well as partial executions or executionoflargeordersinseveraltransactionsatdifferentprices. 5.1.2. DelaysinexecutingordersforfinancialinstrumentsthatSaxoBankmustsendto external market makers and manually routed or manually executed orders. 5.1.3. Openingpricesthatmaydiffersubstantiallyfromthepreviousdaysclose.


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5.1.4. Locked(thebidequalstheoffer)andcrossed(thebidishigherthantheoffer) markets, halted markets, limit up (buys halted)/limit down (sales halted) which may prevent the execution of client orders. 5.1.5. Pricevolatilityisonefactorthatcanaffectorderexecution.Whenthereisahigh volumeofordersinthemarket,orderimbalancesandbacklogscanoccur.This impliesthatmoretimeisneededtoexecutethependingorders.Suchdelaysare usuallycausedbytheoccurrenceofdifferentfactors: a. the number and size of orders to be processed; b. The speed at which current quotations (or last-sale information) are provide to Saxo Bank and; c. Thesystemcapacityconstraintsapplicabletothegivenexchange,aswell astoSaxoBankandotherfirms.

5.2. SaxoBankisobligatedtotakenecessarystepstokeepanorderlymarket.Therefore SaxoBankoperateswith“Compliance”orderfilters.SuchComplianceorderfiltersare alsopresentatexchangesandotherbrokersthatmightbeusedbySaxoBanktoroute theordertothedesignatedmarket.Thefiltersmightresultinorderswithalarge expectedmarketimpacttobepausedortradedusinganalgorithmpotentiallycausing slippagefromtheexpectedarrivalprice.StopordersarealsoatSaxoBank’sdiscretion groupedintolargerordersandthentradedasanalgorithmtopreventcascading marketimpactorlargemarketimpactingeneral.SaxoBankcannotbeheldliablefor priceslippagecausedbyactingtokeepanorderlymarket.

6. REGULAR REVIEW

6.1. SaxoBankwillreviewthisPolicyannuallyandwheneveramaterialchangeoccursthat affectsSaxoBank’sabilitytoobtainthebestpossibleresultfortheexecutionofclient orders.

6.2. SaxoBankregularlyreviewstheoverallqualityofitsorderexecutionsanditsorder routingpractices,includingitsorderroutingvendorsandtheavailableexchanges. Saxo Bank will amend this Policy on the basis of such reviews if it considers it to be necessary. Any new policy will be made available on Saxo Bank’s websites and will be in force as from publication.


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6.3. SaxoBankwillsummariseandmakepubliconanannualbasis,foreachclassoffinancial instrumentinSchedule1tothisPolicy,reportsonthetopfiveexecutionvenues intermsoftradingvolumesfortheprecedingyearandinformationonthequalityof the execution obtained. Any new report will be made available on Saxo Bank’s website.

7. ABOUT SAXO BANK’S CHARGES

7.1. SaxoBankchargesforitsservices.Thesemayvarydependingonfactorssuchasthe serviceitisprovidingtotheclient;themannerinwhichtheyareused;andthepricing planthattheclienthasagreedto.DetailsofSaxoBank’schargesareavailableon itswebsite.Whereitprovidesliquidityfromitsinternalflowaggregationbook, SaxoBankwillprovidetheclientwithatwowaydealingprice.Innormalcircumstances, thedifferencebetweenthebidprice(atwhichSaxoBankiswillingtobuy)andtheask price(atwhichitiswillingtosell)willconstitutepartofitschargesfortheservice SaxoBankprovides.Forthepurposeofassessingwhetherithasachieved BestExecution,SaxoBankwillnottakeitsstandardchargesthatapplytoaclient’s transactions irrespective of the venue at which they are executed into account. SaxoBankwill,however,takeaccountofanychargesleviedbyathirdpartyor incorporatedintoitspricestoreflectcostdifferentialsofdealingatdifferent execution venues.

8.INFORMATIONHANDLING

8.1. Saxo Bank may have access to, use and provide counterparties with information on an anonymousandaggregatedbasis,includingbutnotlimitedto,yourorders,positions, tradeandotherdataandanalytics(collectively,“AnonymousandAggregatedData”). ThisAnonymousandAggregatedDatamaybeusedformarketinformation,analytical tools,riskmanagementstrategiesformarketmakingandliquidityprovisionand otherSaxoBankproductsandservices.ThenatureofanyAnonymousandAggregated Dataprovidedtoyoumaydifferfromthatprovidedtoothercounterpartiesinterms ofquantity,scope,methodologyorotherwiseandmaybechangedfromtimetotime without notice to you.


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9. DEALING ON QUOTES

9.1. Whentradingoverthecounter(OTC)derivativeswithSaxoBank,clientsaretradingon Saxo Bank’s price. There are a number of factors that can be used to construct a derivativeprice,andthesewillvarydependingontheassetclasstraded,thenature of the market and the characteristics and terms of the transaction and any special market or credit risks posed by it. Saxo Bank applies a standardised method of calculationforthesetypesofderivativestoensurethatthepriceitisofferingatany giventimeisalwaysconsideredfairandthebestpriceitcanobtainontheclient’s behalf.Inmonitoringbestexecutionforthesetypesofinstruments,SaxoBankwill monitor the calculation method to ensure that it is applied consistently at all times.

9.2. SaxoBankwillcheckthefairnessofthepriceproposedtotheclient,bygathering market data used in the estimation of the price of such product and, where possible, bycomparingwithsimilarorcomparableproducts.


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SCHEDULES

SCHEDULE1:FINANCIALINSTRUMENTS

1. Best Execution applies when Saxo Bank executes a transaction on behalf of a clientinfinancialinstrumentsandproductsasdefinedbytheRulesincluding: a. Bonds b. CashEquitiesandExchangeTradeProducts(ETF,ETC,ETN) c. CFDEquitiesandCFDExchangeTradedProducts(ETF,ETC,ETN) d. CFDIndicies e. CFDFutures f. CFDOptions g. Futures h. Listed Options i. RollingForeignExchangeSpot j. ForeignExchangeForward k. ForeignExchangeSwaps l. ForeignExchangeOptions m. CollectiveInvestmentUndertakings(Funds)

2. Best Execution does not apply to: 2.1. Spotforeignexchangetransactionsundertakenwiththeintentionofconverting moneyfromonecurrencytoanother–includingtransactionsundertakento facilitate settlement of other transactions. 2.2. Withregardstotransactionsarisingfromtheexerciseofanoption.SaxoBank willtreataninstructiontoexerciseanoptionasaspecificinstructionfromthe clienttoexercisehisrightsundertheoptioncontractandwillnottakeaccountof thestateoftheunderlyingmarketatthetime.


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2:BONDS

1. Products in Scope: 1.1. PurchaseandsaleofglobalBonds.

2. Order Types Available: 2.1. SaxoBanks’sonlinetradingworkswithoneordertype:FillorKill(market)order. Wheremarketpricingmaybeoutsideoftheindicativebid/offerpriceduetoa lackofliquidityordersmayberoutedtomarketasaggressivelimitorders.This willprovidesomeprotectionfromnegativeslippagebutmayintroducethe riskthattheorderwillnotbefilledifthemarketmovessharply. 2.2. SaxoBanksofflinetrading,forspecificbonds,allowstheclienttoplaceanOTC limitorder.InthiscaseSaxoBankworksthelimitordermanuallyonabesteffort basis,versusSaxobanksliquidityandfollowstherulesforofflinetradingas described below.

3. RelevantExecutionFactors: 3.1. Saxo Bank trades as a principal to bond trades with clients. In exceptional circumstances,forinstancewhenworkinglargeordersinhighlyilliquidbonds SaxoBankactsasagent.

3.2. The ranking of execution factors for bonds is: a. Price; b. Expected impact of execution; c. Likelihood of execution and settlement; d. Order size and type; e. Costs; f. Speed; g. Otherfactors.

4. Saxo Bank’s selected venue: 4.1. Orderscanbeexecutedoverthecounter(OTC)againstSaxoBankLiquidity referredtoasofflinetrading,ortradedontheSaxoBankplatformSTPto executionvenuesreferredtoasonlinetrading.


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4.2. When executing client orders and hedging, Saxo Bank may source liquidity from: a. Itsowntradingbook; b. Other dealers in the market; c. RegulatedTradingvenues.

4.3. SaxoBankOfflineTrading: 4.3.1. Execution is done bilaterally with Saxo Bank with many orders still negotiatedoverthetelephone.Duetothemarketstructure,Bondsarestill largelytradedbilaterallyusingvoicetrading.SaxoBankusesaPrincipal model,whereclientscantradeonpricesofferedbySaxoBank,onrequest from the client.

4.4. Saxo Bank Online Trading: 4.4.1. BondstradedviaSaxoBank’sonlinebondofferingarecarefullyselected basedonsustainableliquidity,hencesufficientindicativepricesandactive dealers.ExecutioniscarriedoutontheRequestForQuote(RFQ)model ofaMultilateralTradingFacility(MTF)allowingSaxotoaccessmultiple liquidityproviders.TheLiquidityprovidersparticipatingareprioritized basedonhistoricaldatainordertoobtainafairprice,withinagiven time frame.

4.4.2. Liveindicativepricesaredisplayedtotheclientbeforeplacinganorder. Thesepricesconstitutethelimit,iftheclientagreestothepricesaFOK orderisplacedinthemarketworkingforuptooneminute.Theorderis routedtoupto100+liquidityproviderstocompressspreadsthrough multi-dealer competition and ensure the best possible execution for the client. More than 75% of the online orders are quoted by at least 3 counterpartiesbeforebeingexecuted.

5. Price Formation: 5.1. Offline Trading: 5.1.1. ThemarketischaracterisedbyindicativeOTCprices.Forbondstraded offlineSaxoBanksplitsallbondsintooneofthreebasketsbasedonthe relevant bond’s liquidity;


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5.1.2. Forhighlyliquidbonds,SaxoBankwillofferabid/offerpriceinlinewith pricesshowninanyattainablefirmmarket(thisincludespublicexchanges to which Saxo Bank has access, as well as OTC counterparts).

5.1.3. Forbondswithlowerliquidity,SaxoBankwillsourceaminimumofthree separateindicativepricestogaugethebestpricebasedontheordersize.

5.1.4. Forhighlyilliquidbonds,SaxoBankseekstoderiveamid-pricebasedon allindicativepricinginformationavailabletoit,andthenquotesabid/offer spreadtotheclientfactoringinapredefinedadditionalspread. 5.2. Online Trading: 5.2.1. The (live indicative platform) price is derived from multiple prices, price sources,andpricemodelcalculations,toformarelevantaverageofthe market.Theaimofourpricingistoreflecttherealmarketpricesasclose as possible, despite the indicative nature of the bond markets.

5.2.2. Saxo Bank will track the performance of our liquidity providers monthly comparingthepriceswehavereceivedtorelevantbenchmarkfeedprices in order to continuously evaluate and ensure the quality of our online execution

SCHEDULE3:CASHEQUITIESANDEXCHANGETRADEDPRODUCTS

1. Products in Scope: 1.1. Purchaseandsaleofcashequitiesandequity-likeproducts,suchasETFs,ETCs and ETNs. 1.2. NotinScope:Transactionsarisingfromtheexerciseofanoption

2. Order Types available: 2.1. Market Order 2.1.1. Withamarketordertheclientinstructsafinancialinstitutionortrading counterparty to execute a trade of a certain size as promptly as possible attheprevailingmarketprice.Financialinstitutionsarerequiredto executemarketorderswithoutregardtopricechanges.Therefore, ifthemarketpricemovessignificantlyduringthetimeittakestofill


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a client’s order, the order will most likely be exposed to the risk of executionatapricesubstantiallydifferentfromthepricewhentheorder wasentered.Certainexchangesdonotsupportmarketorders.Ifthe client places a market order in these markets, Saxo Bank will automatically translatetheordertoanaggressivelimitorderwithinacertainpercentage limit “in the money”. It is the client’s own responsibility to check if the order is traded in the market after order entry. If the client experiences or suspects any errors with his/her order the client should contact Saxo Bank immediately.Ordersmaybetradedusinganalgorithmpotentiallycausing slippagefromtheexpectedarrivalprice.ThisisdonebySaxoBankin anattempttopreventlargemarketimpactandliveuptoourobligations to keep an orderly market. Saxo Bank cannot be held responsible for missingfillswhenusingsuchalgorithmstominimizemarketimpact.

2.2. Limit Order 2.2.1. With a limit order, the client sets the maximum purchase price, or minimum sale price, at which the trade is to be executed. As a limit order may be entered away from the current market price, it may not be executed immediately. A client that leaves a limit order must be aware thathe/sheisgivingupthecertaintyofimmediateexecutioninexchange fortheexpectationofgettinganimprovedpriceinthefuture.Limitorders mayberoutedtoanexchangewithouthumanintervention.Wherealimit orderisplacedinashareadmittedtotradingonaregulatedmarket, SaxoBankshallnotbeobligedtopublishthatlimitorderifitcannotbe immediatelyexecutedunderprevailingmarketconditions.

2.3. ImmediateorCancel(IOC) 2.3.1. An immediate or cancel order (IOC) is an order to buy or sell that must be executed immediately, and any portion of the order that cannot be immediatelyfillediscancelled.AnIOCordermayfillcompletelyorpartially, oritmaynotfillatall.

2.4. Stop Order: 2.4.1. Differentfromalimitorder,astoporderallowssellingbelowthecurrent marketpriceorbuyingabovethecurrentmarketpriceifthestoppriceis reachedorbreached.Astoporderisthereforea“sleeping”marketorder until the stop price is reached or breached.


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2.5. Trailing Stop Order: 2.5.1. Thetrailingstoporderisastoporderasdescribedabovebutthetrailing stoppricemovesaccordingtoparameterssetbytheclient.Thiswaythe trailingstopcanbeusedtosellifthepricedropsmorethanaspecified distancefromthehighestpricetradedortobuyifthepricetradesabovea set level from the lowest traded price.

2.6. Stop Limit Order: 2.6.1. A stop limit order is a variation of a stop order as described above with a lower(higher)limitpricetosuspendtradingifthepricefalls(rises)toofar beforetheorderisfilledrestrictingtradingtoapredefinedpricerange.

2.7. Algorithmic Order: 2.7.1. AnAlgorithmicOrderisanorderexecutedbyanautomatedstrategy accordingtospecificparametersorconditions.AlgorithmicOrdersare intendedtominimizethemarketimpactcreatedfromplacinglarger ordersorachievingarecognizedtradingbenchmarksuchasVWAPetc. Theorderscanalsobeusedtofollowavolumeparticipationoringeneral to achieve a better overall execution. Saxo Bank facilitates a number ofdifferentalgorithmicordertypes,specificinformationaboutthesecan be found in the information text on the Saxo Trader.

3. RelevantExecutionFactors: 3.1. SaxoBanktradesasagentwithrespecttocashequitytradeswithclients. Saxo Bank has access to a number of Smart Order Routers that are able to check multipledifferentexecutionvenueswhentryingtoexecuteacashequityorder. Not only does this allow Saxo Bank to potentially access better prices, it also givesaccesstoadditionalliquidity,meaningthatthereisagreaterlikelihoodof obtaininganexecution.Therankingofexecutionfactorsforcashequitiesis: a. Price; b. Expected impact of execution; c. Likelihood of execution and settlement; d. Costs; e. Speed; f. OtherFactors.


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4. Saxo Bank’s selected venue: 4.1. SaxoBankactsasagentforcashequities.Allordersincashequitiesareexecuted on venue. 4.2. SaxoBankfacilitatesasprinciplefractionalsharetrading,whichmeansSaxoBank purchases the whole share and allocates the fraction to the clients account.

5. Price Formation: 5.1. Client orders will be routed by smart order routers to the electronic order book ofdifferentvenues.Pricesareformedaccordingtorulesofthevenue.

SCHEDULE4:CFDEQUITIESANDEXCHANGETRADEDPRODUCTS(ETF,ETC,ETN) 1. Products in Scope: 1.1. Purchaseandsaleofcontractsfordifferencesbasedonindividualshares, exchangetradedfunds(ETF),commodities(ETC)andnotes(ETN).

2. Order Types Available: 2.1. Market Order: 2.1.1. Withamarketordertheclientinstructsafinancialinstitutionortrading counterparty to execute a trade of a certain size as promptly as possible attheprevailingmarketprice.Financialinstitutionsarerequiredto executemarketorderswithoutregardtopricechanges.Therefore,ifthe marketpricemovessignificantlyduringthetimeittakestofillaclient’s order, the order will most likely be exposed to the risk of execution at a pricesubstantiallydifferentfromthepricewhentheorderwasentered. Certainexchangesdonotsupportmarketorders.Iftheclientplaces a market order in these markets, Saxo Bank will automatically translate theordertoanaggressivelimitorderwithinacertainpercentagelimit “in the money”. It is the client’s own responsibility to check if the order is traded in the market after order entry. If the client experiences or suspects any errors with his/her order the client should contact Saxo Bank immediately.


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2.1.2. Ordersmaybetradedusinganalgorithmpotentiallycausingslippagefrom the expected arrival price. This is done by Saxo Bank in an attempt to preventlargemarketimpactandliveuptoourobligationstokeepan orderlymarket.SaxoBankcannotbeheldresponsibleformissingfills whenusingsuchalgorithmstominimizemarketimpact.

2.2. Limit Order: 2.2.1. With a limit order, the client sets the maximum purchase price, or minimum sale price, at which the trade is to be executed. As a limit order may be entered away from the current market price, it may not be executed immediately. A client that leaves a limit order must be aware thathe/sheisgivingupthecertaintyofimmediateexecutioninexchange fortheexpectationofgettinganimprovedpriceinthefuture.Limitorders mayberoutedtoanexchangewithouthumanintervention. 2.2.2. Wherealimitorderisplacedinashareadmittedtotradingonaregulated market,SaxoBankshallnotbeobligedtopublishthatlimitorderifit cannotbeimmediatelyexecutedunderprevailingmarketconditions


2.4. Algorithmic Order: 2.4.1. AnAlgorithmicOrderisanorderexecutedbyanautomatedstrategy accordingtospecificparametersorconditions.AlgorithmicOrdersare intendedtominimizethemarketimpactcreatedfromplacinglarger ordersorachievingarecognizedtradingbenchmarksuchasVWAPetc. Theorderscanalsobeusedtofollowavolumeparticipationoringeneral to achieve a better overall execution. Saxo Bank facilitates a number ofdifferentalgorithmicordertypes,specificinformationaboutthesecan be found in the information text on the Saxo Trader.


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3. RelevantExecutionFactors: 3.1. SaxoBanktradesasaprincipaltoCFDequitytradeswithclients.CFDequity orders are handled in the same manner as cash equity orders because SaxoBankwillrouteitshedgetradeagainstCFDequityordersdirectlytothe market in the same way as it would route a client’s cash equity trade. As a result therankingofexecutionfactorsisthesame: a. Price; b. Expected impact of execution; c. Likelihood of execution and settlement; d. Costs; e. Speed; f. OtherFactors.

4. Saxo Bank’s selected venue: 4.1. SaxoBankhedgestheCFDsthatitentersintowithclientsusingcashequities. SaxoBankexecutesthesehedgesinthesamewaythatitwouldexecutea transaction for that client in the cash equity concerned.

5. Price Formation: 5.1. Pricesareformedaccordingtorulesofthevenue.

SCHEDULE5:CFDINDICES

1. Products in Scope: 1.1. CFD’sbasedonstockindices.

2. Order Types Available: 2.1. Market Order: 2.1.1. Withamarketordertheclientinstructsafinancialinstitutionortrading counterparty to execute a trade of a certain size as promptly as possible attheprevailingmarketprice.Financialinstitutionsarerequiredto executemarketorderswithoutregardtopricechanges.Therefore,ifthe marketpricemovessignificantlyduringthetimeittakestofillaclient’s order, the order will most likely be exposed to the risk of execution at a pricesubstantiallydifferentfromthepricewhentheorderwasentered. 2.2. Limit Order:


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2.2.1. With a limit order, the client sets the maximum purchase price, or minimum sale price, at which the trade is to be executed. As a limit order may be entered away from the current market price, it may not be executed immediately. A client that leaves a limit order must be aware that he/sheisgivingupthecertaintyofimmediateexecutioninexchangefor theexpectationofgettinganimprovedpriceinthefuture.Limitorders mayberoutedtoanexchangewithouthumanintervention. 2.3. Immediate or Cancel (IOC) 2.3.1. An immediate or cancel order (IOC) is an order to buy or sell that must be executed immediately, and any portion of the order that cannot be immediatelyfillediscancelled.AnIOCordermayfillcompletelyorpartially, oritmaynotfillatall.

2.4. Stop Order 2.4.1. Differentfromalimitorder,astoporderallowssellingbelowthecurrent marketpriceorbuyingabovethecurrentmarketpriceifthestoppriceis reachedorbreached.Astoporderisthereforea“sleeping”marketorder until the stop price is reached or breached.

2.5. Trailing Stop Order 2.5.1. Thetrailingstoporderisastoporderasdescribedabovebutthetrailing stoppricemovesaccordingtoparameterssetbytheclient.Thiswaythe trailingstopcanbeusedtosellifthepricedropsmorethanaspecified distancefromthehighestpricetradedortobuyifthepricetradesabovea set level from the lowest traded price.

2.6. Stop Limit Order 2.6.1. A stop limit order is a variation of a stop order as described above with a lower(higher)limitpricetosuspendtradingifthepricefalls(rises)toofar beforetheorderisfilledrestrictingtradingtoapredefinedpricerange. Giventherisksthatarisewhentradinginvolatilemarkets,theclientmay wanttoconsiderusingdifferenttypesoforderstolimitriskandmanage investmentstrategies.3. RelevantExecutionFactors:


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3.1. SaxoBanktradesasaprincipaltoCFDIndextradeswithclients.CFDIndexprices arederivedfromtherelevantunderlyingindexprice,takingintoaccountthe cost of carry. Saxo Bank calculates its own cost of carry that factors in future expectations of dividends and interest rates, and this can include both internal and external inputs. 3.2. Please see the section on DEALING ON QUOTES in the main document for more informationontradingOTCderivativesandbestexecutionmonitoring.ForCFD indicestherankingofapplicableexecutionfactorsis: a. Price; b. Expected impact of execution; c. Likelihood of execution and settlement; d. Costs; e. Speed; f. Other factors.

4. Saxo Bank Selected venue: 4.1. AllordersinCFDindicesareexecutedagainstSaxoBank’sownliquidity.

5. Price Formation: 5.1. CFDIndexpricesareSaxoBank’sproprietaryprices,whicharederivedfromthe relevantunderlyingMarket.

6. Spread Filters: 6.1. Inordertoensurethattheclient’sstopordersarenotfilledatunreliableprices duringshorttermedperiodswithabnormallywidebids/askspreadscaused by,forinstance,releaseofkeyeconomicfiguresSaxoBankhasimplemented spreadfilterspreventingorderexecutionwhenspreadsexceedscertainlevels. Havingthespreadfiltersinplacewillingeneralbenefittheclient,butcaninrare instances is in the disfavour of the client.


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SCHEDULE6:CFDFUTURES 1. Products in Scope: 1.1. CFD’sbasedonFuturesincluding,Commodities,FX,IndicesandBonds.

2. Order Types Available: 2.1. Market Order: 2.1.1. Withamarketordertheclientinstructsafinancialinstitutionortrading counterparty to execute a trade of a certain size as promptly as possible attheprevailingmarketprice.Financialinstitutionsarerequiredto executemarketorderswithoutregardtopricechanges.Therefore,ifthe marketpricemovessignificantlyduringthetimeittakestofillaclient’s order, the order will most likely be exposed to the risk of execution at a pricesubstantiallydifferentfromthepricewhentheorderwasentered. Certainexchangesdonotsupportmarketorders.Iftheclientplaces a market order in these markets, Saxo Bank will automatically translate theordertoanaggressivelimitorderwithinacertainpercentagelimit“in the money”.

2.1.2. It is the clients’ own responsibility to check if the order is traded in the market after order entry. If the client experiences or suspects any errors with his/her order the client should contact Saxo Bank immediately. Some of Saxo Bank’s third party execution brokers may choose to translatemarketordersonvariousmarketsintoaggressivelimitorders. Thisisoftenaresultofexchangerulesappliedtoprotectclientsfrom“bad fills”.SaxoBankcannotbeheldresponsibleformissingfillsduetosuch translation performed by third party execution brokers.

2.2. Limit Order: 2.2.1. With a limit order, the client sets the maximum purchase price, or minimum sale price, at which the trade is to be executed. As a limit order may be entered away from the current market price, it may not be executed immediately. A client that leaves a limit order must be aware that he/sheisgivingupthecertaintyofimmediateexecutioninexchangefor theexpectationofgettinganimprovedpriceinthefuture.Limitorders mayberoutedtoanexchangewithouthumanintervention.


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2.3. Immediate or Cancel (IOC): 2.3.1. An immediate or cancel order (IOC) is an order to buy or sell that must be executed immediately, and any portion of the order that cannot be immediatelyfillediscancelled.AnIOCordermayfillcompletelyorpartially, oritmaynotfillatall.

2.4. Stop Order: 2.4.1. Differentfromalimitorder,astoporderallowssellingbelowthecurrent marketpriceorbuyingabovethecurrentmarketpriceifthestopprice isreachedorbreached.Astoporderisthereforea“sleeping”orderuntil the stop price is reached or breached.

2.5. Trailing Stop Order: 2.5.1. Thetrailingstoporderisastoporderasdescribedabovebutthetrailing stoppricemovesaccordingtoparameterssetbytheclient.Thiswaythe trailingstopcanbeusedtosellifthepricedropsmorethanaspecified distancefromthehighestpricetradedortobuyifthepricetradesabovea set level from the lowest traded price.


2.7. Giventherisksthatarisewhentradinginvolatilemarkets,theclientmaywantto considerusingdifferenttypesoforderstolimitriskmanageinvestment strategies.

3. RelevantExecutionFactors: 3.1. SaxoBanktradesasprincipaltoCFDFuturestradeswithclients.CFD FuturespricesareSaxoBank’sproprietaryprices,whicharederivedfrom therelevantunderlyinginstrumentprice,takingintoaccountthecostofcarry and liquidity which is calculated by Saxo Bank and includes both internal and external input. Please see the section on DEALING ON QUOTES in the main documentformoreinformationontradingOTCderivativesandbestexecution monitoring.


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3.2. For CFD Futures, the ranking of execution factors is: a. Price; b. Expected impact of execution; c. Likelihood of execution and settlement; d. Costs; e. Speed; f. OtherFactors.

4. Saxo Bank’s Selected Venue: 4.1. AllordersinCFDFuturesareexecutedagainstSaxoBank’sownliquidity.

5. Price Formation: 5.1. ThepriceofCFDFuturesisaproprietarypricederivedbySaxoBankand willgenerallytrackthatoftherelevantunderlyingexchangetradedmarket.

6. Spread Filters: 6.1. Inordertoensurethattheclient’sstopordersarenotfilledatunreliableprices duringshorttermedperiodswithabnormallywidebid/askspreadscaused byforinstancereleaseofkeyeconomicfiguresSaxoBankhasimplemented spreadfilterspreventingorderexecutionwhenspreadsexceedscertainlevels. Havingthespreadfiltersinplacewillingeneralbenefittheclient,butcaninrare instances be in the disfavour of the client.

SCHEDULE7:CFDOPTIONS

1. Products in Scope: 1.1. PurchaseandsaleofCFDsbasedonlistedoptions.

2. Order Types Available: 2.1. Limit Order: 2.1.1. With a limit order, the client sets the maximum purchase price, or minimum sale price, at which the trade is to be executed. As a limit order may be entered away from the current market price, it may not be executed immediately. A client that leaves a limit order must be aware that he/she is givingupthecertaintyofimmediateexecutioninexchangefortheexpectation ofgettinganimprovedpriceinthefuture.Limitordersmayberoutedtoan exchangewithouthumanintervention.


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3. RelevantExecutionFactors: 3.1. SaxoBanktradesasaprincipaltoCFDonOptiontradeswithclients,atCFD pricesthatarederivedfromtheunderlyinglistedoptions.

3.2. Please see the section on DEALING ON QUOTES in the main document for more informationontradingOTCderivativesandbestexecutionmonitoring.ForCFD onOptionstherankingofapplicableexecutionfactorsis: a. Price; b. Expected impact of execution; c. Likelihood of execution and settlement; d. Costs; e. Speed; f. Other factors.

4. Saxo Bank’s Selected Venue: 4.1. AllordersinCFDonOptionsareexecutedagainstSaxoBank’sownliquidity.

5. Price Formation: 5.2. Pricesareformedaccordingtorulesofthevenue.

SCHEDULE8:FUTURES

1. Products in Scope: 1.1. PurchaseandsaleofFuturesforspeculativepurposes.

2. Not in Scope: 2.1. SaxoBankdoesnotsupportphysicaldeliveryoftheunderlyingsecurityonexpiry of any future. Therefore, Saxo Bank advises clients to take note of the expiry and firstnoticedates(FND)ofanyfuturesinwhichtheyhavepositionsandensure they are closed before the appropriate day, as described below. 2.2. IftheFNDisbeforetheexpirydate,positionsneedtobeclosedthedaybefore theFND.IftheexpirydateisbeforetheFNDpositionsneedtobeclosednolater than on the expiry date.


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2.3. If futures positions are not closed before the relevant date, Saxo Bank will close thepositionontheclient’sbehalfatthefirstavailableopportunityattheprevailing marketrate.Anyresultingcosts,gainsorlosseswillbepassedontotheclient.

3. Order Types available: 3.1. Market Order: 3.1.1. Withamarketordertheclientinstructsafinancialinstitutionortrading counterparty to execute a trade of a certain size as promptly as possible attheprevailingmarketprice.Financialinstitutionsarerequiredto executemarketorderswithoutregardtopricechanges.Therefore,ifthe marketpricemovessignificantlyduringthetimeittakestofillaclient’s order, the order will most likely be exposed to the risk of execution at a pricesubstantiallydifferentfromthepricewhentheorderwasentered. Ordersmaybetradedusinganalgorithmpotentiallycausingslippagefrom the expected arrival price. This is done by Saxo Bank in an attempt to preventlargemarketimpactandliveuptoourobligationstokeepan orderlymarket.SaxoBankcannotbeheldresponsibleformissingfills whenusingsuchalgorithmstominimizemarketimpact.

3.2. Limit Order: 3.2.1. With a limit order, the client sets the maximum purchase price, or minimum sale price, at which the trade is to be executed. As a limit order may be entered away from the current market price, it may not be executed immediately. A client that leaves a limit order must be aware that he/sheisgivingupthecertaintyofimmediateexecutioninexchangefor theexpectationofgettinganimprovedpriceinthefuture.

3.2.2. Limitordersmayberoutedtoanexchangewithouthumanintervention. Wherealimitorderisplacedinashareadmittedtotradingonaregulated market,SaxoBankshallnotbeobligedtopublishthatlimitorderifit cannotbeimmediatelyexecutedunderprevailingmarketconditions. 3.3. Stop Order: 3.3.1. Differentfromalimitorder,astoporderallowssellingbelowthecurrent marketpriceorbuyingabovethecurrentmarketpriceifthestopprice is reached or breached. A stop can be used to sell if the price drops more thanaspecifieddistancefromthehighestpricetradedortobuyifthe price trades above a set level from the lowest traded price.


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3.4. Stop Limit Order: 3.4.1. A stop limit order is a variation of a stop order as described above with a lower(higher)limitpricetosuspendtradingifthepricefalls(rises)toofarbefore theorderisfilledrestrictingtradingtoapredefinedpricerange.

4. Trailing Stop Order 4.1. Thetrailingstoporderisastoporderasdescribedabovebutthetrailingstop pricemovesaccordingtoparameterssetbytheclient.Thiswaythetrailingstop canbeusedtosellifthepricedropsmorethanaspecifieddistancefromthe highestpricetradedortobuyifthepricetradesaboveasetlevelfromthelowest traded price.

5. Algorithmic Order: 5.1. AnAlgorithmicOrderisanorderexecutedbyanautomatedstrategyaccording tospecificparametersorconditions.AlgorithmicOrdersareintendedto minimizethemarketimpactcreatedfromplacinglargerordersorachievinga recognizedtradingbenchmarksuchasVWAPetc.Theorderscanalsobeused tofollowavolumeparticipationoringeneraltoachieveabetteroverall execution.SaxoBankfacilitatesanumberofdifferentalgorithmicordertypes, specificinformationaboutthesecanbefoundintheinformationtextonthe Saxo Bank Trader.

6. RelevantExecutionFactors 6.1. Exchangetradedfuturesarenotfungibleandaretradedonacentrallyregulated venuethereforetheliquidityisonthosevenues.Forfutures,therankingofthe applicableexecutionfactorsis: a. Price; b. Expected impact of execution; c. Likelihood of execution and settlement; d. Costs; e. Speed; f. Other factors.

7. Saxo Bank’s selected venue: 7.1. SaxoBankoffersDirectMarketAccess(DMA)totheFuturesExchanges.


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8. Price Formation: 8.1. Client orders will be routed to the electronic order book of the relevant exchange.Priceformationwillbeaccordingtotherulesoftheexchange.

SCHEDULE9:LISTEDOPTIONS

1. Products in Scope: 1.1. PurchaseandsaleofExchangeTradedOptionsforspeculative andhedgingpurposes.

2. Order types available: 2.1. Limit Order: 2.1.1. With a limit order, the client sets the maximum purchase price, or minimum sale price, at which the trade is to be executed. As a limit order may be entered away from the current market price, it may not be executed immediately. A client that leaves a limit order must be aware thathe/sheisgivingupthecertaintyofimmediateexecutioninexchange fortheexpectationofgettinganimprovedpriceinthefuture.Limitorders mayberoutedtoanexchangewithouthumanintervention.

2.1.2. Wherealimitorderisplacedinashareadmittedtotradingonaregulated market,SaxoBankshallnotbeobligedtopublishthatlimitorderifit cannotbeimmediatelyexecutedunderprevailingmarketconditions.

3. RelevantExecutionFactors: 3.1. Exchangetradedoptionsaretradedonacentrallyregulatedvenuetherefore theconcentrationoftheliquidityisonthosevenues.Forlistedoptions,the rankingoftheapplicableexecutionfactoris: a. Price; b. Expected impact of execution; c. Likelihood of execution and settlement; d. Costs; e. Speed; f. Other factors.


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4. Saxo Bank’s Selected venue: 4.1. SaxoBankoffersDirectMarketAccess(DMA)totheExchangeTradedOptions.

5. Price Formation: 5.1. Client orders will be routed to the electronic order book of the relevant exchange.Priceformationwillbeaccordingtotherulesoftheexchange.

SCHEDULE10:ROLLINGFOREIGNEXCHANGESPOT 1. Products in Scope: 1.1. Purchaseandsaleofrollingforeignexchangespotcontracts

2. Products not in Scope: 2.1. Spotforeignexchangetransactionsundertakenwiththeintentionofconverting moneyfromonecurrencytoanother–includingtransactionsundertakento facilitate settlement of other transactions. 2.2. Transactions undertaken to roll forward the value date of a client position which donotresultinachangetotheclient’sFXmarketexposure.

3. Order Types Available: 3.1. Immediate or Cancel (IOC) Market Order 3.1.1. An Immediate or Cancel (IOC) Market order is similar to a standard Market order (described below). It is an instruction to trade immediately on the best available terms. However, Saxo Bank will not continue to work the orderifitisunabletofillitimmediatelywithinthreeseconds.


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3.1.2. AlthoughSaxoBankwilltakeallsufficientstepstoobtainthebestterms available at the time, in illiquid market conditions the best available terms may be substantially worse than the previous (or even the next) price. A Market IOC order is for immediate execution. Saxo Bank will not delay execution in the hope that market conditions will improve.

3.1.3. Saxo Bank monitors the prices available to it at its selected external venues. If Saxo Bank believes it is able to execute a Market IOC order immediately from its own liquidity then it will do so. Otherwise it will route the order to a third party to attempt execution. Where an order has not beenfilledafterthreesecondsthentheorderwillbecancelled.

3.1.4. Clients should note that they cannot cancel IOC orders after submission.

3.1.5. Unlesstheclienthasgivenaspecificinstruction,amarketorderwillbe convertedtoanaggressivelimitorder,ortoarequesttotradeona previouslyquotedprice,ifitisroutedtoanexternalvenue.Thiswillgive theclientsomeprotectionfromabadfill.However,italsointroducesarisk thattheorderwillnotbefilledifthemarketmovessharply.

3.2. Market Order: 3.2.1. A Market Order is a traditional ‘at best’ instruction to trade as much of the order as possible on the best available terms in the market. A Market Orderwillnormallybefilledimmediately(orfailingthatinarelativelyshort time).SaxoBankwilltakeallsufficientstepstoidentifythebestterms immediately available for a transaction of that size and will transact on thoseterms.FinancialinstitutionsarerequiredtoexecuteMarketorders assoonasreasonablypossiblewithoutregardtopricechanges.Therefore, althoughSaxoBankwillseektoobtainthebesttermsimmediately available,ifthemarketpricemovessignificantlyduringthetimeittakesto filltheclient’sorderorifonlylimitedliquidityisavailableatthebestprice, the order will be exposed to the risk of execution at a price which could be substantiallydifferentfromthepricewhentheorderwasentered.


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3.2.2. AMarketOrderwillbetreatedasgoodfortheday.IfSaxoBankbelieves it is able to execute a Market Order immediately from its own liquidity then it will do so. Otherwise it will route the order to a third party to attempt execution.Iftheordercannotbefilledinfullimmediately,SaxoBankwill continuetoworktheorderuntiltheofficialcloseoftherelevantmarket.

3.2.3. Unlesstheclienthasgivenaspecificinstruction,amarketorderwillbe convertedtoanaggressivelimitorder,ortoarequesttotradeona previouslyquotedprice,ifitisroutedtoanexternalvenue.Thiswillgive theclientsomeprotectionfromabadfill.However,italsointroducesarisk thattheorderwillnotbefilledifthemarketmovessharply.

3.3. Immediate or Cancel (IOC) Limit Order 3.3.1. A Limit IOC order is an order to trade at the price the client sees on his screenifitisstillavailablesubjecttoadefinedtolerance(seebelow).

3.3.2. When Saxo Bank receives a Limit IOC order, it will treat it in a similar way to aMarketIOCorder(seeabove)exceptthatitwillonlyfilltheorderifitis possibleattheclient’sspecifiedlimitprice,orbetter.Forinternallyhandled orders, if this is not immediately possible then the order (or any unexecuted part thereof) will be cancelled.

3.3.3. WhenplacingaLimitIOCorder,aclientmayspecifyatolerance.Tolerance canbespecifiedeitherasafixedpriceincrementorasapercentageofthe currentmarketprice.Iftheclientspecifiesatolerance,SaxoBankmay filltheorderataworsepricethantheclienthadseenonthescreen, providedthepricedifferencedoesnotexceedtheclient’sspecified tolerance.

3.3.4. Ifabetterpriceisavailable,SaxoBankwillgivetheclientthefullbenefitof theavailableimprovementbyfillingtheclientorderatthebetterpriceno matter how much better it is.


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3.3.5. AswithaMarketIOCorder,ifSaxoBankisunabletosupplysufficient liquidity from its own book, it may route the order externally. The order will becancelledafterthreeseconds,ifnotfilledinfull.

3.3.6. Clients should note that they cannot cancel IOC orders after submission.

3.4. Limit Order: 3.4.1. Alimitorderisanordertotradeataspecifiedpriceorbetterifitis possibletodosowithinaspecifiedtime.Thefollowingorderdurationsare available: a. DayOrder(DO):Validuntilthecloseoftradingonthedaytheorder is placed (or on the subsequent business day for orders accepted duringtheweekend). b. GoodTillDate(GTD):Validuntilthecloseoftradingonadateofthe client’s choice. c. GoodTillCancelled(GTC):Validindefinitelyunlessoruntil specificallycancelledbytheclient.Whereanorderisattachedtoan open position, it will automatically be cancelled if the position is closed.

WhenSaxoBankexecutesaLimitorder,theclientwillhavespecifiedtheprice at which they wish to trade. Saxo Bank will seek to achieve execution at this price as soon as reasonably possible. Saxo Bank will seek to improve upon the price thattheclienthasspecifiedbutnotifthismaycauseadelaytotheexecutionof the order. 3.4.2. ALimitordertosellwillbetriggeredwhenthebidpriceobservedonone ofSaxoBank’smainexecutionvenues,plusanyclient-specificMarkUp, reachesthespecifiedpricelevel.

3.4.3. ALimitordertobuywillbetriggeredwhentheofferpriceobservedonone ofSaxoBank’smainexecutionvenues,minusanyclient-specificMarkUp, reachesthespecifiedpricelevel.


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3.4.4. WhenaLimitorderistriggered,ifSaxoBankisabletoexecutetheorder immediately from its own liquidity then it will do so. Otherwise it will route the order to a third party to attempt execution. At any time when there isnotenoughliquidityavailablefromSaxoBank’sownbookorexternally, tofilltheorderinfullatthespecifiedpriceorbetter,theremainingorder amountwillreverttoa‘restingorder’,waitingforittopossiblybetriggered again.

3.5. Stop order: 3.5.1. AStoporderisusuallyusedtocloseapositionwhenthemarketisgoing againstitwithaviewtopreventfurtherlosses.Itmayalsobeusedtoopen apositionwhenthemarketmovesthroughachosenlevel.AStoporder may have a duration similar to a Limit order. These are described in the section on Limit orders above.

3.5.2. AStopordertosellwillbetriggeredwhentheofferpriceobservedona primaryinter-bankexecutionvenueplusanyclient-specificMarkUp, reachesthespecifiedpricelevel.Oncetriggered,theorderwillbetreated as a Market order. 3.5.3. AStopordertobuywillbetriggeredwhenthebidpriceobservedona primary inter-bank execution venue1,minusanyclient-specificMarkUp, reachesthespecifiedpricelevel.Oncetriggered,theorderwillbetreated as a Market order

3.5.4. Thisarrangementisdesignedtoprotectclientsfromtheriskthattheir Stoporderistriggeredasaresultofspreadswideningwithoutthemarket actuallymoving.Thiscouldhappenaroundthereleaseofeconomic statisticsorattimesofreducedliquiditysuchasduringavaluedaterollor duringthecloseandopeningofthemarket.

3.5.5. Clients should note, however, that this means a Stop order will never be executedattheirspecifiedlevelbuttypicallyatapricethatisworseforthe client (typically the spread away from the client’s stop level).

1 Astoporderwillbetriggeredonapriceobservedonaprimaryinterbankexecutionvenueasthefirstpriority.Ifthereisnoliquidityavailableonaprimaryinter-bankexecutionvenue,SaxoBankreservestherighttouseasecondaryinterbankexecutionvenueoralternativeliquidity provider.


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3.5.6. ThetriggerlevelforaStopordercanbespecifiedtotrailthemarket.In thiscase,whenthemarketmovesintheclient’sfavour,thetriggerlevelfor the order moves the same way.

3.5.7. Thetriggerlevelforatrailingstopmovesinstepswhicharedefinedwhen the order is placed.

3.5.8. WhenaStoporderistriggereditwillbeexecutedatthefirstpossible opportunity on the best terms immediately available in the market. Thismeansthattheclientisexposedtotheriskofaworsefillingapping or illiquid markets.

3.6. Stop Limit Order: 3.6.1. A Stop Limit order rests in the same way as a Stop order. However, once triggered,ratherthanexecuteatthenextavailablepriceitconvertsto aLimitorderatapre-agreedLimitprice.Fromthatpointon,theorderis treated as a Limit order.

3.6.2. Thistypeofordergivestheclientsomeprotectionfromabadfillina gappingorilliquidmarket.However,thatprotectioncomesatacost. In some circumstances the order may not be executed at all.

3.6.3. TrailingStopLimitordersarenotavailable.

4. RelevantExecutionFactors: 4.1. ExceptforLimitorders,SaxoBankwillplacethehighestpriorityontotal consideration(thecombinationofpriceandcostsassociatedwithdealing). 4.2. ForLimitorders,wheretheclienthasstipulatedapricethatisnotimmediately availableinthemarket,SaxoBankwillplacethehighestpriorityonexecution attheclient’sspecifiedpriceatthefirstpossibleopportunity.Thismeansthat Saxo Bank will prioritise speed and certainty of execution.


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5. Saxo Bank’s selected venue 5.1. ForFXSpot,SaxoBanktradesasprincipalandreservestherighttoaggregate risksandundertakeconsolidatedhedgingtradesintheunderlyingmarket throughitsinternalflowaggregationbook.Wheretheclienthasgivenaspecific instructionnottodoso,SaxoBankdoesnotaggregaterisksandundertake consolidatedhedgingtradesthroughitsinternalflowaggregationbook.Thisis described in section 4. ‘Transactions Where Best Execution Has Limited Scope’.

5.2. SaxoBankwillnormallyprovideliquidityfromitsinternalflowaggregationbook. SaxoBankbelievesthisprovidesthebestoutcomeforclientsbecause: 5.2.1. SaxoBank’sinternalflowaggregationmodelallowsittoexecutelarger tradesizesintheunderlyingmarketatlowercostsassociatedwith dealing,thatwouldnotbeavailableforthesmallertradesizesusually undertaken by its clients.

5.2.2. Itscontinuoustwo-wayorderflowmeansthatitisusuallyabletousea single(mid-market)pricetowhichitaddsitsspread.Inlessliquidmarket conditions, it may quote a two-way price. However, its mid price before applyinganyclientspecificMarkUpisalwayswithinthebestbidand offerpricesavailabletoitintheunderlyingmarket. 5.2.3. Theforeignexchangespotmarketischaracterisedbyrapidprice movementsrelativetothecostsofdealing.Providingliquidityfromitsown bookallowsittoavoidthedelaysthatcouldariseinroutingorderstothe underlyingmarket. 5.3. In limited circumstances, where Saxo Bank believes it is necessary to do so to enhance the experience of the majority of its clients, it may route particular orders directly to third party execution venues.

6. Price Formation: 6.1. Saxo Bank constantly monitors the prices available to it in the wider market. It’s priceforforeignexchangespottransactionsisformedfromtheliquidityavailable inagivencurrencypairforbuyingorselling,towhichitschargesareadded. Saxo Bank may improve on either side of the best price at which it is able to sell the relevant currency pair and the best price at which it is able to buy it.


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6.2. SaxoBank’spriceisnormallyasinglepricevalidforbuyingorselling,towhich itschargesareadded.Dependingonitsriskappetiteandproprietaryinterests,’ SaxoBankmaysetitssinglepriceanywherebetweenthebestpriceatwhichitis able to sell the relevant currency pair and the best price at which it is able to buy it. 6.3. SaxoBank’scapacitytoprovideliquidityinanygivencurrencypairissubjecttoits internal exposure limits. If a particular order would cause it to breach those limits,SaxoBankmaysuspenddealingonitspriceuntilitisabletoreduceits exposure.

7. ReloadPeriod: 7.1. SaxoBankmonitorstheinternaland/orexternalliquidityavailableinagiven currency pair and handles orders that have the potential to have sizeable market impact with particular care and attention. The reload period accumulates the notional amount traded for 5 seconds after the last trade is executed in agivencurrencypair.Duringthereloadperiod,SaxoBankreducetheliquidity availableinagivencurrencypairbytheaccumulatednotionalamounttraded. This typically results in wider spreads as the price for a next order amount will be based not only on the size of that order alone, but also on the accumulated notional amount previously executed. If Saxo Bank believes it is able to execute an order immediately from its own liquidity then it will do so, otherwise it will route the order to a third party to attempt execution. After 5 seconds with no tradingactivity,thefullliquidityavailableinagivencurrencypairwillbereloaded. Thereloadperiodisclientspecific,meaning,thatthetradingactivityofoneclient, doesnotaffecttheliquidityavailableinagivencurrencypairtoanotherclient.

8. Saxo Bank’s Charges: 8.1. SaxoBank’schargesmayincludethefollowingsomeofwhichmaybeincludedin thenetpriceatwhichtheclienttrades: 8.1.1. Price Mark Up. SaxoBank’sfinaltransactionpricemaybeinclusiveofMarkUpthatmay impacttheexecutionofanyorderlinkedtoortriggeredataspecifiedprice level. This Mark Up will not form part of the price for best execution comparison purposes.


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8.1.2. Spread. Thedifferencebetweenthebid(sell)priceandtheoffer(buy)price.Spread isdependentonmanydifferentfactors,includingbutnotlimitedto,the underlyingliquidityandvolatility,timeofdayandnotionaltradesize. 8.1.3. Commission. Thefeechargedfortheserviceofcarryingoutthetransaction,subjecttoa minimum fee on small notional trade sizes.

8.1.4. Financing Adjustments. Whereaclientholdsapositioninarollingspotcontractopenovernight, SaxoBankwillmakeacashadjustmenttoreflectthefinancingimplications of the position. This is based on the interest rates of the currencies inquestion.Generally,iftheclientislongthecurrencywiththelower interestrate,thisadjustmentwillbeacosttotheclient.Iftheclientislong thecurrencywiththehigherinterestrate,itmaybeintheclientsfavour. ThereisachargeelementintheinterestratesSaxoBankusesto calculatethesefinancingadjustments.

9. Fixing Orders: 9.1. FromtimetotimeSaxoBankmayexecuteatransactionataratecalculatedbya third-partybasedontradingduringaspecifiedtimeofday(commonlyreferred toasthe“FixingWindow”)oratapricedeterminedataspecifiedtime(commonly referredtoasa“ReferenceTime”).Riskmanagementrelatedtosuchtransactions and other transactions conducted in the ordinary course of business may leadSaxoBanktoexecutehedgingtransactionsbefore,duringoraftertheFixing WindoworReferenceTime.SaxoBankseekstoconductsuchhedgingactivities consistentwithallapplicablelegalandregulatoryrequirements,althoughthose hedgingactivities,aswellasunrelatedtransactionsandotherordinarycourseof businessactivitiesexecutedbySaxoBankpriortoandduringtheFixingWindow or Reference Time, or at other times, may have an impact in some cases on the benchmarkfixingorrelatedmarkets.


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10. Direct Markets Access: 10.1. Clients may ask Saxo Bank to provide them with direct access to the market. SaxoBankwilltreatthisasaSpecificInstructionfromtheclientandwill accordinglyconsiderwhetheritisabletodothisandonwhatterms.

10.2. Where Saxo Bank provides clients with direct market access, Saxo Bank will select one or more execution venues that it believes will provide the best outcomes for thatclient’stransactions.Thismaybeadifferentselectionofvenuesthanit otherwiseusesforexecutionofsimilartransactionsorforitsownhedging purposes.Thismayresultinadifferentoutcomefortheclient’stransactions.

11. MarketMakingandRiskManagement: 11.1. Marketmakingandriskmanagementactivitiesmayimpacttheprices communicated to the client for a transaction and the availability of liquidity at levelsnecessarytoexecuteorders.Theseactivitiesmayalsotriggeror preventtriggeringofrestingorders,barrieroptions,vanillaoptionexercise and similar terms or conditions. Saxo Bank retains discretion as to how to satisfy competinginterests,includingwithrespecttoorderexecution,fillquantity, aggregation,priorityandpricing.

12. Last Look: 12.1. SaxoBankprovidestwotypesofliquidity;orderdrivenliquidityforRollingFXSpot andFXForward,andquotedrivenliquidityforFXOptions.

12.2. QuotedrivenliquiditygivesSaxoBanktheabilitytoseetheorderandchoose tofillorrejecttheorder,beforeexecution.SaxoBankemploysasymmetricprice check to determine if trade requests are made at prices that are within Saxo Bank’s price tolerance for execution. This control will be applied immediately upon receipt of a trade request. In each case, the current price is compared to the trade request price. If the current price has not moved in either direction fromthetraderequestpricebymorethanadefinedtolerance,andother pre-trade controls are passed, Saxo Bank will accept the trade request. If the currentpricediffersfromthetraderequestpricebymorethanadefined tolerance, Saxo Bank will reject the trade request. Other factors such as technicalandpricingerrorsmayalsocausetraderequeststoberejectedbylast look.Theprimarypurposeoflastlookistoprotectagainsttradingonpricesthat donotreflectthecurrentmarket,andagainstcertaintradingbehaviour.


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12.3. FororderdrivenliquiditywhereSaxoBankmayroutetheorderexternallytoa third party to attempt execution, a form of last look may be applied by other liquidityprovidersthatmayresultintheorderbeingfilledcompletelyorpartially, oritmaynotfillatall.

12.4. The receipt of a trade request as well as any information associated with a trade requestdoesnotinfluenceanypricingorhedgingactivityundertakenbySaxo Bank prior to the acceptance of the trade request. If a trade request is rejected, whether as a result of Last Look or otherwise, no information associated with the traderequestisusedtoinfluenceanypricingorhedgingactivitysubsequently undertaken by Saxo Bank.

SCHEDULE11:FOREIGNEXCHANGEFORWARD

1. Products in Scope: 1.1. Purchaseandsaleofforeignexchangeforwardcontracts.

2. Products not in Scope: 2.1. Foreignexchangetransactionsundertakenwiththeintentionofconverting moneyfromonecurrencytoanother–includingtransactionsundertakento facilitate settlement of other transactions.

3. Order Types Available: 3.1. Immediate or Cancel (IOC) Market Order 3.1.1. SeeForeignExchangeSpotfordetails.

3.2. Immediate or Cancel (IOC) Limit Order 3.2.1. SeeForeignExchangeSpotfordetails.

4. RelevantExecutionFactors: 4.1. SaxoBankwillplacethehighestpriorityontotalconsideration–beingthe combinationofpriceandcostsassociatedwithdealing.


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5. Saxo Bank’s selected venues: 5.1. Foreignexchangeforwardpricesarebasedonthespotpricefortherelevant currency pair and a spot/forward swap price. When Saxo Bank executes an order foraclientinrelationtoforeignexchangeforwards,thespotcomponentwillbe executed in the same way that Saxo Bank would execute a spot order for that client.

5.2. Fortheforwardswapelement,SaxoBankprovidesliquidityfromitsinternal flowaggregationbook.ThisallowsSaxoBanktoaggregaterisksandundertake consolidatedhedgingtradesintheunderlyingmarketatlowercostsassociated withdealing,thatwouldnotbeavailableforthesmallertradesizesusually undertakenbyitsclients.SaxoBankisabletopassonthisbenefittoitsclients.

6. Price Formation: 6.1. Thespotcomponentofaforeignexchangeforwardcontractispricedinthe samewaythatSaxoBankwouldpriceaforeignexchangespotcontractforthat client.

6.2. The forward swap component of the price is calculated from the spot price (as above)andthedifferentialbetweentheinterestratesforthetwocurrenciesfor the relevant forward value date.

6.3. SaxoBank’sinterestratesforUSDollarsarebasedoninterbankrates.Forother currencies, Saxo Bank’s interest rates are implied from the US Dollar rates and theforwardswapratesavailabletoSaxoBankfromitshedgingcounterparties.

6.4. Wherethereisnopublishedinterestrateforthespecifieddate,SaxoBankwill calculate a rate by interpolation between the available dates on either side.

6.5. SaxoBankcreatesasinglemid-marketpricefortheforwardswapfortheclient’s chosen dates.

6.6. ThespreadSaxoBankaddstothismid-pointvariesdependinguponthespot rate,theinterestratesapplyingtothecurrenciesconcerned,andthetimeto maturity. Saxo Bank will disclose the total spread for each transaction before the client trades.


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7. Saxo Bank’s Charges: 7.1. Seeforeignexchangespotfordetailsofchargesthatmayapplytoforeign exchangetrades.

8. MarketMakingandRiskManagement: 8.1. SeeForeignExchangeSpotfordetails.

9. Last Look: 9.1. SeeForeignExchangeSpotfordetails.

SCHEDULE12:FOREIGNEXCHANGESWAPS

1. Products in Scope: 1.1. Purchaseandsaleofforeignexchangeswapcontracts.

2. Products not in Scope: 2.1. Foreignexchangetransactionsundertakenwiththeintentionofconverting moneyfromonecurrencytoanother–includingtransactionsundertakento facilitate settlement of other transactions

3. Order Types Available: 3.1. Fill or Kill (FOK) Market Order 3.1.1. AFillorKill(FOK)Marketorderisaninstructiontotradeimmediatelyon the best available terms. However, Saxo Bank will not continue to work the orderifitisunabletofillitinfullimmediately.

3.1.2. AlthoughSaxoBankwilltakeallsufficientstepstoobtainthe best terms available at the time, in illiquid market conditions the best available terms may be substantially worse than the previous (or even the next)price.AMarketFOKorderisforimmediateexecution.SaxoBankwill not delay execution in the hope that market conditions will improve.

3.1.3. ClientsshouldnotethattheycannotcancelFOKordersaftersubmission.


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3.2. Fill or Kill (FOK) Market Order 3.2.1. ALimitFOKorderisanordertotradeatthepricetheclientseesonhis screenifitisstillavailablesubjecttoadefinedtolerance(seebelow).

3.2.2. WhenSaxoBankreceivesaLimitFOKorder,itwilltreatitinasimilarway toaMarketFOKorder(seeabove)exceptthatitwillonlyfilltheorderifit ispossibleattheclient’sspecifiedlimitprice,orbetter.Ifthisisnot immediately possible then the order will be cancelled.

3.2.3. WhenplacingaLimitFOKorder,aclientmayspecifyatolerance.Tolerance canbespecifiedeitherasafixedpriceincrementorasapercentageof thecurrentmarketprice.Iftheclientspecifiesatolerance,SaxoBank mayfilltheorderataworsepricethantheclienthadseenonthescreen, providedthepricedifferencedoesnotexceedtheclient’sspecified tolerance.

3.2.4. Ifabetterpriceisavailable,SaxoBankwillgivetheclientthefullbenefitof theavailableimprovementbyfillingtheclientorderatthebetterpriceno matter how much better it is.

3.2.5.ClientsshouldnotethattheycannotcancelFOKordersaftersubmission.

4. RelevantExecutionFactors: 4.1. SaxoBankwillplacethehighestpriorityontotalconsideration–beingthe combinationofpriceandcostsassociatedwithdealing.

5. SaxoBank’sSelectedVenue(s): 5.1. Foreignexchangeswappricesarebasedonthespotpricefortherelevant currency pair and a spot/forward swap price.

5.2. Fortheforwardswapelement,SaxoBankprovidesliquidityfromitsinternal flowaggregationbook.ThisallowsSaxoBanktoaggregaterisksandundertake consolidatedhedgingtradesintheunderlyingmarketatlowercostsassociated withdealing,thatwouldnotbeavailableforthesmallertradesizesusually undertakenbyitsclients.SaxoBankisabletopassonthisbenefittoitsclients.


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6. Price Formation: 6.1. Thespotcomponentofaforeignexchangeswapcontractispricedin thesamewaythatSaxoBankwouldpriceaforeignexchangespotcontract for that client.

6.2. The forward swap component of the price is calculated from the spot price (asabove)andthedifferentialbetweentheinterestratesforthetwo currencies for the relevant forward value date.

6.3. Saxo Bank’s interest rates are based on interbank deposit rates and the forward swap rates available to it from liquidity providers.

6.4. Wherethereisnopublishedinterestrateforthespecifieddate,SaxoBank will calculate a rate by interpolation between the available dates on either side.

6.5. Saxo Bank creates a market price for the forward swap for the client’s chosen dates.

6.6. ThespreadSaxoBankaddstothisvariesdependinguponthecurrencies concerned, and the time to maturity. Saxo Bank will disclose the total spread for each transaction before the client trades.

7. Saxo Bank’s Charges: 7.1. Seeforeignexchangespotfordetailsofchargesthatmayapplytoforeign exchangetrades.




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SCHEDULE13:FOREIGNEXCHANGEOPTIONS

1. Products in Scope: 1.1. ForeignExchangeVanilla,BarrierandBinaryTouchOptions.

2. Products not in Scope: 2.1. AllForeignexchangeoptionsareinscope.

3. Order Types Available: 3.1. DealingonQuotes 3.1.1. SaxoBankwillprovidepricesforforeignexchangeoptionstoclientson request.Thesepriceswillbecalculatedtomeetitsobligationtoprovide the client with the best possible outcome on his transaction in terms of total consideration.

3.1.2. If a client wishes to trade, he may elect to do so at the price Saxo Bank hasquoted.Acceptanceofthetradeissubjecttofiltersbasedontime elapsedand/orpricemovementsintheunderlyingmarketsincetheprice was quoted.

4. RelevantExecutionFactors: 4.1. SaxoBankwillplacethehighestpriorityontotalconsideration–beingthe combinationofpriceandcostsassociatedwithdealing.SaxoBankwillalso prioritise speed and certainty of execution and the ability to trade in retail sizes.

4.2. Theunderlyingmarketforforeigncurrencyoptionsisthe‘inter-bankmarket’. Transactions undertaken in this market are normally of a wholesale size. It is not normally practical to undertake individual smaller transactions.

5. SaxoBank’sSelectedVenue(s): 5.1. Optionpricesarebasedonanumberoffactors,themostsignificantofwhichare thespotpriceoftheunderlyingandthe‘impliedvolatility’oftherelevantcurrency pair.


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5.2. FortheimpliedvolatilitySaxoBanktradesasprincipalthroughliquidityprovided fromitsinternalflowaggregationbook.Thisallowsittoaggregaterisksand undertakeconsolidatedhedgingtradesintheunderlyingmarketatlower costsassociatedwithdealing,thatwouldnotbeavailableforthesmallertrade sizesusuallyundertakenbyitsclients.SaxoBankisabletopassonthisbenefit to its clients.

6. Price Formation: 6.1. SaxoBankusestheBlackScholespricingmodeltopriceoptionsfromitsown liquidity.Thismodelgeneratesasinglemid-marketpricebasedonspotprices, interest rates and ‘implied volatilities’ for the currencies concerned.

6.2. SaxoBankconstantlyreviewitspricesagainstpricesavailabletoitinthe inter-bankmarkettoensurethatitsmidpointsarewithinthebestbidandoffer prices available to it.

6.3. SaxoBank’spremiumforanygivenoptionisderivedfromthreefactorswhich it internally treats as separate markets. Saxo Bank’s net spread for an option trade is derived from the spread it quotes on each component. The net spread on any particular option transaction will be disclosed before the client trades. Spreadswillnormallybewiderforlongerdatedoptionsthanforshorterdated ones; and wider for closer to the money options than for deeper in or out of the money ones.

7. Saxo Bank’s Charges: 7.1. SaxoBank’schargesmayincludethefollowing,someofwhichmaybeincludedin thenetpriceatwhichtheclienttrades: 7.1.1. Spread. Thedifferencebetweenthebid(sell)priceandtheoffer(buy)price.Spread isdependentonmanydifferentfactors,includingbutnotlimitedto,the underlyingliquidityandvolatility,timeofdayandnotionaltradesize.

7.1.2. Commission. Thefeechargedfortheserviceofcarryingoutthetransaction,subjecttoa minimum fee on small notional trade sizes.


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BONDSOnline Venues and Liquidity ProvidersTradewebMTF-RFQModel(seesomememberliquidityprovidersbelow)

ABN AMRO Credit Suisse Millennium Europe Santander

ANZBankingGroup Daiwa Capital Markets Mitsubishi Societe Generale

Banca IMI Deutsche Bank MorganStanley Standard Chartered Bank

Bank of America/Merrill Lynch

DZ Bank MPS Capital Toronto Dominion Bank

Barclays Bank Goldman Sachs Natixis UBS

BBVA HSBC Bank Nomura Unicredit

BNP Paribas ING Bank Oddo WellsFargo

Citigroup JeffriesInternational Rabobank

Commerzbank JPMorgan Royal Bank of Canada

CreditAgricole Lloyds Bank Royal Bank of Scotland

DMAtoRegulatedMarketsEuronext NASDAQ OMX

Copenhagen

Offline-HedgingLiquidityProviders*in addition to all above mentioned liquidity providers

Arctic Securities Jyske Bank NIBC Markets Tradition

Danske Bank Market Axess Pershing VTB Capital

DNB Bank Nedbank SEB Bank Zurich Cantonal bank


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CashEquitiesandExchangeTradedProducts(ETF,ETN,ETC)

VenuestowhichSaxoBankhasaccessviaExecutingBrokers

AMERICAS EUROPE ASIA-PACIFICAmericanStockExchange AthensStockExchange ASX - Center Point

NASDAQ Bolsa de Madrid AustralianStockExchange

NewYorkStockExchange Borsa Italiana HongKongExchangesandClearing

TorontoStockExchange BudapestStockExchange SingaporeExchange

NewYorkStockExchangeArca

Deutsche Börse, Xetra TokyoStockExchange

OTC Bulletin Board Euronext Amsterdam Chi-X Australia

AQUA Euronext Brussels Chi-X Japan

BAML Instinct X (MLXN) Euronext Lisbon SBI Japannext

Barclays LX Euronext Paris ASX Centre Point

BIDSTrading IrishStockExchange BNP BIX

BNY Millennium JohannesburgStockExchange BofAML MLXN

CITI CROSS LondonStockExchange Citibank

CSCrossFinder NasdaqOMXCopenhagen CLSA Dark Pool

CSLightPool Nasdaq OMX Helsinki Commonwealth Bank of Australia

DB SuperX ATS Nasdaq OMX Stockholm CreditSuisseCrossFinder

FidelityCross-Stream Oslo Bors Deutsche Bank SuperX

GSSigmaX PragueStockExchange GSSigma-X

Instinet CBX SwissExchange Instinet BLX Australia

InstinetCrossing WarsawStockExchange InstinetCBXHongKong

ITG POSIT Wiener Börse InstinetHongKongVWAPCross

JPMorganCross AquisExchange InstinetNighthawkVWAP

KCG MatchIt BXE Lit (Bats Europe) ITG Posit

LeveL ATS CXE Lit (Bats Europe) JPMorganJPMX


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AMERICAS EUROPE ASIA-PACIFICMorganStanleyMSPool Equiduct Macquarie XEN

CODA Markets Turquoise MorganStanleyMSPool

SSGM/Pulse BlockCross BXE Dark (Bats Europe) Nomura NX

UBS ATS CXE Dark (Bats Europe) Nomura NX Pro

Aequitas Lit Book CitiMatch TORA Crosspoint

Aequitas NEO Book CSCrossFinder

CanadianSecuritiesExchange(CSE)

Deutsche Bank SuperX

Nasdaq CX2 GSSigmaXMTF

Nasdaq CXC Instinet BlockMatch

Omega-LynxATS ITG Posit

OmegaATS Liquidnet Europe

TSXAlphaExchange Nordic@Mid

TSX Venture SmartPool

Instinet Canada Cross (ICX) Swiss At Mid

Liquidnet Canada Turquoise Plato

Match Now UBSMTF

IEX Xetra MidPoint

SIGMA X2 JPM - X

MS Pool

Chi-X Dark

Turquoise Plato BDS

Bats Lis

Chi-X

Bats

Bats Periodic Auction Order Book (auction)Liquidnet H2O

NASDAQ Auction on Demand (auction)Turquoise Dark Continuous

Turquoise Dark Periodic (conditional)


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FUTURESAMERICAS EUROPE ASIA-PACIFICCOMEX ICE-EUROPE SGX

NYMEX EEX OSAKA

CME EUREX HKEK

CBOT EURONEXT TSE

CBOE OMX NORDIC SFE

MONTREAL MEFF

ICE-US IDEM

OPTIONSAMERICAS EUROPE ASIA-PACIFICCOMEX ICE-EUROPE SGX

NYMEX EUREX OSAKA

CME EURONEXT HKEX

CBOT MEFF ASK

CBOE IDEM

ICE-US OSLO BORS

OCC OMX


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FOREIGNEXCHANGERollingFXSpotSaxo Bank’s Prime Brokers

Citibank Deutsche Bank Royal Bank of Scotland

Venues to which Saxo Bank has access via Prime Brokers Primary inter-bank execution venues

EBS Reuters

FXFORWARDS Saxo Bank’s Prime Brokers


Liquidity Providers to which Saxo Bank has direct access

Bank of Tokyo MitsubishiUFJ

Citibank JPMorganChase Standard Chartered

Barclays Bank Commerzbank JumpTrading State Street

BNP Paribas Credit Suisse MorganStanley UBS

CCMAlphaFund Deutsche Bank Nomura Virtu

ANZ Goldman Sachs Royal Bank of Scotland

XTX Markets

Citadel HSBC SolidFX Bank of America Merrill Lynch

Secondary inter-bank execution venues

Currenex Fastmatch Hotspot Spotex


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Bank of America Citibank JPMorganChase UBS

Barclays Bank Deutsche Bank Natixis

BNP Paribas Goldman Sachs Societe Generale

FXOPTIONSSaxo Bank’s Prime Brokers



Bank of America Credit Suisse JPMorganChase UBS

Barclays Bank Deutsche Bank Natixis

BNP Paribas Goldman Sachs Royal Bank of Scotland

Citibank HSBC Societe Generale

ANZ

Citadel SolidFX

Brokers to which Saxo Bank has access via Prime Brokers

BGC GFI TP ICAP Tradition

SAXO BANK A/S ORDER EXECUTION POLICY · Saxo Bank executing that order in accordance with this...

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