NORRENBERGER SECURITIES LIMITED operates a best execution policy for the execution of transactions across all Exchanges. Thus, Norrenberger Securities Limited will 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 taking into account the criteria and factors set out in this policy.

In exercising best execution Norrenberger Securities Limited will take the following factors into consideration as appropriate and in the context of the client’s order:

  1. Time of order receipt
  2. Price
  3. Cost
  4. Speed
  5. Likelihood of execution & Settlement
  6. Order size
  7. Nature of the order (including the market on which it is executed)
  8. Market liquidity
  9. Price improvement
  10. Market impact
  11. Any other consideration that is relevant to the execution of the order.

Additionally, Norrenberger Securities Limited will consider the following criteria when determining the relative importance of the execution factors listed above:

  1. Characteristics of the client including whether they are retail or institutional.
  2. Characteristics of the client’s order e.g. whether it is a market, limit or other type of order.
  3. Characteristics of the execution venues on which the order can be executed.
  4. Consideration of execution factors will vary dependent on the order type for example an order to trade in an illiquid stock will require Norrenberger Securities Limited to consider the ability to execute the trade in addition to price, the market on which it can be executed etc.

In general, price is regarded as the most important consideration when trying to achieve best execution. Orders are executed on a first in first out basis i.e. orders received first will be passed to the market first.

In exercising best execution Norrenberger Securities Limited will take the following factors into consideration as appropriate and in the context of the client’s order:

  1. Time of order receipt
  2. Price
  3. Cost
  4. Speed
  5. Likelihood of execution & Settlement
  6. Order size
  7. Nature of the order (including the market on which it is executed)
  8. Market liquidity
  9. Price improvement
  10. Market impact
  11. Any other consideration that is relevant to the execution of the order.

Additionally, Norrenberger Securities Limited will consider the following criteria when determining the relative importance of the execution factors listed above:

  1. Characteristics of the client including whether they are retail or institutional.
  2. Characteristics of the client’s order e.g. whether it is a market, limit or other type of order.
  3. Characteristics of the execution venues on which the order can be executed.
  4. Consideration of execution factors will vary dependent on the order type for example an order to trade in an illiquid stock will require Norrenberger Securities Limited to consider the ability to execute the trade in addition to price, the market on which it can be executed etc.

In general, price is regarded as the most important consideration when trying to achieve best execution. Orders are executed on a first in first out basis i.e. orders received first will be passed to the market first.