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Below are the top five execution venues per financial instrument for the previous year for our Fisher Investments Europe clients. Fisher Investments Europe is providing this information on an annual basis to comply with MiFID II regulations.
|Broker||Execution Score Rank||% of Notional Traded||% of Notional Traded Equity||% of Notional Traded Fixed Income||% of Notional Traded Mutual Funds||% of Notional Traded Derivatives||Trade Volume Rank|
|Jefferies & Co||19||8.4%||8.4%||0.0%||0.0%||0.0%||3|
Table updated 2/10/2022
*Avg. Execution Score Rank: All executions for each approved broker are measured against three trading benchmarks:
Differences between average prices and benchmarks are expressed in percentage terms (difference divided by trade value) and are rolled-up by broker into a weighted average percentage difference across each of the three benchmark measures. All 16 approved brokers are ranked across the three different benchmark measures (top-rank meaning the smallest % difference from the benchmark). A weight is applied to each benchmark ranking (Trade Date Open = 70%, VWAP = 15%, Trade Date Close = 15%) and the average ranks are rolled-up into a final “Average Execution Score Rank.”
Execution quality is reviewed on a weekly basis by the Trading team utilizing Trade Cost Analysis (TCA) software. A summary of the TCA is generated quarterly and reviewed in detail with the Trading Practices Committee. Any outliers are reviewed to determine what factors contributed to the execution results and if the factors were within the traders'/brokers' control.
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