Política De Mejor Ejecución Enero de 2010

POLITICA DE MEJOR EJECUCIÓN

POLÍTICA DE MEJOR EJECUCIÓN

INDICE

I.

PROPOSITO Y ALCANCE ................................................................................................................. 3

II. CONSECUCIÓN DE LA MEJOR EJECUCIÓN .................................................................................. 4 III. INSTRUCCIONES ESPECÍFICAS DEL CLIENTE ............................................................................. 5 IV. ELECCIÓN DEL CENTRO DE EJECUCIÓN ..................................................................................... 6 V. ACTUALIZACIÓN DE LA POLíTICA ................................................................................................. 6

Política de Mejor Ejecución | Enero de 2010

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POLÍTICA DE MEJOR EJECUCIÓN

Esta Política establece las bases generales sobre las que Activotrade Valores, A.V., S.A. (en adelante la Agencia), va a proceder a la aplicación del principio de “Mejor Ejecución” tal y como requiere la Directiva de la Unión Europea de Mercados de Instrumentos Financieros (conocida como MiFID), y la correspondiente regulación española.

Esta Política se divide en los cinco apartados siguientes:     

Propósito y alcance Consecución de la mejor ejecución Instrucciones específicas del cliente Elección del centro de ejecución Actualización de la Política

Esta Política se aplica a nuestros servicios a inversores privados

I.

PROPOSITO Y ALCANCE La Agencia valora las relaciones con todos sus clientes, esforzándose en cada caso por actuar de forma honesta y razonable en todas y cada una de las operaciones que efectúa para ellos. La normativa MiFID obliga a establecer y cumplir con una política de mejor ejecución, siendo el objetivo de esta Política el cumplimiento de nuestras obligaciones para con nuestros clientes de una manera clara y concisa, obteniendo su consentimiento para la misma.

La Política se aplica cuando estamos ejecutando una orden en nombre de uno de nuestros clientes, habiendo acordado la consecución del mejor precio (u otra variable) para el cliente en el mercado, y siempre que no existan instrucciones precisas del cliente para ejecutar su orden de una forma específica.

Política de Mejor Ejecución | Enero de 2010

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POLÍTICA DE MEJOR EJECUCIÓN

II.

CONSECUCIÓN DE LA MEJOR EJECUCIÓN ¿QUÉ SIGNIFICA “MEJOR EJECUCIÓN”? “Mejor Ejecución” significa:  Que hemos establecido esta Política diseñada para conseguir el mejor resultado en todas las órdenes que ejecutemos para nuestros clientes sobre una base consistente y teniendo en cuenta todos los factores relevantes que se detallan a continuación.  Que nos comprometemos a cumplir con la Política.  Que periódicamente revisaremos y actualizaremos la Política, para asegurarnos que continúa siendo óptima y proporcionando los resultados propuestos. Demostrar la “mejor ejecución” no significa necesariamente un análisis de operación por operación, sino la evaluación de una serie de transacciones a lo largo de un periodo que indique que, en conjunto, el mejor resultado se consigue ejecutando las órdenes de nuestros clientes en los centros de ejecución y de la forma descrita en esta Política. ¿QUÉ FACTORES TOMAMOS EN CONSIDERACIÓN PARA CONSEGUIR LA MEJOR EJECUCIÓN? Los siguientes (salvo instrucciones en contra del cliente, como se describe más adelante):  precio  costes  tamaño  naturaleza de la orden  rapidez  probabilidad de ejecución y liquidación (liquidez)  características de los posibles centros de ejecución, y  cualquier otra consideración relevante para la ejecución de la orden Mientras que el precio es generalmente un factor clave, el valor global para un cliente de una operación en particular puede verse afectado por la serie de factores indicados en el párrafo anterior. La importancia relativa de cada uno de los factores diferirá dependiendo de:  Las características de cliente  Las características del instrumento financiero subyacente de la orden  Las características de la orden concreta, y  Las características del centro de ejecución (si hubiese más de uno) donde seamos capaces de ejecutar la orden, o las entidades a las que esa orden se pueda cursar

Política de Mejor Ejecución | Enero de 2010

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POLÍTICA DE MEJOR EJECUCIÓN

EJECUCIÓN DE LAS ÓRDENES DE CLIENTES A TRAVÉS DE TERCEROS Cuando hayamos aceptado instrucciones para la ejecución de una orden específica, las seguiremos en la medida que nos sea posible. No asumiremos la responsabilidad de cumplir con esta Política de Mejor Ejecución si hemos aceptado y seguido las instrucciones del cliente. Sin embargo, la Política se aplicará al resto de factores de la ejecución que no estén cubiertos por las instrucciones recibidas del cliente. Salvo que un cliente nos instruya explícitamente de otra manera, y seamos capaces de seguir esas instrucciones, pasaremos las órdenes de clientes a un tercero, broker o dealer, para su ejecución. Tenemos procesos para revisar periódicamente nuestra selección de intermediarios, para asegurarnos de que, teniendo en cuenta todos los factores relevantes, dichos intermediarios están siguiendo el principio de “mejor ejecución”. Requeriremos al intermediario para que ejecute las órdenes a lo largo de un periodo de tiempo, máximo de una sesión de Bolsa, en aras de alcanzar el mejor resultado. Cuando un cliente nos indique parámetros a seguir en la ejecución de una orden, procuraremos ejecutarla en una o varias transacciones de forma que la ejecución total de la orden se encuentre dentro de los parámetros indicados, teniendo en cuenta el tamaño, la liquidez de ese valor y el periodo durante el cual podamos ejecutarla y los centros de ejecución disponible en el momento de la orden. Si se nos cursa una orden de este tipo y el cliente reconoce que existen diversas formas de trabajar con esa orden, la ejecutaremos a nuestra discreción como creamos que es en su mejor interés, excepto cuando el cliente nos curse instrucciones específicas, y que el resultado, por la naturaleza del tipo de orden, sea incierto.

III.

INSTRUCCIONES ESPECÍFICAS DEL CLIENTE El contenido de esta Política de Mejor Ejecución no será aplicable si el cliente transmite a la Agencia instrucciones específicas para la ejecución de sus órdenes. En ese caso, ésta se limitará a cumplir con la mayor exactitud la voluntad expresada por el cliente.

Por ejemplo:  Cuando un cliente nos instruya para ejecutar una orden en un centro de ejecución concreto, no seremos responsables de la elección de dicho centro.  Cuando un cliente nos instruya para ejecutar una orden en un momento determinado, o  durante un periodo de tiempo concreto, con independencia del precio disponible, ejecutaremos esa orden en el momento, o durante el periodo indicado, de la mejor manera posible, pero no seremos responsables de las consecuencias en el precio u otros factores que resulten como consecuencia del momento de la ejecución.

Política de Mejor Ejecución | Enero de 2010

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POLÍTICA DE MEJOR EJECUCIÓN

La Agencia podrá recibir órdenes de clientes por medio del teléfono, por escrito o presencialmente. Al efecto de que quede constancia del contenido de dichas órdenes, éstas se materializarán en formato escrito guardado por la agencia, complementándose con todas las grabaciones de las conversaciones telefónicas mantenidas con sus clientes. Se prevé también la posibilidad de desarrollar un sistema informático que permita a los clientes transmitir sus órdenes por medios telemáticos, sin embrago tal desarrollo aún no se ha llevado a cabo. En el caso de que la Agencia no pueda asegurar el correcto seguimiento de las instrucciones del cliente, no aceptará la orden.

IV.

ELECCIÓN DEL CENTRO DE EJECUCIÓN Según define MiFID, un centro de ejecución puede ser un mercado organizado, una plataforma multilateral de negociación y un intermediario. Salvo acuerdo en contra con alguno de nuestros clientes, usaremos una selección de centros de ejecución que será revisada periódicamente. Los factores que serán considerados para la elección de los centros de ejecución, incluyen:  Precios disponibles  Intensidad de la liquidez  Volatilidad relativa en el centro de ejecución  Velocidad de ejecución  Coste de ejecución  Solvencia de las contrapartidas en el centro de ejecución o de la contrapartida central, y  Calidad y coste de la liquidación y el clearing  Entidad de depósito de la cuenta de efectivo En algunos mercados la volatilidad de los precios puede significar que la oportunidad en la ejecución es prioritaria. En otros mercados que tienen baja liquidez, el hecho de ejecutar la operación puede ser considerado en sí mismo como “mejor ejecución”.

V.

ACTUALIZACIÓN DE LA POLÍTICA Esta política se aplicará a nuestros clientes desde el momento de la aprobación de Activotrade Valores, A.V, S.A. como tal agencia de valores, y estará en vigor hasta que sea válidamente modificada.

Política de Mejor Ejecución | Enero de 2010

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POLÍTICA DE MEJOR EJECUCIÓN

La Política de Mejor Ejecución deberá mantenerse en todo momento actualizada y será revisada siempre que se produzcan cambios relevantes en el entorno financiero o en la organización de la empresa, que puedan afectar al objetivo de obtener el resultado óptimo en la ejecución de las órdenes de los clientes. Asimismo, la Política deberá adecuarse, en todo momento, a las disposiciones vigentes en materia de mercados financieros.

Actualizaremos esta Política al menos anualmente para tener en cuenta posibles cambios en la misma.

Se comprobará así mismo su eficacia para proporcionar al cliente el mejor resultado posible. A tal efecto, en caso de que se lleve a cabo cualquier modificación, se deberá informar a los clientes de los cambios que se hayan producido y poner a su disposición una nueva versión de la Política.

Barcelona, enero 2010

Política de Mejor Ejecución | Enero de 2010

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SAXO BANK’S BEST EXECUTION POLICY

SAXO BANK’S BEST EXECUTION POLICY

THE SPECIALIST IN TRADING AND INVESTMENT

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SAXO BANK’S BEST EXECUTION POLICY

2.2

1 1.1

1.2

1.3

1.4

1.5

2

2.1

INTRODUCTION This policy is issued pursuant to, and in compliance with, EU Directive 2004/39/EC of 21 April 2004 on Markets in Financial Instruments ("MiFID") and the Danish legislation implementing MiFID (the "Rules") that applies to Saxo Bank. This policy provides an overview of how Saxo Bank executes orders on behalf of clients, the factors that can affect the timing of execution and the way in which market volatility plays a part in handling orders when buying or selling a financial instrument.

3

Upon acceptance of a client order and when there is no specific client instruction regarding the execution method, Saxo Bank will execute an order in accordance with this policy.

SAXO BANK’S APPROACH TO BEST EXECUTION

3.1

When executing orders Saxo Bank will take all reasonable steps to obtain the best possible result under the circumstances for the client taking into account price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order ("Best Execution").

3.2

When considering the best executing factors, Saxo Bank takes into account:

This policy applies to Saxo Bank's execution of orders on behalf of retail clients and professional clients as defined by the Rules. Where Saxo Bank provides a quote to a client or negotiates the terms of an Over-the-Counter ("OTC") transaction with Saxo Bank as counterparty, Saxo Bank will normally not be acting on the client's behalf. In these situations, Saxo Bank will not owe a duty of best execution under the Rules, and this policy will therefore not apply. This policy does not create any obligation on Saxo Bank that it does not have under the Rules.

The trading conditions for the above products are available on Saxo Bank’s different websites.

 



the characteristics of the client order; the characteristics of the financial instruments that are subject to that order (in particular in relation to OTC financial instruments); and the characteristics of the execution venues to which that order can be directed.

3.3

When Saxo Bank executes orders on behalf of retail clients, Best Execution is determined on the basis of the total consideration paid by the client, unless the objective of execution of the order dictates otherwise.

3.4

Whenever there is a specific instruction from or on behalf of a client, Saxo Bank will – to the extent possible - execute the order in accordance with the specific instruction. A specific instruction from a client may prevent Saxo Bank from taking the steps that it has described in this policy to obtain the best possible result for the execution of orders. Trading rules for specific markets may prevent Saxo Bank from following certain of the client's instructions. To the extent that a client instruction is not complete, Saxo Bank will determine any nonspecified components of the execution in accordance with this policy.

FINANCIAL INSTRUMENTS TO WHICH THIS POLICY APPLIES This policy applies to financial instruments and products as defined by the Rules, including Stocks, Bonds, Exchange Traded Funds ("ETFs"), Futures, Options (OTC and exchange traded), Foreign Exchange Forwards (including rolling FX Spot), Foreign Exchange Options, Contracts For Difference ("CFDs"), Certificates, Warrants and Mutual Funds. Some of these products are due to their nature traded OTC.

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SAXO BANK’S BEST EXECUTION POLICY

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4.1

4.1.1

4.1.2

The procedure for routing determinations is mainly based on four criteria and is regularly reviewed by Saxo Bank. Hence to determine the best way to execute an order for a client Saxo Bank takes into consideration: Speed and Likelihood of the Execution: Due to the levels of volatility affecting both price and volume, Saxo Bank seeks to provide client orders with the fastest execution reasonably possible although delays may occur.



4.1.4

5

5.1

5.2

For instruments admitted to trading and official listing on a regulated market or stock exchange (i.e. Bonds, Stocks, Futures, Options and ETFs), Saxo Bank routes orders to the exchange, a multilateral trading facility or the like or to selected third parties, re. Section 6.1, for execution.

5.3

For OTC products (CFDs, (rolling) FX Spot, FX Forwards and FX Options), Saxo Bank will trade (as principal) against its own proprietary desk and may in turn route its own orders to other market maker firms. For OTC traded CFDs on single stocks execution is benchmarked to the pricing and liquidity on the primary regulated market or exchange of the relevant stock.

5.4

Prices of non-listed units in Mutual Funds (e.g. unit trusts or open-ended investment companies) are set at a future "valuation point" and the exact price of such units is therefore not known in advance. Saxo Bank will seek to execute orders of such units, be it subscriptions or redemptions, at a price closest to the amount in the client's order as well as in accordance with the fund manager's rounding rules.

5.5

The client’s orders may at the discretion of Saxo Bank be aggregated with Saxo Bank’s own orders, orders of any of Saxo Bank’s associates and/or other clients. Furthermore, Saxo Bank may split the client’s orders as well as aggregate orders before executing such. Orders will only be aggregated or split where Saxo Bank reasonably believes it to be unlikely that the aggregation or split generally will be detrimental to any client. Aggregation and split may in single occasions result in the client obtaining a less favorable price than if the client’s orders had been executed separately or together, as applicable.

5.6

There may be delays in execution of orders, including orders placed through online trading systems. Some orders placed through online trading systems may be handled manually. When high traffic in electronic orders causes a

Price Improvement and Overall Consideration of Costs: Orders are routed to market makers and/or market centers where opportunities for price improvement exist. The criteria to be used by other market-makers and/or market centers include: 

4.1.3

against its own proprietary desk (e.g. some OTC products). Saxo Bank may execute orders outside regulated markets and multilateral trading facilities.

ELEMENTS OF BEST EXECUTION

automatically matching incoming market and limit orders to pending limit orders; crossing transactions where price improvement can be offered to one or both sides of the trade.

Size Improvement: In routing orders, Saxo Bank seeks markets that provide the greatest liquidity and thus potential for execution of large orders. Saxo Bank also seeks opportunities for client orders to benefit from ordersize commitments offered by third parties. Overall Execution Quality: When determining how and where to route or execute an order, Saxo Bank’s traders draw on extensive day-to-day experience with various markets and market makers, focusing on prompt and reliable execution.

EXECUTION OF CLIENT ORDERS

Saxo Bank uses automated systems to route and execute client orders. When a client order is received by Saxo Bank, it is routed to the execution venue that Saxo Bank considers to generally provide the Best Execution or kept in house for products which Saxo Bank trades

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SAXO BANK’S BEST EXECUTION POLICY

back log, Saxo Bank, as well as market makers to which orders are sent for execution, must sometimes discontinue normal automatic execution procedures and turn to manual execution, leading to possible delay in execution. In order to minimize such a risk, Saxo Bank has in place procedures and arrangements which to the furthest extent possible provide for the prompt, fair and expeditious execution of client orders. 6

7 7.1

Saxo Bank is a member of NASDAQ OMX Copenhagen and Chicago Mercantile Exchange (“CME“) and additionally uses a number of external financial institutions and brokers in the process of receiving and relaying orders or to directly execute listed financial instruments which are not listed on NASDAQ OMX Copenhagen and CME including Bank of America, BNP, Barclays, Citibank, Commerzbank, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan Chase, Morgan Stanley, Nomura, RBS, UBS, Citadel, Carregosa and Banco Best.

6.2

Saxo Bank has access to a number of exchanges through its order routing vendors, including: American Stock Exchange, Athens Stock Exchange, Australian Stock Exchange, Borsa Italiana, BOVESPA (Brazil), Eurex, Euronext, Frankfurt Stock Exchange, Hong Kong Stock Securities Exchange, Istanbul Stock Exchange, Johannesburg Stock Exchange, London Stock Exchange, MICEX (Russia), NASDAQ OMX Nordic, NASDAQ US, New York Mercantile Exchange, New York Stock Exchange, SIBE (Spain), Singapore Exchange, Swiss Exchange, Sydney Futures Exchange, Tokyo Stock Exchange, Toronto Stock Exchange, Warsaw Stock Exchange and Wiener Börse (Vienna).

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:  Execution at a substantially different price from the quoted bid or offer or the last reported sale price at the time of order entry, as well as partial executions or execution of large orders in several transactions at different prices.  Delays in executing orders for financial instruments that Saxo Bank must send to external market maker and manually routed or manually executed orders.  Opening prices that may differ substantially from the previous day’s close.  Locked (the bid equals the offer) and crossed (the bid is higher than the offer) markets, which prevent the execution of client trades.  Price volatility is one factor that can affect order execution. When clients place a high volume of orders with brokers, order imbalances and back logs can occur. This implies that more time is needed to execute the pending orders. Such delays are usually caused by the occurrence of different factors: (i) the number and size of orders to be processed, (ii) the speed at which current quotations (or last-sale information) are provided to Saxo Bank and other brokerage firms; and (iii) the system capacity constraints applicable to the given exchange, as well as to Saxo Bank and other firms.

LIST OF EXECUTION VENUES CURRENTLY USED

6.1

EFFECTS ON ORDER EXECUTION

8

TYPES OF ORDERS

8.1

Given the risks that arise when trading in volatile markets, the client may want to consider using different types of orders to limit risk and manage investment strategies. (It should be noted that the following descriptions of order types may apply only to some and not all types of financial instruments).

8.2

Market order: With a market order the client instructs a financial institution or trading counterparty to execute a trade of a certain size as promptly as possible at the prevailing market

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SAXO BANK’S BEST EXECUTION POLICY

price. Financial institutions are required to execute market orders without regard to price changes. Therefore, if the market price moves significantly during the time it takes to fill a client’s order, the order will most likely be exposed to the risk of execution at a price substantially different from the price when the order was entered. Certain exchanges do not support market orders. If the client places a market order in these markets, Saxo Bank will automatically translate the order to an aggressive limit order within a certain percentage limit "in the money". 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 translate market orders on various markets into aggressive limit orders 3 – 5 % in the money. This is often a result of exchange rules applied to protect clients from "bad fills". Saxo Bank cannot be held responsible for missing fills due to such translation performed by third party execution brokers. 8.3

8.4

Limit order: 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 giving up the certainty of immediate execution in exchange for the expectation of getting an improved price in the future. Limit orders may be routed to an exchange without human intervention.

price traded or to buy if the price trades above a set level from the lowest traded price. 8.4.2 Stop Limit Order: A stop limit order is a variation of a stop order as described in Section 8.4 with a lower (higher) limit price to suspend trading if the price falls (rises) too far before the order is filled restricting trading to a predefined price range.

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REGULAR REVIEW OF EXECUTION QUALITY AND OF EXECUTION VENUES

9.1

Saxo Bank will review this policy annually and whenever a material change occurs that affects Saxo Bank's ability to obtain the best possible result for the execution of client orders.

9.2

Saxo Bank regularly reviews the overall quality of its order executions and its order routing practices, including its order routing vendors and the available exchanges. 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.

10 10.1

Stop order: Different from a limit order, a stop order allows selling below the current market price or buying above the current market price if the stop price is reached or breached. A stop order is therefore a "sleeping" order until the stop price is reached or breached.

8.4.1 Trailing stop order: The trailing stop order is a stop order as described in Section 8.4 but the trailing stop price moves according to parameters set by the client. This way the trailing stop can be used to sell if the price drops more than a specified distance from the highest

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SAXO BANK’S GENERAL BUSINESS TERMS This policy is subject to Saxo Bank’s General Business Terms and other business terms from time to time governing the relationship between the client and Saxo Bank. Further information on order execution, including Saxo Bank's market making function, can be found in Saxo Bank's General Business Terms.

SAXO BANK’S BEST EXECUTION POLICY

This policy is effective from 25. November, 2011 and shall remain effective until a more recent version is released. The prevailing version of the policy is always available at www.saxobank.com

SAXO BANK A/S l Philip Heymans Allé 15 l DK 2900 Hellerup l Denmark l Telephone +45 39 77 40 00 Telefax +45 39 77 42 00 l Reuters Dealing Code: SAXO l Web: www.saxobank.com l CVR no.: 15 73 12 49

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