Order Execution Policy

This Policy applies to all Retail Clients and Institutional Clients, to every Account and to every Order placed in Forex, contracts for difference (CFDs) on indices, metals, energies, commodities, cryptocurrencies and shares, and any other instrument made available on the Trading Platform.

All Transactions are over-the-counter (OTC) derivatives. They are not traded on a regulated exchange or multilateral trading facility, and an Open Position can only be closed with the Company. By accepting the Client Agreement, you consent to your Orders being executed outside a regulated market.

Principal and sole execution venue. The Company acts as principal and is the counterparty to every Transaction. The Company is the sole execution venue for your Orders.

Straight Through Processing. Orders are processed automatically by the Company's execution systems on a Straight Through Processing (STP) basis, without manual intervention by a dealing desk in the normal course. The price at which your Order is filled is derived from the prices available from the Company's liquidity providers at the time of execution.

Hedging. The Company may hedge its exposure arising from client Transactions with approved liquidity providers. Hedging arrangements do not create any contractual relationship between you and a liquidity provider, and your Transaction remains with the Company.

The Company quotes two prices for each instrument: the bid price, at which you may sell, and the ask price, at which you may buy. Buy Orders are opened, and Sell Orders closed, at the ask price; Sell Orders are opened, and Buy Orders closed, at the bid price.

The Company's prices are derived from the prices received from its liquidity providers and from independent price sources. The quoted price includes the Company's spread, which may be variable or fixed depending on the account type. Commission, where applicable, is disclosed in the trading conditions.

Prices displayed on the Trading Platform are indicative and may change before your Order is executed. The executable price is the price available at the time the Order is executed.

Prices of certain instruments may be derived from the related futures contract, adjusted for fair value, dividends or other corporate events, or quoted when the underlying market is closed, as described in the Client Agreement. Such prices are calculated as fairly and transparently as possible. Prices when an underlying market reopens may differ significantly from the previous closing price.

If a price is quoted or a Transaction executed at a price that is manifestly erroneous, for example because of a price feed failure or system error, the Company may void or amend the Transaction in accordance with the Client Agreement.

Market execution. Market Orders are filled at the best available price at the time of execution, which may differ from the price displayed when you placed the Order.

Slippage. Slippage is the difference between the expected price of an Order and the price at which it is filled. It may occur in periods of high volatility, around news releases, at market opening, in conditions of low liquidity or for large Orders. Slippage may be positive or negative: because market Orders are filled at the best available price at the time of execution, the fill may be better or worse than the price displayed when the Order was placed.

Requotes. Requotes do not normally occur under market execution. Where an instrument or account type uses instant execution, and the price changes before the Order is executed, you may receive a new price which you may accept or decline.

Pending Orders. Buy pending Orders are triggered when the ask price reaches the Order price, and Sell pending Orders when the bid price reaches the Order price. Limit Orders are filled at the Order price or better. Stop Orders, Stop Loss Orders and Stop Out closures become market Orders when triggered and are filled at the first available price, which may be worse than the Order price.

Gaps. Where the price moves from one level to another without trading at the prices in between, for example at market opening or after significant news, a triggered stop Order is filled at the first available price after the gap. Stop Loss Orders are therefore not guaranteed.

Partial fills. Where insufficient liquidity is available at the requested price, an Order may be filled in parts at different prices.

Order size. Orders must comply with the minimum and maximum sizes in the contract specifications. The Company may reject, or fill in parts, an Order that exceeds the liquidity available.

Rejection. The Company may reject an Order where there is insufficient Margin, the market is closed, the Order parameters are invalid, market conditions are abnormal, prohibited trading is suspected, there is a system failure, or execution would breach the Client Agreement or Applicable Laws.

Records. The Trading Platform records the time at which each Order is received and executed, and the execution details are available to you in your Account history.

During periods of high volatility, including around major economic announcements, spreads may widen, slippage may increase and execution may take longer.

Prices at market opening, including after weekends and public holidays, may differ significantly from the previous closing prices, and pending Orders may be filled at the opening price.

Liquidity is usually lower around the daily rollover time and outside the main trading sessions, and spreads may widen during these periods.

In abnormal market conditions, the Company may, in accordance with the Client Agreement, change Margin requirements, limit Order sizes, restrict trading in an instrument or take other action to protect clients and the orderly functioning of the Trading Platform.

The Margin Call and Stop Out levels applicable to each account type are published in the trading conditions on the Website.

When the Equity in your Account falls to or below the Stop Out level, the Trading Platform automatically closes Open Positions at the best available market price in accordance with its stop-out rules. In fast markets, positions may be closed at prices significantly worse than the Stop Out level.

Retail Clients benefit from negative balance protection in accordance with the Client Agreement.

Where you give a specific instruction, for example as to the Order type, price or size, the Company will execute the Order in accordance with that instruction. A specific instruction may prevent the Company from taking the steps described in this Policy to obtain the best possible result in respect of the elements covered by the instruction.

The costs of execution consist of the spread, any commission, and Swaps for positions held open at the daily rollover time, as disclosed in the trading conditions and contract specifications on the Website. The Company does not charge any other fee for executing Orders.

The Company does not structure or vary its charges in a way that discriminates unfairly between clients.

The Company selects its liquidity providers by reference to their regulatory status, financial standing and creditworthiness, the quality and depth of their pricing, their execution speed and fill rates, the reliability of their technology, and their settlement arrangements.

The Company reviews its liquidity providers at least annually and may add, replace or remove liquidity providers to improve execution quality.

The Company monitors the quality of execution on an ongoing basis, including slippage statistics and their distribution between positive and negative slippage, fill and rejection rates, execution speed, and comparison of its prices against independent price sources.

The Company reviews this Policy at least annually, and whenever a material change occurs that affects its ability to obtain the best possible result for its clients. The current version is published on the Website and, for South African clients, on the website of GTC Global SA.

Because the Company acts as principal and counterparty to every Transaction, its interests may conflict with yours. The Company manages this conflict by processing Orders automatically on an STP basis, hedging its exposure with liquidity providers, deriving its prices from independent liquidity providers and price sources, and monitoring execution quality as described in the Monitoring and Review section.

Further information is set out in the conflicts of interest provisions of the Client Agreement. Conflicts of interest of GTC Global SA, as intermediary, are dealt with in its Conflict of Interest Management Policy.

By accepting the Client Agreement, you confirm that you have read and understood this Policy, you consent to your Orders being executed in accordance with it and outside a regulated market, and you acknowledge that the Company will take all reasonable steps to obtain the best possible result but cannot guarantee the best price in every case.