Annual publication on the identity of execution venues and on the quality of execution required by Directive 2014/65/EU

Transcription

1 required by Directive 2014/65/EU Introduction Pursuant to article 27 (6) of Directive 2014/65/EU in financial instruments (MiFID II), this document sets out for each class of financial instruments the top five execution venues in terms of trading volumes where ODDO BHF Corporates & Markets executed client orders in year 2017, the top five brokers to which client orders were routed during the year 2017, and information on the quality of execution obtained. A consolidated report of execution venues that ODDO BHF Corporates & Markets uses most frequently to execute client orders is also provided for more clarity. This document has been prepared by ODDO BHF Corporates & Markets in accordance with the Commission Delegated Regulation (EU) 2017/576 of 8 June 2016 supplementing Directive 2014/65/EU with regard to regulatory technical standards for the annual publication by investment firms of information on the identity of execution venues and on the quality of execution (RTS 28). All definitions used herein shall have the meaning given in the Commission Delegated Regulation (EU) 2017/576 unless expressly indicated otherwise. Please note that the data included in this report encompasses orders relating to professional clients and eligible counterparties. Furthermore, data on the identification of the subclasses of the classes of financial instruments based on liquidity and information on the exact proportion of passive and aggressive orders executed on each of the execution venues used in year 2017 are not available. For more details on ODDO BHF Corporates & Markets best execution obligations, please read our Order Execution Policy available on our website. This document has been prepared for information only and is directed to professional clients. It is not intended for retail clients. This document should not be considered as a solicitation or offer to sell or purchase any securities, deal in any product or enter into any transaction. You should make any trading or investment decisions in reliance on your own analysis and judgment and/or that of your independent advisors and not in reliance on ODDO BHF Corporates & Markets and any decision whether or not to adopt any strategy or engage in any transaction will not be ODDO BHF Corporates & Markets s responsibility. ODDO BHF Corporates & Markets does not provide investment advice. ODDO BHF Corporates & Markets is a division of ODDO BHF SCA, which is licensed by the Autorité de Contrôle Prudentiel et de Résolution ( ACPR ) and regulated by the Autorité des Marchés Financiers ( AMF ).

2 Table 2 / Equities Shares & Depositary Receipts Equities Shares & Depositary Receipts Top 5 Execution Venues - consolidated XPAR - EURONEXT PARIS S.A N/A * N/A * N/A * XUBS UBS MTF N/A * N/A * N/A * XOFF OTC TRANSACTIONS N/A * N/A * N/A * CHIX - CBOE EUROPE - CXE ORDER BOOKS N/A * N/A * N/A * TRQX - Turquoise N/A * N/A * N/A * Equities Shares & Depositary Receipts Top 5 Execution Venues - Membership only XPAR - EURONEXT PARIS S.A N/A * N/A * N/A * ALXP - EURONEXT GROWTH PARIS N/A * N/A * N/A * XBRU - EURONEXT BRUSSELS N/A * N/A * N/A * XAMS - EURONEXT AMSTERDAM N/A * N/A * N/A * XMLI - EURONEXT ACCESS PARIS N/A * N/A * N/A *

3 Table 2 / Equities Shares & Depositary Receipt Equities Shares & Depositary Receipts Top 5 Broker UBS N/A * N/A * N/A * INSTINET N/A * N/A * N/A * CITI N/A * N/A * N/A * LOMBARD ODIER N/A * N/A * N/A * STEUBING N/A * N/A * N/A * Commentaries over the quality of execution obtained Oddo BHF SCA -Corporates and Markets, does not provide services to retail clients. Oddo BHF SCA - Private Banking, provides an annual publication dedicated to retail clients. Oddo BHF SCA - Corporates and Markets execution policy applies to Professional clients who does not received any differentiated execution treatments within this category. For the execution of Orders, Oddo takes all the necessary steps to obtain the best possible outcome taking account of the following factors (the Factors ): the price of the Financial Instrument at which the Order is executed; the speed of execution; the size of the Order; the nature of the Order; and any other considerations related to the execution of the Order. the Order s overall execution cost; the likelihood of execution and settlement of the Order; Lastly, orders executed on behalf of clients will be promptly and accurately recorded and allocated. They will be executed in the order in which they are received, unless the characteristics of the Order or prevailing market conditions make this impossible The ODDO BHF SCA, either directly or through its affiliates, furnishes a wide range of investment services. Accordingly, ODDO BHF SCA may be confronted with situations in which conflicts of interest arise. For more details, please refer to the Conflicts of interest management policy of ODDO BHF SCA available on our website. At the time of publication of this document, ODDO BHF SCA has no conflict of interests or common ownerships with respect to any execution venues used to execute orders.

4 Table 2 / Exchange traded product Exchange traded products Top 5 Execution Venues - consolidated XPAR - EURONEXT PARIS S.A N/A * N/A * XETR - XETRA N/A * N/A * XOFF OTC TRANSACTIONS N/A * N/A * CHIX - CBOE EUROPE - CXE ORDER BOOKS XLON - LONDON STOCK EXCHANGE N/A * N/A * N/A * N/A * Exchange traded products Top 5 Execution Venues - Membership only XPAR - EURONEXT PARIS S.A N/A * N/A * XAMS - EURONEXT AMSTERDAM N/A * N/A * Exchange traded products Top 5 Broker UBS N/A * N/A * INSTINET N/A * N/A * CITI N/A * N/A * LOMBARD ODIER N/A * N/A * STEUBING N/A * N/A *

5 Table 2 / Exchange traded products Commentaries over the quality of execution obtained Oddo BHF SCA -Corporates and Markets, does not provide services to retail clients. Oddo BHF SCA - Private Banking, provides an annual publication dedicated to retail clients. Oddo BHF SCA - Corporates and Markets execution policy applies to Professional clients who does not received any differentiated execution treatments within this category. For the execution of Orders, Oddo takes all the necessary steps to obtain the best possible outcome taking account of the following factors (the Factors ): the price of the Financial Instrument at which the Order is executed; the speed of execution; the size of the Order; the nature of the Order; and any other considerations related to the execution of the Order. the Order s overall execution cost; the likelihood of execution and settlement of the Order; Lastly, orders executed on behalf of clients will be promptly and accurately recorded and allocated. They will be executed in the order in which they are received, unless the characteristics of the Order or prevailing market conditions make this impossible The ODDO BHF SCA, either directly or through its affiliates, furnishes a wide range of investment services. Accordingly, ODDO BHF SCA may be confronted with situations in which conflicts of interest arise. For more details, please refer to the Conflicts of interest management policy of ODDO BHF SCA available on our website. At the time of publication of this document, ODDO BHF SCA has no conflict of interests or common ownerships with respect to any execution venues used to execute orders.

6 Table 2 / Equity Derivatives - Options and Futures admitted to trading on a trading venue Equity Derivatives - Options and Futures admitted to trading on a trading venue Top 5 Execution Venues Membership only XEUR - EUREX DEUTSCHLAND N/A * N/A * N/A * XMON - EURONEXT PARIS MONEP N/A * N/A * N/A * Equity Derivatives - Options and Futures admitted to trading on a trading venue Top 5 Broker SOCIETE GENERALE N/A * N/A * N/A * Commentaries over the quality of execution obtained Oddo BHF SCA -Corporates and Markets, does not provide services to retail clients. Oddo BHF SCA - Private Banking, provides an annual publication dedicated to retail clients. Oddo BHF SCA - Corporates and Markets execution policy applies to Professional clients who does not received any differentiated execution treatments within this category. For the execution of Orders, Oddo takes all the necessary steps to obtain the best possible outcome taking account of the following factors (the Factors ): the price of the Financial Instrument at which the Order is executed; the speed of execution; the size of the Order; the nature of the Order; and any other considerations related to the execution of the Order. the Order s overall execution cost; the likelihood of execution and settlement of the Order; Lastly, orders executed on behalf of clients will be promptly and accurately recorded and allocated. They will be executed in the order in which they are received, unless the characteristics of the Order or prevailing market conditions make this impossible The ODDO BHF SCA, either directly or through its affiliates, furnishes a wide range of investment services. Accordingly, ODDO BHF SCA may be confronted with situations in which conflicts of interest arise. For more details, please refer to the Conflicts of interest management policy of ODDO BHF SCA available on our website. At the time of publication of this document, ODDO BHF SCA has no conflict of interests or common ownerships with respect to any execution venues used to execute orders.

7 Table 2 / Bonds Bonds Top 5 Execution Venues ODDO ODDO BHF SCA N/A * N/A * N/A * Commentaries over the quality of execution obtained In the case of a transaction carried out at the customer's request (Request for quote), ODDO BHF SCA Corporates and Markets proposes a price that the customer chooses to accept or not. Table 3 / SFT Bonds Top 5 Execution Venues Volume Traded (%) Orders Executed (%) ODDO ODDO BHF SCA

8 Explanation of terms Top 5 Execution Venues ranked in terms of trading volumes in descending order - ESMA defined Group without subclasses based on liquidity (ESMA Q&A Q6) Volume Traded (%) - Proportion of Volume Traded as a Percentage of total in the Equities instrument class for the calendar year Orders Executed (%) - Proportion of Orders Executed as a Percentage of total in the Equities instrument class for the calendar year <1 Average trade per business day - Flag to note if the Instrument Class Equities traded fewer than one order per business day on average per calendar year. Takes values Y (Yes) or N (No) Passive orders (% Volume) - Proportion of order entered into the order book that provided liquidity as a Percentage of total in the instrument class for the calendar year Aggressive orders (% Volume) - Proportion of orders entered into the order book that took liquidity as a Percentage of total in the instrument class for the calendar year Directed orders (% Volume) - Proportion of Directed Trade as a Percentage of total in the instrument class for the calendar year * Data not available for 2017 trades