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LOGISTABLE LIMITED

SUITE 3A, TISA HOUSE
143 MAIN STREET
P.O.BOX 565
GIBRALTAR


Best Execution Policy

Policy

When receiving and executing client orders in relation to financial instruments, Logistable will endeavour to direct its best efforts to ensure that all reasonable steps to act in the client’s best interests (ie to achieve best execution) are based on our professional knowledge and experience, in the light of available market information and market conditions existing at that time.

This means that Logistable has in place procedures designed to obtain the best possible execution result, subject to and taking into account the best balance amongst the following range of factors:

  • Price;
  • Costs;
  • Speed;
  • Likelihood of execution;
  • Likelihood of settlement;
  • Size of the order;
  • Nature of the order and any other consideration that may be relevant to the execution of a particular order.

If Logistable receives a specific instruction from a client, the order will be executed following the client’s instruction. In the absence of express instructions from the client, Logistable will balance the above-mentioned factors based on its professional experience and judgement in light of the available market information and market conditions at the appropriate time, and taking into account the following criteria:

  • The type of client concerned;
  • The order characteristics;
  • The financial instruments that the order relates to;
  • The execution venues to which the order can be directed.

Total consideration of price and cost will ordinarily merit a high relative importance in obtaining the best possible result. However, for some clients, orders, financial instruments, markets or market conditions, Logistable may determine that other execution factors shall have the same importance or shall take precedence over price in obtaining the best possible execution result.

Logistable will act with due skill care and diligence when executing an order and will endeavour to take reasonable care to ascertain the best price available for a transaction in the relevant market at that time taking into consideration the nature and size of the order. Prevailing market conditions may not permit a client order to be executed either immediately or in a single transaction. Large trades, particularly those involving financial instruments where trading volumes are limited, can move prices in the market against the interests of the client. In these circumstances, a series of partial executions over a period of time is likely to provide a better overall result than executing one trade.

Factors affecting the Choice of Venue

In selecting the most appropriate venues for the purpose of executing client orders, Logistable will consider several factors, in particular:

  • Confidentiality of trading activity;
  • Reputation;
  • General prices available;
  • The creditworthiness of the counterparties on the venue or the central counterparty;
  • Depth of liquidity;
  • Relative volatility in the market;
  • Transparency in the market;
  • Speed of execution;
  • Costs of execution; and/or
  • Quality and cost of clearing and settlement facilities.

Logistable will place its orders through our appointed correspondents:

  • Lombard Odier & Cie (Gibraltar) Limited (hereafter “LO”).
  • Credit Suisse AG
  • Credit Suisse (Channel Islands) Limited

All three of the above institutions are also required to comply with the requirements of MiFID II, consequently the trading venues through which all orders will be placed will be in accordance with the requirements set out by MiFID II. The list of venues in the attached appendicies are those utilised by LO and are included for your information. Further details of their policies on best execution can be found on their respective websites. However the list is by no means exhaustive and where appropriate, alternative venues may be used by Logistable.

General factors affecting our Policy

In providing best execution Logistable is subject to the provision set out in this Policy document to exercise the same standards and operate the same processes across all the different liquidity pools and financial instruments on which client orders are executed. However, the diversity of the markets and instruments and the type of orders that the client may place with Logistable mean that it will have to take different factors into account when it assesses the nature of said Policy in the context of different instruments and different liquidity pools located in different countries.

Other factors may limit the choice of execution venue:

  • In some instances the execution venue may be limited to one platform or market upon which an order may be executed because of the nature of the client order or a specific instruction from the client;
  • The nationality of the beneficial owner may exclude the execution of the order.

Under no circumstances is Logistable to be held liable for external causes that have partially or totally impeded it from providing the client with best execution.

Best Selection

Logistable will endeavour to take reasonable care to ensure that the entities selected, through which an order is to be placed, can consistently provide best execution, taking into consideration the best execution factors set out in this Policy, as well as:

  • The Financial instruments concerned;
  • The type and structure of the market and the country where these selected correspondents operate;
  • The available information on the market and the country where these correspondents operate;
  • The policy adopted by the correspondent to demonstrate that the trades are executed in accordance with the best execution obligation and that best execution procedures are monitored.

For correspondents not subject to MIFID, Logistable will take reasonable steps to select the correspondents that provide the best service in the relevant financial instruments, markets and geographical areas concerned.

Under specific circumstances (such as a specific instruction from the client, particular market conditions, or the provisory failure of a broker etc.) Logistable may be forced to transmit the client order to an entity that has not been selected by its correspondent reviews in order to act in the client’s best interests.

Specific Client Instructions

When the client gives us a specific instruction as order execution or transmission, the relevant part of the order will be executed in accordance with that instruction. The client should be aware that in providing a specific instruction, the client may prevent us from taking the steps which we have designed and implemented to obtain the best possible result for the execution or transmission of the order in respect of the factors covered by those instructions.

Any written or *oral/verbal contractual arrangement between the client and Logistable will take precedence over the Policy.

Notes:
* - Logistable will in exceptional circumstances accept oral/verbal client instructions. However all orders executed on this basis will be at the client’s own risk.

Reviewing Execution Quality and the Order Execution Policy

Logistable will regularly review its Policy, at least annually, or whenever a material change occurs. Logistable will monitor the effectiveness of its Policy, by reviewing its best execution arrangements, its correspondents and its execution venues at different levels, depending, in particular, on the type of financial instruments, the type of execution venue and the factors affecting its Policy.

You will be notified of any material changes to our policy via our website www.logistable.gi.

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